Latest news with #BateFelix
Zawya
29-05-2025
- Business
- Zawya
Mauritania's Sidi Ould Tah wins AfDB presidency, CNBC Africa reports
Former Mauritanian finance minister Sidi Ould Tah has been elected as president of the African Development Bank Group, CNBC Africa reported on Thursday. (Reporting by Loucoumane Coulibaly and Duncan Miriri; writing by Bate Felix; editing by Mark Heinrich)
Yahoo
23-05-2025
- Business
- Yahoo
Chad seeks $630 million financial support from IMF
DAKAR (Reuters) -Chad has reached an agreement with the International Monetary Fund for a fresh four-year financial support programme potentially worth about $630 million, under the fund's Extended Credit Facility, the IMF said on Thursday. WHY IT'S IMPORTANT The requested support comes at a critical juncture for the oil-producing Central African nation which is looking to implement an ambitious national development plan amid declining oil prices, reduced public aid financing, and regional instability. KEY QUOTE "Chad stands at a turning point in its history ... The NDP will be implemented in a challenging global context. Conflicts and instability in the region, along with declining oil prices and reduced public development aid financing, will place additional pressure on the country's budgetary resources," IMF mission head Julien Reynaud said in a statement. CONTEXT Following the conclusion of a political transition, Chad intends to implement a range of reforms and projects under its National Development Plan named "Chad Connection 2030." BY THE NUMBERS Chad's economy is estimated to have grown by 3.5% in 2024, down from 5% in 2023. Growth is projected to slow further to 3.3% in 2025, with a gradual increase expected over the medium term. The programme will aim to reduce Chad's deficit to an average of 1.5% of GDP over the four years of its duration from over 4% currently. WHAT'S NEXT The staff level agreement is subject to the approval of IMF's executive board and the securing of the necessary financing assurances, the statement said. (Writing by Bate Felix; Editing by Matthew Lewis)
The Star
14-05-2025
- General
- The Star
Plane crash in Chad kills two people on rhino monitoring mission
N'DJAMENA (Reuters) - A small aircraft crashed near a village in Chad on Wednesday, killing its pilot and a passenger who were on a rhinoceros monitoring mission, the country's Civil Aviation Authority said. The two-seater Savannah S aircraft operated by African Parks Network conservation group went down around 0500 GMT during a surveillance flight over Chad's southern Zakouma region, it said in a statement. The South African pilot and an official from Chad's environment ministry died. "The Civil Aviation Authority regrets to confirm that, according to information received, the two occupants tragically lost their lives in the accident," it said, adding that an investigation has been launched. (Reporting by Mahamat Ramadane,; Writing by Bate Felix, editing by Ed Osmond)
Yahoo
09-04-2025
- Business
- Yahoo
US lawmakers move to block IMF Central Africa support over oil fund dispute
By Bate Felix and Wendell Roelf DAKAR (Reuters) - U.S. lawmakers have introduced legislation that could block International Monetary Fund (IMF) support for some Central African countries, in an effort to guard billions of dollars that oil companies must set aside for environmental restoration. The bill highlights a standoff between foreign investors on one side, and Central African monetary authorities trying to enforce tighter capital controls on extractive industries to shore up depleted reserves on the other. Introduced by U.S. Republican Representatives Bill Huizenga and Dan Meuser, the bill targets new regulations imposed by the Bank of Central African States (BEAC), the regional central bank, that require international oil companies (IOCs) to deposit the environmental restoration funds into BEAC-controlled accounts. The funds, estimated at between 3 and 6 trillion CFA francs (approximately $5 billion to $10 billion) and currently held in foreign banks, have been set aside by IOCs operating in the region for future environmental clean-up once production ends. Central African Economic and Monetary Community (CEMAC) member states want the funds moved to regional institutions to bolster their economies and foreign currency holdings. The move, backed by the IMF and approved during an emergency summit of CEMAC heads of state in Yaounde in December 2024, is seen by regional governments as a critical step in addressing economic fragility. According to BEAC's March 2025 monetary policy report, the implementation is expected to take effect from May 1, in line with the summit's resolutions, with penalties of up to 150% of the restoration funds for non-compliance. BEAC has also suggested raising rates for repatriation to the region of other funds, including for extractive companies' operational spending, currently set at 35%. Perenco, a privately-held French oil company with significant operations across the region, said it was in negotiations with regional stakeholders to reach an agreement before the April 30 deadline. "Perenco is already complying with the 35% repatriation of funds' rule, and all regulations currently in place," a spokesperson said. Other oil companies in the region did not respond to requests for comments. In Equatorial Guinea, the finance ministry has met major operators Marathon Oil, Chevron, Kosmos Energy and Vaalco Energy to discuss the issue, said one source. DETERIORATING RESERVES The six CEMAC members - Cameroon, Gabon, Chad, Equatorial Guinea, Central African Republic, and Republic of Congo - share monetary policy, a currency, and the common BEAC central bank. They have struggled to emerge from the COVID-19 pandemic and other global shocks, leaving them short of foreign exchange reserves to cover imports and debt. Cameroon's President Paul Biya warned during the summit in December of "disastrous consequences" for the countries if urgent action was not taken to address their deteriorating net external reserves. Critics, including the bill's sponsors, argue that the BEAC mandate risks undermining billions of dollars in U.S. oil and gas investments across Central Africa. "By refusing to clarify that these restoration funds will not count towards gross foreign exchange reserves, the IMF has misled the CEMAC member states and directly put tens of billions of dollars of IOCs investment in the region at risk," the bill said. The bill said the funds are contractually restricted and designated for future environmental rehabilitation, and therefore should not be "readily available" or "controlled by monetary authorities to count towards foreign exchange reserves. Under the proposed legislation, the U.S. Treasury would be barred from supporting any IMF proposals involving CEMAC countries until the IMF publicly confirms such funds cannot be classified as gross foreign exchange reserves. The move could bar further approvals of IMF financial support for some countries in the region that rely heavily on the fund's support, such as Cameroon and the Republic of Congo. The IMF did not immediately respond to questions on the bill's implications. In a March report, the IMF highlighted serious concerns about the CEMAC region's economy, warning that without corrective action some countries could face debt levels nearing 100% of GDP and dwindling reserves by 2029. This could worsen liquidity issues and threaten the region's financial stability and repayment capacity, it said.
Yahoo
09-04-2025
- Business
- Yahoo
US lawmakers move to block IMF Central Africa support over oil fund dispute
By Bate Felix and Wendell Roelf DAKAR (Reuters) - U.S. lawmakers have introduced legislation that could block International Monetary Fund (IMF) support for some Central African countries, in an effort to guard billions of dollars that oil companies must set aside for environmental restoration. The bill highlights a standoff between foreign investors on one side, and Central African monetary authorities trying to enforce tighter capital controls on extractive industries to shore up depleted reserves on the other. Introduced by U.S. Republican Representatives Bill Huizenga and Dan Meuser, the bill targets new regulations imposed by the Bank of Central African States (BEAC), the regional central bank, that require international oil companies (IOCs) to deposit the environmental restoration funds into BEAC-controlled accounts. The funds, estimated at between 3 and 6 trillion CFA francs (approximately $5 billion to $10 billion) and currently held in foreign banks, have been set aside by IOCs operating in the region for future environmental clean-up once production ends. Central African Economic and Monetary Community (CEMAC) member states want the funds moved to regional institutions to bolster their economies and foreign currency holdings. The move, backed by the IMF and approved during an emergency summit of CEMAC heads of state in Yaounde in December 2024, is seen by regional governments as a critical step in addressing economic fragility. According to BEAC's March 2025 monetary policy report, the implementation is expected to take effect from May 1, in line with the summit's resolutions, with penalties of up to 150% of the restoration funds for non-compliance. BEAC has also suggested raising rates for repatriation to the region of other funds, including for extractive companies' operational spending, currently set at 35%. Perenco, a privately-held French oil company with significant operations across the region, said it was in negotiations with regional stakeholders to reach an agreement before the April 30 deadline. "Perenco is already complying with the 35% repatriation of funds' rule, and all regulations currently in place," a spokesperson said. Other oil companies in the region did not respond to requests for comments. In Equatorial Guinea, the finance ministry has met major operators Marathon Oil, Chevron, Kosmos Energy and Vaalco Energy to discuss the issue, said one source. DETERIORATING RESERVES The six CEMAC members - Cameroon, Gabon, Chad, Equatorial Guinea, Central African Republic, and Republic of Congo - share monetary policy, a currency, and the common BEAC central bank. They have struggled to emerge from the COVID-19 pandemic and other global shocks, leaving them short of foreign exchange reserves to cover imports and debt. Cameroon's President Paul Biya warned during the summit in December of "disastrous consequences" for the countries if urgent action was not taken to address their deteriorating net external reserves. Critics, including the bill's sponsors, argue that the BEAC mandate risks undermining billions of dollars in U.S. oil and gas investments across Central Africa. "By refusing to clarify that these restoration funds will not count towards gross foreign exchange reserves, the IMF has misled the CEMAC member states and directly put tens of billions of dollars of IOCs investment in the region at risk," the bill said. The bill said the funds are contractually restricted and designated for future environmental rehabilitation, and therefore should not be "readily available" or "controlled by monetary authorities to count towards foreign exchange reserves. Under the proposed legislation, the U.S. Treasury would be barred from supporting any IMF proposals involving CEMAC countries until the IMF publicly confirms such funds cannot be classified as gross foreign exchange reserves. The move could bar further approvals of IMF financial support for some countries in the region that rely heavily on the fund's support, such as Cameroon and the Republic of Congo. The IMF did not immediately respond to questions on the bill's implications. In a March report, the IMF highlighted serious concerns about the CEMAC region's economy, warning that without corrective action some countries could face debt levels nearing 100% of GDP and dwindling reserves by 2029. This could worsen liquidity issues and threaten the region's financial stability and repayment capacity, it said. Sign in to access your portfolio
