Latest news with #Beac
Zawya
16-04-2025
- Business
- Zawya
US considers funding cut for central Africa over forex
The US Congress is examining a law that would withhold American backing for the International Monetary Fund (IMF) support to the central African region until the six-member bloc effects 'proper reporting' on forex reserves. If passed, the proposed law will compel the Economic and Monetary Community of Central African States (Cemac) make accurate foreign reserve disclosures or risk losing IMF support. The legislation, to be known as the Central African Exploitation and Manipulation of American Companies Act (Cemac Act), or H. R. 2325, was introduced in the US House of Representatives on March 25 by Congressman Dan Meuser and Congressman Bill Huizenga and referred to the Committee on Financial Services. While regional central bank, the Bank of Central African States (Beac), is keen to build up the region's foreign currency reserves, US officials and energy sector actors fear that forex rules will slow down energy investments in the bloc. The proposed law is already attracting support from key players in the energy sector, who say it will remove opacity in foreign exchange reserves management by the regional central bank."The African Energy Chamber (AEC) strongly endorses this bill, which signals to the Bank of Central African States (Beac) that their opaque and restrictive foreign exchange policies are no longer acceptable, and stands in solidarity with US lawmakers in calling for Beac to act with pragmatism and common sense to avert further economic harm to the region," the chamber said in a statement. The AEC has consistently taken a strong stance against the foreign exchange restrictions imposed by the Beac, describing the policies as 'absurd, hostile to foreign investors' and out of step with global financial norms."By restricting the flow of foreign currency in the region, these regulations undermine investor confidence, delay payments to contractors, prevent repatriation of capital and inject unnecessary risk into energy projects," AEC said. The regulation is expected to reduce foreign investment in the region by $45 billion by 2050, while reducing government revenue for Cemac countries by $86 billion. According to the AEC, the introduction of the Cemac Act marks a significant shift in how the international community views Beac's policies."US lawmakers, reflecting the views of the AEC and many African business leaders, are taking decisive action where African governments should have acted long ago. African businesses overwhelmingly support this legislation because it holds Beac accountable and compels much-needed reforms.'There was no immediate comment from the bank on the proposed legislation, but Beac has recently been at loggerheads with extractive industry and energy sector players, who have fought the regulations restricting transactions in foreign currency. The Beac argued that the regulations would strengthen monetary policy by restricting payments in foreign currency, requiring licensed intermediaries for transactions and reinforcing the obligations of credit institutions. But opponents argued that it would hurt foreign flows of investments. The regulations stipulate that transactions between a resident of the Cemac zone and a non-resident must go through a licensed intermediary, and credit institutions would have to reduce their foreign currencies holdings and regularly report their forex amounts to the bank. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
USA Today
18-02-2025
- USA Today
This Greek beach is the best in the world: Top 10 best beaches, according to Tripadvisor
This Greek beach is the best in the world: Top 10 best beaches, according to Tripadvisor Show Caption Hide Caption Get your beach vibe on this winter with these year round destinations Discover the top all-inclusive family resorts with amenities for every season Tripadvisor has released its annual Travelers' Choice Awards, ranking the top 10 beaches in the world. The list includes beaches from various countries, including Greece, Cuba, Portugal, and Thailand. Elafonissi Beach in Crete, Greece, claimed the top spot for its pink sands and shallow lagoons. A beach vacation is one of the best ways to relax and recharge. From feeling the sunshine on your skin to swimming in crystal-clear waters, spending time at the beach can have a healing impact on your wellbeing. Just hearing the waves rhythmically lap against the sand has been found to be soothing. It's no wonder beaches remain the most popular travel destinations for Americans. What better place to reap these benefits than at one of the most beautiful beaches in the world? Tripadvisor released its annual Travelers' Choice Awards 2025 on Monday, sharing the top 10 global beaches. "Tripadvisor's Travelers' Choice Awards uniquely reflect the voices of millions of global travelers and help guide people to plan their best trip yet. In my family, beaches aren't just for sunbathing - we like to get out and explore!" said Tripadvisor President Kristen Dalton in a press release. "The diversity of this year's winners really showcases everything that a beach trip can have to offer." Spanning Greece, Cuba and Portugal, these stunning beaches are the perfect travel inspiration for your next trip. Here are the best beaches in the world. 10. Myrtos Beach – Kefalonia Island, Greece Nestled below a mountain range, Myrtos Beach is at the end of a steep and curvaceous road. It's an incredibly scenic beach, with cerulean blue waters of the Ionian Sea and a beach made of white pebbles and sand. 9. Kelingking Beach – Nusa Penida, Indonesia Getting to Kelingking Beach beach requires some leg work, including a ferry from Bali to Nusa Penida, a drive down a winding road, and then a steep hour-long hike. At the end, beachgoers reach the pristine cove tucked into dramatic limestone cliffs with white sands and electric blue waters. 8. Playa de Muro Beach – Mallorca, Spain Located on the northern coast of the Spanish island of Mallorca, Playa de Muro Beach is a white sand dune beach with calm, shallow waters. Beachgoers who seek out an adrenaline rush can spend their day paddleboarding, windsurfing and sailing. 7. Bavaro Beach – Punta Cana, Dominican Republic Clear Caribbean waters and white sand lined with palm trees make Punta Cana's Bavaro Beach an idyllic beach vacation locale. An offshore barrier reef helps keep the beach's water gentle and calm and also makes for an exciting snorkeling spot. 6. Playa Varadero – Varadero, Cuba Stretching for 13 long miles, Playa Varadero looks as if it came right off of a postcard. Beachgoers can enjoy the calm turquoise waters and white sand, or jump on a catamaran for an adventurous day at sea. 5. Praia da Falesia – Algarve, Portugal Situated along the Algarve coastline, Praia da Falesia is a visual treat, with 130-foot-tall red cliffs, golden sand and azure waters. It's no wonder this Portuguese shoreline was named the best beach by Tripadvisor last year. 4. Siesta Beach – Siesta Key, Florida Tiny quartz crystals comprise the fine, powdery white sands of Siesta Beach, earning this Florida beach the title of the fourth best in the world. As Siesta Key's biggest beach, there's plenty of space to camp out for the day. 3. Eagle Beach – Oranjestad, Aruba Aruba has an abundance of gorgeous shorelines to enjoy, but Eagle Beach is one of the island's best. The four-mile-long stretch of sand is often uncrowded, boasting a quiet atmosphere for ultimate relaxation. 2. Banana Beach – Phuket, Thailand HBO's "The White Lotus" may be bringing attention to Thailand, but its beaches truly deserve the recognition. Located on Coral Island off Phuket, Banana Beach makes for an idyllic daytime trip, offering vibrant coral reefs – after all, it's part of a national park and marine preservation – and soft white sand. 1. Elafonissi Beach – Crete, Greece Climbing 23 ranks to score the top spot, Elafonissi Beach on the Greek island of Crete is the best beach of 2025. Travelers are drawn to its gentle turquoise waters and uniquely pink sands created by eroded shells. The protected nature reserve offers not only shallow lagoons perfect for wading and frolicking but also hiking trails for when you need to stretch your legs.
