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Times of Oman
3 days ago
- Business
- Times of Oman
We need India as a leader; it needs to open the way for developing countries": WTO Director-General
Paris: Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, said "we need India as a leader "in the 14th WTO Ministerial Conference (MC14), which will take place in Yaounde, Cameroon, from March 26 to 29, 2026. "For MC-14, you know, we need India as a leader. India is a leading country, and India is doing well. So India needs to open the way for other developing countries," the WTO DG told reporters in Paris. Highlighting India's leadership role, she said WTO reform must include support for issues important to India, such as agriculture. She also pushed for India's backing on the Investment Facilitation for Development agreement, which is supported by 90 of the 126 participating members. "India is a leading country, and India is doing well. So India needs to open the way for other developing countries. For example, on investment facilitation for development. We want India to support because so many developing countries, 90 out of the 126 who are members, would like to move with this. But for agriculture, we also need to listen to what India's issues are and try to be as supportive as we possibly can," she added. Ahead of the mini-ministerial meeting hosted by Australia in Paris, WTO DG noted that the mini-ministerial meeting is crucial for setting the tone ahead of WTO ministerial Confrence. "Most members believe the WTO is a valuable organisation, but it must be repositioned," she said. WTO DG expressed the need for the repositioning of the multinational trading body, adding that the current disruptions to the multilateral trading system present an opportunity to drive much-needed reforms. "Multilateral trading systems have been disrupted in a way they haven't been before. But guess what? Sometimes I see challenges as opportunities, and I think this is a very good opportunity for the WTO members to look at what those things are that work and should be kept, and there are many," the WTO DG said. "For example, 3/4 of world goods trade is still taking place on WTO terms, MFN terms, and members want to safeguard that, but there are things that also don't work. And when you have this kind of disruption, you ask yourself, what is it that needs to be reformed about the WTO? What is it that developing countries like India don't like? Let them put that on the table. What is it that the US doesn't like? Put that on the table. What do Africans not like about the way the organisation is? Put that on the table. Let's collect these and then let's try to reform it because most members think that it is a very valuable organisation, but it should be repositioned," WTO DG added. The discussions gain urgency ahead of the 14th WTO Ministerial Conference scheduled for March 26-29, 2026, in Cameroon. The meeting will likely serve as a crucial test for the organisation's ability to bridge growing divisions between developed and developing nations while maintaining its multilateral foundation. The WTO chief's visit to Paris coincides with a mini-ministerial meeting on the margins of the OECD Ministerial Council Meeting, convened by Australia. Trade ministers from approximately 25 countries, including India, Australia, and Singapore, are participating in discussions about potential WTO reforms.
Reuters
21-05-2025
- Business
- Reuters
Cameroon greenlights $347 million in external borrowing to cover treasury gaps
YAOUNDE, May 21 (Reuters) - Cameroon's finance minister has been authorised to raise up to 200 billion CFA francs ($348 million) from international financial markets to shore up government cash flows for fiscal year 2025, according to a presidential decree. Kelly Mua Kingsly, Head of Finance Operations of the State at Cameroon's Ministry of Finance, told Reuters on Wednesday that the government would consider using several market instruments, but most likely syndicated loans. "This is most likely given the urgency and nature of liquidity needs. It is also attractive due to shorter structuring time and flexible drawdown options," Kingsly said. In addition, he said concessional or semi-concessional loans suitable for budget support components and assimilable treasury bonds or treasury bills on the Bank of Central African States (BEAC) market could also be considered. Eurobonds were less likely, he said, due to high global interest rates, low sovereign credit ratings and lower appetite from international capital markets for frontier markets in the wake of the COVID-19 pandemic and during a period of geopolitical risk. The borrowing plan comes as Cameroon faces slow disbursement of external financing and delays in revenue mobilisation, notably non-oil tax collection deficits. Tight monetary policy by the regional central bank to curb inflation and stabilise the CFA franc currency has provoked a liquidity squeeze across Central Africa, while the BEAC's reserve requirement has impacted treasury liquidity. Officials also say the government is keen to diversify its sources to avoid excessive domestic borrowing that could crowd out private sector investment. Cameroon has recently relied on domestic and external borrowing to bridge budget deficits. ($1 = 575.5000 CFA francs)
