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Egypt: Dr. Rania Al-Mashat Participates in Several Events on Expanding Fiscal Space for Developing Countries, National Frameworks and Platforms, and Aligning Capital Flows with Sustainable Development Goals (SDGs)


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As part of her ongoing participation in the Fourth International Conference on Financing for Development in Seville, Spain, within the Egyptian delegation headed by H.E. Prime Minister Dr. Mostafa Madbouly, on behalf of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in a number of events concerning expanding fiscal space for developing countries, national frameworks and platforms, aligning capital flows with Sustainable Development Goals (SDGs), and a new vision for debt.

Expanding Fiscal Space for Developing Countries and a New Vision for Debt

H.E. Dr. Rania Al-Mashat participated in a panel titled “Expanding Fiscal Space: A New Vision for Debt and Development Finance,” with the participation of Dr. Mahmoud Mohieldin, Chair of the UN Expert Group on Debt and the UN Special Envoy on Financing the 2030 Sustainable Development Agenda; Ms. Rola Dashti, Executive Secretary of the Economic and Social Commission for Western Asia (ESCWA); and Ms. Zuzana Brixiova, Director of Macroeconomics, Finance and Governance Division at the UN Economic Commission for Africa (UNECA).

The Minister of Planning, Economic Development and International Cooperation emphasized that the 4th International Conference on Financing for Development represents a pivotal moment for fulfilling the international community’s commitments for achieving SDGs, particularly after the successive crises the world is facing, which undermine the ability of developing and emerging countries to meet the requirements of the development path.

H.E. Minister Al-Mashat highlighted the importance of implementing the recommendations of the UN expert group’s report on solving the debt problem in Global South countries. 

These included 11 key recommendations, among them: redirecting and renewing resources of existing funds in multilateral development banks and the International Monetary Fund to enhance liquidity, adopting policies to extend maturities and finance loan repurchases, reducing debt service during crises, reforming the G20 Common Framework to include all middle-income countries, and reforming the Debt Sustainability Analyses (DSA) of the IMF and World Bank to better reflect the situation of low and middle-income countries, among other recommendations.

H.E. Dr. Al-Mashat expressed her aspiration that the 4th International Conference on Financing for Development will contribute to taking concrete steps towards restructuring the global financial system, which has become inadequate for the magnitude of challenges and changes facing developing and emerging countries. She noted that rising debts and decreasing investments undermine the ability of developing and emerging countries to catch up. She also stressed the need to overcome global challenges and return to the multilateral development cooperation system.

H.E. Dr. Al-Mashat reiterated Egypt’s efforts to promote financing for development through innovative mechanisms such as debt swap programs with Germany and Italy, and the signing of a new agreement with China. She pointed to the credibility and trust between Egypt and international financing institutions, which facilitated the mobilization of more than $15.6 billion in development financing for the private sector since 2020.

Reforming the Global Financial Architecture: Aligning Capital Flows with Development and Climate Goals

In a related context, H.E. Dr. Rania Al-Mashat participated in a high-level session titled “Reforming the International Financial Architecture: Aligning Capital Flows with Development and Climate Goals,” organized by the Columbia Center on Sustainable Investment (CCSI), the Sustainable Development Solutions Network (SDSN), and the Belt and Road Green Development Council (BRIGC).

Participants included Professor Jeffrey Sachs, President of the UN Sustainable Development Solutions Network (SDSN); Mr. Claver Gatete, Executive Secretary of the UN Economic Commission for Africa (ECA); Professor Kevin Urama, Chief Economist of the African Development Bank; and Ms. Carla Louveira, Minister of Finance of Mozambique, among others.

H.E. Dr. Rania Al-Mashat reaffirmed that achieving inclusive and sustainable development in the African continent cannot be based solely on borrowing or on mobilizing domestic resources. Instead, it is essential to integrate both approaches to ensure sufficient and sustainable financing for development projects.

H.E. Minister Al-Mashat also emphasized that Egypt is working to achieve a delicate balance between domestic and international financing, guided by a clear vision that mobilizing domestic resources supports sustainability, while international partnerships provide momentum for implementing major strategic projects.

Regarding the global financial structure,H.E. Dr. Al-Mashat added that the current international financial system has led to a deepening of the disparity in capital flows between developing, emerging, and developed countries, and limits financing opportunities in southern countries. She asserted that developing countries, especially African nations, still bear unfair financial burdens due to the high cost of financing compared to developed countries, and this disparity weakens our ability to achieve the SDGs within set timelines.

H.E. Minister Al-Mashat mentioned that capital flows are moving in the opposite direction, away from the countries  with the greatest needs, despite the high-return investment opportunities these countries offer. She underscored that instead of capital flowing towards high-yield development opportunities, we observe outflows due to increased risks associated with global fluctuations, which limits the ability of countries to attract long-term financing. She concluded that serious reforms are urgently needed in the international financial system.

Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.

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South Africa: Water and Sanitation on Clear Rivers Campaign


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The Department of Water and Sanitation (DWS) urges all South Africans to roll up their sleeves and participate in cleaning polluted rivers as part of the 2025 Clear Rivers Campaign.

The campaign, which is observed annually in July, is a nationwide effort, themed: “South Africa is a water-scarce country – clean up and protect our water resources,” to encourage communities to take ownership of their local rivers, streams, and wetlands by actively protecting and restoring these essential water ecosystems.

In alignment with Nelson Mandela Month, the campaign promotes hands-on public involvement and aims to strengthen a culture of environmental responsibility and water stewardship across the country.

The Clear Rivers Campaign was first introduced in 2016 as an initiative to inspire action and awareness around the state of South Africa’s water resources. Since then, it has grown into a cornerstone movement encouraging communities to dedicate time during the month of July, particularly on Mandela Day, to clean up nearby rivers, streams, wetlands and canals.

Healthy rivers are not only essential for human survival and environmental health, but they are also central to the social, cultural, and economic fabric of communities. In many parts of the country, especially in rural areas, rivers are relied upon for drinking water, cooking, fishing, washing, and sustaining livestock. Indigenous riverbank vegetation also supports wildlife, helps prevent erosion, and provides materials for everyday use and small business crafts.

Rivers hold deep cultural and spiritual meaning for many South Africans. From ancestral rituals to religious ceremonies such as baptism and ceremonial cleansing, clean and accessible rivers are sacred spaces for reflection, healing and heritage. The degradation of these natural sites does not just pollute the environment, it diminishes cultural identity and connection.

Economically, rivers and wetlands are sources of natural materials used to build homes, weave baskets, craft mats, and support local artisanal trades. When managed sustainably, these resources can help strengthen local economies and create pathways to economic resilience and dignity.

Beyond clean-ups, the Clear Rivers Campaign is part of a broader drive to entrench environmental awareness and behavioural change in everyday life. It highlights the need for integrated and inclusive water resource management, where individuals, communities, and institutions work together to protect freshwater systems from pollution, misuse, and neglect.

The Clear Rivers Campaign further seeks to strengthen the country’s efforts to promote water security, environmental awareness and behavioural change.

The Department encourages South Africans to take action in their communities, whether by organising river clean-up drives, adopting sections of rivers for long-term care, or educating others on the importance of keeping water ecosystems healthy and pollution-free.

“By taking part in the Clear Rivers Campaign, citizens are not only cleaning rivers, but they are also helping to secure the country’s water future, protect biodiversity, and honour the legacy of a leader who believed in collective responsibility. Clean water begins with clean rivers and protecting them is a duty shared by all,” said departmental spokesperson, Wisane Mavasa.

Distributed by APO Group on behalf of Department of Water and Sanitation, Republic of South Africa.

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Egypt: President El-Sisi Speaks with President of Ukraine Zelensky


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Today, President Abdel Fattah El-Sisi received a phone call from President of Ukraine, Volodymyr Zelensky.

Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the two Presidents discussed the latest developments in the Russian-Ukrainian crisis. President El-Sisi emphasized the crucial importance of reaching diplomatic and political solutions, stressing the imperative to prioritize dialogue as a means of resolving the current crisis. The President reaffirmed Egypt’s full support for all efforts aimed at reaching a peaceful settlement at the earliest time possible.

The call also focused on developments in the Middle East and ways to restore regional stability. The two sides underscored the necessity of upholding the ceasefire agreement between Israel and Iran, affirming the urgent need to resume negotiations as a pathway to a peaceful resolution of the crisis. President El-Sisi also reviewed Egypt’s ongoing efforts to secure a ceasefire in the Gaza Strip and ensure the delivery of desperately-needed humanitarian aid and assistance.

President El-Sisi and Ukrainian President Zelenskyy also tackled ways to strengthen bilateral relations and explored prospects for cooperation across various fields, particularly in the economic, trade, and investment sectors, in a manner that serves the interests of both countries and their peoples.

Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.

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Hlabisa honours memory of lives lost in Eastern Cape floods

Source: South Africa News Agency

During his department’s Budget Vote presentation on Wednesday, Velenkosini Hlabisa, the Minister of Cooperative Governance and Traditional Affairs, took a moment to honour the lives lost in the recent catastrophic disaster that occurred just two weeks ago. 

This tragedy claimed the lives of approximately 102 people in the Eastern Cape.

This follows the South African Weather Service’s prediction of severe weather, including heavy rainfall, snow and strong winds, which led the Western Cape, Eastern Cape, Free State, and KwaZulu-Natal to activate their disaster response plans.

However, the Eastern Cape experienced particularly devastating impacts, with torrential rains leading to unprecedented floods in districts such as Nelson Mandela Bay, Chris Hani, and OR Tambo.

“Families lost everything in a matter of hours. Sadly, over 100 South Africans – children, parents, and grandparents – lost their lives,” the Minister said. 

The severe floods not only washed away homes and infrastructure, but Hlabisa said they also shattered the very fabric of families and communities, leaving thousands homeless and schools submerged.

In a moment of reflection, the Minister extended condolences to those affected: “On behalf of the Ministry and the Departments of Cooperative Governance and Traditional Affairs, we offer our deepest condolences to every grieving family and to every person who has lost not only a loved one but also a sense of stability and hope.”

As a mark of respect, the National Assembly observed a minute of silence in honour of the deceased.

Meanwhile, in response to the devastation, the Minister has since authorised the National Disaster Management Centre to officially classify the events as a National Disaster, facilitating immediate and necessary interventions. 

“We are now urgently working to support the affected provinces and municipalities, not just with words but with the resources they need to recover and rebuild,” the Minister said. 

Meanwhile, he announced that technical assessment teams have already been deployed, with work being coordinated through the Municipal Infrastructure Support Agent (MISA) to evaluate the damage to essential infrastructure, including roads, bridges and sanitation systems. 

“This powerful partnership strengthens our rapid response and operational readiness during emergencies,” the Minister added, highlighting the collaboration with the South African National Defence Force to enhance national capacity.

In addition, the Minister said South Africa is concurrently holding the Presidency of the Group of 20 (G20), focusing specifically on disaster risk reduction. 

“Through the G20, we learn from the world and share our experiences,” said the Minister. 

He stressed the significance of global cooperation in addressing disaster-related challenges.

With the first G20 technical meeting having taken place earlier this year in KwaZulu-Natal, Hlabisa said attention now turns to the second meeting scheduled for next week in Johannesburg. 

The working group will address critical areas such as ecosystem-based approaches and nature-based solutions for disaster risk reduction, disaster-resilient infrastructure, and strategies for disaster recovery, rehabilitation, and reconstruction.

“These focus areas are more than just abstract policy themes; they are lifelines for the future,” the Minister stated. 

“They are the answers we seek when we ask: How do we prevent the next floods from becoming a national tragedy? How do we ensure communities bounce back stronger, not just survive?”

As South Africa continues to grapple with the repercussions of this disaster, he said the country is now shifting its commitment to recovery, resilience, and international collaboration. 

The Minister also announced a budget allocation for Cooperative Governance amounting to R410.9 billion over the Medium-Term Expenditure Framework (MTEF) period.

He said that a staggering 96.7% of this budget is earmarked for intergovernmental transfers and support to various entities that deliver tangible and measurable improvements in the lives of South Africans.

In addition to the allocations for Cooperative Governance, Hlabisa said Traditional Affairs will see an appropriated budget of R195 530 million for the fiscal year 2025/26. – SAnews.gov.za

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Open for Business: Gabon Launches Deepwater Exploration Drive

Source: Africa Press Organisation – English (2) – Report:

The newly appointed Minister of Oil and Gas of Gabon HE Sosthène NGUEMA is shifting its focus to deepwater oil and gas exploration under efforts to bring new projects online and mitigate Central and West African production decline. With 72% of the country’s deepwater acreage unexplored and only 28% developed to date, the country has set plans in motion to revise existing petroleum laws to offer fresh incentives that encourage deepwater exploration and investment.

As the voice of the African energy sector, the African Energy Chamber (AEC) commends the aggressive investment strategy being implemented by the Ministry of Petroleum. In recent months, we have seen an assertive Gabonese Government, through its NOC Gabon Oil, play a stronger role in the ownership, and commercialization of legacy assets with takeovers such as that of Carlyle owned Assala. Now, the shift to deepwater exploration offers new investment prospects for foreign operators. The AEC believes that ongoing regulatory reforms, a focus on deepwater investments and greater collaboration with international oil companies (IOC) will transform Gabon’s oil and gas industry, supporting greater production and the development of a new hub for refined product distribution in Central Africa. We believe that Gabon has a potential to produce close to 1 million barrels of oil per day.

With over two billion barrels of proven oil reserves and significant gas potential, Gabon has set a goal of holding production above 220,000 barrels per day (bpd) for the short to midterm The shift to deepwater exploration stands to play an instrumental part in supporting this goal by unlocking new discoveries across the country’s offshore basins mid to long term. Regulatory reform represents a cornerstone of the country’s exploration strategy, with potential improvements to petroleum legislation set to strengthen the competitiveness of investing in Gabon’s deepwater blocks. In 2019, the country introduced its Hydrocarbons Code. The new government seeks to go even further, recognizing the presence of stiff competition from other offshore destinations globally. The code featured amendments to production sharing contracts (PSC), state profitability and tax, therefore providing a quicker path to profitability for foreign operators. Looking ahead, further revisions of this code stand to support new investment, encouraging deepwater exploration and new forays by global operators.  

Major players are already active in Gabon, with ongoing developments underscoring the potential available across Gabon’s offshore blocks. Exploration and production company BW Energy, for example, signed PSCs for exploration blocks Niosi Marin and Guduma Marin in 2024, covering an eight-year exploration period with a two-year extension option. BW Energy and its partner on the block VAALCO Energy have committed to drilling one well as well as carrying out a 3D seismic acquisition campaign. BW Energy also has stakes in the Dussafu license, which features 14 producing wells tied back to a FPSO through a 20km pipeline. Partners on the license include the state-owned Gabon Oil Company (GOC) and Panoro Energy. Independent oil and gas company Perenco spud the Hylia South West discovery in Gabon in early 2024, revealing substantial oil-bearing columns in the Ntchengue Ocean reservoir. Chinese oil firm CNOOC launched wildcat drilling on Blocks BC-9 and BCD-10 in early-2023 on the back of 1.4 billion barrels of recoverable resource potential, with future discoveries set to double Gabonese oil production while de-risking deepwater exploration. Despite these developments, much of Gabon’s deepwater potential remains underexplored, highlighting a strategic opportunity for both active and potential players.

Increased hydrocarbon production in tandem with future deepwater discoveries are expected to support Gabon’s broader goals of creating a regional petroleum hub in Gabon. Strategically positioned on the West coast of Central Africa, Gabon is making strides towards enhancing oil and gas refining, storage and distribution capacity. Major infrastructure projects signal the country’s intention to become a petroleum hub. Notably, Perenco is advancing the development of the Cap Lopez LNG terminal in Gabon, targeting first production by 2026. Situated at the existing Cap Lopez oil terminal, the $2 billion project will introduce a FLNG vessel designed to monetize offshore gas reserves and reduce flaring. The FLNG vessel will feature a production capacity of 700,000 tons of LNG and 25,000 tons of LPG, supported by a storage capacity of 137,000 cubic meters. The project complements the Batanga LPG facility, which came online in December 2023 with a target production capacity of 15,000 tons of LPG annually. Beyond LNG and LPG, Gabon is working towards enhancing refining capacity with plans to expand its sole operating refinery – SOGARA – from 1.2 million tons to 1.5 million tons of crude. This expansion would enable the country to achieve self-sufficiency in refined petroleum products by 2030.

The minister and his team have also prioritized the increase of storage capacity for refined products in the country from currently 60 days to 90 days of consumption in an effort to strengthen energy security and make shortages an element of the past.

“Deepwater exploration and production stands to transform Gabon’s economy, with potential discoveries supporting the development of a new petroleum hub in Central Africa. Through its aggressive investment campaign, commitment to regulatory reform and engagement with IOCs, the Ministry of Petroleum is strengthening the competitiveness of doing business in Gabon,” states Verner Ayukegba, Senior Vice President at the AEC.

– on behalf of African Energy Chamber.

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Care work is not a cost – it’s an $11 trillion investment waiting to transform societies

Source: South Africa News Agency

The world stands at a historic crossroads. Global economies can either continue sidelining the $11 trillion worth of unpaid care work that sustains societies or choose to invest in it as the foundation of inclusive growth, job creation, and long-term economic resilience.

This was the urgent call issued by Dr Basani Baloyi, Programme Director at the Institute for Economic Justice, at the Third Technical Meeting of the G20 Empowerment of Women Working Group (EWWG) underway at the Skukuza Conference Centre in Mpumalanga. 

“The care economy is not a woman’s issue. It’s an economic imperative. It’s not a burden to be managed. It’s an opportunity to be seized. It is not a cost to be minimised. It’s an investment that will transform societies,” Baloyi said on Wednesday. 

Her remarks drove home the message that investing in the care economy has far-reaching, proven returns. In Canada, a $10-per-day childcare programme created over 40 000 new jobs in the early childhood care sector, while expanding women’s participation in the workforce. 

In Nordic countries, decades of investment in comprehensive care systems have led to some of the world’s highest levels of gender equality and economic competitiveness.

“With our collective economic power, our diverse experiences and our shared commitment to sustainable development, the G20 has an unprecedented opportunity to scale these successes globally,” Baloyi said. 

Framing the conversation around care as central to economic and social planning, Baloyi said this is the moment to shift from a model where care is invisible and undervalued, to one where it is measured, invested in, and integrated into policy design.

“We have the evidence from Brazil’s groundbreaking National Caregiving Policy. We have the framework from South Africa’s comprehensive approach to women’s economic empowerment. What we need now is the collective will to act,” she said. 

Throughout her keynote, Baloyi painted a vivid picture of care work’s current invisibility, and the toll it takes on women’s economic lives.

“Picture this. It’s 3am and Maria, a nurse in São Paulo, finishes her shift caring for kids. She drives home not to rest, but to care for her mother and prepare breakfast for her children before they wake up.” 

She said similar stories echoed across the globe. “Nomsa in Johannesburg juggles a teaching job and caring for a disabled sibling, and Sarah in Chicago reduces her engineering hours to care for her ailing father.”

Baloyi said these are the women whose sacrifices are excluded from GDP, undervalued in policy, and absent in economic planning. 

“What they call love, we call unpaid work,” Baloyi quoted philosopher Silvia Federici. 

Globally, she explained that unpaid care work by women amounts to 9% of global GDP – equivalent to $11 trillion. In Brazil alone, it’s estimated that women subsidise the economy by at least $10.8 trillion annually. Yet, this work remains uncounted, unrecognised and unsupported.

“We measure the production of cars and computers, but not the production of healthy, educated, capable human beings, who drive those cars and operate those computers,” she said. 

This invisibility, Baloyi warned, has profound economic consequences, reinforcing gender roles, excluding millions of women from the labour market, and weakening economic resilience.

However, Brazil’s pioneering move in 2024 to introduce a National Caregiving Policy – a collaborative effort across 20 ministries, municipalities and academia – signals a turning point. 

South Africa’s G20 Presidency builds on this foundation, with three key priorities that will shape the future of care economies globally. 

“These priorities recognise that care economy transformation requires addressing the full spectrum of challenges that women face. What makes this moment extraordinary is not just the ambition, but the methodology. 

“South Africa is facilitating policy discourse and collaboration based on evidence, based research across G20 countries, they are creating platforms for sharing cross-country experiences, learning from both successes and challenges, and developing context sensitive recommendations that respect the diversity of G20 nations, while advancing common goals,” she said. 

The data, Baloyi explained, is on South Africa’s side. According to the World Economic Forum, a $1.3 trillion investment in social jobs, particularly in the care economy, would generate $3.1 trillion in GDP and create over 10 million jobs in the United States alone. 

The International Labour Organisation projects that invest in childcare and long-term care could result in 203 million jobs globally by 2035.

“These aren’t just numbers. They represent millions of families lifted out of poverty, and millions of women able to participate fully in economic life,” Baloyi said. 

She also urged G20 nations to adopt the ILO’s 5R Framework:

  • Recognise care work in policy and planning.
  • Reduce the burden through services and infrastructure.
  • Redistribute responsibilities between genders and institutions.
  • Represent care workers in decision-making.
  • Reward care work with fair wages and social protections.

“Imagine Maria in São Paulo able to focus on her career, knowing her family is well cared for… Nomsa in Johannesburg receiving community support services… Sarah in Chicago returning to full-time work, thanks to elder care support… This is achievable policy implementation. When countries invest in care infrastructure, the ripple effects are profound,” she said. 

Baloyi further told delegates that by 2030, over 2.3 billion adults will require care services. By 2050, 80% of the world’s elderly population will live in low- and middle-income countries, many lacking adequate care systems.

“We can either prepare for this demographic transition through strategic investment or allow it to become a crisis that overwhelms families and destabilises economies. 

“The 708 million women worldwide, who are outside the labour force due to care responsibilities, are counting on us. The future generations, who will inherit the economic and social systems we build today, are counting on us,” she said. – SAnews.gov.za 

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The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa


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The African Development Bank Group (www.AfDB.org) and the United Nations Human Settlements Programme (UN-Habitat) have signed a Memorandum of Understanding to enhance collaboration and accelerate action on sustainable urban transformation across the continent.

Under the agreement, the organizations will jointly develop action plans that combine technical assistance, policy support, capacity-building, and knowledge exchange to local governments in four key spheres: urban governance, housing, municipal finance, and infrastructure development.

The agreement was formalized on 1 July 2025 on the sidelines of the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain.

The Memorandum of Understanding renews an agreement signed in 2006 by the two entities to collaborate in the water and sanitation sector.

The African Development Bank and UN-Habitat also plan to coordinate their efforts to tap into key regional and global platforms to mobilize resources for urban development in Africa, including the World Urban Forum and the Africa Investment Forum.

“I believe that there are ways that we can use the capital markets to develop cities much better,” said African Development Bank President Akinwumi Adesina. “I am delighted that the Bank and UN-Habitat are partnering on the development of cities – I am very excited about this partnership.”

“Cities are the engine of growth, and we need to mobilize a lot more private capital in the development of cities, which will require a different approach from the conventional public sector capital,” he added.

The Executive Director of UN-Habitat, Anacláudia Rossbach, said: “Urbanization in Africa can either be a driver of prosperity or a deepening of poverty and exclusion. Through this renewed collaboration with the African Development Bank, we aim to help cities become engines of resilience, equity, and climate action, leaving no one behind.”

The African Development Bank Group has significantly expanded its urban portfolio in recent years, including through the creation of a dedicated urban development division and the Urban and Municipal Development Fund to support African cities in delivering transformative, climate-resilient urban solutions. Most recently, UN-Habitat and the Bank Group signed a service agreement to prepare the Eswatini EcoCity Masterplan under an integrated urban and agricultural initiative that aims to deliver sustainable housing and create economic opportunities for over 100,000 people in Eswatini.

Africa’s rapid growth and urbanization – the continent’s population is projected to reach 2.4 billion by 2050 –presents both opportunities and challenges. With more than half of urban residents living in informal settlements lacking basic services, adequate housing, and climate-resilient infrastructure, local governments are under increasing strain. Through this renewed partnership, the African Development Bank and UN-Habitat are joining forces to help cities respond to these challenges and harness urban growth as a driver of sustainable development.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contacts:
UN-Habitat
Katerina Bezgachina
Chief of Communications
ekaterina.bezgachina@un.org

Gonzalo Ruiz
Partnerships Officer
Ruiz.gonzalo@un.org
+254 714228562

unhabitat-info@un.org

African Development Bank
Olufemi Terry
Communications and External Relations
media@afdb.org

About UN-Habitat:
UN-Habitat is the United Nations entity working for sustainable urbanization. With pro-grammes in over 90 countries, it supports policymakers and communities to create socially and environmentally sustainable cities and towns. UN-Habitat promotes transformative change in urban areas through knowledge, policy advice, technical assistance, and collaborative action. To know more, visit https://UNHabitat.org/ or follow us on social media @ UNHABITAT.

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International Monetary Fund (IMF) Staff Completes 2025 Article IV Mission with Nigeria


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The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Nigeria.(1)

The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience. The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit and improved the functioning of the foreign exchange market. Investor confidence has strengthened, helping Nigeria successfully tap the Eurobond market and leading to a resumption of portfolio inflows. At the same time, poverty and food insecurity have risen, and the government is now focused on raising growth.

Growth accelerated to 3.4 percent in 2024, driven mainly by increased hydrocarbon output and vibrant services sector. Agriculture remained subdued, owing to security challenges and sliding productivity. Real GDP is expected to expand by 3.4 percent in 2025, supported by the new domestic refinery, higher oil production and robust services. Against a complex and uncertain external environment, medium-term growth is projected to hover around 3½ percent, supported by domestic reform gains.

Gross and net international reserves increased in 2024, with a strong current account surplus and improved portfolio inflows. Reforms to the fx market and foreign exchange interventions have brought stability to the naira.

Naira stabilization and improvements in food production brought inflation to 23.7 percent year-on-year in April 2025 from 31 percent annual average in 2024 in the backcasted rebased CPI index released by the Nigerian Bureau of Statistics. Inflation should decline further in the medium-term with continued tight macroeconomic policies and a projected easing of retail fuel prices.

Fiscal performance improved in 2024. Revenues benefited from naira depreciation, enhanced revenue administration and higher grants, which more-than-offset rising interest and overheads spending.

Downside risks have increased with heightened global uncertainty. A further decline in oil prices or increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability and exacerbate exchange rate pressures. A deterioration of security could impact growth and food insecurity.

Executive Board Assessment (2)

Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities on the successful implementation of significant reforms during the past two years and welcomed the associated gains in macroeconomic stability and resilience. As these gains have yet to benefit all Nigerians, and with heightened economic uncertainty and significant downside risks, Directors emphasized the importance of agile policy making to safeguard and enhance macroeconomic stability, creating enabling conditions to boost growth, and reducing poverty.

Directors agreed that the Central Bank of Nigeria is appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched. They welcomed the discontinuation of deficit monetization and ongoing efforts to strengthen central bank governance to set the institutional foundation for inflation targeting. Directors also welcomed steps taken by the authorities to build reserves and support market confidence and praised reforms to the foreign exchange market that supported price discovery and liquidity. They called for implementation of a robust foreign exchange intervention framework focused on containing excess volatility, stressing that the exchange rate is an important shock absorber. Directors also agreed with staff’s call to phase out existing capital flow management measures in a properly timed and sequenced manner.

Directors called for a neutral fiscal stance to safeguard macroeconomic stabilization with priority given to investments that enhance growth. Directors also called for accelerating the delivery of cash transfers to assist the poor. They commended the authorities on advancing the tax reform bill, an important step towards enhancing revenue mobilization and creating fiscal space for development spending, while preserving debt sustainability.

Directors recognized actions to strengthen the banking system, including the ongoing process of increasing banks’ minimum capital. They welcomed the authorities’ efforts to boost financial inclusion and promote capital market development, while emphasizing the importance of moving to a robust risk‑based supervision for mortgage and consumer lending schemes as well as the fintech and crypto sectors. Directors welcomed progress made in strengthening the AML/CFT framework and stressed the importance of resolving remaining weaknesses to exit the FATF grey list.

To lift Nigeria’s growth outlook, improve food security, and reduce fragility, Directors highlighted the importance of tackling security, red tape, agricultural productivity, infrastructure gaps, including boosting electricity supply, as well as improved health and education spending, and making the economy more resilient to climate events. They noted that addressing structural impediments to private credit extension is also needed to support growth. Directors welcomed the IMF’s capacity development to support authorities’ reform efforts and agreed that enhancing data quality is critical for sound, data‑driven policymaking.

Table 1. Nigeria: Selected Economic and Financial Indicators, 2023–26

2023

2024

2025

2026

5/8/2025 13:03

Act.

Est.

Proj.

Proj.

 National income and prices

Annual percentage change

(unless otherwise specified)

Real GDP (at 2010 market prices)

2.9

3.4

3.4

3.2

Oil GDP

-2.2

5.5

4.9

2.3

Non-oil GDP

3.2

3.3

3.3

3.3

Non-oil non-agriculture GDP

3.9

4.1

3.7

3.7

Production of crude oil (million barrels per day)

1.5

1.5

1.7

1.7

Nominal GDP at market prices (trillions of naira)

234

277

320

367

Nominal non-oil GDP (trillions of naira)

221

260

303

351

Nominal GDP per capita (US$)

1,597

806

836

887

GDP deflator

12.6

14.5

11.4

11.4

Consumer price index (annual average)

24.7

31.4

24.0

23.0

Consumer price index (end of period)

28.9

15.4

23.0

18.0

Investment and savings

Percent of GDP

Gross national savings

31.8

39.6

37.5

37.7

Public

-0.1

3.9

2.2

1.7

Private

31.9

35.7

35.3

36.1

Investment

30.0

30.4

30.5

33.1

Public

3.2

4.8

5.4

5.5

Private

26.8

25.6

25.1

27.6

Consolidated government operations

Percent of GDP

Total revenues and grants

9.8

14.4

14.2

13.8

Of which: oil and gas revenue

3.3

4.1

5.1

4.9

Of which: non-oil revenue

5.8

9.2

8.8

8.8

Total expenditure and net lending

13.9

17.1

18.9

18.7

Overall balance

-4.2

-2.6

-4.7

-4.9

Non-oil primary balance

-4.9

-4.9

-7.2

-6.9

Public gross debt1

48.7

52.9

52.0

50.8

Of which: FX denominated debt

18.1

25.5

25.8

24.8

FGN interest payments (percent of FGN revenue)

83.8

41.1

47.3

49.2

Money and credit

Contribution to broad money growth
(unless otherwise specified)

Broad money (percent change; end of period)

51.9

42.7

17.9

22.3

Net foreign assets

10.5

30.4

2.1

7.2

Net domestic assets

41.3

12.3

15.8

15.1

     Of which: Claims on consolidated government

20.1

-11.9

6.2

4.1

Credit to the private sector (y/y, percent)

53.6

30.1

17.9

18.2

Velocity of broad money (ratio; end of period)

2.7

3.3

2.2

2.1

External sector

Annual percentage change

(unless otherwise specified)

Current account balance (percent of GDP)

1.8

9.2

7.0

4.6

Exports of goods and services

-12.8

-4.5

-6.0

1.3

Imports of goods and services

-4.4

-0.8

-6.8

8.4

Terms of trade

-6.1

-0.6

-7.4

-3.3

Price of Nigerian oil (US$ per barrel)

82.3

79.9

67.7

63.3

External debt outstanding (US$ billions)2

102.9

102.2

105.9

110.2

Gross international reserves (US$ billions, CBN definition)3

33.2

40.2

36.4

39.1

Equivalent months of prospective imports of G&S

5.4

5.7

7.5

7.7

Memorandum items:

  Implicit fuel subsidy (percent of GDP)

0.8

2.1

0.0

0.0

Sources: Nigerian authorities; and IMF staff estimates and projections.

1 Gross debt figures for the Federal Government and the public sector include overdrafts from the Central Bank of Nigeria (CBN).

2 Includes both public and private sector.

3 Based on the IMF definition, the gross international reserves were US$8 billion lower in December 2024.

(1) Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. Staff hold separate annual discussions with the regional institutions responsible for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central African Economic and Monetary Union, and the West African Economic and Monetary Union. For each of the currency unions, staff teams visit the regional institutions responsible for common policies in the currency union, collects economic and financial information, and discusses with officials the currency union’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis of discussion by the Executive Board. Both staff’s discussions with the regional institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member. 

(2) At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm. The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

Distributed by APO Group on behalf of International Monetary Fund (IMF).

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R410.9bn allocated to local govt and service delivery programmes

Source: South Africa News Agency

In a move aimed at enhancing service delivery, government has announced a substantial budget allocation for Cooperative Governance, amounting to R410.9 billion over the Medium-Term Expenditure Framework (MTEF) period. 

The Cooperative Governance and Traditional Affairs Minister, Velenkosini Hlabisa, announced that a staggering 96.7% of this budget is earmarked for intergovernmental transfers and support to various entities. 

“This significant investment will enable us to implement critical initiatives that deliver tangible and measurable improvements in the lives of our people,” he said during the budget announcement on Wednesday.

He announced that the budget allocation is focused on ensuring that every South African benefits from this allocation, particularly in underserved communities.

In addition to the allocations for Cooperative Governance, Vote 15: Traditional Affairs, will see an appropriated budget of R195 530 million for the fiscal year 2025/26. 

Within this allocation, Hlabisa said 24%, which is approximately R46.927 million, is specifically designated for transfers and subsidies, including a dedicated fund for the Commission for the Promotion and Protection of the Rights of Cultural, Religious, and Linguistic Communities.

The Minister recognised the vital role that traditional leadership plays in cultural preservation and community cohesion. 

He believes that the budget reflects government’s commitment to supporting this crucial sector and ensuring that their voices are part of the national discourse.

The budget presentation and engagement form part of Parliament’s oversight function, providing a platform to transparently present the department’s financial allocations and strategic direction for the 2025/26 financial year.

The budget vote presentation detailed key areas of expenditure, offering a comprehensive breakdown of how the department’s resources will be allocated to drive impactful governance.

The Minister highlighted that a key component of the government’s reform agenda is the comprehensive review of the 1998 White Paper on Local Government, initiated on 19 May 2025. 

This review is part of a strategy to modernise local governance structures and improve service delivery amid challenges like urban growth and youth unemployment. 

“Through this review, we are committed to creating a local government system that is responsive to the needs of all South Africans and that delivers quality services to our communities.”

The Minister explained that the review’s importance extends beyond governance and embodies a commitment to socio-economic development, emphasising inclusivity in community engagement.

Empowering communities

He announced that government aims to rectify historical imbalances by providing a platform for the voices of informal traders, women, youth, and rural communities. 

In response to the high demand for broader community engagement on the discussion document concerning the Review of the 1998 White Paper on Local Government (WPLG), the submission deadline for the review has been extended to 31 July 2025. 

In addition to governance reforms, government is advancing targeted interventions in distressed municipalities, focusing on infrastructure maintenance and development support. 

As part of this initiative, the Inter-Ministerial Committee (IMC) is dedicated to 10 distressed municipalities, addressing fundamental issues such as outstanding debt resolution and improving governance structures.

“We reiterate that for us to make an impact in addressing the challenges at the local government sphere, we should eradicate working in silos, as espoused by the District Development Model (DDM),” said Hlabisa.

He said the DDM remains government’s flagship intergovernmental planning, coordination, and service delivery strategy, bringing all three spheres of government around one table to address the specific challenges across the 52 districts and metros. 

In addition, he announced that the Municipal Infrastructure Grant (MIG) is set to accelerate infrastructure delivery, with an allocation of R493.8 million to support critical projects in priority municipalities.

Hlabisa stated that the reallocation of R244.7 million from the MIG to the Integrated Urban Development Grant (IUDG) will promote integrated urban planning and development in growth areas.

Meanwhile, the Municipal Systems Improvement Grant (MSIG) is increasing from R151.1 million in 2025/26 to R165.3 million in 2027/28 to strengthen municipal systems and improve intergovernmental planning and budgeting under the DDM.

The Minister said collaboration with National Treasury is underway to establish a municipal debt relief framework, aimed at assisting municipalities in managing debt and enhancing financial sustainability.

With these substantial budget allocations and a renewed focus on local governance reforms, he stressed that government is positioning itself to create a responsive and effective local government system for all South Africans.

Hlabisa said the overarching goal remains clear, which includes delivering quality services that foster community development and resilience in democracy. – SAnews.gov.za

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Ghana and India: Narendra Modi’s visit rekindles historical ties

Source: The Conversation – Africa – By Pius Siakwah, Senior Research Fellow, Institute of African Studies, University of Ghana

Narendra Modi’s trip to Ghana in July 2025, part of a five-nation visit, is the first by an Indian prime minister in over 30 years. The two countries’ relationship goes back more than half a century to when India helped the newly independent Ghana set up its intelligence agencies. Ghana is also home to several large Indian-owned manufacturing and trading companies. International relations scholar Pius Siakwah unpacks the context of the visit.

What is the background to Ghana and India’s relationship?

It can be traced to links between Kwame Nkrumah, Ghana’s first president, and his Indian counterpart, Prime Minister Jawaharlal Nehru, in 1957. It is not surprising that the Indian High Commission is located near the seat of the Ghana government, Jubilee House.

Nkrumah and Nehru were co-founders of the Non-Aligned Movement, a group of states not formally aligned with major power blocs during the cold war. Its principles focused on respect for sovereignty, neutrality, non-interference, and peaceful dispute resolution. It was also a strong voice against the neo-colonial ambitions of some of the large powers.

The movement emerged in the wave of decolonisation after the second world war. It held its first conference in 1961 under the leadership of Josip Bros Tito (Yugoslavia), Gamal Abdel Nasser (Egypt) and Sukarno (Indonesia) as well as Nehru and Nkrumah.

The relationship between Ghana and India seemingly went into decline after the overthrow of Nkrumah in 1966, coinciding with the decline of Indian presence in global geopolitics.

In 2002, President John Kufuor re-energised India-Ghana relations. This led to the Indian government’s financial support in the construction of Ghana’s seat of government in 2008.

Though the concept of the Non-Aligned Movement has faded this century, its principles have crystallised into south-south cooperation. This is the exchange of knowledge, skills, resources and technologies among regions in the developing world.

South-south cooperation has fuelled India-Ghana relations. Modi’s diplomatic efforts since 2014 have sought to relaunch India’s presence in Africa.

In recent times, India has engaged Africa through the India–Africa Forum Summit. The first summit was held in 2008 in New Delhi with 14 countries from Africa. The largest one was held in 2015, while the fourth was postponed in 2020 due to COVID-19. The summit has led to 50,000 scholarships, a focus on renewable energy through the International Solar Alliance and an expansion of the Pan-African e-Network to bridge healthcare and educational gaps. Development projects are financed through India’s EXIM Bank.

India is now one of Ghana’s major trading partners, importing primary products like minerals, while exporting manufactured products such as pharmaceuticals, transport and agricultural machinery. The Ghana-India Trade Advisory Chamber was established in 2018 for socio-economic exchange.

Modi’s visit supports the strengthening of economic and defence ties.

The bilateral trade between India and Ghana moved from US$1 billion in 2011-12 to US$4.5 billion in 2018-19. It then dipped to US$2.2 billion in 2020-21 due to COVID. By 2023, bilateral trade amounted to around US$3.3 billion, making India the third-largest export and import partner behind China and Switzerland.

Indian companies have invested in over 700 projects in Ghana. These include B5 Plus, a leading iron and steel manufacturer, and Melcom, Ghana’s largest supermarket chain.

India is also one of the leading sources of foreign direct investment to Ghana. Indian companies had invested over US$2 billion in Ghana by 2021, according to the Ghana Investment Promotion Center.

What are the key areas of interest?

The key areas of collaboration are economic, particularly:

  • energy

  • infrastructure (for example, construction of the Tema to Mpakadan railway line)

  • defence

  • technology

  • pharmaceuticals

  • agriculture (agro-processing, mechanisation and irrigation systems)

  • industrial (light manufacturing).

What’s the bigger picture?

Modi’s visit is part of a broader visit to strengthen bilateral ties and a follow-up to the Brics Summit, July 2025 in Brazil. Thus, whereas South Africa is often seen as the gateway to Africa, Ghana is becoming the opening to west Africa.

Modi’s visit can be viewed in several ways.

First, India as a neo-colonialist. Some commentators see India’s presence as just a continuation of exploitative relations. This manifests in financial and agricultural exploitation and land grabbing.

Second, India as smart influencer. This is where the country adopts a low profile but benefits from soft power, linguistic, cultural and historical advantages, and good relationships at various societal and governmental levels.

Third, India as a perennial underdog. India has less funds, underdeveloped communications, limited diplomatic capacity, little soft power advantage, and an underwhelming media presence compared to China. China is able to project its power in Africa through project financing and loans, visible diplomatic presence with visits and media coverage in Ghana. Some of the coverage of Chinese activities in Ghana is negative – illegal mining (galamsey) is an example. India benefits from limited negative media presence but its contributions in areas of pharmaceuticals and infrastructure don’t get attention.

Modi will want his visit to build on ideas of south-south cooperation, soft power and smart operating. He’ll want to refute notions that India is a perennial underdog or a neo-colonialist in a new scramble for Africa.

In 2025, Ghana has to navigate a complex geopolitical space.

– Ghana and India: Narendra Modi’s visit rekindles historical ties
– https://theconversation.com/ghana-and-india-narendra-modis-visit-rekindles-historical-ties-260281