19th March 2024
Good morning. Niger's junta has abruptly terminated a military agreement with the US, while the European Union pledges a substantial aid package to Egypt amid human rights concerns. Meanwhile, South Africa extends its central bank governor's term and appoints a new deputy, and China promises support for investment in Angola's diversification efforts. Here is you daily Roosters Crow:
Niger Junta Ends US Pact
Niger’s military junta terminated a longstanding military agreement with the US, accusing it of violating constitutional rules and being unjust to Niger's people. While not explicitly expelling US troops, the move effectively ends their mission in the country. The decision follows a US delegation's visit, deemed "condescending" by the junta. Niger, aligning with Mali and Burkina Faso, is shifting towards closer ties with Russia, with Moscow expanding defense cooperation in the region.
EU's $8B Aid to Egypt
The European Union unveiled an $8 billion aid package for Egypt amid concerns over migrant influxes to Europe. The deal, inked in Cairo, drew ire for human rights violations. Egyptian President Abdel Fattah el-Sissi hailed it as transformative. Majority of funds, 5 billion euros ($5.4 billion), are macro-financial assistance. It marks a strategic partnership, targeting democracy, migration, and terrorism. The aid bolsters border security, especially with Libya, a crucial transit point. Criticism abounds over Egypt's rights record, challenging EU's ethical stance.
South Africa's Central Bank Term Extended
South African President Cyril Ramaphosa extended central bank governor Lesetja Kganyago's term for another five years, appointing Mampho Modise as deputy governor. The move, announced Friday, aims to ensure institutional stability at the reserve bank. Kganyago's tenure now spans until 2029, cementing him as one of the longest-serving governors post-apartheid. Modise, a current deputy director-general in the National Treasury, steps into her role on April 1, focusing on financial stability and economic statistics. The Monetary Policy Committee, of which Modise will be a member, will announce its next interest rate decision on March 27.
China Boosts Angola Investment
Chinese President Xi Jinping pledged support for Chinese firms investing in Angola's agriculture and manufacturing sectors, aiding the oil-producing nation's diversification efforts. During a meeting with Angolan President Joao Lourenco in Beijing, Xi emphasized cooperation on key infrastructure projects and economic modernization. China's interest in Angola's economy stems from its significant debt owed by Luanda. Lourenco seeks funding to implement reforms reducing oil dependency. Both nations upgraded bilateral ties, facilitating increased trade. China has invested $12 billion in Angola since 2014, primarily in energy. Angola aims to leverage its abundant natural resources for economic growth, especially amid IMF warnings of oil sector contraction.
