<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="492" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t-820x492.jpg" alt="" class="wp-image-401148" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t-820x492.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t-768x461.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/bill-and-melinda-gates-t.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bill and Melinda GatesFrederic Stevens | Getty Images</figcaption></figure>



The Bill and Melinda Gates Foundation says new technology and learnings are being turned into new tools and interventions that could substantially lift survival rates for mothers and babies in developing countries.



The report highlights seven new innovations that could save two million mothers and babies’ lives by 2030. They include a dollar package that can reduce post birth bleeding – the biggest maternal deaths cause – a new probiotic supplement, multiple micronutrient supplements and a new one time infusion of iron for women.



“That’s 2 million families spared an unimaginable heartbreak – and 2 million more people who can shape and enrich our world,” the foundation says in its 7th Goalkeepers Report, co-authored by Bill and Melinda French Gates. “We need policy changes, political will, more investment into women’s health, and health care workers – including midwives.”



Globally, a mother dies every two minutes from complications due to childbirth, according to research by the foundation. The picture is worst in sub-Saharan Africa, where it is estimated that 390 women will die in childbirth for every 100,000 live births by 2030, more than five times the 2030 Sustainable Development Goals target.



The World Bank says while sub-Saharan Africa’s health systems appear to have avoided a catastrophic impact from the coronavirus, and in fact benefitted from a strengthening of its public health systems, improving them remains critical in the short-, medium- and long-term.



<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-800x800.jpg" alt="" class="wp-image-427390" style="width:731px" width="731" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-01.jpg 1080w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Two SDG target that are off track graphic. Source: Bill &amp; Melinda Gates Foundation. https://www.gatesfoundation.org/goalkeepers/report/2023-report/#Intro</figcaption></figure>



The Gates Foundation says this is especially important given how far the world is from fulfilling the Millennium Development Goals, half the way from the 2030 targets.



“The ambition was to end all preventable child deaths by 2030, and to cut the maternal mortality rate to less than 70 out of every 100,000 births. We are far off-track on both goals— but that didn’t have to be the case,” it says. “We need to listen to what women want and ensure women have a say in their own healthcare. And ultimately, we need to commit together that we no longer accept preventable deaths of mothers and babies around the world.”



And the lack of progress isn’t restricted to developing countries alone, the report found. Even in high income countries like the United States, black and indigenous women are dying at three times the rate of white women.



That needs to change,” writes Melinda French Gates. “We have seen over and over again that when countries actually prioritize and invest in women’s health, they unleash a powerful engine for progress that can reduce poverty, advance gender equality, and build resilient economies.”



The other interventions include the provision of:



· Antenatal corticosteroids, which are given to women who will give birth prematurely toaccelerate fetal lung growth



· Azithromycin, which reduces maternal infections during pregnancy and prevents



infections from spiraling into sepsis and,



· An AI enabled portable ultrasound that empowers nurses and midwives to monitor high-risk pregnancies in low-resource settings to ensure that risks are diagnosed and addressed early



The foundation is calling for more research into ways of saving lives and also in empowering women in their motherhood journeys.



“The world has come so far, so quickly in our understanding of how to save the most fragile lives,” said Mark Suzman, CEO of the Gates Foundation. “The world can and must do more to achieve a healthier, more prosperous, and equal world.”



<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-800x800.jpg" alt="" class="wp-image-427392" style="width:731px" width="731" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GoalKeepers_2023_Intro-02.jpg 1080w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Opportunity to save millions of lives graphic. Source: Bill &amp; Melinda Gates Foundation. </figcaption></figure>

bill-and-melinda-gates-t

Bill and Melinda Gates Says new Technology to boost maternal survival rates dramatically

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-820x547.jpeg" alt="" class="wp-image-425963" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership.jpeg 1905w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chinese President Xi Jinping waves after his speech as the new Politburo Standing Committee members meet the media following the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 23, 2022. REUTERS/Tingshu Wang/File Photo</figcaption></figure>



BENGALURU, Sept 12 (Reuters) &#8211; China&#8217;s economy will grow less than previously thought this year and next as a struggling property market dogs what was once the world&#8217;s growth engine, according to a Reuters poll of economists who said the risks were skewed to further downgrades.



The world&#8217;s second-largest economy has been struggling after a brief post-COVID recovery, dragged by huge debt due to decades of infrastructure investment and a property downturn, posing risks not only to itself but also to the global economy.



With 70% of household wealth tied up in the ailing property market, coupled with rising youth unemployment, weak consumption demand and the reluctance by depressed private firms to invest, policymakers have been fighting an uphill job in reviving growth.



&#8220;The primary culprit is the property sector. This source of growth has now evaporated and won&#8217;t be coming back,&#8221; said Julian Evans-Pritchard, head of China economics at Capital Economics in Singapore.



&#8220;We have long been more bearish than most…but even we have been surprised by the speed at which growth has declined. The deceleration probably still has further to run.&#8221;



The Sept. 4-11 Reuters poll of 76 analysts, based in and outside mainland China, predicted the economy would grow 5.0% this year, lower than 5.5% forecast in a July survey. Forecasts ranged between 4.5% and 5.5%.



While nearly all economists lowered their growth outlook for this year and next compared with the previous survey, the magnitude of those cuts was still marginal, leaving room for more downgrades.



Some economists cautioned the government&#8217;s growth target of around 5% for this year could be missed as the drip-feed of policy stimulus from Beijing would not be enough to stabilise the economy.



While recent data showed signs of improvement in the economy, some economists said more policy support was needed for the ailing property sector. The sector accounts for roughly a quarter of China&#8217;s economy.



Growth was forecast to slow to 4.5% next year and 4.3% in 2025. After expanding 6.3% last quarter, the economy was expected to grow just 4.2% this quarter, followed by 4.9% in the next, and down to just 3.9% in the first quarter of 2024.



&#8220;This slowdown could be just the tip of the iceberg,&#8221; said Bingnan Ye, senior economist at China Merchants Bank International in Hong Kong, who added the downside risk was &#8220;household consumption may improve more slowly than many expect.&#8221;



&#8220;Along with a slowdown in the property sector and exports, we still have U.S.-China trade tensions, and the recent diversification of supply chains beyond China will add to the downside pressure.&#8221;



A strong majority of economists who answered an additional question said the risks to their 2023 and 2024 GDP growth forecasts were skewed to the downside.



Economists also cut their consumer price inflation forecast to 0.6% for this year and 1.9% for next year, down from the previously expected 1.1% and 2.1% in the July survey.



Despite low inflation, the People&#8217;s Bank of China was expected to keep its key interest rates on hold this year.



Asked whether there would be an aggressive economic stimulus package from authorities, over three-quarters of economists, 17 of 21, said no.



&#8220;Local governments, which are responsible for (about) 85% of expenditures, are heavily indebted. This constrains the ability…to provide meaningful stimulus without further undermining their already fragile finances,&#8221; said Teeuwe Mevissen, senior macro strategist at Rabobank in the Netherlands.



(For other stories from the Reuters global economic poll: )



(Reporting by Vivek Mishra; Additional reporting by Devayani Sathyan; Analysis by Anant Chandak; Polling by Veronica Khongwir in Bengaluru and Jing Wang in Shanghai; Editing by Kevin Yao, Ross Finley and Sam Holmes)

107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership

China 2023 GDP growth forecast cut to 5.0%, 4.5% in 2024 -economists

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="557" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WAFT55ZOBBLJNCCICGSBZWTPSQ-820x557.jpg" alt="" class="wp-image-427349" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WAFT55ZOBBLJNCCICGSBZWTPSQ-820x557.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WAFT55ZOBBLJNCCICGSBZWTPSQ-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WAFT55ZOBBLJNCCICGSBZWTPSQ-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WAFT55ZOBBLJNCCICGSBZWTPSQ-768x522.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WAFT55ZOBBLJNCCICGSBZWTPSQ-1536x1043.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WAFT55ZOBBLJNCCICGSBZWTPSQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. President Joe Biden, Indian Prime Minister Narendra Modi and President of the European Union Ursula von der Leyen attend the G20 summit in New Delhi, India, September 9, 2023. REUTERS/Evelyn Hockstein/Pool/File Photo</figcaption></figure>



NEW DELHI, Sept 11 (Reuters)&nbsp;&#8211;&nbsp;The Group of 20 major economies reached a hard-fought compromise over the war in Ukraine and papered over other key differences in a summit declaration at the weekend, presenting few concrete achievements in its core remit of responses to global financial issues.



Diplomats and analysts said the surprise consensus in the summit statement on the Russia-Ukraine conflict avoided a split in the group, and the inclusion of the African Union as a new member represented a victory for host India and for developing economies, but the rest was disappointing.



&#8220;The G20 has been at its best as a multilateral forum when it can forge consensus &#8211; not just on language, but on action &#8211; to deal with serious global issues, such as global financial crises,&#8221; said Michael Froman, president of the New York-based Council on Foreign Relations.



&#8220;Looking ahead, the focus should be on that, not on the statement per se,&#8221; said Froman, a former U.S. trade representative who has also worked as Washington’s G20 and G8 negotiator.



The summit declaration avoided condemning Russia for the war in Ukraine but highlighted the human suffering the conflict had caused and called on all states not to use force to grab territory.



Few had expected the G20 to reach a consensus on the document, let alone on the first afternoon of the two-day summit, as the group had failed to agree on a single communique at the 20 or so ministerial meetings this year due to the hardened stance on the war.



A failure to agree on a summit declaration would have signalled that the G20 was split, perhaps irrevocably, between the West on one side and China and Russia on the other, analysts said.



And with Beijing pushing to reshuffle the world order by expanding groupings such as BRICS and the Shanghai Cooperation Organisation, G20 could have ended up becoming irrelevant, they said.



<h2 class="wp-block-heading" id="h-difficult-summit">DIFFICULT SUMMIT</h2>



G20 was set up as a platform of finance ministers and central bank governors in 1999 to counter the effects of the Asian financial crisis and the meeting was expanded to include leaders after the global financial crisis in 2008.



Its primary role of coordinating responses to economic issues &#8211; including global taxation and helping low-income nations manage their debt burden under the Common Framework in recent years &#8211; has been diluted because the need to seek a consensus has led to weak agreements, some analysts said.



This year, resolving differences on the Ukraine war and other issues took up a lengthy 25 days of negotiations, including in the week leading up to the summit, Svetlana Lukash, the Russian G20 sherpa, or government negotiator, was quoted as saying by Russian news agency Interfax.



&#8220;This was one of the most difficult G20 summits in the almost twenty-year history of the forum,&#8221; Lukash said.



The G20 process requires consensus on all decisions which means it will pursue the “lowest common denominator”, said Patryk Kugiel, a senior analyst at the Polish Institute of International Affairs in Warsaw.



“Therefore, we do not have any concrete and substantial decisions, commitments, pledges from G20 on any of the pressing global challenges, from climate change to debt,” Kugiel added. “It makes the forum ineffective, even useless.”



At the New Delhi gathering, the leaders agreed to pursue tripling renewable energy capacity globally by 2030 and accepted the need to phase-down unabated coal power.



However, they set no timetable and said the use of coal had to be wound down in line with national circumstances.



Coal, which is being phased out of the power system in many industrialised nations, is still a vital fuel in many developing economies and may remain so for decades to come.



The meeting also agreed to address debt vulnerabilities of poor countries and strengthen and reform multilateral development banks, but without setting any concrete goals.



There was also no progress on getting Russia to return to the Black Sea initiative although the declaration called for the safe flow of grain, food and fertiliser from both Ukraine and Russia.



<h2 class="wp-block-heading" id="h-fear-of-division-disappointment">FEAR OF DIVISION, DISAPPOINTMENT</h2>



For most major G20 members though, the summit declaration appeared to be a major gain since it reached a consensus on acceptable language to refer to the war in Ukraine.



Foreign Minister Sergei Lavrov, who represented Russia at the summit in place of the absent President Vladimir Putin, said India&#8217;s presidency, &#8220;probably for the first time during the entire G20 existence, has truly consolidated G20 participants from the Global South&#8221;.



Diplomats have said negotiators from India, Indonesia, Brazil and South Africa drove the consensus in the summit document.



The U.S., Germany and Britain all lauded the declaration.



There was no official word from China but its state-run news agency Xinhua, without referring to the declaration, said in a commentary on Saturday that G20 could still be made to work.



China&#8217;s presence was muted at the meeting with President Xi Jinping staying away and Beijing represented by Premier Li Qiang, who took his post in March this year.



A French official who was present at the summit said “G20 actually remains a club that&#8217;s capable of forging consensus between north and south and east and west”.



Despite the lack of concrete progress, Harsh Vardhan Shringla, India&#8217;s chief G20 coordinator, said the meeting did take the group forward.



“The concerns of the developing world are so great that if you failed &#8230; they would have to face much greater issues of division and, I would say, even disappointment,” he told Reuters.



(Additional reporting by Michel Rose and Aftab Ahmed; Editing by Raju Gopalakrishnan)

FILE PHOTO: India hosts G20 leaders’ summit

G20 summit agrees on words but struggles on action

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107298227-1694419120111-gettyimages-1653684092-AFP_33UQ6YZ-820x462.jpeg" alt="" class="wp-image-427345" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107298227-1694419120111-gettyimages-1653684092-AFP_33UQ6YZ-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107298227-1694419120111-gettyimages-1653684092-AFP_33UQ6YZ-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107298227-1694419120111-gettyimages-1653684092-AFP_33UQ6YZ-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107298227-1694419120111-gettyimages-1653684092-AFP_33UQ6YZ-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107298227-1694419120111-gettyimages-1653684092-AFP_33UQ6YZ.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">During the G20 leaders’ summit, U.S. President Joe Biden called on G20 leaders to support the World Bank and other multilateral development banks to increase their ability to support low and middle-income countries. From left, World Bank President Ajay Banga, Brazil’s President Luiz Inacio Lula da Silva, India’s Prime Minister Narendra Modi, South Africa’s President Cyril Ramaphosa and U.S. President Joe Biden in New Delhi on Sept. 9, 2023. Evan Vucci | Afp | Getty Images</figcaption></figure>



World leaders have called for the World Bank’s expansion to boost its lending capacity — but that can’t happen without funding from the private sector, the bank said.&nbsp;



The World Bank is no longer just focused on eradicating poverty, but also on other impending global challenges — like pandemics, climate change and food insecurity, its president Ajay Banga told CNBC’s Tanvir Gill on Saturday.&nbsp;



“There’s no way there’s enough money in the multilateral development bank, or even in governments &#8230; that can drive the kinds of changes we need for this polycrisis. Getting the private sectors’ capital and ingenuity into the game is going to be very important,” he told CNBC in an exclusive interview on the sidelines of the Group of 20 nations leaders’ summit in New Delhi.



“We are digging deep to boost our lending capacity, but we are going further, creating new mechanisms that would allow us to do even more,” Banga said at the G20 leaders summit. 



“We’re working to expand concessional financing to help more low-income countries achieve their goals, while thinking creatively about how to encourage cooperation across borders and tackle shared challenges,” he added.&nbsp;



<h2 class="wp-block-heading" id="h-biden-backs-world-bank"><a></a>Biden backs World Bank</h2>



Leaders at the summit agreed that this isn’t something the World Bank can tackle alone.&nbsp;



During the summit, U.S. President Joe Biden called on G20 leaders to further support the World Bank and other multilateral development banks over the next year in order to increase the institution’s ability to support low and middle-income countries. 



Biden has asked Congress to increase the World Bank’s financing by more than $25 billion, a move that will enable the bank to further help developing countries achieve their development and economic goals. 



“This initiative will make the World Bank a stronger institution that is able to provide resources at the scale and speed needed to tackle global challenges and address the urgent needs of the poorest countries,” the White House said.&nbsp;



The World Bank was created in 1944 to help rebuilding efforts in Europe and Japan after the Second World War. It started with just 38 members but today includes most of the countries in the world.



Biden has previously said that developing countries need more funding options to reduce their dependency on China, and help them recover from the effects of Russia’s war on Ukraine. The administration asked for $3.3 billion to increase development and infrastructure finance by the World Bank.



“It is essential that we offer a credible alternative to the People’s Republic of China’s (PRC) coercive and unsustainable lending and infrastructure projects for developing countries around the world,” the White House said in August.



Apart from providing more resources to help developing countries reduce poverty, the World Bank’s expansion also aims to help these nations in their renewable energy transition.&nbsp;



“I do have the idea that if I could get a certain amount of money in the bank to put into say, renewable energy, could I get the private sector to put one-is-to-one, two-is-to-one, three-is-to-one?” Banga said.&nbsp;



He highlighted that investors are keen on investing in renewable energy in developing countries, and are confident that solar, wind and geothermal projects “can be built to make money.”&nbsp;



<h2 class="wp-block-heading"><a></a>‘Work together’</h2>



Both the World Bank and IMF have pledged to form a stronger partnership to help countries with their debt struggles, sustainability goals, and digital transition. 



In a separate interview with CNBC’s Martin Soong at the G20 summit, the IMF’s Managing Director Kristalina Georgieva said: “The world has changed. the horizon of how many different lenders there are and different conditions they provide their resources, is much, much broader that it was 10 years ago.”



“We need this conversation because if you don’t have it, we have no solutions and the debt problem is very pressing,” Georgieva said Sunday.



She added that “25% of debt of emerging markets is treading in distressed territory.”



“We now have more than half of of the low income countries either in or close to that distress.”



The IMF Chief reiterated that the World Bank and the fund must work to complement each other and promote synergies.



“The bank has very deep sectoral expertise. We don’t and we would never ever get into sectoral investments,” she explained.



“What we bring is how you can use fiscal policies to advance the transition to digital economy; how you can use monetary policy to assess the new types of risks — including from crypto from climate; and how you can use data to cover what matters to policymakers today and in the future.”



“The world needs institutions to work together,” she added, pledging that both the IMF and World Bank will work with others to “set the right example of what it means for the whole to be bigger than the sum of individual parts.”

107298227-1694419120111-gettyimages-1653684092-AFP_33UQ6YZ

To counter China, Biden is backing the World Bank for a bigger role on the global stage

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-820x547.jpg" alt="" class="wp-image-427340" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Emergency crews work, in the aftermath of a deadly earthquake, in Amizmiz, Morocco, September 10, 2023. REUTERS/Nacho Doce</figcaption></figure>



MOULAY BRAHIM, Morocco, Sept 10 (Reuters)&nbsp;&#8211;&nbsp;Survivors of Morocco&#8217;s deadliest earthquake in more than six decades struggled to find food, water and shelter on Sunday as the search for the missing continued in remote villages and the death toll of more than 2,100 seemed likely to rise further.



Many people were spending a third night in the open after the 6.8 magnitude quake hit late on Friday. Relief workers face the challenge of reaching the worst-affected villages in the High Atlas, a rugged mountain range where settlements are often remote and where many houses crumbled.



The death toll climbed to 2,122 with 2,421 people injured, state TV reported. Morocco said it may accept relief offers from other countries and will work to coordinate them if needed, according to state TV.



The damage done to Morocco&#8217;s cultural heritage became more evident as local media reported the collapse of a historically important 12th century mosque. The quake also damaged parts of Marrakech old city, a UNESCO World Heritage site.



In Moulay Brahim, a village 40 km (25 miles) south of Marrakech, residents described how they dug the dead from the rubble using their bare hands. On a hillside overlooking the village, residents buried a 45-year-old woman who had died along with her 18-year-old son, a woman sobbing loudly as the body was lowered into the grave.



As he retrieved possessions from his damaged home, Hussein Adnaie said he believed people were still buried in the rubble nearby.



&#8220;They didn&#8217;t get the rescue they needed so they died. I rescued my children and I&#8217;m trying to get covers for them and anything to wear from the house,&#8221; Adnaie said.



Yassin Noumghar, 36, complained of shortages of water, food and power, saying he had received little government aid so far.



&#8220;We lost everything, we lost the entire house,&#8221; Noumghar said. &#8220;We want just for our government to help us.&#8221;



Later, sacks of food were unloaded from a truck which local official Mouhamad al-Hayyan said had been organised by the government and civil society organisations.



Twenty-five bodies had been brought to the village&#8217;s small clinic, according to staff.



With many homes built of mud bricks and timber or cement and breeze blocks, structures crumbled easily. It was Morocco&#8217;s deadliest earthquake since 1960 when a quake was estimated to have killed at least 12,000 people.



In the badly hit village of Amizmiz, residents watched as rescuers used a mechanical digger on a collapsed house.



&#8220;They are looking for a man and his son. One of them might still be alive,&#8221; said Hassan Halouch, a retired builder.



The team eventually recovered only bodies.



The army, mobilised to help the rescue effort, set up a camp with tents for the homeless. With most shops damaged or closed, residents struggled to get food and supplies.



&#8220;We&#8217;re still waiting for tents. We haven&#8217;t had anything yet,&#8221; said Mohammed Nejjar, a labourer who was folding his blanket in a makeshift shelter constructed with bits of wood. &#8220;I had a little food offered by one man but that&#8217;s all since the earthquake. You can&#8217;t see a single shop open here and people are frightened to go inside in case the roof falls down.&#8221;



The quake&#8217;s epicentre was 72 km (45 miles) southwest of Marrakech, a city beloved by Moroccans and foreign tourists for its medieval mosques, palaces and seminaries richly adorned with vivid mosaic tiling amid a labyrinth of rose-hued alleyways.



The government said on Sunday it has set up a fund for those affected by the earthquake. The government has also said it is reinforcing search-and-rescue teams, providing drinking water and distributing food, tents and blankets. The World Health Organization said more than 300,000 people have been affected by the disaster.



<h2 class="wp-block-heading" id="h-foreign-aid">FOREIGN AID</h2>



Spain said 56 officers and four sniffer dogs have arrived in Morocco, while a second team of 30 people and four dogs was heading there. Britain said it was deploying 60 search-and-rescue specialists and four dogs on Sunday, as well as a four-person medical assessment team. Qatar also said its search-and-rescue team departed for Morocco.



U.S. President Joe Biden expressed his &#8220;sadness about the loss of life and devastation&#8221; caused by the quake.



&#8220;We stand ready to provide any necessary assistance to the Moroccan people,&#8221; Biden told a news conference in Hanoi, Vietnam.



A U.S. official said a small team of disaster experts dispatched by the United States arrived in Morocco on Sunday to assess the situation.



France said it stood ready to help and was awaiting a formal request from Morocco.



Other countries offering assistance included Turkey, where earthquakes in February killed more than 50,000 people. By Sunday, the Turkish team had not yet departed.



&#8220;The next two to three days will be critical for finding people trapped under the rubble,&#8221; Caroline Holt, global director of operations for the International Federation of Red Cross and Red Crescent Societies (IFRC), told Reuters.



Holt said the international aid system has been waiting for an invitation from Morocco to assist, adding this was not necessarily unusual as the government assesses needs.



Pope Francis offered prayers and solidarity for the victims.



Morocco has declared three days of mourning and King Mohammed VI called for prayers for the dead to be held at mosques across the country.



(Additional reporting by Ahmed Eljechtimi and Abdulhak Balhaki in the Marrakech region, Jose Joseph in Bengaluru, Adam Makary, Moaz Abd-Alaziz and Omar Abdel-Razek in Cairo, Angus McDowall in London, Graham Keeley in Madrid, Dominique Vidalon in Paris and Nandita Bose in Hanoi; Writing by Tom Perry and Andy SullivanEditing by Elaine Hardcastle, Frances Kerry and Giles Elgood)

Aftermath of a deadly earthquake in Morocco

Morocco survivors seek aid as earthquake toll passes 2,100

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GDCQ27RIS5IZVKFIJMM3DQRTKE-820x547.jpg" alt="" class="wp-image-427324" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GDCQ27RIS5IZVKFIJMM3DQRTKE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GDCQ27RIS5IZVKFIJMM3DQRTKE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GDCQ27RIS5IZVKFIJMM3DQRTKE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GDCQ27RIS5IZVKFIJMM3DQRTKE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GDCQ27RIS5IZVKFIJMM3DQRTKE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GDCQ27RIS5IZVKFIJMM3DQRTKE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A model of G20 is pictured outside ITC Maurya hotel ahead of the G20 Summit in New Delhi, India, September 8, 2023. REUTERS/Amit Dave</figcaption></figure>



NEW DELHI, Sept 8 (Reuters)&nbsp;&#8211;&nbsp;G20 countries have almost finalised a declaration for the weekend summit of its leaders, host India said on Friday, suggesting that negotiators had made progress in bridging differences in the group over the war in Ukraine.



The streets of the usually bustling capital New Delhi were deserted ahead of the summit with businesses, offices and schools closed as part of security measures to ensure the smooth running of the meeting, the most high-powered to be hosted by the country.



Slums, monkeys and stray dogs have been removed from the streets.



India&#8217;s G20 sherpa, or negotiator, Amitabh Kant said the summit&#8217;s concluding statement, the Leaders&#8217; Declaration, will be a &#8220;voice&#8221; of the global south and developing countries.



&#8220;New Delhi Leaders&#8217; Declaration is almost ready, I would not like to dwell on it,&#8221; Kant told a news conference. &#8220;This declaration will be recommended to the leaders.&#8221;



Negotiators of the Group of 20 major economies have been struggling for days to agree on the language in the document because of differences over the war, hoping to get Moscow and Beijing on board to produce a communique that will also address pressing global problems like debt and climate change.



The weekend summit in New Delhi is expected to be dominated by the West and its allies. Chinese President Xi Jinping is skipping the meeting and sending Premier Li Qiang instead, while Russia&#8217;s Vladimir Putin will also be absent.



U.S. President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron, British Prime Minister Rishi Sunak, Saudi Arabia&#8217;s Mohammed Bin Salman and Japan&#8217;s Fumio Kishida, among others, will attend.



China said on Friday it is willing to work with all parties and push for a positive outcome at the summit.



Chinese foreign ministry spokesperson Mao Ning made the remarks after a media report said Sunak blamed China for delaying an agreement on various issues, including Ukraine.



Sunak will urge Indian Prime Minister Narendra Modi to &#8220;call out&#8221; Russia over its invasion and use its clout to help end the war, the Financial Times reported on Thursday.



<h2 class="wp-block-heading" id="h-showcasing-india">SHOWCASING INDIA</h2>



The hardened stance on the war has prevented agreement on even a single communique at the ministerial meetings during India&#8217;s G20 presidency so far this year, leaving it to the leaders to find a way around, if possible.



Modi&#8217;s government is projecting India&#8217;s presidency of the group and the summit as a showcase for the country&#8217;s fast-growing economy and its rising position in the geo-political pecking order.



New Delhi has been decked up for the gathering with a brand new summit venue, fountains, flowerpots and illumination along major thoroughfares, alongside thousands of armed security personnel standing guard.



More than a hundred Tibetan refugees staged a protest away from the city centre on Friday, demanding that the &#8220;occupation&#8221; of their country by China be discussed during the summit.



U.S. Treasury Secretary Janet Yellen, who is in New Delhi ahead of Biden&#8217;s arrival on Friday, earlier said Washington is willing to work with India to help craft a communique at the end of the summit but it would be a challenge.



&#8220;I know the negotiators are discussing it, and working hard to do so and we stand ready certainly to work with India to try to craft a communique that successfully addresses this concern,&#8221; Yellen told reporters at a briefing.



The most important thing that can be done to support global economic growth is for Russia to end its brutal war in Ukraine, she said.



The IMF has forecast lower growth for most G20 nations this year than in 2022.



<h2 class="wp-block-heading" id="h-disagreement-on-climate-change">DISAGREEMENT ON CLIMATE CHANGE</h2>



European Council President Charles Michel echoed that view.



It is difficult to predict whether leaders will reach a consensus on a declaration but EU will support efforts made by India for a final communique, Michel earlier told reporters in New Delhi.



Michel said Moscow is violating the UN charter and must stop attacking Ukrainian cities.



Western countries want a strong condemnation of the invasion as a condition for agreeing to a Delhi declaration. India has suggested that the G20, while condemning the suffering caused by Russia&#8217;s invasion, also reflect Moscow and Beijing&#8217;s view that the forum is not the place for geopolitics.



In addition, there is some disagreement on climate change cooperation,&nbsp;Indian government sources&nbsp;added.



The group has been divided on commitments to phasing down fossil-fuel use, increasing renewable energy targets and reducing greenhouse gas emissions.



(Reporting by Nikunj Ohri, Manoj Kumar, Krishn Kaushik and Aftab Ahmed; Writing by YP Rajesh; Editing by Kim Coghill and Raju Gopalakrishnan)

A model of G20 is pictured outside ITC Maurya hotel ahead of the G20 Summit in New Delhi

G20 members ‘almost ready’ with leaders’ declaration, India says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="504" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-820x504.jpg" alt="" class="wp-image-427318" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-820x504.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-768x472.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-1536x945.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows windmills of several wind farms at the so-called &#8220;HelWin-Cluster&#8221;, located 35 kilometres (22 miles) north of the German island of Heligoland November 5, 2014. REUTERS/Fabian Bimmer</figcaption></figure>



LONDON, Sept 7&nbsp;&#8211;&nbsp;The Africa Finance Corporation (AFC), which is owned by Nigeria&#8217;s central bank and other African financial institutions, has no intention of backing away from fossil fuel investments, a senior executive said on Thursday.



While governments and U.N. leaders at Africa&#8217;s first-ever climate summit in Nairobi this week sought to promote the continent as a source of renewable energy solutions, the development of fossil fuel projects remains firmly on the agenda for many countries.



&#8220;We cannot and will not run away from doing fossil fuel-based investing because the development needs of the continent are so huge,&#8221; Sanjeev Gupta, executive director of financial services at the AFC, said at the Reuters IMPACT climate conference in London.



&#8220;The world still needs energy security, the world still needs energy source diversity. No energy mix in the world in the next 50 years says no oil and gas, so why would we not develop our resources and fund our own fiscal budgets?&#8221;



The Lagos-based AFC is a pan-African multilateral development institution, with 40 member states. It is 43.1%-owned by Nigeria’s central bank and 42% by other African financial institutions, according to its website.



A report released this week by development charity ActionAid said that banks worldwide gave $3.2 trillion to the fossil fuel industry in Global South countries in the seven years since the 2015 Paris climate agreement, which agreed to limit global warming to &#8220;well below&#8221; 2 degrees Celsius by slashing emissions.



(By Jane Wardell; Editing by Elaine Hardcastle)

A view shows windmills of several wind farms at the so-called “HelWin-Cluster\

Africa Finance Corporation remains committed to fossil fuel investments

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-820x551.jpg" alt="" class="wp-image-427314" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Zambia’s President Hakainde Hichilema arrives to attend the 36th Ordinary Session of the Assembly of the African Union at the African Union Headquarters in Addis Ababa, Ethiopia February 19, 2023. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



BEIJING, Sept 8 (Reuters)&nbsp;&#8211;&nbsp;Zambian President Hakainde Hichilema will visit China from Sunday, China&#8217;s foreign ministry announced on Friday, bringing the indebted African country&#8217;s long-running struggle to restructure its external debt to its biggest creditor&#8217;s door.



Around two-thirds of the $6.3 billion debt Zambia is in the process of restructuring with its official creditors is owed to the Export-Import Bank of China, underlining the importance of Beijing&#8217;s support to an agreement reached in June enabling debt relief.



Zambia in 2020 defaulted on its sovereign debt and became a test case for a debt restructuring framework initiated by the Group of 20 wealthy nations during the pandemic intended to streamline providing debt relief, though it became bogged down with disagreements over which lenders should accept haircuts.



The process has been painfully slow for Zambia, which in June at a summit in Paris finally struck a deal with its bilateral creditors &#8211; including China &#8211; to reschedule its payments over more than 20 years and with a three-year grace period during which only payments on interest are due.



The agreement meant the International Monetary Fund could approve the disbursement of a further $189 million in support, part of a $1.3 billion package approved in September.



To formalise the agreement, Zambia should sign an memorandum of understanding (MoU) with its official creditors, which besides China includes the United Kingdom, France, South Africa, India and Israel, which Zambia has it said it aims to do by the second review of the IMF&#8217;s rescue loan programme, scheduled for October.



&#8220;During President Hichilema&#8217;s visit&#8230; the two heads of state will hold talks and attend a ceremony to sign cooperation documents,&#8221; Mao Ning, a Chinese foreign ministry spokesperson, told a regular briefing on Friday.



&#8220;We will continue to maintain close communication with all parties in the Debt Committee and work with them on any follow up work,&#8221; she added, when asked whether that meant China would sign the MoU.



Hichilema will be in China from Sept. 10 to 16, the announcement said.



China has significant commercial interests in Zambia, having invested in over thirty projects in the country through its Belt and Road Initiative between 2014 and 2023, according to data compiled by the American Enterprise Institute think tank, worth $11.3 billion in total, ranging from the energy sector to agriculture and aviation.



The world&#8217;s second-largest economy also takes around one fifth of Zambia&#8217;s exports, predominantly copper, which China has been buying in bulk across Africa to feed its hungry renewable energy, construction and transportation sectors.



(Reporting by Joe Cash and Liz Lee; Editing by Tom Hogue &amp; Simon Cameron-Moore and Sharon Singleton)

FILE PHOTO: Zambia’s President Hakainde Hichilema attends African Union assembly in Addis Ababa

Zambian president to visit China, seeks to formalise June debt deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="568" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/5YVY627WZ5JH3JOAQI52OF2XG4-820x568.jpg" alt="" class="wp-image-427309" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/5YVY627WZ5JH3JOAQI52OF2XG4-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/5YVY627WZ5JH3JOAQI52OF2XG4-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/5YVY627WZ5JH3JOAQI52OF2XG4-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/5YVY627WZ5JH3JOAQI52OF2XG4-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/5YVY627WZ5JH3JOAQI52OF2XG4-1536x1065.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/5YVY627WZ5JH3JOAQI52OF2XG4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an installation on a skywalk ahead of the G20 Summit in New Delhi, India, September 6, 2023. REUTERS/Francis Mascarenhas/File Photo</figcaption></figure>



NEW DELHI, Sept 8 (Reuters)&nbsp;&#8211;&nbsp;Leaders of the Group of 20 major economies began arriving in New Delhi on Friday for their annual gathering as negotiators struggled to bridge differences over the war in Ukraine, seeking to build consensus for a successful summit host India wants.



Slums, monkeys and stray dogs have been removed from the streets of the Indian capital and businesses, offices and schools were closed in the central business and government district as part of security measures to ensure the two-day summit runs smoothly.



But the gathering risks being derailed by deeper and more entrenched divisions over Russia&#8217;s war, hurting progress on issues such as food security, debt distress and cooperation on climate change.



It is also expected to be dominated by the West and its allies. Chinese President Xi Jinping is skipping the meeting and sending Premier Li Qiang instead, while Russia&#8217;s Vladimir Putin will also be absent.



The summit will still be the most high-powered gathering ever in India with U.S. President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron, Saudi Arabia&#8217;s Mohammed Bin Salman and Japan&#8217;s Fumio Kishida, among others, confirming participation.



UK Prime Minister Rishi Sunak will urge Prime Minister Narendra Modi to &#8220;call out&#8221; Russia over its invasion and use its clout to help end the war, the Financial Times reported on Thursday.



The hardened stance on the war has prevented agreement on even a single communique at the ministerial meetings during India&#8217;s G20 presidency so far this year, leaving it to the leaders to find a way around, if possible.



U.S. Treasury Secretary Janet Yellen, who is in New Delhi ahead of Biden&#8217;s arrival on Friday, saidWashington is willing to work with India to help craft a communique at the end of the summit but it would be a challenge.



&#8220;So I understand that this is challenging to craft such language, but I know the negotiators are discussing it, and working hard to do so and we stand ready certainly to work with India to try to craft communique that successfully addresses this concern,&#8221; Yellen told reporters at a briefing.



The most important thing that can be done to support global economic growth is for Russia to end its brutal war in Ukraine, she said.



The IMF has forecast lower growth for most G20 nations this year than in 2022.



<h2 class="wp-block-heading" id="h-language-on-war">LANGUAGE ON WAR</h2>



European Council President Charles Michel echoed that view.



It is difficult to predict whether leaders will reach a consensus on a declaration but EU will support efforts made by India for a final communique, Michel told reporters in New Delhi.



Michel said Moscow is violating the UN charter and must stop attacking Ukrainian cities.



G20 sherpas or negotiators have made progress on most issues but the main point sticking point is the language in the leaders&#8217; declaration on the war, four Indian government sources told Reuters.



There is some disagreement as well on climate change cooperation, they added.



The group has been divided on commitments to phasing down fossil-fuel use, increasing renewable energy targets and reducing greenhouse gas emissions.



Modi&#8217;s government is projecting India&#8217;s presidency of the group and the summit as a showcase for the country&#8217;s fast-growing economy and its rising position in the geo-political pecking order.



New Delhi has been decked up for the gathering with a brand new summit venue, fountains, flowerpots and illumination along major thoroughfares, alongside thousands of armed security personnel standing guard.



(Reporting by Nikunj Ohri, Manoj Kumar, Krishn Kaushik and Aftab Ahmed; Writing by YP Rajesh; Editing by Kim Coghill)

A man walks past an installation on a skywalk ahead of the G20 Summit in New Delhi

G20 members struggle for consensus on Ukraine as India gears up for summit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/LNBS4BQT2FIORM3FDLUWY2TDHY-1-820x547.jpg" alt="" class="wp-image-427288" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/LNBS4BQT2FIORM3FDLUWY2TDHY-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/LNBS4BQT2FIORM3FDLUWY2TDHY-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/LNBS4BQT2FIORM3FDLUWY2TDHY-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/LNBS4BQT2FIORM3FDLUWY2TDHY-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/LNBS4BQT2FIORM3FDLUWY2TDHY-1-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/LNBS4BQT2FIORM3FDLUWY2TDHY-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man walks past a model of G20 logo outside the finance ministry in New Delhi, India, March 1, 2023. REUTERS/Anushree Fadnavis</figcaption></figure>



NEW DELHI, Sept 7 (Reuters)&nbsp;&#8211;&nbsp;The G20 grouping of nations has agreed to grant permanent membership to the African Union, Bloomberg News reported&nbsp;on Thursday, citing people familiar with the matter.



The move would give the African Union, a continental body of 55 member states, the same status as the EU,&nbsp;up from its current designation of &#8220;invited international organization&#8221;,&nbsp;it added.



However, two Indian sources told Reuters that membership for AU would only be formalised next year when Brazil takes over the helm of the group of the world&#8217;s biggest economies from India.



There is no opposition to the move from within the G20, one of the sources said, speaking on condition of anonymity citing government rules.



Indian Prime Minister Narendra Modi wrote to the leaders of the G20 nations in June proposing the AU be given full, permanent membership of the bloc at the upcoming summit in the Indian capital.



In an article published across Indian and international newspapers on Thursday, Modi wrote, &#8220;Our presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the African Union as a permanent member of the G20.&#8221;



The&nbsp;G20&nbsp;currently comprises 19 countries and the European Union.&nbsp;The members represent around 85% of global GDP, over 75% of global trade, and about two-thirds of the world population.



South Africa, which is a G20 member and has supported the admission of the AU, declined immediate comment ahead of the Delhi summit. South African presidential spokesperson Vincent Magwenya said: “We wouldn&#8217;t comment now until the official announcement or post the summit.”



A South African foreign ministry spokesperson welcomed the news report about the G20 agreeing to make the African bloc a member along the lines of the EU. &#8220;The EU is also a member. We (South Africa) lobbied for and supported this move.&#8221;



G20 leaders are expected to announce the decision during the summit, the Bloomberg report said.



Countries like Germany, Brazil,&nbsp;South Africa&nbsp;and Canada have also&nbsp;voiced&nbsp;support for African Union membership.



(Reporting by Akanksha Khushi in Bengaluru, Carien du Plessis in Johannesburg and New Delhi bureau; Editing by Clarence Fernandez and Raju Gopalakrishnan)

LNBS4BQT2FIORM3FDLUWY2TDHY-1

G20 agrees membership for African Union on par with EU -Bloomberg News

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-820x562.jpg" alt="" class="wp-image-427280" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1536x1052.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers push trolleys as they shop at a Pick n Pay store at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 7 (Reuters)&nbsp;&#8211;&nbsp;Raymond Ackerman, who founded Pick n Pay&nbsp;PIKJ.J&nbsp;from just four stores 56 years ago and turned them into one of South&nbsp;Africa&#8217;s leading grocery retailers, has&nbsp;died&nbsp;aged 92, the company said on Thursday.



The cause of his death was not disclosed in an emailed statement.



&#8220;It is with profound sadness that we announce the death at the age of 92 of visionary South&nbsp;African, and founder of Pick n Pay, Raymond Ackerman,&#8221; the company said.



The retail legend came from a retailing family; his father Gus founded Ackermans clothing group after World War 1. The Ackermans retail group was later sold to competitor Greatermans, which started the supermarket group Checkers, now part of bigger rival Shoprite&nbsp;SHPJ.J.



It is at Greatermans where Ackerman started his career in retail, when he was also put in charge of launching the Checkers supermarkets.



After leaving Greatermans, Ackerman bought four small stores in Cape Town trading under the name Pick &#8216;n Pay. By the time Ackerman retired in 2010 and handed the chairman&#8217;s reins to son Gareth, Pick n Pay was operating 20 hypermarkets and 402 supermarkets across South&nbsp;Africa, with a group turnover of almost 50 billion rand ($2.60 billion).



Today it generates 106 billion rand&nbsp;in annual turnover&nbsp;and owns more than 2,000 stores across South&nbsp;Africa&nbsp;and seven other&nbsp;African countries.



Ackerman was known for his many campaigns against monopolies and price-fixing in his active retail days and also introducing the hypermarket concept to South&nbsp;Africa.



&#8220;He was an enduring optimist about South&nbsp;Africa’s future, and his passing leaves a great void for us all,&#8221; the company said.



($1 = 19.2601 rand)



(Reporting by Nqobile Dludla; Editing by Christina Fincher)

FILE PHOTO: Pick n Pay sales grow but warns on extra costs from power cuts

Raymond Ackerman, founder of South African grocer Pick n Pay, dies at 92

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-820x547.jpg" alt="" class="wp-image-427276" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/JYIDWZRGWVIAJKMD43RPGK5IV4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Niger&#8217;s junta supporters take part in a demonstration in front of a French army base in Niamey, Niger, August 11, 2023. REUTERS/Mahamadou Hamidou</figcaption></figure>



DAKAR, (Reuters) &#8211; West Africa&#8217;s Central Bank, BCEAO, hiked its main lending rate on Wednesday in the wake of another military coup that has rocked the region and caused trade blocks between countries.



In Niger, the central bank&#8217;s member state, a military junta seized power on July 26&nbsp;in the&nbsp;seventh military takeover since 2020 in West and Central&nbsp;Africa.



The bank will raise the rate by 25 basis points to 3.25% from Sept. 16&nbsp;against a backdrop of growing regional uncertainty and persistent inflationary pressures,&nbsp;it said in a statement.



&#8220;The increase in key rates is therefore intended to anticipate and contain the impact of these risk factors on the Union&#8217;s macroeconomic outlook,&#8221; the BCEAO said.



Over the coming months, the&nbsp;monetary policy committee will analyse risks surrounding the outlook and, if necessary, take appropriate measures to ensure stability,&nbsp;the BCEAO said.



Following the coup, the bank shut down its branches, citing risks to operations.



The military takeover could further complicate Western efforts to help countries in the Sahel region fight a jihadist insurgency that has spread from Mali over the past decade.



The Central Bank of the eight-nation West&nbsp;African CFA franc zone covers Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.



(Reporting by Diadie Ba; Writing by Anait Miridzhanian; Editing by Richard Chang)

Niger’s junta supporters take part in a demonstration in front of a French army base in Niamey,

West Africa Central Bank raises rate following Niger coup

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VB6OC7S7QVNYLHNKFON5SXNMIE-820x550.jpg" alt="" class="wp-image-427268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VB6OC7S7QVNYLHNKFON5SXNMIE-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VB6OC7S7QVNYLHNKFON5SXNMIE-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VB6OC7S7QVNYLHNKFON5SXNMIE-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VB6OC7S7QVNYLHNKFON5SXNMIE-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VB6OC7S7QVNYLHNKFON5SXNMIE-1536x1029.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VB6OC7S7QVNYLHNKFON5SXNMIE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto alights from an Autopax Air Yetu electric car as he arrives for the Africa Climate Summit (ACS) 2023 at the Kenyatta International Convention Centre (KICC) in Nairobi, Kenya, September 6, 2023. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;African leaders on Wednesday proposed new global taxes and reforms to international financial institutions to help fund climate change action in a declaration that will form the basis of their negotiating position at November&#8217;s COP28 summit.



The Nairobi Declaration capped the three-day Africa Climate Summit in Kenya, which was dominated by discussions of how to mobilise financing to adapt to increasingly extreme weather, conserve natural resources and develop renewable energy.



Despite suffering from some of the worst impacts of climate change,&nbsp;Africa&nbsp;only receives about 12% of the nearly $300 billion in annual financing it needs to cope, according to researchers.



While organisers emphasised market-based solutions such as carbon credits in the lead-up to the summit, the final declaration was heaviest on demands that major polluters and global financial institutions commit more resources to help poorer nations and make it easier for them to borrow at affordable rates.



It urged world leaders &#8220;to rally behind the proposal for a global carbon taxation regime including a carbon tax on fossil fuel trade, maritime transport and aviation, that may also be augmented by a global financial transaction tax&#8221;.



It said implementing such measures at a global level would ensure large-scale financing for climate-related investments and insulate the issue of tax raises from geopolitical and domestic political pressures.



About two dozen countries impose taxes on carbon, according to the International Monetary Fund (IMF), but the idea of a global carbon tax regime has never gained much traction.



On Tuesday, Kenyan President William Ruto cited proposals in the European Union for a financial transaction tax (FTT) as a potential model.



After the European Commission proposed an FTT in 2011, some conservation groups said the money should finance environmental priorities.



The commission&#8217;s proposal never won the unanimous approval required from the European Council to become law, although some member states have enacted their own FTTs.



<h2 class="wp-block-heading" id="h-international-financial-system">INTERNATIONAL FINANCIAL SYSTEM</h2>



African countries will take the proposals in the Nairobi Declaration to a U.N. climate conference later this month and the COP28 summit which begins in the United Arab Emirates in late November.



Joab Bwire Okanda, a senior advisor at the Christian Aid charity, said the call for a global carbon tax was welcome but that &#8220;to make polluters really pay, false solutions like carbon credits that allow polluters a free ride without taking meaningful action need to be consigned to the dustbin&#8221;.



Some activists say the credits, which allow polluters to offset emissions by funding green activities, are a pretext for big polluters to keep emitting carbon dioxide.



Ruto said governments, development banks, private investors and philanthropists committed a combined $23 billion in all to green projects over the three days, including hundreds of millions to a major carbon markets initiative.



But&nbsp;African leaders acknowledged that those kinds of investments only scratch the surface of the continent&#8217;s financial needs and said more systemic changes were needed.



For example,&nbsp;African countries say they are forced to pay borrowing costs that are five to eight times higher than wealthy countries, leading to recurrent debt crises and preventing them from spending more to respond to climate change.



The declaration called on multilateral development banks to increase concessional lending to poorer countries and for the &#8220;better deployment&#8221; of the IMF&#8217;s special drawing rights mechanism.



Other proposals included measures to help indebted countries avoid default such as instruments that can grant 10-year grace periods and extend sovereign debt tenor.



Some analysts said the summit had not focused enough on how to help&nbsp;Africans adapt to extreme weather.



&#8220;Many communities bearing the brunt of increasing floods and droughts, while also at risk of conflict, are disappointed that there wasn’t more emphasis on ensuring that green investments trickle down to them,&#8221; said Nazanine Moshiri, a senior analyst at the International Crisis Group think-tank.



(Additional reporting by Susanna Twidale in London; Writing by Aaron Ross; Editing by Alison Williams and Emelia Sithole-Matarise)

Africa Climate Summit 2023 at the Kenyatta International Convention Centre (KICC) in Nairobi

African leaders call for new global taxes to fund climate change action

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-820x547.jpg" alt="" class="wp-image-427259" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Taiwan&#8217;s President Tsai Ing-wen speaks during the Ketagalan forum in Taipei, Taiwan August 8, 2023. REUTERS/Carlos Garcia Rawlins/File Photo</figcaption></figure>



TAIPEI/MBABANE, (Reuters) &#8211; Taiwan President Tsai Ing-wen arrived on Tuesday in Eswatini, Taipei&#8217;s last African ally, saying the island will continue to confidently engage with the world and show it is a force for good.



Taiwan, which China claims as its own territory with no right to state-to-state relations, now has formal ties with&nbsp;only 13 countries, almost all small, less developed nations in Latin America, the Caribbean and the Pacific, like Belize and Nauru.



In March, Honduras&nbsp;ended decades of ties&nbsp;with Taiwan.



The Taiwanese delegation signed three memoranda of understanding with the southern&nbsp;African country after it met with Eswatini&#8217;s King Mswati III.



Taiwan committed to providing $1 million to help the kingdom establish a fund, aimed at supporting women in initiating businesses, Eswatini&#8217;s Ministry of Foreign Affairs said.



Tsai, speaking at the airport before leaving, said Eswatini was a &#8220;familiar old friend&#8221;.



&#8220;Not only will Taiwan&#8217;s footsteps to the world not stop, we will continue to move forward more firmly and self-confidently, so that the world can see Taiwan&#8217;s steady force for good,&#8221; she said, in comments broadcast live by the presidential office.



Tsai is in Eswatini, formerly known as Swaziland, from Sept. 5 to 7 for the 55th anniversary of the country&#8217;s independence, and also marking 55 years of bilateral relations.



Eswatini is almost entirely surrounded by South&nbsp;Africa, which Chinese President Xi Jinping visited last month.



Tsai is flying directly to Eswatini and not having to stop over anywhere, unlike visits to Latin America which require transits via the United States that always anger China.



Tsai last&nbsp;visited Eswatini in 2018, and this time is being accompanied by Economy Minister Wang Mei-hua.



Taiwan has provided large amounts of aid to the small southern&nbsp;African country ruled by an absolute monarchy, including in 2021 antiviral medication to help King Mswati III recover from COVID.



(Reporting by Ben Blanchard and Lunga Masuku; Additional reporting by Anait Miridzhanian; Editing by Michael Perry, Josie Kao, William Maclean)

FILE PHOTO: Taiwan’s President Tsai Ing-wen speaks during the Ketagalan forum in Taipei

Taiwan president arrives in Eswatini to visit last African ally

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-820x547.jpg" alt="" class="wp-image-425186" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5R7VEUJWQ5PBPF3GBAJZSWUISI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigeria&#8217;s President Bola Tinubu looks on, as he takes the traditional ride on top of a ceremonial vehicle, after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, Sept 6 (Reuters) &#8211; Nigeria&#8217;s presidential election tribunal is due to rule on Wednesday on whether Bola Tinubu should stay as president after two rivals challenged his victory in February&#8217;s disputed vote.



There have been numerous legal challenges to the outcome of previous Nigerian presidential elections but none have succeeded. Most political observers expect the tribunal to uphold Tinubu&#8217;s win.



Atiku Abubakar of the People&#8217;s Democratic Party and Labour Party&#8217;s Peter Obi asked the court to invalidate the election, alleging irregularities and accused the electoral body of breaching the law by failing to use electronic machines to upload polling station results, among other criticisms.



The tribunal, which will deliver its ruling in the capital Abuja, has the power to cancel an election and order a fresh one, among other remedies.



If it upholds Tinubu&#8217;s win, Atiku and Obi can still make a final appeal at the country&#8217;s Supreme Court, the highest court in Nigeria. An appeal should be concluded within 60 days from the date of the tribunal judgment.



Ahead of the ruling, the military set up check-points on major roads into Abuja, randomly searching commuters and vehicles.



Tinubu, who is in India ahead of a G20 Summit, has defended his victory and says he is focused on reviving the economy. He has implemented reforms that include removing a popular but costly petrol subsidy and ending currency controls.



But getting Nigerians to stomach the painful reforms has been hard and the 71-year-old veteran faces opposition from labour unions, who started a two-day strike on Tuesday ahead of an indefinite strike from Sept. 21.



Anaemic growth, high unemployment, the highest inflation rate in two decades, record debt, massive oil theft that has hit government revenues and widespread insecurity are among the issues that Tinubu inherited from predecessor Muhammadu Buhari.



Fixing these pressing problems requires public support but Tinubu garnered 8.79 million votes, the fewest won by a Nigerian president since the country returned to democracy in 1999, limiting the goodwill towards him.



(Writing by MacDonald Dzirutwe; Editing by Alison Williams)

Nigeria’s President Bola Tinubu looks on as he takes the traditional ride on top of a ceremonial vehicle after his swearing-in ceremony in Abuja

Nigerian election tribunal to decide if Tinubu stays as president

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="569" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E32ZRAR3EFMB7PKMFS2MJV7MNU-1-820x569.jpg" alt="" class="wp-image-425513" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E32ZRAR3EFMB7PKMFS2MJV7MNU-1-820x569.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E32ZRAR3EFMB7PKMFS2MJV7MNU-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E32ZRAR3EFMB7PKMFS2MJV7MNU-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E32ZRAR3EFMB7PKMFS2MJV7MNU-1-768x533.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E32ZRAR3EFMB7PKMFS2MJV7MNU-1-1536x1066.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E32ZRAR3EFMB7PKMFS2MJV7MNU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A customer compares prices while shopping at a Pick and Pay shop in East London, in the Eastern Cape province, South Africa, March 17, 2023. REUTERS/Siphiwe Sibeko</figcaption></figure>



PRETORIA, Sept 5 (Reuters) &#8211; South Africa&#8217;s economy recorded a greater than expected expansion in the second quarter of 2023 helped by growth in the agriculture and mining sectors, data from the statistics agency showed on Tuesday.



Statistics South Africa said the economy grew by 0.6% in the April to June quarter of this year in quarter-on-quarter seasonally-adjusted terms after expanding by 0.4% in the first quarter, beating economists&#8217; expectations of growth of 0.1%.



Economists had expected an escalation in rolling power cuts throughout the southern hemisphere winter to dampen growth during the quarter, but this did not materialize after power utility Eskom somewhat eased the levels of outages.



Six of 10 industries tracked by the statistics agency recorded growth in the second quarter.



&#8220;While the big electricity-dependent sectors of mining and manufacturing proved resilient to the load-shedding (power cuts), with power sector maintenance now being ramped up, there will at least be some hope of continued resilience,&#8221; said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered.



The economy expanded by 1.6% in year-on-year terms.



South Africa&#8217;s economic growth has in the last decade lagged the 5.4% annual growth envisioned in the country&#8217;s 2030 national development plan, with the energy crisis partially to blame.



This year, the South African Reserve Bank expects growth to reach just 0.4%, with marginal increases over the medium term.



Faced with an ailing economy and falling revenue, the National Treasury is planning sweeping cost-cutting measures ahead of the medium-term budget policy statement in October.



A downward revision to gross domestic product growth forecasts over the medium term is expected in October.



&#8220;We&#8217;ve got challenges,&#8221; Finance Minister Enoch Godongwana told Reuters last Thursday. &#8220;The economy is not performing well,&#8221; he added, citing power outages and logistical challenges as some of the issues that would impact government revenue this year. 



(Reporting by Kopano Gumbi; Additonal reporting by Bhargav Acharya; Editing by Olivia Kumwenda-mtambo and Emelia Sithole-Matarise)

A customer compares prices, in East London

South Africa’s second quarter economic growth surprises but outlook gloomy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/NLRQY7CJV5JQRFSM7SK7AAYT2E-820x547.jpg" alt="" class="wp-image-427237" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/NLRQY7CJV5JQRFSM7SK7AAYT2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/NLRQY7CJV5JQRFSM7SK7AAYT2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/NLRQY7CJV5JQRFSM7SK7AAYT2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/NLRQY7CJV5JQRFSM7SK7AAYT2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/NLRQY7CJV5JQRFSM7SK7AAYT2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/NLRQY7CJV5JQRFSM7SK7AAYT2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.A.E. Industry Minister Sultan Al Jaber attends the Bonn Climate Change Conference in Bonn, Germany, June 8, 2023. REUTERS/Jana Rodenbusch/File Photo</figcaption></figure>



NAIROBI, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;The world is losing the race to meet its climate change goals, the president of the upcoming COP28 climate summit said on Tuesday, as African presidents gathered in Kenya to discuss how to fund the continent&#8217;s environmental agenda.



The grim assessment by Sultan Al Jaber, who will preside over the summit in the United Arab Emirates (UAE) in late November, came three days before the United Nations publishes its first “global stocktake”, an assessment of how nations are doing in their efforts to tackle climate change.



&#8220;We are not delivering the results that we need in the time that we need them,&#8221; Jaber,&nbsp;who also heads the Abu Dhabi National Oil Company, told delegates at the inaugural Africa Climate Summit in Kenya&#8217;s capital, Nairobi.



The summit, which opened on Monday, is focused on mobilising financing for Africa&#8217;s response to climate change.



While Africa is suffering from some of the most severe impacts of climate change, the continent only receives about 12% of the financing it needs to cope, according to researchers.



Hundreds of millions of dollars of investments in sustainable development projects were announced on Monday, and on Tuesday Jaber announced the UAE was pledging $4.5 billion dollars to develop 15 GW of clean power in Africa by 2030.



Africa currently has about 60 GW of installed renewables capacity.



African officials say the investments are welcome but that meeting the continent&#8217;s financing needs will require a transformation of the global climate financing architecture.



Specifically, African states plan to push at the COP28 for the expansion of special drawing rights at the International Monetary Fund that could unlock $500 billion worth of climate finance, which could be leveraged up to five times.



The president of the African Development Bank, Akinwumi Adesina, called for the continent&#8217;s natural wealth, notably its forests which sequester carbon, to be accounted for when calculating its economic output.



&#8220;Africa&#8217;s GDP must therefore be revalued based on its carbon sequestration and biodiversity, which provide global public goods,&#8221; Adesina said in a speech.



&#8220;If this is done, the debt to adjusted GDP ratio of several African countries will lower and they will have greater headroom to borrow more financing to support their development.&#8221;



(Reporting by Duncan Miriri; Writing by Aaron Ross; Editing by Christina Fincher)

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