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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/GettyImages-1194859854-820x555.jpg" alt="" class="wp-image-413198" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/GettyImages-1194859854-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/GettyImages-1194859854-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/GettyImages-1194859854-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/GettyImages-1194859854-768x519.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/GettyImages-1194859854-1536x1039.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/GettyImages-1194859854-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>PARIS, FRANCE &#8211; DECEMBER 19: International Monetary Fund (IMF) Managing Director Kristalina Georgieva is welcomed by General secretary of the presidency Alexis Kohler as she arrives at the Elysee Presidential Palace prior to a meeting with French President Emmanuel Macron on December 19, 2019 in Paris, France. Kristalina Georgieva is the new Managing Director of the IMF, she took office on October 1, 2019. (Photo by Chesnot/Getty Images)</figcaption></figure>



Washington, DC:&nbsp;The Heads of the World Bank Group&nbsp;(WBG),&nbsp;International Monetary Fund (IMF), United Nations World Food Program (WFP), and World Trade Organization (WTO) today called for urgent action on food security. World Bank Group President David Malpass, IMF Managing Director Kristalina Georgieva, WFP Executive Director David Beasley and WTO Director General Ngozi Okonjo-Iweala issued the following joint statement ahead of the Spring Meetings of the IMF and World Bank Group next week:



“The world is shaken by compounding crises. The fallout of the war in Ukraine is adding to the ongoing COVID-19 pandemic that now enters its third year, while climate change and increased fragility and conflict pose persistent harm to people around the globe. Sharply higher prices for staples and supply shortages are increasing pressure on households worldwide and pushing millions more into poverty. The threat is highest for the poorest countries with a large share of consumption from food imports, but vulnerability is increasing rapidly in middle-income countries, which host the majority of the world’s poor. World Bank estimates warn that for each one percentage point increase in food prices, 10 million people are thrown into extreme poverty worldwide.”



“The rise in food prices is exacerbated by a dramatic increase in the cost of natural gas, a key ingredient of nitrogenous fertilizer. Surging fertilizer prices along with significant cuts in global supplies have important implications for food production in most countries, including major producers and exporters, who rely heavily on fertilizer imports. The increase in food prices and supply shocks can fuel social tensions in many of the affected countries, especially those that are already fragile or affected by conflict.”



“We call on the international community to urgently support vulnerable countries through coordinated actions ranging from provision of emergency food supplies, financial support, increased agricultural production, and open trade. We are committed to combining our expertise and financing to quickly step up our policy and financial support to help vulnerable countries and households as well as to increase domestic agricultural production in, and supply to, impacted countries. We can mitigate balance of payments pressures and work with all countries to keep trade flows open. In addition, we will further reinforce our monitoring of food vulnerabilities and are quickly expanding our multi-faceted policy advice to affected countries guided by the comparative advantages of our respective institutions.”



“We also urge the international community to help support urgent financing needs, including through grants. This should include financing of immediate food supplies, safety nets to address the needs of the poor, and for small farmers facing higher input prices. We also urge all countries to keep trade open and avoid restrictive measures such as export bans on food or fertilizer that further exacerbate the suffering of the most vulnerable people. It is especially important not to impose export restrictions on humanitarian food purchases by the UN’s World Food Program.”



“It is critical to quickly provide support for food insecure countries in a coordinated manner. We stand ready to work together with our multilateral and bilateral partners to help countries address this urgent crisis.”

French President Emmanuel Macron receives Kristalina Georgieva, International Monetary Fund (IMF) Managing Director

Joint Statement: The Heads of the World Bank Group, IMF, WFP and WTO Call for Urgent Coordinated Action on Food Security

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-820x530.jpg" alt="" class="wp-image-416470" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-768x496.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A woman shops at a supermarket in Nairobi October 23, 2008. Economic growth in sub-Saharan Africa will dip to 6 percent in 2008 and 2009 due to tough global conditions, while inflation is seen rising to 12 percent this year, the International Monetary Fund said on Thursday. REUTERS/Antony Njuguna (KENYA)</figcaption></figure>



LONDON, April 13 (Reuters)&nbsp;&#8211;&nbsp;Sub-Saharan Africa&#8217;s economy is set to grow 3.6% this year, down from 4% in 2021, the World Bank said on Wednesday, as it warned rising food and energy prices fuelled by Russia&#8217;s war in Ukraine could spark civil unrest in the region.



While it upgraded the forecast for this year by 0.1 percentage points and said last year&#8217;s growth had beaten its initial forecasts, the bank said inflation in the region was set to quicken to 6.2% this year, up from 4.5% in 2021.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2R20MY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



War in Ukraine would worsen the factors holding back Africa&#8217;s recovery from the coronavirus pandemic despite small direct economic links, it said, due to higher commodity prices, tighter global monetary policy and a fall in foreign financial flows.



&#8220;(The war&#8217;s) largest impact is on the increasing likelihood of civil strife as a result of food- and energy-fuelled inflation amid an environment of heightened political instability,&#8221; the World Bank said in its latest Africa&#8217;s Pulse report.



It said the share of countries in sub-Saharan Africa classed as being at a high risk of debt distress had risen to 60.5%, from 52.6% in October 2021.



&#8220;The existing debt relief and resolution mechanisms have been insufficient to bring down debt levels,&#8221; the report, released ahead of International Monetary Fund Spring Meetings next week, said.



<h3 class="wp-block-heading" id="h-read-more-why-african-nations-support-for-un-action-on-russia-ukraine-is-so-mixed">Read more: <a href="https://www.cnbcafrica.com/2022/why-african-nations-support-for-un-action-on-russia-ukraine-is-so-mixed/">Why African nations’ support for UN action on Russia/Ukraine is so mixed</a></h3>



&#8220;Improvements are much needed to avoid a large wave of debt crisis among developing countries, particularly Sub-Saharan African countries.&#8221;



It added that Ghana, whose currency has fallen 17.9% against the dollar this year, was &#8220;leading the way&#8221; when it comes to concerns about countries&#8217; debt sustainability, although it forecast growth of 5.5% for the country in 2022.



Ghana&#8217;s government has said it would not seek IMF help.



Beyond the region, Sri Lanka, Egypt and Tunisia have requested assistance from the World&#8217;s Bank&#8217;s sister organisation since Russia invaded Ukraine, causing food and commodity price spikes.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VV3C5&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The World Bank said its upgraded growth estimate for last year was driven by increases of 1.2% and 0.3% in 2021 figures for Nigeria and South Africa, although it warned of ongoing &#8220;sluggish&#8221; growth in Nigeria, South Africa and Angola.



South Africa would grow 2.1% this year, Angola 2.9% and Nigeria 3.8%, the World Bank forecast, while Ivory Coast would be the fastest-growing west African economy at 5.7%, and east Africa&#8217;s biggest economy Kenya would expand 5%.



(Reporting by Rachel Savage; Editing by David Holmes and Alex Richardson)

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Sub-Saharan Africa’s growth to slow to 3.6% this year, World Bank says

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-820x541.jpg" alt="" class="wp-image-416474" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>President Cyril Ramaphosa meets with people who lost family members during flooding in Clermont, Durban, South Africa, April 13, 2022. REUTERS/Rogan Ward</figcaption></figure>



JOHANNESBURG, April 13 (Reuters)&nbsp;&#8211;&nbsp;President Cyril Ramaphosa pledged to help victims of devastating floods on South Africa&#8217;s east coast on Wednesday, as the death toll rose to 259 people from heavy rains that ruined roads and disrupted shipping in one of Africa&#8217;s busiest ports.



Ramaphosa&nbsp;was visiting&nbsp;families who had lost loved ones in KwaZulu-Natal province, including a family with four children, after floods and mudslides ravaged homes on Tuesday.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WA2IZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Africa&#8217;s southeastern coast is on the front line of seaborne weather systems that scientists believe global warming is making nastier &#8211; and predict will get far worse in decades to come.



&#8220;You&#8217;re not alone&#8230;We&#8217;ll do everything in our power to see how we can help,&#8221; Ramaphosa said. &#8220;Even though your hearts are in pain, we&#8217;re here for you.&#8221;



Nonala Ndlovu, the chief director of the Department of Cooperative Governance for KwaZulu-Natal, told Reuters the latest police estimate of the death toll.



<h3 class="wp-block-heading" id="h-read-more-south-africa-raises-rates-citing-inflation-risks-linked-to-ukraine-war">Read more: <a href="https://www.cnbcafrica.com/2022/south-africa-raises-rates-citing-inflation-risks-linked-to-ukraine-war/">South Africa raises rates citing inflation risks linked to Ukraine war.</a></h3>



South Africa&#8217;s&nbsp;northern neighbour Mozambique has suffered a series of devastating floods over the past decade, including one last month that killed more than 50 people and injured 80.



&#8220;You&#8217;re battling one of the biggest incidents we&#8217;ve seen and we thought this only happens in other countries like Mozambique or Zimbabwe,&#8221; Ramaphosa said.



A report by the Intergovernmental Panel on Climate Change (IPCC) in February warned that humanity was far from ready even for the climate change that is already baked into the system by decades of fossil fuel-burning and deforestation. It urged the world to ramp up investments in adaptation.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V30XA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



South African pulp and paper maker Sappi&nbsp;SAPJ.J&nbsp;said on Wednesday its staff were unable to travel to work due to the flooding and that the transport of goods had been disrupted, impacting three mills.



South Africa&#8217;s biggest logistics and freight operator Transnet, which runs the port of Durban, gradually resumed operations there on Wednesday after suspending them on Tuesday, the public enterprises ministry said.



(Reporting by Tim Cocks, Olivia Kumwenda-Mtambo and Nkobile Dludla in Johannesburg; Editing by Promit Mukherjee)VIEW LESS

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South African leader visits flood victims as death toll rises to 259

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="599" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-820x599.jpg" alt="" class="wp-image-416466" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-820x599.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-300x219.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-123x90.jpg 123w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-768x561.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-1536x1123.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: South Africa&#8217;s Ambassador to the UN Mathu Joyini speaks during the 11th emergency special session of the 193-member U.N. General Assembly on Russia&#8217;s invasion of Ukraine, at the United Nations Headquarters in Manhattan, New York City, U.S., March 1, 2022. REUTERS/Carlo Allegri/File Photo</figcaption></figure>



JOHANNESBURG, April 13 (Reuters)&nbsp;&#8211;&nbsp;Western powers seeking to isolate Russia over Ukraine are disappointed at what they see as lukewarm support from African nations at the U.N. general assembly &#8211; where their 54 votes form a bloc large enough to swing resolutions.



The Ukraine war comes at a time of heightened rivalry between the West, China and Russia over Africa&#8217;s natural resources, trade and security ties.



Below are some reasons for the continent&#8217;s divided stance:



<h2 class="wp-block-heading" id="h-hearts-and-minds">HEARTS AND MINDS</h2>



On the day of the invasion, Feb. 24, the African Union unequivocally called on Russia to respect &#8220;the territorial integrity and national sovereignty of Ukraine&#8221;, while Kenya&#8217;s U.N. ambassador, Martin Kimani, spoke for many when he compared Russian aggression to that of Africa&#8217;s former colonial masters.



However, African votes on U.N. resolutions have been mixed, for example on the suspension of Russia from the Human Rights Council: nine African nations voted against, 23 abstained, 11 didn&#8217;t vote and only 11 backed it.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W5129&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



While an abstention might look &#8216;pro-Russian&#8217;, Russia has also threatened countries that abstain, underscoring how squeezed would-be neutral parties are.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W413B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The West has meanwhile stepped up its efforts to vie for African hearts and minds. That could serve the continent well.



&#8220;It makes sense for (the West) to maintain those relationships (with African countries),&#8221; said Cayley Clifford, researcher at the South African Institute of International Affairs. &#8220;This whole conflict &#8230; almost gives Africa the upper hand.&#8221;



<h2 class="wp-block-heading">AFRICA&#8217;S NOT A COUNTRY</h2>



Analysts note that African countries have varying motives when it comes to Russia, so talk of an &#8216;African position&#8217; makes little sense.



&#8220;You can&#8217;t just brush it with one paint. There is no &#8216;African view&#8217;. There are various views based on various historical reasons,&#8221; Comfort Ero, President of the International Crisis Group, said.



Kenya is pursuing a security partnership with the United States against Somalia-based Islamist militants; Nigeria seeks support against Islamic state and Boko Haram; Ghana has sought to deepen U.S. cultural ties by becoming Africa&#8217;s premiere slave heritage tourism destination.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/afreximbank-sets-up-4-bln-trade-fund-to-cushion-against-ukraine-related-shocks/">Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks</a></h3>



Many that do not back the West&#8217;s stance &#8211; like South Africa, Eritrea and Central African Republic &#8211; have close trade and security ties with Russia they don&#8217;t want to jeopardise.



The diplomatic heavyweight least inclined to back the West is South Africa, which went so far as proposing an alternative resolution that didn&#8217;t mention Russia&#8217;s invasion of Ukraine.



South Africa&#8217;s close trade and historical ties with Russia are often invoked, but analysts say it&#8217;s less to do with this &#8211; South Africa trades many times more with NATO countries &#8211; than with its non-aligned ideology, as outlined by Foreign Minister Naledi Pandor in a speech last week.



<h2 class="wp-block-heading">DISILLUSIONMENT</h2>



African countries have long resented being a theatre for distant power struggles happening in faraway capitals.



&#8220;It&#8217;s a feeling that we are where superpowers practise their games,&#8221; said a senior African diplomat. &#8220;How we experience it doesn&#8217;t matter to them. What they care about is their power.&#8221;



On COVID-19, African leaders&#8217; calls for vaccines have fallen on the deaf ears of rich nations with more than enough to spare. Ditto for Africa&#8217;s plea for funds to deal with climate change.



&#8220;When we have a problem, we&#8217;re on our own; when there&#8217;s an &#8216;international problem&#8217;, as defined by the West, then it&#8217;s a global problem&#8230; Everybody treats us like pawns,&#8221; Chris Ogunmodede, associate editor at World Politics Review, said.



For others, a superpower invading a weaker nation on a false pretext has echoes of 2003.



&#8220;They deceived us on Iraq, they told us there are weapons of mass destruction and we &#8230; supported them,&#8221; Uganda&#8217;s Foreign Minister of State Okello Oryem told Reuters, referring to the false claim that Saddam Hussein was developing nuclear weapons to explain why Uganda was being more cautious this time.



Uganda was among just four African states backing the U.S.-led invasion, when President Yoweri Museveni was a close ally.



Relations have since soured. Museveni bristles at Western criticism that he&#8217;s an autocrat, and defence of gay rights &#8211; the kind of moralising that China and Russia don&#8217;t do.



(Additional reporting by Michelle Nichols at the United Nations, Elias Biryabarema in Kampala and Giulia Paravicini; Editing by James Macharia Chege, Kirsten Donovan)

FILE PHOTO: 11th emergency special session of the U.N. General Assembly on Russia’s invasion of Ukraine, in New York City

Why African nations’ support for UN action on Russia/Ukraine is so mixed

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Marketer, hotelier and CEO of the world&#8217;s largest alliance of hotel brands speaks about the impact Covid had on the hotel industry, what the new trends are in the tourism sector and his plans to gain more members from the Africa continent. Captains of Industry with Chris Hartley, CEO of the Global Hotel Alliance .

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="563" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-820x563.jpg" alt="" class="wp-image-416462" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-820x563.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-768x527.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Service members of pro-Russian troops ride an armoured vehicle during fighting in Ukraine-Russia conflict near a plant of Azovstal Iron and Steel Works company in the southern port city of Mariupol, Ukraine April 12, 2022. REUTERS/Alexander Ermochenko</figcaption></figure>



LVIV, Ukraine, April 13 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden said for the first time that Moscow&#8217;s invasion of Ukraine amounts to genocide, as President Vladimir Putin said Russia would &#8220;rhythmically and calmly&#8221; continue its operation and achieve its goals.



&#8220;Yes, I called it genocide because it has become clearer and clearer that Putin is just trying to wipe out the idea of being able to be Ukrainian and the evidence is mounting,&#8221; Biden told reporters as he prepared to board Air Force One on Tuesday.



Biden has repeatedly called Putin a war criminal, but delivering a speech at an ethanol plant in Iowa earlier on Tuesday the U.S. president escalated his rhetoric to accuse Russia of genocide.



&#8220;We&#8217;ll let the lawyers decide internationally whether or not it qualifies, but it sure seems that way to me.&#8221;



Russia has denied targeting civilians and has said Ukrainian and Western allegations of war crimes are fabricated.



Many towns Russia has retreated from in northern Ukraine were littered with the bodies of civilians killed in what Kyiv says was a campaign of murder, torture and rape.



Interfax Ukraine news agency on Wednesday quoted the Kyiv district police chief saying 720 bodies have been found in the region around the capital, with more than 200 people missing.



The General Headquarters of the Armed Forces of Ukraine said in a Wednesday briefing that Russian forces were maintaining rocket and bomb attacks on civilian infrastructure in the Kharkiv region in the northeast and the Zaporizhzhia region in central Ukraine. Reuters could not verify the reports.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/afreximbank-sets-up-4-bln-trade-fund-to-cushion-against-ukraine-related-shocks/">Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks</a></h3>



Moscow&#8217;s nearly seven-week long incursion, the biggest attack on a European state since 1945, has seen more than 4.6 million people flee abroad, killed or injured thousands and left Russia increasingly isolated on the world stage.



The Kremlin says it launched a &#8220;special military operation&#8221; on Feb. 24 to demilitarise and &#8220;denazify&#8221; Ukraine. Kyiv and its Western allies reject that as a false pretext for the invasion.



Putin on Tuesday used his first public comments on the conflict in more than a week to say Russia would &#8220;rhythmically and calmly&#8221; continue its operation, and expressed confidence his goals, including on security, would be achieved.



Ukrainian President Volodymyr Zelenskiy mocked Putin in an early morning address on Wednesday: &#8220;How could a plan that provides for the death of tens of thousands of their own soldiers in a little more than a month of war come about?&#8221;



Putin said that on-off peace negotiations &#8220;have again returned to a dead-end situation for us.&#8221;



The Russian leader frequently seemed to ramble or stammer. Only occasionally did he adopt the icy, confident demeanour that has been his trademark fopr 22 years in power.



Putin, who had been ubiquitous on Russian television in the early days of the war, had largely retreated from public view since Russia&#8217;s withdrawal from northern Ukraine two weeks ago.



Russian forces have failed to capture one major city and have suffered heavy losses since launching an invasion in late February.



Russia&#8217;s appointment of Army General Alexander Dvornikov as commander of the Ukraine war shows how Ukrainian resistance and Russia&#8217;s ineffective pre-war planning is forcing it to reassess its operations, British military intelligence said on Wednesday.



<h2 class="wp-block-heading" id="h-battle-for-donbas-critical">BATTLE FOR DONBAS CRITICAL</h2>



Russia says it now aims to capture more territory on behalf of separatists in two eastern provinces, known as the Donbas, which includes the besieged port of Mariupol.



The assault on the industrial heartland of Donbas sets the stage for a protracted battle that is certain to inflict heavy losses on both sides and will ultimately define the course of the war, analysts said.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WA4VA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Ukraine says tens of thousands of civilians have been trapped inside Mariupol with no way to bring in food or water, and accuses Russia of blocking aid convoys.



As Russia redoubles efforts in the east, Luhansk regional Governor Serhiy Gaidai urged residents to evacuate.



&#8220;It&#8217;s far more scary to remain and burn in your sleep from a Russian shell,&#8221; he wrote on social media.



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Pavlo Kyrylenko, governor of the eastern Donetsk region, said he had seen incident reports on possible chemical weapons use in Mariupol but could not confirm them.



The United States and Britain have said they were trying to verify the reports. The Organisation for the Prohibition of Chemical Weapons (OPCW) said it was closely monitoring the situation.



Chemical weapons production, use and stockpiling is banned under the 1997 Chemical Weapons Convention.



Russia&#8217;s defence ministry has not responded to a Reuters request for comment. Russian-backed separatist forces in the east denied using chemical weapons in Mariupol, the Interfax news agency reported.



The United States is expected to announce $750 million more in military assistance, two officials told Reuters, likely including heavy ground artillery systems to Ukraine, including howitzers, in a sign the war is expected to drag on.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WA2AH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Steve Holland, DES MOINES, Iowa, Jeff Mason, WASHINGTON and Reuters bureaus; Writing by Michael Perry; Editing by Stephen Coates &amp; Simon Cameron-Moore)

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Biden says Russia committing genocide in Ukraine

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q.jpeg" alt="" class="wp-image-414841" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>The seal for the International Monetary Fund is seen near the World Bank headquarters (R) in Washington, DC on January 10, 2022.
Stefani Reynolds | AFP | Getty Images</figcaption></figure>



DAKAR, April 12 (Reuters)&nbsp;&#8211;&nbsp;The World Bank said on Tuesday it has signed deals to finance four projects in Senegal worth a total of $495 million to help improve education, electricity, economic development and road access to rural areas.



The West African nation of around 16.7 million, considered lower-middle-income by the World Bank, was hit hard by border closures during the pandemic that affected tourism and delayed oil and gas extractions.



Most of the coastal country was struggling with unemployment even before the coronavirus hit, with jobs and industries concentrated in the capital Dakar and a few other cities.



The World Bank director for Senegal and neighbouring countries, Nathan Belete, announced what he described as a &#8220;record&#8221; funding in a statement.



A project to improve the quality of the education system will be awarded $100 million and benefit over 600,000 students, the bank said.



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Another $45 million will fund a project to help develop the economy of the impoverished southern Casamance region, focusing on rural areas and including the construction infrastructure resistant to the impact of climate change.



The Bank also said that $150 million will be disbursed to improve electricity access across the country, connecting 200,000 households to the grid and improving power services in schools, health facilities, and small and medium enterprises.



The fourth project, worth $200 million, will focus on developing better road links to rural food producing areas in northern and central regions.



Agriculture is Senegal&#8217;s main driver of economic growth, while services remain the biggest contributor to gross domestic product (GDP), the World Bank says.



The pandemic caused its real GDP growth to slow to 1.5% in 2020 from 4.4% a year earlier.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2SM6P2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The economy bounced back to 5% growth in 2021. It is forecast by the International Monetary Fund to accelerate to 5.5% in 2022 and peak at about 10% in 2023-24 with the start of oil and gas production.



(Reporting by Bate Felix; Writing by Sofia Christensen; Editing by James Macharia Chege and Bill Berkrot)

107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q

World Bank to finance four projects worth $495 million in Senegal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-820x429.jpg" alt="" class="wp-image-416437" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko</figcaption></figure>



April 12 (Reuters) – Rand Merchant Bank (RMB) has raised $3 billion in South African sovereign bonds on behalf of the National Treasury, the corporate and investment unit of FirstRand banking group said on Tuesday.



The issuance comes on the heels of Moody’s revising South Africa’s outlook to “stable” from “negative”, saying the country’s improved fiscal outlook would help the government to stabilise its debt burden over the medium term.



The transaction was 2.3 times oversubscribed, issued in two tranches, raising $1.4 billion from 10-year notes with a 5.875% coupon, and $1.6 billion from 30-year notes with a 7.30% coupon, RMB, a joint lead manager in the transaction said.



“The capital raise was particularly successful against a global backdrop of heightened market volatility, falling emerging market bond prices and rising short term interest rates,” Lwandile Nene, senior transactor in RMB’s International Debt Capital Markets team, said in a statement.



<h3 class="wp-block-heading" id="h-read-more-nigeria-s-vp-osinbajo-to-seek-ruling-party-ticket-to-run-for-president">Read more: <a href="https://www.cnbcafrica.com/2022/nigerias-vp-osinbajo-to-seek-ruling-party-ticket-to-run-for-president/">Nigeria’s VP Osinbajo to seek ruling party ticket to run for president</a></h3>



The dollar denominated bonds are rated at investment grade by rating agency Moody’s, while S&amp;P and Fitch place them on junk status and are to be listed on the Luxembourg Stock Exchange.



The bank said it worked with Absa Bank/HSBC and Deutsche Bank/Nedbank consortiums as lead managers.



The National Treasury did not immediately respond to a request for a comment. 



(Reporting by Bhargav Acharya Editing by James Macharia Chege)

64ZH7HNPQNPYPHJMSDJW55C7GA

RMB raises $3 BLN on behalf of Treasury in South African Sovereign Bonds

Why Medical Bills In The U.S. Are Out Of Control

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806.jpg" alt="" class="wp-image-415449" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806-160x90.jpg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Bitcoin on a mound of gold.
bodnarchuk | iStock Editorial | Getty Images</figcaption></figure>



The price of bitcoin stumbled on Monday as investors assessed the risks from rising rates and the potential for more tightening by the Federal Reserve.



Bitcoin last fell 7% to $40,009.78, according to Coin Metrics. Earlier in the day it fell to $39,785.68, falling below the key $40,000 support level for the first time since Mar. 16.



The decline came after the 10-year Treasury yield hit a three-year high of 2.78% Monday. Riskier assets tend to fall when yields rise. On Monday the tech-heavy Nasdaq Composite was down by more than 1%. Though bitcoin should trade independently of the stock market, a correlation between the two has been particularly high in recent months.



<h3 class="wp-block-heading" id="h-read-more-bitcoin-spikes-8-after-apparent-release-of-yellen-statement-on-biden-s-crypto-executive-order">Read more: <a href="https://www.cnbcafrica.com/2022/bitcoin-spikes-8-after-apparent-release-of-yellen-statement-on-bidens-crypto-executive-order/">Bitcoin spikes 8% after apparent release of Yellen statement on Biden’s crypto executive order</a></h3>



“Bitcoin and traditional markets have continued to respond negatively to expectations that the U.S. Fed will tighten its monetary policy to fight inflation, and Tuesday’s CPI release seems to be weighing heavily,” said Riyad Carey, a research analyst at Kaiko. “Globally, the continuing war in Ukraine and increasing shutdowns in China are dragging on markets.”



Carey also noted the market reaction to Terraform Labs buying bitcoin in troves for its stablecoin reserves – it holds about 40,000 bitcoin after buying $175 million worth over the weekend – has “largely played out.” Two weeks ago bitcoin climbed over the $48,000 level, turning positive for the year, as the group behind the Terra stablecoin stepped up its bitcoin buying.



Tokens across the crypto market were lower as well. Ether declined by about 9% along with other platform networks, according to Coin Metrics. Algorand’s ALGO lost more than 9%. Solana’s SOL and Cardano’s ADA were each down by 11%.

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Bitcoin falls below $40,000 for the first time in almost a month as investors assess global macro risks

<figure class="wp-block-image alignwide size-full"><a href="https://www.pps.co.za/reports/highlights-for-2021"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/740-x-416.jpg" alt="" class="wp-image-416433" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/740-x-416.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/740-x-416-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/740-x-416-160x90.jpg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /></a></figure>



Johannesburg, 12 April 2022 – The Professional Provident Society (PPS Insurance Company), the financial services company focused solely on providing financial solutions for graduate professionals, has ended its 2021 financial year in a favourable position amid an increase in life insurance claims payments in the second year of the COVID-19 pandemic, exceeding anything witnessed in its 80-year history.



While claims reduced operating profit, PPS credits its performance to its ability to stay true to its purpose of assisting professionals in protecting their income and assets and enhancing their financial security. This is a testament to the strength of PPS’s unique mutuality model, which continued to provide a high level of stability in a very unpredictable environment. In 2021, PPS was able to return enormous value to members through meeting claims and making special benefit allocations to the members’ Profit-Share Accounts due to its solid business strategy, fiscal management and long-term investment approach.



“Given the extraordinary events of the past two years, our focus was on paying valid claims. We were able to go further than our competitors were able to. This allowed us to assist our members as much and as fairly as possible,” says Izak Smit, PPS Group CEO.



“In 2021, the Group paid R6.1 billion in total benefits to members, up 27% from the R4.8 billion in 2020. With PPS’s strong balance sheet and solvency ratio, we were able to absorb this increase (excluding investment returns) without dipping into negative territory” adds Smit.&nbsp;



Sickness and Life claims amounted to R4.3 billion in 2021, up 36% on the R3.1 billion in 2020. Of this, PPS paid almost 12 000 COVID-19-related claims – or one in 12 members – amounting to R1.4 billion. There were 11&nbsp;587 COVID-19 sickness claims at R424 million in total. COVID-19 death claims at 193 totalled R975 million in 2021.



Commenting on the performance, Smit says: “Although the claims increased, PPS was still able to allocate R5.5 billion as Profit-Share to our members with qualifying products this year (R2.2&nbsp;billion in 2020). Contributing to this was a great year in the investment markets where our assets performed brilliantly. At PPS, we follow a well-diversified and long-term approach in our investment strategy. This long-term view is a competitive investment edge for PPS. Like a good financial adviser would caution, it is important to remember that past performance is no guarantee of future results.”



Smit adds that new business is the lifeblood of a life assurance business, with the annual premium income of new business written in 2021 in South Africa and Namibia increasing by 23%.



The Group’s insurance gross earned premiums was up 4.7% on the R5.1 billion of 2020. The financial impact of the second and third waves of COVID-19 was felt in 2021. The effects of the third wave came through in the claims experience in the third and fourth quarters of 2021.



All the subsidiaries showed good growth. PPS Investments, which reached its 15-year milestone, has grown into a significant business, recording another excellent year. Gross new investment flows to PPS Investments were R7.1 billion. Surplus before interest and tax of R103 million was up 57% in 2021 This growth is due to fiscal discipline in expense management, good new business and individual fund performance.



We believe in innovating according to the evolving needs of graduate professionals to bolster their benefits and savings capabilities across product portfolios. We are passionate about investing in developing the next generation of professionals who will have a profound impact on South Africa’s future.



Through the University Support, Bursary, Graduate Development and the Learned, Engaged, Accelerated Professionals Work-Readiness (LEAP) &nbsp;programmes, the PPS Foundation makes career journeys a reality.



Looking ahead, Smit says:



“PPS remains in a strong financial position to honour future long-term commitments to our members. We continue to be grateful to our employees and members for their loyalty and our financial adviser network for their immense contribution. There can be no doubt that our shared resilience is what has guided our actions and decisions in supporting and returning value to our members”.



Ends



About PPS



PPS boasts in excess of 150 000 members who enjoy access to a comprehensive suite of financial and healthcare products that are specifically tailored to meet the needs of graduate professionals.



PPS is the largest South African company of its kind, exclusively for graduate professionals, that still embraces an ethos of mutuality, which means that it exists solely for the benefit of its members. Thus, PPS members with qualifying products from PPS Insurance, PPS Investments, PPS Short-Term Insurance and Profmed share in the profits of PPS Insurance, PPS Investments, PPS Short-Term Insurance and PPS Healthcare Administrators via annual allocations to the unique PPS Profit-Share Account. PPS membership provides access to the following tried, tested and trusted products and services: PPS Life Insurance, PPS Short-Term Insurance, PPS Financial Advisory, PPS Investments and Profmed Medical Scheme. Visit www.pps.co.za for more information.&nbsp;



PPS is a licensed insurer conducting life insurance business, a licensed controlling company and an authorised FSP.

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PPS ENDS YEAR POSITIVELY DESPITE INCREASED CLAIMS IN YEAR TWO OF PANDEMIC

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-820x547.jpg" alt="" class="wp-image-416422" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A protester marches during a rally against military rule following coup in Khartoum, Sudan. February 10, 2022. Reuters/Mohamed Nureldin Abdallah/File Photo</figcaption></figure>



KHARTOUM, April 11 (Reuters)&nbsp;&#8211;&nbsp;Crowds of Sudanese protesters gathered in parts of the capital and other Sudanese cities on Monday, the third anniversary of Omar al-Bashir&#8217;s ouster to protest the prospect of renewed military rule.



Bashir was ousted after three decades in power by a group of his top generals, who later entered into a power-sharing government with the civilian groups that had led months of protests in 2019.



That arrangement ended on Oct. 25 when the same military leaders, led by General Abdel Fattah al-Burhan, staged a coup, which has plunged the country into economic and political turmoil.



&#8220;Bashir&#8217;s downfall did not mean a final victory for the revolution, because Burhan is a continuation of his regime,&#8221; said 38-year-old protester Ahmed Ibrahim. &#8220;We will bring down the military peacefully and democracy is Sudan&#8217;s future,&#8221; he told Reuters at a Khartoum protest.



<h3 class="wp-block-heading" id="h-read-more-sudan-s-burhan-says-army-ousted-government-to-avoid-civil-war">Read more: <a href="https://www.cnbcafrica.com/2021/sudan-internet-cuts-complicate-civil-disobedience-campaign-against-coup/">Sudan’s Burhan says army ousted government to avoid civil war</a></h3>



Protesters blocked main roads, burning tires, banging drums, and chanting revolutionary poems.



Protests against the coup have taken place despite a security crackdown that has claimed the lives of 94 people and injured thousands, as well as climbing temperatures and Ramadan fasts.



Khartoum protesters broke their day-long fasts in the street, as they did in major protests last week, and numbers swelled after sunset.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W42JO&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Protests were also seen in other major cities, including Bahri, Omdurman, Port Sudan, Madani, and El Obeid.



The military says the coup was a necessary corrective measure. Reuters reported last week that a deal was under consideration between the military and some political groups to bypass opposition parties and set up a new government.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W334F&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Khalid Abdelaziz, writing by Nafisa Eltahir; Editing by Howard Goller)

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Can Africa leapfrog into the Fourth Industrial Revolution?

Joint Statement: The Heads of the World Bank Group, IMF, WFP and WTO Call for Urgent Coordinated Action on Food Security

Tech 4 ED: Is it ever ‘too early’?

Sub-Saharan Africa’s growth to slow to 3.6% this year, World Bank says

UBA: T-Bills auction to shape market direction

South African leader visits flood victims as death toll rises to 259

Why African nations’ support for UN action on Russia/Ukraine is so mixed

DMO to offer ₦141.3bn in T-Bills auction

Captains of Industry: Global Hotel Alliance CEO on how COVID has impacted the hospitality industry

T-Bills market flat ahead of tomorrow’s auction

Biden says Russia committing genocide in Ukraine

World Bank to finance four projects worth $495 million in Senegal

RMB raises $3 BLN on behalf of Treasury in South African Sovereign Bonds

Why Medical Bills In The U.S. Are Out Of Control

Bitcoin falls below $40,000 for the first time in almost a month as investors assess global macro risks

PPS ENDS YEAR POSITIVELY DESPITE INCREASED CLAIMS IN YEAR TWO OF PANDEMIC

Sudanese protesters mark third anniversary of Bashir’s ouster with fresh protests

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