Committee on the Elimination of Discrimination against Women to hold Sixty-Fifth Session in Geneva from 24 October to 18 November 2016 - African Business Magazine
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Committee on the Elimination of Discrimination against Women to hold Sixty-Fifth Session in Geneva from 24 October to 18 November 2016

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    For his part, Eric Maskin of Harvard University and co-recipient of the 2007 Nobel Prize in economics made a short presentation on why globalization is accelerating inequality instead of reducing it. Maskin called for greater skills education and training, to provide people usually in rural agricultural areas with requisite skill that would enable them get jobs in agro-industry establishments.

    The African Economic Conference is co-organized by the African Development  Bank, the Economic Commission for Africa and the UN Development Programme. Over 300 researchers and representatives from international institutions are in attendance.

    For more information on the African Economic Conference, please visit: www.AFDB.org/aec.

    Distributed by APO on behalf of United Nations Economic Commission for Africa (UNECA).

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  • IMF Executive Board Completes Sixth Review Under Mali’s ECF and Approves US$25.8 Million Disbursement for Mali

    On December 2, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the sixth review of Mali’s performance under an economic program supported by an Extended Credit Facility (ECF) arrangement. The decision enables the disbursement of SDR19 million (about US$25.8 million), bringing total disbursements under the arrangement to SDR60 million (about US$ 1.3 million). The decision was taken on a lapse of time basis.[1]
     

    The Executive Board also approved the authorities’ request for the modification of the ceiling on the continuous performance criterion on non-concessional external debt.  
     
    The ECF arrangement for Mali was approved by the Executive Board on December 18, 2013 for SDR 30 million (about US$ 40.7 million), see Press Release No. 13/524). On June 9, 2016, the Board approved a one-year extension of the arrangement to December 17, 2017, as well as an augmentation of the resources available under the arrangement, bringing total amount of the arrangement to SDR 98 million (about US$ 132.8 million).
     
    Mali’s economy continues to grow at a strong pace, with a projected GDP growth of 5.4 percent for 2016 and 5.3 for 2017. Activity is being supported both by public capital spending and the regional central bank’s (BCEAO) accommodative policy. Inflation is projected to decline to 0.5 percent by end-December and is expected to remain contained at 1 percent. This favorable outlook is, however, subject to downside risks stemming mainly from Mali’s fragile security situation.

    [1]The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

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

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  • Minister Lindiwe Zulu to launch Funding Scheme for Entrepreneurs with Disabilities

    The Minister of Small Business Development, Ms Lindiwe Zulu, will on Friday, 9 December in Welkom, Free State, launch a funding scheme that is aimed at supporting entrepreneurs with disabilities.

    The Amavulandlela Fund, which is managed by the department’s agency, Small Enterprise Funding Agency (SEFA), seeks to empower people with disabilities to access business opportunities and to become active participants in the mainstream economy.

    Minister Zulu said: “As a caring government, we envisage a society where people with disabilities, like all South Africans, are accorded their full political, human, social and economic rights.”

    The Amavulandlela Fund will consist of a R24 million loan funding component and a R6 million business support grant component. The scheme is only applicable to entrepreneurs with physical disabilities, companies and co-operatives with at least 26% ownership by people with disabilities and those that demonstrate operational and management involvement in the business.

    Minister Zulu added: “People with disabilities can and should be active players in the mainstream economy. All barriers must be removed to enable them to access all available opportunities. We are determined to strengthen our support for small businesses that are owned and managed by people with disabilities.”

    The event will be held as follows:

    Date: Friday, 9 December 2016
    Time: 09:00
    Venue: Freddie Meyer Hall, Welkom
    RSVPs:  Clement Moaga on 071 223 9957/ CMoaga@dsbd.gov.za
    Enquiries: Cornelius Monama on 060 960 3158/ 012 394-3027/ CMonama@dsbd.gov.za /CMonama@gmail.com

    Distributed by APO on behalf of Republic of South Africa: Department of Government Communication and Information.

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  • Algerian Business Extend a Hand of Collaboration to South Africa

    Algerian businesspeople have extended a hand of collaboration to their South African counterparts during the African Investment and Business Forum currently underway in Algeria. This came out during a meeting held between South African and the Algerian business chambers on the margins of the investment and business forum.

    The Vice President of the Algerian Chamber of Commerce and Industry, Mr Rhiad Amour said Algeria had decided to build real partnerships with Africa in order to create added value as Africans. According to Amour, intra-Africa trade accounted for only 10% compared to 80% of trade between American states and 50% in Europe.

    “We need to work together, know what each of us produce and what our capabilities are,” said Amour.

    He highlighted that the African Investment and Business Forum had been the first after the economic independence of Algeria, and that what was important was the action that businesspeople from the two countries were going to take after the forum.

    Amour said Algeria wanted to diversify its economy and move away from reliance on oil alone. He invited the South African business community to bring their skills to Algeria and make partnerships. In the same breath, Amour urged Algerian business to also go to South Africa to explore business opportunities.

    The President of the Black Business Council (BBC), Ms Danisa Baloyi expressed appreciation to the Algerians for extending a hand of cooperation and collaboration to the South African businesspeople. She said her highlights of the forum had been the congregation of businesspeople from across the continent who turned out in numbers.

    “This shows the seriousness and commitment that we as Africans have to do business with each other. It is time that even the SADC businesspeople collaborate. I urge our businesspeople to please make follow-ups with the Algerians. Doors have been opened, the ball is in our court,” she added.

    The delegation participated in workshops, business-to-business meetings and had an opportunity to see an exhibition of Algerian products.

    Distributed by APO on behalf of The Department of Trade and Industry, South Africa.

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  • IMF Executive Board Approves Extension of the Arrangement under the Extended Credit Facility for Malawi

    The Executive Board of the International Monetary Fund (IMF) approved on December 5, 2016—without an Executive Board meeting[1]—an extension of Malawi’s arrangement under the Extended Credit Facility (ECF) to June 30, 2017. This extension will provide additional time for the authorities to achieve the program’s objectives.

    The ECF arrangement for Malawi was approved on July 23, 2012 (see Press Release No. 12/273) in an amount equivalent to SDR 104.1 million (about US$146.7 million). An earlier extension of the arrangement from June 30, 2016 to December 2016 and an augmentation of access by the equivalent of SDR 34.7 million (about US$ 49.2 million or 25 percent of quota) was approved by the Board on June 20, 2016 (see Press Release No. 16/295) to strengthen the country’s response to the El Niño-induced drought. The program is aimed at the achievement and maintenance of macroeconomic stability and implementation of policies and structural reforms to spur growth, diversify the economy and reduce poverty.

    [1]The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

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

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