{ "@context": "https://schema.org", "@type": "NewsArticle", "dateCreated": "2024-12-08T21:42:37+02:00", "datePublished": "2024-12-08T21:42:37+02:00", "dateModified": "2024-12-08T21:42:35+02:00", "url": "https://www.newtimes.co.rw/article/22443/opinions/financing-africa-unlocking-sustainable-growth", "headline": "Financing Africa: Unlocking sustainable growth", "description": "I recently came across the 2024 Ibrahim Forum Report, Financing Africa: Where is the Money? It offers a critical assessment of Africa’s financial...", "keywords": "", "inLanguage": "en", "mainEntityOfPage":{ "@type": "WebPage", "@id": "https://www.newtimes.co.rw/article/22443/opinions/financing-africa-unlocking-sustainable-growth" }, "thumbnailUrl": "https://www.newtimes.co.rw/thenewtimes/uploads/images/2024/12/08/65905.jpg", "image": { "@type": "ImageObject", "url": "https://www.newtimes.co.rw/thenewtimes/uploads/images/2024/12/08/65905.jpg" }, "articleBody": "I recently came across the 2024 Ibrahim Forum Report, Financing Africa: Where is the Money? It offers a critical assessment of Africa’s financial landscape and lays bare the immense financial needs required to achieve sustainable development while providing actionable recommendations to bridge the resource gaps. With trillions of dollars needed to meet development and climate goals by 2030, the report underscores the urgency of rethinking financial strategies, mobilising domestic resources, and fostering global partnerships. Africa faces staggering financial requirements, ranging from $1.3 to $1.9 trillion annually, to meet the targets set by the Sustainable Development Goals (SDGs) and Agenda 2063. Current financial flows fall far short, with climate finance covering only 11 per cent of the needs while illicit financial flows (IFFs) drain an estimated $100 billion yearly. To address these challenges, the report advocates for a paradigm shift in financial strategies, placing domestic resource mobilisation (DRM) at the core of Africa’s development agenda. DRM should account for 75-90 per cent of the financing needed for Africa’s transformation. The report identifies reforming tax systems, tackling illicit financial flows, and leveraging underutilised domestic assets as critical steps. Africa’s tax-to-GDP ratio remains the lowest globally, revealing a significant opportunity for improvement. Strengthening tax administration, addressing corporate tax evasion, and reducing costly tax holidays – which cost Africa $46 billion annually – can bolster revenues. Additionally, improving governance and transparency is essential to ensure efficient use of mobilised resources. Africa’s abundant natural resources present another opportunity for sustainable financing. With 30 per cent of the world’s reserves of critical minerals for renewable energy, the continent can position itself as a global leader in the green economy. However, resource governance remains a challenge; only a handful of African nations have satisfactory mining governance frameworks. Strengthening these frameworks and adding value locally to mineral exports can boost revenue and align with global sustainability goals. Regional cooperation through initiatives like the African Continental Free Trade Area (AfCFTA) can further enhance trade and industrialisation. The report also highlights external financing mechanisms, emphasising the need for quality over quantity. While Africa received over 28 per cent of global official development assistance (ODA) in 2022, fragmented delivery and stringent conditions limit its effectiveness. The report calls for increased concessional financing and innovative financial tools, such as green and blue bonds, debt-for-nature swaps, and sustainability-linked loans, to unlock additional resources. These instruments can fund projects that address climate resilience, renewable energy, and sustainable agriculture. Climate finance is a pressing priority. Africa’s adaptation needs are estimated at $579 billion by 2030, yet financing flows disproportionately favour mitigation. The report advocates for recalibrating financial priorities to address Africa’s specific challenges, such as food security and water scarcity, which are exacerbated by climate change. Ensuring that adaptation receives adequate attention is vital for protecting livelihoods and fostering economic stability. IFFs are another area where action is urgently needed. The $100 billion lost annually to tax evasion, trade misinvoicing, and corruption represents nearly all the ODA Africa receives. Curbing IFFs requires stronger international cooperation, improved data sharing, and stricter enforcement of anti-money laundering laws. By addressing these flows, African nations could unlock significant resources for development and climate action. The report also points to the potential of remittances, sovereign wealth funds, and pension funds to drive development. Remittances reached nearly $100 billion in 2022, making them a stable source of external financing. Similarly, Africa’s sovereign wealth and pension funds, collectively valued at over $300 billion, remain underutilised. Redirecting even a fraction of these assets towards infrastructure, health, and education projects could significantly close financing gaps. Collaboration and regional integration are critical for unlocking Africa’s full economic potential. Aligning policies, pooling resources, and fostering cross-border investments can create economies of scale and reduce dependency on external actors. The AfCFTA provides a unique framework for integration, but its success depends on robust implementation and political commitment. The report concludes with actionable recommendations for stakeholders. Governments must prioritise domestic resource mobilisation through tax reform, transparency, and governance improvements. They should also invest in infrastructure that facilitates trade and industrialisation, such as transport networks and digital connectivity. International partners, meanwhile, must honour climate finance commitments and simplify access to concessional funding. In summary, the 2024 Ibrahim Forum Report lays out a roadmap for Africa’s financial future. By focusing on DRM, leveraging green assets, and fostering innovative financing, Africa can address its financial gaps and unlock sustainable growth. However, achieving this vision requires bold leadership, strong governance, and strategic partnerships. The author is an applied economist.", "author": { "@type": "Person", "name": "JP Fabri" }, "publisher": { "@type": "Organization", "name": "The New Times", "url": "https://www.newtimes.co.rw/", "sameAs": ["https://www.facebook.com/TheNewTimesRwanda/","https://twitter.com/NewTimesRwanda","https://www.youtube.com/channel/UCuZbZj6DF9zWXpdZVceDZkg"], "logo": { "@type": "ImageObject", "url": "/theme_newtimes/images/logo.png", "width": 270, "height": 57 } }, "copyrightHolder": { "@type": "Organization", "name": "The New Times", "url": "https://www.newtimes.co.rw/" } }
Bizarre video of Rudy Guiliani dressed as Santa Claus with a woman on his lap in desperate bid to sell coffee Cash-strapped Rudy Giuliani launches coffee brand By CHARLIE SPIERING, SENIOR POLITICAL REPORTER, WASHINGTON, DC Published: 22:23, 23 December 2024 | Updated: 22:23, 23 December 2024 e-mail 2 View comments Former mayor Rudy Giuliani is still hustling to sell his signature coffee brand, sharing a Christmas-themed advertisement on social media on Monday. The former mayor and reckless defender of President-elect Donald Trump is now trying to sell coffee to help pay his legal bills. The ad featuring Giuliani dressed up as Santa Clause features a woman sitting on his lap talking about the virtues of his coffee. 'Ho, ho, ho! Merry Christmas !' Giuliani says in the video. 'What would you like for Christmas, darling?' 'Rudy Coffee!' the woman responds. 'Not diamonds? Not a necklace?' Giuliani replies. Two men dressed up as elves and holding packages of Rudy Coffee hands the coffee to the woman. 'Give her all the coffee she wants!' Giuliani said. 'Give her all the coffee she wants! Ho, ho, ho!' Rudy Giuliani plays Santa Claus in a new advertisement for his coffee brand The former New York City mayor who went to bat for former President Donald Trump's claims of election fraud during the 2020 election, now faces heavy fines and legal fees for all of his attempts to prove that the election was stolen. Two former Georgia election workers Ruby Freeman and Shaye Moss sued Giuliani for defamation after he accused them of sneaking in ballots in suitcases, and counting ballots multiple times . The two women were awarded a federal jury in a Washington, DC court ordered a $148 million payment from Giuliani. What a woman Mrs Santa Clause is! All she wants for Christmas is high quality coffee at https://t.co/6lMTrKbwMP pic.twitter.com/af749MGneD — Rudy W. Giuliani (@RudyGiuliani) December 23, 2024 Giuliani has been ordered by the court otherwise hand over his car, his Madison Avenue apartment and his valuable collection of jewelry and sports memorabilia to help make the payments, as he is woefully short of the massive payout demanded by the court ruling . The former New York mayor tried to file for bankruptcy, but it was dismissed by a judge after he ignored court filing deadlines and refused to detail information about his finances . Giuliani's ad drew some support on social media from his fans but widespread derision from his enemies, who derided him as a 'perv' or a 'grifter.' 'I'm right there with her and ordering more Rudy Coffee today! Love these videos,' wrote NanLee Marie Carissimi on X. 'Rudy's coffee is very good. You won't be disappointed. Rudy makes a great Santa Claus,' wrote Maria Ryan on her X account. Rudy Giuliani has launched his very own coffee brand, Rudy Coffee. He posted a promotional video for the brand on his X account Rudy Coffee sells three styles of coffee beans- bold, decaf and 'morning coffee,' all priced at $29.99 for a two pound bag Giuliani launched his brand of coffee in the Spring promising three varieties of coffee that were 'smooth, rich, chocolaty and gentle on your stomach.' By purchasing the coffee, he said in an ad during his launch Spring, the purchaser was 'also supporting our cause, the cause of truth justice and American democracy.' Rudy Coffee sells three styles of coffee beans- bold, decaf and 'morning coffee,' all priced at $29.99 for a two pound bag. Each bag displays a picture of the American politician along with slogans like 'Fighting for justice,' 'Enjoying life,' and 'America's mayor.' Rudy Giuliani Donald Trump Politics Share or comment on this article: Bizarre video of Rudy Guiliani dressed as Santa Claus with a woman on his lap in desperate bid to sell coffee e-mail Add comment
ANGELA Rayner yesterday struggled to explain how Labour’s housing plans will cope with the 2.5 million migrants expected to arrive in Britain. The Deputy PM contradicted herself when grilled on how her pledge to build 1.5 million homes would address both the housing crisis and record immigration levels . She told Sky News there is “plenty of housing” already – despite Labour’s repeated warnings about shortages. Presenter Sir Trevor Phillips challenged her claim, insisting it didn’t make any “sense”. But she doubled down, adding: “There is plenty of housing Trevor, but there’s not enough for the people who desperately need it. “So the homes, especially under our social affordable housing, they will be there for people who desperately need them.” Read More on Politics Her comments come as Labour will this week unveil detailed plans for mandatory house-building targets in every area of England and Wales. Ms Rayner, who is also the Housing Secretary, will also set out where councils can build on underused “grey belt” land in the green belt while prioritising brownfield sites.As the first full year of President Bola Tinubu’s administration, 2024 has come with its unique share of challenges and triumphs. As we look back at the ongoing year, this is the perfect time to reflect on the President’s vision for a transformed Nigeria and how 2024 has provided numerous opportunities to manifest that vision. On so many fronts, the outgoing year has brought significant policy and legislative milestones that are helping to cement the very foundations of the President’s grand vision for Nigeria. Take the examples of the Students Loan Fund and the Consumer Credit Corporation, two institutions targeted at putting more resources in the pockets of the Nigerian people, empowering them to turn their dreams into opportunities. With the Students Loan Fund, we are seeing, for the first time in decades, Nigerian students at tertiary level, getting targeted federal assistance to pursue their academic ambitions, through long-term loans (and stipends) that are designed to not be burdensome in any way. In less than one year, more than 300,000 Nigerian students have already benefited. With the Consumer Credit scheme, we are seeing affordable financing being made available to workers, to enable them to afford life’s necessities. Every developed country is built around a functioning credit system that fuels consumer spending and translates into economic growth. Nigeria is now finally on that path. Also in 2024, we also saw the first steps in the implementation of a new electricity framework in the country, conferring the state governments with greater agency and responsibility. Building on a recent constitutional amendment, the President signed into law the 2024 Electricity Act that is now guiding a pioneering set of states into rolling out their own regulated electricity markets. Indeed, for Nigeria to be truly able to achieve economic development, we must allow the subnational governments more room for real economic impact. With the new Electricity Act, states can now play a much bigger role in attracting investments into on-grid and off-grid solutions, ensuring that more electricity gets to more Nigerians. This concept of giving more power and opportunities to the states is one of the defining governing philosophies of President Tinubu – as Governor of Lagos two decades ago he was one of the leading advocates of true federalism in Nigeria. Now, as President, he has not abandoned those ideals. In July 2024 we saw the landmark ruling by the Supreme Court, empowering local governments to an extent we have not seen in our recent history. The President has since empaneled an Inter-Ministerial Committee that will ensure the full enforcement of that judgement. For the state governments, President Tinubu’s economic reforms have triggered a dramatic surge in revenues, which is allowing the states to do more for their people. The last FAAC meeting saw the sharing of a record N1.727 trillion amongst the three tiers of government. These resources are meant to deliver bigger dividends of development to Nigerians. For those who have taken the effort to be familiar with the ongoing tax reforms, the bills currently before the National Assembly also represent another fiscal boon for the subnational governments, with the Federal Government choosing for example to take an even smaller portion of VAT than it currently gets. The Presidential Initiative on CNG marked its first year of implementation recently, with the number of vehicle conversion centres in the country rising from fewer than 10 to more than 120. The goal is to make CNG a fuel of choice for private and commercial transportation in Nigeria, bringing down costs by as much as 50 to 60 per cent. We are already seeing enthusiastic uptake of the initiative, and the government is supporting this by way of fiscal incentives and subsidised conversions. The year is closing with the massive news of the final investment decision (FID) by Shell and its partners on the Bonga North deep offshore oil project, which is Nigeria’s first deep offshore FID in over a decade. This FID was preceded by the one by Total and NNPC Limited on the 300 million cubic feet per day Ubeta gas project. Together these two projects represent over $5 billion in investment value. These long-awaited investment decisions have now finally happened because the investors behind them can see, from the President’s policies and actions, that Nigeria is truly serious and ready for oil and gas investment. A series of presidential directives issued at the beginning of 2024 have unleashed the biggest wave of investor interest in our country’s energy sector in a while. In 2024, our security forces neutralised more than 8,000 terrorists and bandits, and arrested 11,600 others, with more than 10,000 weapons recovered. Additionally, about 8,000 kidnap victims were successfully rescued. The goal is to keep driving down the numbers of victims, while scaling up efforts to make crime and criminality unattractive in Nigeria. On the foreign affairs front, 2024 has been a most encouraging year, despite several challenging geopolitical developments around the world, including in our corner of West Africa. This year Nigeria was awarded the hosting rights for the new African Energy Bank, which will prove to be game-changing for energy financing in Africa. As we reposition ourselves to be a global energy hub, this is a most fitting complement. Nigeria is asserting itself as a country that cannot be ignored on the global stage. In 2024, President Tinubu hosted heads of state and/or government from India, the world’s largest democracy, and from Germany, Europe’s largest economy. He was welcomed on a State Visit to France, at a very exciting time in the history of mutuallybeneficial relations between Nigeria and France. Nigeria was specially invited to the G20 Summit for the second consecutive year running, and we forged deeper relations with South Africa through our Joint Presidential Bi-national Commission. As we step into a new year, during which we will mark the second anniversary of the Tinubu Administration, we will surely see even more of the positive outcomes of the President’s reforms, in infrastructure, agriculture, security, healthcare, education, creative and digital economy and many other areas. The tax reforms, when passed into law and assented to, will cut personal and corporate income taxes for tens of millions of Nigerians, while also expanding VAT exemptions. Consumer credit and student loans will reach many more people. Important indices such as foreign reserves position, trade surplus, oil production, and GDP growth are set to continue rising, even as greater work goes into permanently taming inflation. The 2025 budget – the very fittingly-themed: ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’– is a convincing pointer of the Federal Government’s commitment to maintaining the positive course in which we are headed as a nation. We will continue to seek the understanding of Nigerians on this journey of, in the President’s words in the 2025 budget speech: “Economic renewal and institutional development.” The sacrifices will all surely be rewarded, and we shall surely and steadily advance towards our desired destination – a country where a progressively better life will be guaranteed for everyone, regardless of where in the country they happen to reside. Under President Tinubu’s watch, 2025 will represent a leap forward, towards that deserved destination.With the completion of Seguin High School’s new baseball/softball complex, the school board wanted to ensure that its name encompassed all those who helped shape the programs. During a recent meeting of the Seguin ISD Board of Trustees, board members approved naming the new sports facility Matador Legends Ballpark, while moving forward with naming the softball batting cages in honor of Chloe Belicek and the baseball batting cages in honor of Manuel Rodriguez.
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NoneJasjit Singh of Mohali secured third position in the Punjab Civil Services (Executive Branch) Register A-2 examination. While the first position in the state was secured by Amandeep Singh Mavi, the second position was secured by Gurkiran Deep Singh. Jasjit Singh is currently serving as senior assistant to the special principal secretary to the chief minister in the CM office. He has been serving in the state government for more than 21 years and has made a major contribution to the successful implementation of various important projects of public interest during his tenure at the food and civil supplies department. Jasjit Singh, a resident of Sector 91, Mohali, obtained a BSc degree in information technology from Punjab Technical University, Jalandhar, after which he joined the government service.