Connect with us

Government

Democratic Republic Of Congo Joins The East African Community (EAC)

Published

on

Congo Brazaville

The Democratic Republic of Congo (DRC) was on Tuesday officially admitted into the East African Community (EAC) during the 19th Extra-Ordinary Summit of the EAC Heads of State and Government chaired by President Uhuru Kenyatta virtually.

Welcoming the newcomer to the EAC, President Kenyatta termed the admission of DRC into the EAC a historic event that demonstrates the agility of the community to expand beyond its socio-cultural boundaries to new people and trade centred partnerships and collaboration that will expand opportunities for citizens of the region.

“Today as chairman of the EAC, I proudly and warmly welcome our brothers and sisters from the DRC to the EAC and look forward to joining hands in strengthening our community together. Working together, we have more to gain than when we are separate.

“Indeed, the combined population and GDP of our community will grow by 50 percent and 25 percent respectively, implying a corresponding expansion of the market for goods and services. These numbers imply expanded market opportunities for producers located within EAC under the Customs Union,” President Kenyatta said.

The President added that the expanded community will attract more investments across all sectors, a move that will create more wealth and employment for the people.

He pointed out that with the inclusion of DRC, the EAC will be in a better position to combine resources to develop the much-needed infrastructure, especially the main transit corridors running from east to west.

“The said infrastructure is crucial in facilitating cross-border movements of goods, people and physical capital as envisaged in the EAC Common Market,” the President said.

With a larger market of about 300 million people, President Kenyatta expressed optimism that the community will achieve better outcomes brought about by the economies of scale and pooling of productive human and financial resources.

Speaking during the summit, other East African leaders commended President Felix Tshisekedi of DRC for working hard to ensure his country joined the community noting that the action he took is not only beneficial to his country but the region at large.

Leaders who included Presidents Yoweri Kaguta Museveni (Uganda), Paul Kagame (Rwanda) and Samia Suluhu (Tanzania) thanked the EAC Council of Ministers and the Secretariat for speeding up the process that led to the admission of DRC into the community.

“The joining of East Africa Community by DRC is an event of great significance. I have been involved in these efforts for almost 60 years and this is really very pleasant that DRC has finally reconnected formally with EAC,” said President Museveni.

On his part, President Kagame said the admission of DRC into the EAC is in line with the community’s quest to widen and deepen integration for the region and the continent at large noting that Rwanda is ready to play its role in ensuring the success of the community.

“Rwanda commends the Council of Ministers and the Secretariat for speeding up this process. I urge all EAC organs to accelerate the full integration of DRC into our organization in line with the roadmap approved by the Council of Ministers,” he said.

Tanzanian President Samia Suluhu said the decision by President Tshisekedi to seek admission for his country into the EAC will provide an opportunity to entrench peace and security in DRC.

“To my brother Felix Tshisekedi, I commend you for the decision to seek admission to the EAC. And to the people of DRC your country’s decision to join EAC will accord you a great opportunity to extend space for peace and security, prosperity and solidarity within your country as well as the region,” she said.

In his inaugural speech at the EAC summit, President Tshisekedi thanked the EAC leaders for welcoming him to the community and assured of his commitment to working closely with them for the development and prosperity of the region.

President Évariste Ndayishimiye of Burundi was represented at the summit by Vice President Prosper Bazombanza while President Salva Kiir Mayardit of South Sudan was represented by Minister Barnaba Marial Benjamin.

The summit designated President Kenyatta, the EAC Chairman, to sign the treaty of accession of DRC into the EAC by April 14 this year.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Government

Russia Halts Supply of Gas to Finland, Disagrees on Payment Mode 

Published

on

Gas-Pipeline

Russia’s majority state-owned multinational energy corporation, PJSC Gazprom, on Saturday, halted gas exports to one of its neighbouring countries, Finland, in the latest escalation of an energy payments dispute with Western nations.

A statement released by Finland’s gas system operator, Gasgrid said: “Gas imports through Imatra entry point have been stopped.

“Starting from today, during the upcoming summer season, Gasum will supply natural gas to its customers from other sources through the Balticconnector pipeline”. 

Investors King gathered that majority of the European supply contracts are denominated in Euros or Dollars and Moscow already cut off gas to Bulgaria and Poland last month after they refused to comply with the new payment terms.

Imatra is the entry point for Russian gas into Finland and even though majority of the gas used in Finland comes from Russia, gas only accounts for about five per cent of its annual energy consumption.

Gazprom Export has requested that European countries pay for Russian gas supplies in Russian currency (roubles) because of sanctions imposed over Moscow’s invasion of Ukraine, but Finland refuses to do so.

Gazprom Export, on Friday, said: “flows would be cut because Gasum had not complied with the new Russian rules requiring settlement in roubles.”

Earlier on Friday, the Finnish state-owned gas wholesaler, Gasum had said the Russian Gazprom warned that flows would be halted from 04:00 GMT on Saturday morning.

The decision is coming at a time when Finland and Sweden announced that they were going to join the North Atlantic Treaty Organisation (NATO) military alliance, a decision inspired by Russia’s invasion of Ukraine.

Last week, the  Finish Prime minister, Sanna Marin had said: “When we look at Russia, we see a very different kind of Russia today than we saw just a few months ago.

“Everything changed when Russia attacked Ukraine. And I personally think that we cannot trust anymore that there will be a peaceful future next to Russia.”

Marin noted that joining NATO is “an act of peace [so] that there will never again be war in Finland in the future”.

According to Swedish leader Andersson, “to ensure the safety of Swedish people, the best way forward is to join NATO together with Finland”.

The announcements were met with support from leaders in almost all NATO nations.

US Secretary of State, Antony Blinken told reporters that the United States would strongly support the NATO application by either Sweden or Finland should they choose to formally apply to the alliance.

Investors King recalls that Russia had in April, announced the suspension of gas supply to Poland and Bulgaria on the same payment disputes. 

Continue Reading

Government

FG Resumes Conditional Cash Transfer Programme Across Six Local Govt. In Kebbi

Published

on

NAIRA - Investors King

The Federal Government has resumed the Conditional Cash Transfer (CCT) programme in Kebbi State, commencing with a payment of N9.24bn to 76,107 CCT beneficiaries.

The National Coordinator of the programme, Hajiya Halima Shehu, made the announcement during a state visit to Governor Atiku Bagudu in Birnin Kebbi.

“As at now, payment to CCT beneficiaries is ongoing in the state. A total number of 76,107 beneficiaries across six local government areas of Bagudu, Danko, Wasagu, Dandi, Jega, and Shanga, will be receiving the payment. The beneficiaries will be receiving 26 months of payment circles, starting from January to February 2020.

“The payment will be in two batches of those 60,000 beneficiaries for four payment cycles, using the virtual account. The second batch has 70,107 beneficiaries for nine payment cycles through the debit cards. The total amount for the two batches in the state, according to Shehu, was over N9.24 billion.

“The Federal Government of Nigeria, in partnership with the World Bank in 2016, designed and developed a safety net programme for Nigeria under the platform of National Social Safety Net Programme (NASSP).

“One of the components of NASSP is the national conditional cash transfer office responsible for implementing the household uplifting- conditional cash transfer to the poor and the vulnerable households across the country,” she said.

Shehu commended the governor for providing her an audience and the chance to update him on the commencement of payments and the state’s successful implementation of the program.

Responding, Gov. Bagudu, represented by his Deputy, Alhaji Samaila Yombe-Dabai, thanked the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, headed by Hajiya Sadiya Umar-Farouq, for actualising the programme in the state.

“I assure you that the state government will do all it takes to support the success of the programme in the state.

“We are looking forward to getting more local governments to be involved in the cash transfer programme,” Bagudu said.

Continue Reading

Government

Ukraine/Russian War: Twitter Heightens Fight Against Misinformation 

Published

on

Twitter - Investor sking

In the wake of the Russia-Ukarine crisis, Twitter has stepped up its effort to put an end to misleading tweets from official accounts about the war.

Investors King gathered that Twitter has already limited content from more than 300 Russian government accounts, including President Putin. The new change will be effected under the company’s new “crisis” policies.

Twitter will also prioritise labelling false posts from accounts with wide reach, like state media or official government accounts, while preserving them for “accountability” reasons.

Twitter users will now be required to click through the warning notice to view the post and Twitter will disable the ability to like, retweet or share the content. The company said it would also change its search and explore features to avoid amplifying false tweets.

Twitter’s head of security and safety, Yoel Roth, wrote in a blog post announcing the changes saying “Today, we’re introducing our crisis misinformation policy – a global policy that will guide our efforts to elevate credible, authoritative information, and will help to ensure viral misinformation isn’t amplified or recommended by us during crises. In times of crisis, misleading information can undermine public trust and cause further harm to already vulnerable communities. 

“Alongside our existing work to make reliable information more accessible during crisis events, this new approach will help to slow the spread by us of the most visible, misleading content, particularly that which could lead to severe harms. 

“While this first iteration is focused on international armed conflict, starting with the war in Ukraine, we plan to update and expand the policy to include additional forms of crisis,” Twitter said examples of problematic posts included false or misleading allegations of war crimes, false information regarding the international response and false allegations regarding use of force.

The company said it would rely on multiple sources to determine when claims are misleading. Strong commentary and first person accounts are among the types of tweets that would not be challenged by the policy, it said.

Twitter has approved a $44bn takeover by billionaire Elon Musk, who has criticised its content moderation policies

The new policies come just weeks after Twitter’s board agreed to a $44bn (£34.5bn) takeover offer from billionaire businessman Elon Musk, who has called for less moderated speech on the platform.

Musk had said in the past week that he would revoke Twitter’s suspension of former United States president, Donald Trump. 

Continue Reading




Advertisement
Advertisement
Advertisement

Trending