Stay updated with the latest significant stories from Africa, covering political developments, economic highlights, and more. Here are today’s top headlines.
Mozambique and Timor-Leste Sign Three Cooperation Agreements
Mozambique and Timor-Leste have signed three cooperation agreements in the areas of politics, education, and mineral resources.
This signing took place during a working visit by Timor-Leste’s head of state to Mozambique.
The agreements were endorsed by Mozambique’s Foreign Minister Verónica Macamo and Timor-Leste’s Foreign Minister Bendito dos Santos Freitas.
These endorsements followed a meeting between Mozambique’s President Filipe Nyusi and Timor-Leste’s President José Ramos-Horta.
The agreements focus on political consultation, higher education, hydrocarbons, and mining cooperation.
IMF Says Angola’s Economy Shows Resilience Amid 2023 Challenges
The International Monetary Fund (IMF) has noted an improvement in Angola’s economic resilience since its financial assistance program in 2021.
Despite facing significant challenges in 2023, including reduced oil production and prices, Angola’s ability to repay its IMF loan remains adequate.
The financial assistance program, running from 2018 to 2021, provided $4.5 billion (approximately €4.1 billion).
World Bank Supports Moroccan Institutional Reforms
Morocco has signed a $350 million financing agreement with the World Bank to support public institution and enterprise reforms.
The agreement was signed in Rabat by Morocco’s Minister of Economy and Finance, Nadia Fettah, and Jesko Hentschel, Director of the World Bank’s Maghreb and Malta Department.
Nigeria: Crypto Traders to Pay 7.5% VAT
Starting July 8, 2024, cryptocurrency traders in Nigeria will be required to pay a 7.5% value-added tax (VAT) on transaction fees.
KuCoin, a cryptocurrency platform, announced this decision following a regulatory update in Nigeria. The VAT will apply to transaction fees, not the total transaction amount.
Sweden to Fund €3.4M in Renewable Energy Projects in Mozambique
The Swedish government will finance renewable energy projects in Mozambique with a total of €3.4 million (230.6 million meticals) as part of the Beyond the Grid Fund for Africa (BGFA) initiative.
This initiative will focus on projects that provide energy solutions for productive uses.
Examples include solar-powered irrigation systems, food refrigeration units, electric fishing boats, agricultural processing equipment, and e-mobility options such as electric bicycles and scooters.
Kenya: President Ruto Proposes Budget Cuts After Deadly Protests
Kenyan President William Ruto has proposed a 177 billion budget cut to address a budget shortfall following the withdrawal of a finance bill.
The bill’s withdrawal came after protests against high tax hikes, which resulted in 39 deaths. Ruto aims to balance the budget by cutting expenditures and borrowing 169 billion shillings.
Attack on Congo Gold Mine Kills Six Chinese Miners and Two Soldiers
A militia attack on a gold mine in the northeastern Congo killed six Chinese miners and two Congolese soldiers.
The attack occurred in the village of Gambala and the nearby “Camp Blanquette” gold mine in Ituri province.
The Cooperative for the Development of the Congo (CODECO) militia claimed responsibility. The Eastern Congo has seen increased violence as militias vie for control over the region’s resources.
Chinese EV Investments in Morocco Surge Post-US Subsidies
Following the US’s new subsidies to boost domestic electric vehicle (EV) production, Chinese manufacturers have increased investments in Morocco.
Plans for new factories to produce EV parts are underway near Tangiers and industrial parks along the Atlantic Ocean.
Morocco, benefiting from its free trade agreement with the US, has seen significant growth in this sector, unlike other countries with similar agreements, such as South Korea and Mexico.
More: Angola news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
Part of our ongoing coverage
Africa: The New Scramble — the great-power contest over the continent.
Read More from The Rio Times