Latest news with #Banga
The Star
12 hours ago
- Business
- The Star
Zimbabwe in need of G20 intervention
Different route: Banga (second from right) in a panel discussion at a G20 governors' meeting in Durban, South Africa. The World Bank president has called on Zimbabwe to alter its course in seeking a solution to its debt issues. — AFP MAPUTO: Zimbabwe's best chance of exiting a 25-year debt default is to engage the Group of 20 (G20) nations to help formulate a solution and stop trying to work its way out of the quagmire itself, World Bank president Ajay Banga says. The southern African country owes the World Bank and other creditors a total of US$21bil and has tried numerous unsuccessful strategies to restore its access to global capital markets. Those ranged from attempting to repay its debts using the proceeds of metal sales and recently approaching 10 nations for help to raise US$2.6bil to pay its arrears. 'Trying to figure it out on your own, you'll be doing this for the next five years,' Banga said in an interview in Maputo, Mozambique's capital. 'They need to figure out a way to reach out to the G20 and say, we raise our hand, we'd like to be part of this process.' Zimbabwe first defaulted on repayments to the World Bank in 2000. Its debts to a host of multilateral institutions and bilateral lenders mounted amid a failed land-reform programme and a quarter century of economic turmoil, shutting it out of international debt markets and limiting its ability to borrow even during the global pandemic and a recent devastating drought. The government requested the African Development Bank to advise on clearing its debt with the institution's outgoing president, Akinwumi Adesina, and former Mozambican President Joaquim Chissano asked to negotiate with creditors. It's also being advised by Kepler Karst, a Madrid-based legal firm that offers guidance on sovereign-debt issues, which brought in Global Sovereign Advisory, a Paris-based consultancy, to offer financial advice and strategies. The fact that Zimbabwean officials, including President Emmerson Mnangagwa, have been sanctioned by the United States has complicated the process. While Belarus, Syria and Eritrea are also in arrears to the World Bank, Zimbabwe's default is by far the longest. South Africa, which currently holds the G20 presidency, last month said it has been approached by Zimbabwe to try and garner the group's support for a debt workout. Zambia, Ghana and Ethiopia are among nations that have employed the G20's Common Framework, which was created in 2020 to help poor nations bring together a diverse set of creditors to restructure debts. While they have made progress in reaching deals, the process has been criticised for being too slow. Zimbabwe isn't technically poor enough to be eligible to utilise the framework, yet Sri Lanka, a nation in a similar situation, approached the group in 2023 for help with dealing with its creditors. 'Start talking to the G20 and the Paris Club' and whoever else has given them money and we can help, Banga said. 'We try to bring an understanding of what write-down you need to take. It takes a while.' Zimbabwe's Treasury didn't respond to a request for comment. — Bloomberg
Yahoo
2 days ago
- Yahoo
Nigeria kidnappers kill 35 hostages even after ransom paid
Kidnappers in Nigeria have killed at least 35 people they abducted from a village in northern Zamfara state despite ransoms being paid for their release, a local official told the BBC. In recent years, criminal gangs in the region, known in the country as bandits, have taken to kidnapping people as a means to raise money. In this incident, 56 people were taken from Banga village, Kauran Namoda local government area in March. The gunmen then demanded a ransom of one million naira ($655; £485) per captive, media in Nigeria report. Local government chairman Manniru Haidara Kaura said that most of those killed were young people who "were slaughtered like rams". "What happened was that the bandits demanded ransom money, and after some back-and-forth, they were given what they asked for. They then released 18 people, including 17 women and one young boy, on Saturday," Haidara added. "Only they [the gunmen] know why they killed them. They are senseless and heartless people. They forget that they are killing their own brothers, and we will all meet before Allah." Sixteen of those released on Saturday are in the hospital receiving treatment, while the bodies of the 38 killed by the bandits are unlikely to be returned as in these cases corpses are rarely released. In an attempt to curb the spiralling and lucrative kidnapping industry, a law was enacted in 2022 making it a crime to make ransom payments. It carries a jail sentence of at least 15 years, however no-one has ever been arrested on those charges. It also made abduction punishable by death in cases where victims die. But families often feel forced to pay to save their loved ones, citing the government's inability to ensure their safety. You may also be interested in: Nigeria's kidnap crisis: Inside story of a ransom negotiator Nigeria's abductions: What lies behind the resurgence? Schoolboy recounts daring escape from bandits Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica BBC Africa podcasts Focus on Africa This Is Africa Solve the daily Crossword
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Business Standard
2 days ago
- Business
- Business Standard
Zimbabwe needs G20 support to end debt crisis, says World Bank chief
Zimbabwe's best chance of exiting a 25-year debt default is to engage the Group of 20 nations to help formulate a solution and stop trying to work its way out of the quagmire itself, World Bank President Ajay Banga said. The southern African country owes the World Bank and other creditors a total of $21 billion and has tried numerous unsuccessful strategies to restore its access to global capital markets. Those ranged from attempting to repay its debts using the proceeds of metal sales and recently approaching 10 nations for help to raise $2.6 billion to pay its arrears. 'Trying to figure it out on your own, you'll be doing this for the next five years,' Banga said in an interview in Maputo, Mozambique's capital. 'They need to figure out a way to reach out to the G-20 and say, we raise our hand, we'd like to be part of this process.' Zimbabwe first defaulted on repayments to the World Bank in 2000. Its debts to a host of multilateral institutions and bilateral lenders mounted amid a failed land-reform program and a quarter century of economic turmoil, shutting it out of international debt markets and limiting its ability to borrow even during the global pandemic and a recent devastating drought. The government has asked the African Development Bank to advise on clearing its debt with the institution's outgoing president, Akinwumi Adesina, and former Mozambican President Joaquim Chissano asked to negotiate with creditors. It also hired Global Sovereign Advisory, a Paris-based consultancy, to help. The fact that Zimbabwean officials, including President Emmerson Mnangagwa, have been sanctioned by the US has complicated the process. While Belarus, Syria and Eritrea are also in arrears to the World Bank, Zimbabwe's default is by far the longest. South Africa, which currently holds the G-20 presidency, last month said it has been approached by Zimbabwe to try and garner the group's support for a debt workout. Zambia, Ghana and Ethiopia are among nations that have employed the G-20's Common Framework, which was created in 2020 to help poor nations bring together a diverse set of creditors to restructure debts. While they have made progress in reaching deals, the process has been criticized for being too slow. Zimbabwe isn't technically poor enough to be eligible to utilize the framework, yet Sri Lanka — a nation in a similar situation — approached the group in 2023 for help with dealing with its creditors. 'Start talking to the G-20 and the Paris Club' and whoever else has given them money and we can help, Banga said. 'We try and bring an understanding of what write down you need to take. It takes a while.'
Yahoo
2 days ago
- Yahoo
Nigeria kidnappers kill 38 hostages even after ransom paid
Kidnappers in Nigeria have killed at least 38 people they abducted from a village in northern Zamfara state despite ransoms being paid for their release, a local official told the BBC. In recent years, criminal gangs in the region, known in the country as bandits, have taken to kidnapping people as a means to raise money. In this incident, 56 people were taken from Banga village, Kauran Namoda local government area in March. The gunmen then demanded a ransom of one million naira ($655; £485) per captive, media in Nigeria report. Local government chairman Manniru Haidara Kaura said that most of those killed were young people who "were slaughtered like rams". "What happened was that the bandits demanded ransom money, and after some back-and-forth, they were given what they asked for. They then released 18 people, including 17 women and one young boy, on Saturday," Haidara added. "Only they [the gunmen] know why they killed them. They are senseless and heartless people. They forget that they are killing their own brothers, and we will all meet before Allah." Sixteen of those released on Saturday are in the hospital receiving treatment, while the bodies of the 38 killed by the bandits are unlikely to be returned as in these cases corpses are rarely released. In an attempt to curb the spiralling and lucrative kidnapping industry, a law was enacted in 2022 making it a crime to make ransom payments. It carries a jail sentence of at least 15 years, however no-one has ever been arrested on those charges. It also made abduction punishable by death in cases where victims die. But families often feel forced to pay to save their loved ones, citing the government's inability to ensure their safety. You may also be interested in: Nigeria's kidnap crisis: Inside story of a ransom negotiator Nigeria's abductions: What lies behind the resurgence? Schoolboy recounts daring escape from bandits Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica BBC Africa podcasts Focus on Africa This Is Africa
Yahoo
2 days ago
- Yahoo
Nigeria kidnappers kill 38 hostages 'like rams'
Kidnappers in Nigeria have killed at least 38 people they abducted from a village in northern Zamfara state despite ransoms being paid for their release, a local official told the BBC. In recent years, criminal gangs in the region, known in the country as bandits, have taken to kidnapping people as a means to raise money. In this incident, 56 people were taken from Banga village, Kauran Namoda local government area in March. The gunmen then demanded a ransom of one million naira ($655; £485) per captive, media in Nigeria report. Local government chairman Manniru Haidara Kaura said that most of those killed were young people who "were slaughtered like rams". "What happened was that the bandits demanded ransom money, and after some back-and-forth, they were given what they asked for. They then released 18 people, including 17 women and one young boy, on Saturday," Haidara added. "Only they [the gunmen] know why they killed them. They are senseless and heartless people. They forget that they are killing their own brothers, and we will all meet before Allah." Sixteen of those released on Saturday are in the hospital receiving treatment, while the bodies of the 38 killed by the bandits are unlikely to be returned as in these cases corpses are rarely released. In an attempt to curb the spiralling and lucrative kidnapping industry, a law was enacted in 2022 making it a crime to make ransom payments. It carries a jail sentence of at least 15 years, however no-one has ever been arrested on those charges. It also made abduction punishable by death in cases where victims die. But families often feel forced to pay to save their loved ones, citing the government's inability to ensure their safety. You may also be interested in: Nigeria's kidnap crisis: Inside story of a ransom negotiator Nigeria's abductions: What lies behind the resurgence? Schoolboy recounts daring escape from bandits Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica BBC Africa podcasts Focus on Africa This Is Africa
