A digital copy of the Business News 24 (04 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
News Update as @ 1530 hours,Friday 4 July 2014 Feedback: [email protected]Email: [email protected]By Rumbidzayi Zinyuke •Finance Minister says Zimba- bwe’s debt sustainability indica- tors are favorable compared to some countries in the region Finance Minister Patrick Chinamasa has said the International Mone- tary Fund (IMF) has written to him expressing satisfaction with the efforts so far made by Zimbabwe to restore the economy and settle the country’s debt overhang. Minister Patrick Chinamasa told jour- nalists on Thursday that the show of confidence by IMF increases the coun- try’s chances of reviving a relationship with multilateral institutions and qual- ify for fresh funding. “I received an e-mail from IMF con- gratulating us for the little that we have done this year; they see prom- ise at the end of the day. The little we have done in restoring the financial services sector, what we are seek- ing to do in mining in terms of policy review and taxation on miners. They feel the train is finally moving and in the right direction,” he said. He said Government had to come up with long term strategies to attract foreign direct investment, more par- ticipation on the stock exchange and policy reviews that make it conducive to support lines of credit to financial services sector as well as resuscitate the productive sector. He also said any future borrowing made by Government would prioritise infrastructure development projects and the clarification and review of some policies would help put Zimba- bwe in good standing with institutions that can provide long term funding needed for these projects. “As we claw our way back, we need to be in good standing with institu- tions such as China Development Bank, China-Exim bank, World Bank, European Development Bank, African Development Bank and the IMF. To do that, we need to pursue policies that show we are building capacity for eco- nomic recovery,” he said. Zimbabwe has a total external debt of $8.9 billion of which $2 billion is owed to multilateral creditors and $2,8 bil- lion to bilateral creditors. The domestic debt now stands at $1 billion. Minister Chinamasa said an analysis of the country’s debt sustainability indi- cators, compared to other countries in the region, had shown that Zimba- bwe’s challenges are not insurmount- IMF 'sees promise' on Zimbabwe
•Finance Minister says Zimba-bwe’s debt sustainability indica-tors are favorable compared to some countries in the region
Finance Minister Patrick Chinamasa has said the International Mone-tary Fund (IMF) has written to him expressing satisfaction with the efforts so far made by Zimbabwe to restore the economy and settle the country’s debt overhang.
Minister Patrick Chinamasa told jour-nalists on Thursday that the show of confidence by IMF increases the coun-try’s chances of reviving a relationship with multilateral institutions and qual-ify for fresh funding.
“I received an e-mail from IMF con-gratulating us for the little that we have done this year; they see prom-ise at the end of the day. The little we
have done in restoring the financial services sector, what we are seek-ing to do in mining in terms of policy review and taxation on miners. They feel the train is finally moving and in the right direction,” he said.
He said Government had to come up with long term strategies to attract foreign direct investment, more par-
ticipation on the stock exchange and policy reviews that make it conducive to support lines of credit to financial services sector as well as resuscitate the productive sector.
He also said any future borrowing made by Government would prioritise infrastructure development projects and the clarification and review of
some policies would help put Zimba-bwe in good standing with institutions that can provide long term funding needed for these projects.
“As we claw our way back, we need to be in good standing with institu-tions such as China Development Bank, China-Exim bank, World Bank, European Development Bank, African Development Bank and the IMF. To do that, we need to pursue policies that show we are building capacity for eco-nomic recovery,” he said.
Zimbabwe has a total external debt of $8.9 billion of which $2 billion is owed to multilateral creditors and $2,8 bil-lion to bilateral creditors. The domestic debt now stands at $1 billion.
Minister Chinamasa said an analysis of the country’s debt sustainability indi-cators, compared to other countries in the region, had shown that Zimba-bwe’s challenges are not insurmount-
IMF 'sees promise' on Zimbabwe
2 News
BH24 Reporter
Contract tobacco continues to trickle in as overall sales reach $655 mil-lion ahead of the commencement of mop-up sales on July 15.
Latest figures from the Tobacco Indus-try Marketing Board (TIMB) show that as of yesterday, 206,5 million kilo-grammes of flue-cured tobacco worth $655,3 million had been sold through both the auction and contract systems at an average price of $3,17 per kg.
The auction floors, which shut their doors last Friday, saw a total of 50,4 million kgs worth $136 million. The contract floors - which are still open - had sold 156,1 million kgs of the
golden leaf worth $519 million as of close of business yesterday.
Compared to the prior year, there has been a 3,2 percent increase in volumes sold and a 14 percent increase in terms of value. Mop-up sales, to purchase any tobacco remaining on farms, will be held July 15. •
$655m tobacco sold as mop-up sales loom
able. He said the present value of the country’s debt is 54 percent of the gross domestic product while Zambia is on 18 percent, Mozambique at 32 percent and Malawi at 43 percent.
The value of debt to exports stand at 157 percent whereas Zambia is at 27
percent, Mozambique at 97 percent and Malawi at 60 percent. A look at the value of debt to revenue showed Zimbabwe stands at 186 percent, Zambia at 68 percent, Mozambique at 122 percent and Malawi at 162 per-cent.
“We compare ourselves to these coun-tries but we are clearly not in the same situation because we are under sanc-tions which these countries are not and we have a negative perception against our country which they don’t have.
“If we sort out our perception issues, and we have sanctions lifted that should mean a different situation for us. These figures and the situation show that our problems are not insur-mountable,” he said. •
AGRICULTURe
3 News
By Lynn Murahwa
Zimbabwe needs a medium and long-term average growth rate of 7 percent if the Government is to sig-nificantly reduce poverty and improve the standard of living, an expert has said. African Institute for Agrarian Studies (AIAS) executive director Professor Sam Moyo said there was a need for the country to boost its eco-nomic growth in the long-run.
“To make significant progress in reducing poverty Government will have to sustain average growth rates of about 7 percent and above in the medium to long term and this will require minimum investment rates of 25 percent of GDP,” said Moyo.
Moyo was speaking at the United Nations Conference on Trade and development (UNCTAD)'s launch of the 'Economic Development in Africa Report 2014' Thursday evening. According the African Development Bank's Zimbabwe Economic Outlook, the country achieved an average Gross Domestic Product growth rate of 7,5 percent during the economic
rebound of 2009 - 2012. However this is has tapered off over the last couple of years, with various agen-cies including the Government pro-jecting between 2 and 4 percent GDP growth. Moyo urged Government to enhance investment channels.
Zimbabwe's investment rate currently stand at 14,8 percent of GDP, signif-icantly below the required average investment rate of at least 25 percent of GDP. Despite the depressed eco-nomic performance, the country has seen a slight increase in the levels of private sector investment.
There has been a marginal increase in private sector investment rates over the past two decades. Moyo said this was a result of the resuscitation of key parastatals mainly in the min-ing, energy and telecommunications sectors. “Investment rates during the 1990’s from the private sector were around 12,7 percent and 7,6 percent was from the public sector of GDP.
“Gross Capital Formation as a per-centage of total GDP private sector increased in the period 2000 to 13,4 percent, but the State remains stag-nant. As a share of GDP the State's share increased substantially and a lot of this reflects to some extent not only in the land reform but also the re-emergence of key parastatals in the mining sector as well as in energy and telecommunications” he said.
Meanwhile, the Economic Develop-ment in Africa Report 2014 shows that although Africa has made some progress in achieving the goals set out in existing development frameworks, overall the continent is yet to realise the broad vision set in the Millennium Development Goals (MDG). •
Zim requires 7 percent average growth rate
Professor Sam Moyo
BH24 Reporter
The cost of living as measured by the Consumer Council of Zimba-bwe’s low income urban earner monthly basket for a family of six marginally declined by 0,67 per-cent from the May 2014 figure of $592,97 to $588,97 by end of June.
The decline will provide relief to consumers who had to grapple with a recent hike in medical fees that consequently increased the cost of living in May.
According to the CCZ, promotions running at different supermarkets resulted in a 2.80 percent decline in the food basket which went down from US$148.74 in May 2014 to $144.57 in the period under review.
The price of detergents increased by 17c from $10.23 to $10.40 due to a 31c increase in the price of washing powder from 89c to $1.20.
Other increases were recorded in the price of onions which increased by 38c from $1.07 per kg to $1.45
per kg. Tomatoes went up 13c from 80c to $1.07per kg while a 2kg packet of rice increased by 5c from $1.59 to $1.64. The price of flour was up 2c from $1.87 in May to $1.89 in June.
There were decreases in the price of a 20kg of mealie-meal which went down by $1.14 from $13.10
in May to $11.96.
Tea leaves went down 25c from $1.85 to $1.60 and laundry bars by 19c from $1.19 to $1.00. The price of cabbage decreased by 11c from 60c to 49c per head while beef was down 11c from $4.10 to $3.99 per kg in June. Cooking oil and sugar went down 7c and 6c from $1.67 to
$1.60, and $1.85 to $1.79 respec-tively. Salt decreased marginally from 23c to 20c by the end of June.
The prices of the other basic com-modities which include fuel, mar-garine, fresh milk, bread and bath soap remained unchanged from the May figures. •
4 News
Cost of living goes down marginally in June
BH24
By Funny Hudzerema
Travellers heading to Beitbridge will take heart from a reduction in toll fees at the border post following the recent takeover of the New Limpopo Bridge by Government.
In terms of the new toll fees, informa-tion contained in last week's Govern-ment Gazette shows that motor cycles will now pay $3, while motor vehicles will pay $6.
Heavy vehicles will have to fork out $17.
Previously, the tolls were as follows: 50 Rand ($4, 70) for motor cycles, (R100) $9,45 for motor vehicles and R300 ($27,25) for heavy vehicles.
Following the takeover,the Zimbabwe
National Roads Administration (Zinara) was tasked to administer and monitor the tolling.
Contacted for comment Zinara corpo-rate communications manager Augus-
tine Moyo said the reduction in tolls was "statutory issue" and the Ministry of Transport and Infrastructural Devel-opment was better placed to comment on the matter.
Permanent secretary Munesu Munod-awafa's mobile was not being answered by the time of going to publication.
The Government took over ownership and operations of the New Limpopo Bridge following the expiry of the 20-year Built Operate and Transfer (BOT) agreement with the New Lim-popo Bridge (Ltd), a company that constructed the bridge in 1994.
Beitbridge Border Post is one of the busiest ports of entry in Southern Africa where an average of 8 000 trav-ellers pass through the border per day and the number increases to around 20 000 during peak periods.
Further a total of 2 100 buses, 14 000 to 15 000 haulage trucks and 25 000 private cars pass through the border every month.
Speaking during the handover cere-mony last month, the Minister of Trans-port and Infrastructural Development Obert Mpofu said revenue realised from the toll fees at Beitbridge will be directed towards the Beitbridge Bridge Fund (BBF) for use in upgrading the border post and various key infrastruc-ture in the border town. •
6 ToURIsm
Toll fees lowered at Beitbridge
Beitbridge Border Post
BH24
AdM-DI156506-
BH24
CDE. JOSHUA NKOMO
a moral man, an archiever, a role model,the hero who was all of these things and more
A moral man, who possessed an unbreached commitment to reality and never indulged impulses.
An archiever, who attained ends that were objectivelylife-promoting, fulfilling reality-conforming purposes and
making freedom possible for all.
A role model, a rational archiever, worthy of emulation.
“ Your legacy lives on; because legends never die”
BH24
TThe equities market maintained gains for the third consecutive day to close the week slightly higher after mixed traded. The industrial index added 0,28 points to close at 187.44 points as for-eign traders seem to have regained confidence in the bourse.
8 industrial counters traded in the positive compared to two in the red. Among the industrials Zimplow led the top risers moving 14.29 percent up to trade at 8 cents.
Fidelity Life and TA Holdings added a cent each to close at 9 cents each.
Gains were also recorded for cement manufacturer PPC which moved up 5 cents to trade at 230 cents and DZLH which was up 0.70 cents to trade at 11 cents. Bankers Barclays traded 4 per-cent higher at 3.90 cents.
On the downside, two counters traded in red as Meikles lost a cent to 18 cents and hotelier RTG retreated 0.10 cents to close at 1.10 cents. The total value of trades stood at $1.02 million, boosted by trades in beverages giant
Delta, telecoms powerhouse Econet and Dairiboard. On a week on week basis, the industrial index dropped 0.36 points compared to week ending 27 June 2014, having started the week on a depressed note.
The mining index slipped 1.80 points to close at 54.56 points after losses in Bindura offset gains at RioZim and Falgold.
Bindura was 0.20 cents lower to close at 4.30 cents while Riozim gained a cent to trade at 21 cents and Falgold was 0.50 cents solid to close at 2 cents. Hwange was unchanged at 5 cents.
The mining index was 7,15 points lower than the previous trading week. — BH24 Reporter •
10 Zse ReVIew
Equities close week slightly higher
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BUSHES, YOKES, GENERAL ENGINEERING, BELL SPARES, AIR BRAKES AND PNUEMATICS, SUPPLY AND SERVICE EXCHANGE FOR COMPLETE AXLES, ENGINES AND GEARBOXES.
There has been a lot of debate on the securitisation of Zimbabwe's minerals over the past few months, but what exactly is securitisation. According to investopedia.com, securitisation is basically the process of taking an illiquid asset, or group of assets, and through financial engineering, trans-forming them into a security.
Securitisation. It's such a big word with a big meaning. So what do we have to say about it? Well, let's start with a report that appeared on international news agency Reuters yesterday talk-ing about how "global banking and market regulators will study whether they should intervene to revive secu-ritisation, a market that bundles loans to raise funds and was tarnished in the financial crisis."
That in itself is a red-flag.
But this should be a red-flag on that part of the lender who holds the secu-rities, because as Reuters reported securitised debt based on poor quality US mortgages became untradable in 2007, unleashing a chain of events that led to the global markets meltdown.
However, there are significant down-sides for the individual or entity that is
securitising their property.
This is especially important for Zim-babwe to know since there have been numerous calls from all directions for the country to securitise its minerals in a bid to access funding for the econ-omy. First, say Zimbabwe does use its untapped minerals to access funding for industry and the economy in gen-eral, will the economy eventually per-form (or perform in time) to repay the debts?
Because as we all know collateral is always much more valuable than the loan it secures.
It is foolhardy to believe that a loan can ever be of parallel value to collateral. Whichever way if we fail to repay a securitised loan we end up as the big-gest losers.
Second, before any securitisation of minerals is done the country will need to carry out expansive (and do we mention 'costly'?) exploration and prospecting to amass detailed data on its stock of mineral reserves.
If Government is presently failing to access funding for infrastructure pro-jects and for re-capitalisation of indus-try, why would anyone think that it will be easy for the same Government to
access funding to institute a wide-scale exploration project?
Such a wide-scale minerals explora-tion initiative would take longer and be more strenuous than, say, improving the local investment climate to pull in more foreign direct investment.
Increased levels of FDI will surely go a long way in liquidating the economy and funding key economic projects.
Third, what experience or expertise does Zimbabwe have in securitisation of untapped resources?
It is therefore commendable that Finance Minister Patrick Chinamasa earlier this week came out saying that Zimbabwe will not be pressured into securitising foreign loans using the country's minerals. •
12 BH24 CommeNT
Securitisation of minerals: a risky business
BH24
Namibia, which produces the world’s highest quality diamonds from the floor of the Atlantic Ocean, is negotiating to sell some of the gems separately from an agreement it has with Anglo Amer-ican Plc’s De Beers unit.
The government is setting up a company to sell part of the dia-monds mined by Namdeb Diamond Corp., the joint-venture it owns equally with De Beers, Mines and Energy Minister Isak Katali said in a telephone interview from the capital, Windhoek, Thursday. The project, emulating an initiative by neighboring Botswana, depends on a deal with De Beers, he said.
“For the company to operate, there has to be an agreement with De Beers,” said Katali, adding that Namibia won’t initially want to market 50 percent of Namdeb’s production. “We are being guided by the Botswana example.”
Botswana’s Okavanago Diamond Comapny started selling 13 per-cent of the country’s gems in December, after De Beers agreed
to a new 10-year marketing pact. Namibia expects negotiations on setting up the new diamond company to be completed by December, said Katali. The Orange River formed the world’s richest marine-diamond deposit by lay-ing down an estimated 80 million carats of gems off the coast of Namibia. Namibia is also rene-gotiating its diamond-marketing agreement with De Beers, which expired in December.
Price Target
Namdeb is seeking technology to mine deposits trapped in gulleys at depths of as much as 50 meters to extend operations beyond 2050, De Beers said in April. About two-
thirds of the company’s 1.76 mil-lion-carat output last year came from marine-mining operations.
De Beers is overhauling how it sells diamonds by picking cus-tomers based on their financial strength and track records as buy-ers at earlier offerings. The com-
pany has sought to increase prices to meet parent Anglo American’s target for returns. A London-based spokesman for De Beers declined to comment.
Botswana is the world’s biggest diamond producer. ― Bloomberg •
14 ReGIoNAL News
Namibia says in talks to sell diamonds separately from De Beers
enjoy the CAIO ride!
BH24
16 DIARY oF eVeNTs
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATSGen Station
1 July 2014
Energy
(Megawatts)
Hwange 398 MW
Kariba 750 MW
Harare 40 MW
Munyati 29 MW
Bulawayo 20 MW
Imports 109 MW
Total 1346 MW
16 July - Mobile Markets & Telecoms Forum Conference & Exhibition, Place: Holiday Inn (Harare), Time: 8:00am
23 -25 July - Mine Entra, Place: Zimbabwe International Exhibition Centre, Bulawayo
24 July - OK Zimbabwe Thirteenth Annual General Meeting Place: OKMart Functions Room, First Floor, OKMart, 30 Chiremba Road, Hillside, Time: 15:00 hours.
Quote of the day —"I don't know the key to success, but the key to faIlure Is tryIng to please everybody." - bIll cosby
Globalshareholder.com
BH24
Russian natural gas flows to the Euro-pean Union through Slovakia via Ukraine were running normally on Fri-day morning, Slovak pipeline operator Eustream said.
Russia cut gas supplies to Ukraine on June 16 in a dispute over unpaid bills but has continued to supply gas which Ukraine sends on to Russia's clients. - Reuters •
22 INTeRNATIoNAL News
Russian gas flows via ukraine to Eu normal on Friday
Dollar heads for weekly gain as jobs spur Fed rate bets The dollar headed for a weekly gain versus most of its Group of 10 peers as signs of an accelerating U.S. recov-ery spurred speculation the Federal Reserve will bring forward the timing of interest-rate increases.
The greenback traded about 0.2 per-cent from a two-week high against the yen after nonfarm payrolls rose more than economists estimated and the unemployment rate fell to an almost six-year low. The euro held a three-day decline as a report showed factory orders in Germany dropped more than
estimated. The ringgit climbed to its highest since November on bets rates will rise. Expectations for currency swings plunged to a record low.
“The payrolls report confirmed that from a macroeconomic perspective the U.S economy is growing,” said yasuhiro Kaizaki, a vice president for global mar-kets in New york at Sumitomo Mitsui Trust Bank. “Based on fundamentals, recent dollar buying should continue.”
The U.S. currency fell 0.2 percent to 102.03 yen at 7:10 a.m. in Lon-don from yesterday, when it touched
102.27, the most since June 18. It fetched $1.3601 per euro from $1.3610. For the week, the greenback has risen 0.6 percent against the yen and 0.4 percent versus the euro. The 18-nation euro weakened 0.2 percent to 138.78 yen, though it’s still up 0.3 percent since June 27.
The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, was little changed at 1,006.82 from yesterday, when it rose 0.2 percent to 1,007.05. ─ Bloomb-erg •
An opportunity has arisen to enable HelpAge Zimbabwe to facilitate the implementation of the Rural WASH project, to improve water, sanitation and hygiene in Bubi District
1. Carry out an assessment of the WASH related health risks and needs within - General Bookkeeping- Cash book and petty cash management the targeted population and make recommendations for actions which are - Order and control office stationery consistent with agreed guidelines and protocols. - Liaise with project staff in procurement and maintenance of project stocks
2. In conjunction with the local authority and relevant government departments records make recommendations regarding HelpAge Zimbabwe response to unmet - Preparation of Donor Financial reports needs. - Bank reconciliations
3. Facilitate the implementation of SafPHHE in conjunction with the WASH - Filing all office documentsofficer and/or other stakeholders. - Financial and programmes reports, vouchers, program and office meetings
4. Involve affected populations in assessment of the situation and in planning minutes activities and the design of water and sanitation facilities. - Monitoring and securing adherence to organization and donor administrative
5. Identification and training of ward based SafPHHE facilitators and health club processes facilitators. - General Office Administration
6. Write regular reports adhering to HelpAge Zimbabwe and donor reporting
formats as required.
- Degree in Accounting or equivalency and/or accounting
- Computer knowledge 1. Degree in Environmental Science or other relevant qualification
- Knowledge in Pastel/accounting package 2. Knowledge of public health and one or more other relevant areas (e.g. health
- Skills to manage own work and meet deadlines promotion, community development, education, community water supply).
- Clean Class 4 driver's licence 3. The post holder should have at least two years` practical experience in
appropriate community health programmes. 4. Experience and understanding of community mobilisation in relation to water
Send CV and an application letter to [email protected] sanitation activities. Deadline for application 30th June, 2014.5. Sensitivity to the needs and priorities of disadvantaged populations.
6. Demonstrated experience of integrating gender and diversity issues into public health promotion.
7. Good oral and written reporting skills. 8. Good communication skills and ability to work well in a team. 9. Ability to work well under pressure and in response to changing needs. 10. Ability to travel at short notice and to work under difficult circumstances 11. Good written and spoken English and Ndebele are essential.
2. Vacancy: Administration Assistant
Station: Bubi District
Key Result Areas Job Description
Qualifications and Person Specification
SKILLS AND COMPETENCIES
To Apply
- 2 years` experience in office administration
1. Vacancy: Participatory Health and Hygiene Education Officer
TLM-DI
159207
-T26
Two vacancies have arisen in HelpAge Zimbabwe.
BH24
....continued from yesterday
The Assembly, while considering the Report of the High Level Committee on African Trade (HATC), directed the AU Commission to prepare Draft Terms of Reference of the Continental Free Trade Area (CFTA) Negotiating Forum based on best practices in the regional economic communities (RECs)/Tripar-tite, refined draft Guiding Objectives and Principles as well as Institutional Arrangements to be submitted to the next AU Trade Ministerial Conference for consideration, along with other negotiation-related issues, and subse-quent endorsement by the Assembly in January 2015 so as to facilitate the effective launching of the CFTA negoti-ations in June/July 2015.
In this regard, the Assembly called upon Member States to maintain the momentum to fast track the estab-lishment of the Continental Free Trade Area (CFTA) as scheduled by providing the necessary financial and technical resources at national, regional and continental levels.
On the UN Reforms, the Assembly con-sidered the Report of the Committee of Ten on that issue, and endorsed its recommendations, notably heeding the call for Africa to speak with one voice on this crucial matter, for it to be ade-quately represented in the UN system, and for the intensification of efforts towards building alliances with diverse interest groups engaged in intergov-ernmental negotiations, with a view to gathering support of the African Com-mon Position.
On climate change, the Assembly con-sidered the Report of the Committee of African heads of State and Government on Climate Change (CAHOSSC) and endorsed the Framework Work pro-gramme on Climate Change Action in Africa as a continental framework that will guide the African Union, its Member States and the RECs in addressing cli-mate change in the near future.
It further reaffirmed that adaptation is a priority in all actions on Climate Change in Africa. In this regard, the
Assembly urged all Member States to urgently complete the development of their National Adaptation Plans (NAPs), and put in place systems and struc-tures for Africa to take full advantage of the global mechanisms in support of climate change mitigation and adapta-tion measures. The Assembly moreo-ver took note of the global events on climate change to be convened by the UN Secretary General in the months ahead, notably in New york on 23 September 2014 and in Lima, Peru in December 2014.
The decision was made that the Thir-ty-First Ordinary Session of the Assem-bly of Heads of State and Government of the Union will be held in Dakar in June/July 2018 following an offer by the Republic of Senegal to host it.
The Conference of Ministers in charge of Information and Communication Technologies (ICTs) and the Confer-ence of Ministers of Communication, with the participation of national and international regulatory entities for the broadcasting sector, were directed to take up the issue of migration from
24 ANALYsIs
23rd Ordinary Session of the African Union resolutions
25 ANALYsIs
analogue radio/television broadcasting to digital transmission, and to work in concert to protect the interest of the public broadcasting services of the AU Member States. The Commission, in collaboration with the African Union of Broadcasting and the African Telecom-munication Union (ATU) was requested to expeditiously establish an African Technical Committee for the Informa-tion and Media Society, to accompany Member States in their transition to full digital broadcasting, while at the same time stimulating economic recovery in Africa.
The offer by Togo to host a Regional Conference on Maritime Piracy and other Criminal Acts Committed at Sea was welcomed and as such, Member States and their appropriate Adminis-trations, Regional Economic Communi-ties and Regional Mechanisms, African and International Institutions specializ-ing in maritime and related activities, as well as development partners, were encouraged to participate actively in the Conference when it is convened.
The mandate of the African Union Commission of Inquiry on South Sudan (AUCISS) was extended for an additional three (3) months in order to
enable it complete its work.
Regarding the Report of the Peace and Security Council (PSC) and the State of Peace and Security on the continent, the Assembly called for renewed efforts by the AU Member States and the Commission, as well as by the Regional Economic Communities/Regional Mechanisms for Conflict Prevention, Management and Resolution (RECs/RMs) towards achieving the objective of a conflict-free Africa by 2020, as provided for by the Solemn Declaration adopted at its 21st Ordinary Session held in Addis Ababa, on 25 May 2013.
At the same time, the Assembly wel-comed the continued progress in post-conflict reconstruction and devel-opment and peace building processes in the Comoros, Côte d'Ivoire and Liberia. It expressed satisfaction at the continued positive evolution of the situ-ation in Madagascar.
The Assembly welcomed the comple-tion of the transition and restoration of constitutional order in Guinea-Bissau following the presidential and legisla-tive elections held on 13 April and 18 May 2014, and the resumption of the participation of Guinea-Bissau in AU's
activities, following the decision taken by the PSC at its 442nd meeting held on 17 June 2014.
It further welcomed the restoration of constitutional order in Egypt following the constitutional referendum and the presidential election held in January and May 2014, respectively and noted, with satisfaction, the resumption by Egypt of its participation in AU's activ-ities. The positive developments that have taken place in Somalia were wel-comed by the Assembly.
Concerns were raised at the prevailing situation in Libya and its impact on the conduct of the on-going transition and the cohesion of the country, as well as on regional security and stability.
The cowardly kidnapping by Boko Haram of over two hundred young girls in northern Nigeria elicited outrage from the Heads of State and Govern-ment who also welcomed the on-going AU efforts to address the scourge of terrorism, notably through the cooper-ative mechanisms being implemented by the African Centre on the Study and Research on Terrorism (ACSRT), the Nouakchott Process, the Regional Cooperation Initiative for the Elimina-
tion of the LRA.
It hailed the AMISOM achievements in Somalia. For each of these issues, the Assembly recognised efforts being exerted to resolve them and made fur-ther recommendations towards consol-idation of gains.
Heads of State and Government at the Malabo Summit also adopted some declarations related to accelerated agricultural growth and transformation for shared prosperity and improved livelihoods; ending preventable child and maternal deaths in Africa; sup-port of small island developing states ahead of the third international confer-ence on small island developing states; and nutrition security for inclusive eco-nomic growth and sustainable devel-opment in Africa. The Assembly also adopted a Resolution calling for the lift-ing of embargo of the USA against the Republic of Cuba.
Finally, the Assembly agreed to hold its 24th Ordinary Session at the AU Head-quarters in Addis Ababa, Ethiopia, on 30-31 January 2014 under the theme: “year of Women’s Empowerment and Development towards Africa’s Agenda 2063”. ― AU •
