Economy & Politics
African women set to benefit from $250 million European Union Empowerment Initiative
European Union has set aside 250 million Euros that will be used to empower African women in line with its 2030 agenda in Africa.
The European Union (EU) has set aside $250 million for the empowerment of African women. This was revealed by Laolu Olawumi, EU’s Programme Manager to Nigeria, at the UN and EU spotlight initiative workshop held in Abuja. This initiative, according to reports, is in line with the organization’s 2030 Agenda in Africa.
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About the EU-UN Spotlight Initiative: According to Olawunmi, the EU-UN joint Spotlight Initiative is a global initiative focused on eliminating all forms of violence against women and girls.
“Spotlight Initiative is a global initiative that has attracted $500 million and several countries have been selected across some continents in the world, to benefit from the grant.
“A total of about $250 million has been set aside for countries in Africa and Nigeria is one of the countries that have been selected. In Nigeria, additional envelop has been earmarked, which would be soon confirmed.”
An official of the UN Women, Patience Ekeoba, also disclosed the number of countries that are set to benefit from the fund. She stated that the fund would be allocated to some African countries that include Nigeria, Liberia, Niger, Malawi, Mozambique, Mali, Zimbabwe, and Uganda.
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Ekeoba added that the overall vision of the Initiative is to achieve a Nigeria, where all women and girls are free from violence and harmful practices.
The focus of the organization: According to Mr. Kwasi Amankwaah, Head of UN Resident Coordinator’s Office, the EU-UN Joint Initiative was launched in 2017, to focus on eliminating all forms of violence against women and girls.
He urged residents of the participating countries to participate in order to assist in eradicating violence and harmful practices that are related to sexual and reproductive health, as well as the rights of women in the society.
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IMF lifts 2021 global GDP growth to 6%
The group also warned that economic recoveries are diverging dangerously across and within countries.
The International Monetary Fund has lifted its global growth outlook to 6% in 2021 (0.5% point upgrade) and 4.4% in 2022 (0.2 percentage point upgrade), after an estimated historic contraction of -3.3% in 2020 due to the effects of the COVID-19 pandemic. This disclosure was made on the organisation’s website on Tuesday.
The group also warned that economic recoveries are diverging dangerously across and within countries, as economies with slower vaccine rollout, more limited policy support, and more reliance on tourism do less well.
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What the IMF is saying
“The upgrades in global growth for 2021 and 2022 are mainly due to upgrades for advanced economies, particularly to a sizeable upgrade for the United States (1.3 percentage points) that is expected to grow at 6.4 percent this year.
This makes the United States the only large economy projected to surpass the level of GDP it was forecast to have in 2022 in the absence of this pandemic.
China is projected to grow this year at 8.4 percent. While China’s economy had already returned to pre-pandemic GDP in 2020, many other countries are not expected to do so until 2023.”
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On divergent recoveries
The IMF stated that divergent recovery paths are likely to create wider gaps in living standards across countries compared to pre-pandemic expectations.
“The average annual loss in per capita GDP over 2020–24, relative to pre-pandemic forecasts, is projected to be 5.7 percent in low-income countries and 4.7 percent in emerging markets, while in advanced economies the losses are expected to be smaller at 2.3 percent,” they said.
“Faster progress with vaccinations can uplift the forecast, while a more prolonged pandemic with virus variants that evade vaccines can lead to a sharp downgrade. Multispeed recoveries could pose financial risks if interest rates in the United States rise further in unexpected ways.“
For Africa, IMF forecasts economic growth of 3.4% in 2021 and 4% by 2022, Nigeria is expected to grow by 2.5% in 2021 and 2.3% by 2022, while South Africa is projected to hit growths of 3.1% and 2.0% for the respective years in focus.
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In case you missed it
The International Monetary Fund (IMF) identified some factors that hamper the economic recovery of low-income countries from the devastating impact of the coronavirus pandemic, factors including access to vaccines, limited policy space to respond to the crisis, the lack of means for extra spending, pre-existing vulnerabilities such as high levels of public debt in many low-income countries and sometimes weak, negative, total factor productivity performance in some low-income countries. These factors continue to act as a drag on growth.
