Africa Briefs

African arms market to grow by 50%Africa's arms market is likely to grow by 50% over the next five years, analyst Stephane Konan said at a four-day trade show in Ivory Coast."The African market in defence represents only a drop of water in relation to the world market: 42.6 billion US dollars out of 1 731 billion in 2017," Konan told AFP, citing figures from the Stockholm International Peace Research Institute (SIPRI).The fifth defence trade fair in Africa has attracted 113 exhibitors from 29 countries, together with 50 official delegations. Organisers said turnout is four times that of the first show in 2013, for companies and official teams alike.Among nations leading the world's arms industry, the United States, China, France and Israel all have stands at Shield Africa, but so do vendors from smaller powers such as South Africa, Turkey, Belarus, South Korea and Australia."Africa is undergoing strong economic growth, but also new threats. It's the continent that suffered the most terrorist attacks in 2017, and threats to the environment are increasing, like poaching and illegal fishing ... so the need for defence and security material is growing," Konan said.Madagascar names new finance ministerMadagascar has appointed Richard Randriamandranto as its economy and finance minister, the presidency said on Thursday, as part of a leaner cabinet that the president said was part of austerity measures.The announcement was made days after Christian Ntsay was retained as its prime minister, following a presidential election late last year.Randriamandranto is part of a 22 member cabinet, which is smaller than the previous one that had 29 members."All this in the interests of austerity and not to spend public money," president Andry Rajoelina said after the cabinet was named.Though relative political stability since a 2013 election has enabled the economy to recover, the country of 25 million people remains among Africa's poorest. About 80% of the population lives on less than US$2 per day. – Nampa/ReutersOuattara does not rule out running for third termIvorian president Alassane Ouattara on Saturday did not rule out competing in next year's presidential election, amid speculation that he plans to stand for a third term - a move his opponents say would violate the constitution.Ivory Coast's political landscape has been shaken by ex-president Henri Konan Bedie's decision last October to end a 10-year coalition with Ouattara and by the possible return of another former leader, Laurent Gbagbo, in the wake of his recent acquittal in The Hague.Ouattara's camp has said he may reconsider a decision not to run in the 2020 presidential poll if long-time rivals Gbagbo and Bedie were to stand.In June, Ouattara said a new constitution approved in 2016 cancelled out the previous constitution's term limits and gives him the right to stand again, although opponents disagree.At stake in next year's vote is the stability of francophone West Africa's largest economy and the world's biggest cocoa producer, which is still recovering from a short second civil war that led to Ouattara's 2010 victory over incumbent Gbagbo being confirmed. – Nampa/ReutersIMF clears way for loan payment to EgyptThe International Monetary Fund has cleared the way to approve the next US$2 billion loan payment to Egypt, IMF chief Christine Lagarde announced Friday.The loan program for Egypt was signed in November 2016 and with this payment Cairo will have received US$10 billion of the US$12 billion total.Since the 2011 revolt that toppled former president Hosni Mubarak, the economy of the Arab world's most populous country has received multiple shocks caused by political instability and security issues.Egypt has imposed harsh austerity measures to try to right the economy and reduce the budget deficit, including hiking fuel prices and electricity rates.Lagarde praised the "substantial progress" made by the Egyptian government on the reforms, which have boosted growth and cut unemployment to the lowest rate since 2011. – Nampa/AFP

Africa Briefs

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