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WASHINGTON — In response to multiple global crises disproportionately impacting women, the International Monetary Fund (IMF) has adopted new policies to better consider gender in its work, the global crisis lender's managing director announced on Friday.

"I am most pleased and proud to announce that the Executive Board today approved the IMF's first Gender Strategy aimed at integrating gender into the Fund's core activities," said Kristalina Georgieva in a statement.

She explained that the Washington-based organisation would immediately begin implementing the strategy, which includes improving access to gender-disaggregated data as well as "setting up a robust framework to ensure that macro-critical aspects of gender are integrated in IMF country work".

"Successful implementation of this strategy will assist our member countries in achieving more inclusive and equitable economic growth and resilience," said Georgieva.

"When women do well, countries do well."

A Bulgarian economist who has worked for decades in international development, Georgieva added that "well-designed macroeconomic, structural, and financial policies can support efficient and inclusive outcomes and equitably benefit women, girls, and society in general".

FRANKFURT — The European Central Bank (ECB) on Thursday brought an end to the era of negative interest rates in the eurozone, with a bigger than expected half-point hike as inflation soars and an energy crisis looms.

The rate hike is the Frankfurt institution's first since 2011.

The ECB said its new "assessment of inflation risks" justified taking "a larger first step on its policy rate normalisation path than signalled at its previous meeting" in June when policymakers shared their intent to raise rates by a more modest 25 basis points or a quarter of a percentage point.

Inflation in the eurozone hit 8.6 per cent in June, the highest-ever level in the currency club and well above the central bank's target of two per cent. 

The ECB also unveiled the first details of a new crisis tool to fight bond market stress in parts of the eurozone.

The instrument is a response to recent increases in the borrowing costs for governments in more highly indebted, usually southern eurozone members, such as Italy.

Dubbed the "Transmission Protection Instrument [TPI]", the targeted bond-buying scheme "can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area", the ECB said in a statement.

Negative outlook 

The ECB's hike lifts its deposit facility out of negative territory for the first time in eight years, to zero per cent. 

The rate on its main refinancing operations climbs to 0.50 per cent and on its marginal lending facility to 0.75 per cent

With prices taking off, the euro weak against the dollar and other central banks racing ahead with bigger hikes, the ECB was under pressure to think about making a bigger move at the meeting on Thursday.

Future rate hikes "will be appropriate", the ECB said, as it looks to catch up with the US Federal Reserve and the Bank of England which both started raising rates earlier and more aggressively.

The "frontloading" of the rate hikes meant the ECB could take a "meeting-by-meeting approach to interest rate decisions", it said, stressing that future moves would be "data-dependent".

The ECB had a fine line to tread between soaring inflation and the weakness of the eurozone economy, rattled by the war in Ukraine.

The continent's dependence on Russian energy imports has eurozone members bracing for a difficult winter and planning to ration supplies if Moscow halts gas deliveries.

Central banks would normally hesitate before raising rates with the economy in such a delicate position, "but inflationary pressures have increased to a point where the ECB has to act whatever it breaks", said Frederik Ducrozet, head of macroeconomic research at Pictet.

Lost transmission 

A problem not faced by other central banks is the question of what to do about the widening spread between the borrowing costs faced by the 19 members of the eurozone. 

Limiting the divergence was "critical" to make sure monetary policy moves were felt evenly across the bloc, ECB Vice President Luis de Guindos said in early July.

Besides designing a new instrument, the ECB has said it will "flexibly" reinvest maturing bonds from its portfolio to hoover up debt from more at-risk countries and ease the pressure.

The new tool, whose design was sped up after an emergency ECB meeting in mid-June, was initially met with scepticism by some governing council members.

Bond purchases under the programme, were it ever to be used, were "not restricted" ahead of time, the ECB said.

Instead, the scale would depend "on the severity of the risks facing policy transmission".

TRIPOLI — Mahmud Aguil has a comfortable house in Libya’s capital Tripoli, but chronic power outages in the war-battered country and roasting summer heat now force him to sleep in his air-conditioned van.

“This is my bedroom,” the 48-year-old said pointing to the cramped vehicle, its back seats removed to make space for him and his two young children. “In the morning I wake up with a terrible backache."

“That’s our life these days.”

The people of Libya are enduring electricity cuts of up to 18 hours a day, despite their country sitting atop Africa’s largest proven oil reserves.

After a decade of violence, rising poverty and fragmenting government, many have reached the limits of their tolerance.

Public anger spilled into the streets earlier this month, when protests drew thousands chanting “we want the lights to work” in the capital and in Benghazi, the country’s second largest city.

Demonstrators torched and ransacked the House of Representatives, based in the eastern city of Tobruk, along with other official buildings, while masked protesters burned tyres and blocked roads in Tripoli.

“Even when we have electricity, it’s very weak — just enough to keep the lights on,” said Aguil, who works for a group clearing unexploded ordnance.

The electricity crisis is just the latest trial for Libyans after a decade of insecurity, fuel shortages, crumbling infrastructure and economic woes since a 2011 NATO-backed uprising toppled and killed Muammar Qadhafi.

‘Trouble with everything’ 

One of the walls of Aguil’s house is riddled with bullet holes, bearing witness to the violence that has repeatedly ravaged the North African country.

“We have trouble with everything: The health sector, education, the roads are terrible,” he said. “We have nothing.”

Under Qadhafi, Libya boasted a generous welfare state financed by oil revenues.

But that too has fallen victim to the country’s conflict and division, with fuel squandered, infrastructure damaged or dilapidated, and crippling oil-facility blockades.

Many of Libya’s 7 million people have turned to unreliable, gas-guzzling and polluting generators for electricity.

More dependable models cost those who can afford them around $5,000.

“Thanks to our government,” Aguil said bitterly.

The Tripoli-based authorities have sought to quell public anger over the power outages, admitting they had underestimated the problem.

Interim prime minister Abdulhamid Dbeibah said three power stations were to open this month, two in the west and one in the east.

‘State is absent’ 

Dbeibah leads a western-based administration, while former interior minister Fathi Bashagha draws support from the eastern Tobruk-based parliament and military strongman Khalifa Haftar.

Supporters of the eastern camp have restricted production at key oil facilities in recent months to pressure Dbeibah to transfer power to Bashagha.

The blockade has also reduced the amount of fuel available for power stations, exacerbating electricity shortages.

Sitting with his severely disabled son in Benghazi, the cradle of Libya’s 2011 uprising against Kadhafi’s 42-year rule, Ahmed Hejjaji said he feels helpless.

His four-year-old’s medical equipment needs electricity, and the power cuts are wreaking havoc with his treatment.

The authorities “must guarantee us access to electricity” the 42-year-old father said.

Hejjaji said the daily challenges are never-ending.

Before the Muslim Eid Al Ahda celebration, he said, “I went to the bank early to take out money, but I waited in the queue until 3 pm.

“Why? Because the state is absent.”

WASHINGTON — Elon Musk's pursuit of Twitter was a melodrama from the beginning — a volatile courtship between a mercurial billionaire and an influential social media platform.

That relationship — a love-hate affair from both sides — is now set for an acrimonious court battle.

The courtship 

It all began with an expensive first date: Musk — a longtime Twitter user known for inflammatory tweets — snapped up 73.5 million shares at a cost of nearly $2.9 billion.

The purchase, which was revealed in an April 4 regulatory filing and gave him a 9.2 per cent stake in the company, sent Twitter shares soaring and sparked speculation that Musk was seeking an active role in the social media company's operations.

It also earned him a seat on the board. CEO Parag Agrawal announced the offer — in a tweet, of course — and called Musk "a passionate believer and intense critic of the service which is exactly what we need".

But the initial euphoria did not last: Agrawal said on April 10 that Musk had decided against joining the board, a move the Twitter CEO believed was "for the best".

Rather than amicably parting ways, Musk launched a hostile takeover bid for the company, offering $54.20 a share, an April 13 filing showed.

After saying it would "carefully review" the offer, Twitter adopted a "poison pill" defense, announcing a plan that would allow shareholders to purchase additional stock.

The engagement 

Then came the plans for a walk down the corporate aisle: Twitter reversed course and said on April 25 that it was selling to Musk in a deal valued at $44 billion.

Musk took action to cover the cost, parting with $8.4 billion in shares in electric carmaker Tesla. He pledged up to $21 billion from his personal fortune, with the rest financed by debt.

Musk was already planning his new life with Twitter, saying a few days later that he would lift the ban on Donald Trump, which was handed down after the January 2021 riot at the US Capitol by the then president's supporters.

The breakup 

But he soon began showing signs of cold feet, saying on May 13 that the deal to buy Twitter was "temporarily on hold" pending details on spam and fake accounts on the platform.

In early June, advocacy groups decided to speak now instead of forever holding their peace, launching a campaign to stop Musk from going through with the purchase, which they said would allow him to "hand a megaphone to demagogues and extremists".

Musk, meanwhile, accused Twitter of failing to provide data on fake accounts, and threatened to withdraw his bid.

On June 16, however, he offered signs that the match was still a go, pitching a vision to Twitter staff of a one-billion-user platform. But he was hazy on issues such as potential lay-offs and free-speech limits.

It all came crashing down on July 8, when Musk called off the deal and accused Twitter of making "misleading" statements about the number of fake accounts.

The breakup between the billionaire and the social media platform is set to be far from friendly.

Twitter's chairman tweeted that the company will pursue legal action to enforce the deal, setting up a pricey showdown.

The first hearing of the lawsuit was due on Tuesday at the Delaware state Court of Chancery.

ACCRA — Ghanaian trader Mohammed Biney was already struggling when the government passed a new tax on electronic money transactions this year to try to revive the economy.

With Ghana now buckling under nearly 30 per cent inflation, the Accra shoe seller was shocked when the government announced in July it would have to seek help from the International Monetary Fund (IMF).

President Nana Akufo-Addo once promised "Ghana Beyond Aid" to keep his West African country off foreign aid dependency.

But a sudden U-turn over an IMF credit has sparked fierce debate over his economic management as Ghana struggles with the highest costs of living in two decades.

"You can't impose taxes on us under the guise of saving the economy and then overnight come and tell us you're going to the IMF," trader Biney said.

"I think they ran out of ideas." 

Hit by the global pandemic and fallout from the Russian war in Ukraine on fuel and food prices, Ghana is in talks with IMF to help stabilise its public finances.

But the decision prompted fears IMF-imposed austerity measures will force the end to Akufo-Addo's social programmes and hurt Ghanaians already struggling with soaring costs.

A new opposition-led protest movement and unions threatening strikes over hardships have added pressure on the government just as an IMF team begins initial talks.

Saddled with heavy debt, limited access to fresh funds and few revenue options, the government says the IMF offers short-term help.

Ghana's Deputy Finance Minister Abena Osei-Asare said after the pandemic eroded economic gains, the IMF deal would help with balance of payments and open the door to new financing while protecting social programmes.

"People don't have an understanding of the sort of engagement we're going to have with the IMF that's why they are a bit apprehensive," she said.

Soaring inflation 

Ghana's economic data is not rosy. Growth slowed this year while inflation broke two decade highs at 29.8 per cent in June, driven by transport and food costs.

Ghana's debt to gross domestic product ratio — a measure of what it owes against what it produces — rose from 65 per cent to 80 per cent during the pandemic, the IMF says.

Moody's credit agency in February downgraded its outlook on Ghana's bonds, citing the government's liquidity and debt challenges.

"Ghana's fiscal and debt vulnerabilities are worsening fast amid an increasingly difficult external environment," the IMF said after the team's visit this month.

"An IMF-supported program aims to provide space for Ghana to implement policies."

This deal will be the 18th time Ghana has gone to the IMF after completing a three-year accord in 2019 which saw $918 million in support.

Just in May, Finance Minister Ken Ofori-Atta said an IMF deal was not an option, with the government preferring "home-grown" solutions. 

One of those, Ghana's new electronic transaction tax or E-levy, was meant to help raise $900 million in much-needed revenue along with spending cuts.

But the tax was widely criticised and as people curtailed electronic payments, the E-levy has also fallen far short of revenue estimates.

Gabby Otchere-Darko, a leading ruling party member, tweeted in June the tax had only generated 10 per cent of estimated revenues. 

"Given the situation that we find ourselves... we have no option," John Kwakye, the director of research at the Accra-based IEA think tank, said of the IMF deal. 

"Going to the IMF was to build on our credibility."

Electoral fallout? 

But even with elections still two years away, an IMF deal will likely have political fallout.

Teaching unions went on strike earlier this month until the government agreed to cost of living allowances. Other public sector workers are threatening action.

A "Fix the Country" movement, which holds regular if small protests, has been joined by another group "Arise Ghana". Last month its rally over economic hardships led to clashes with the police.

"The solution to Ghana's problems doesn't lie in Washington," Yaw Baah, secretary general of the Trades Union Congress said. "This is a tragic mistake by the government." 

Eurasia Group's Africa head Amaka Anku told clients the IMF programme will make it harder for Akufo-Addo's New Patriotic Party to argue they are better economic managers. 

That may weaken the position of likely NPP candidate for 2024 Vice President Mahamudu Bawumia though his probably opponent National Democratic Congress or NDC leader and ex-president John Mahama also faces challenges.

"Bottom-line, this makes for a very close election in 2024," Anku said.

Already the opposition has hit out.

"President Akufo-Addo and Dr Mahamudu Bawumia should take full responsibility for incompetently managing the economy," said NDC lawmaker Haruna Iddrisu. 

"The government must come clean and tell us what the people of Ghana should expect instead of blaming Ukraine and Russia."

PARIS — French President Emmanuel Macron hosted United Arab Emirates President Sheikh Mohamed Bin Zayed Al Nahyan for lunch in Paris on Monday, with increased diesel supplies on the menu for their official talks.

The UAE has emerged as a key partner for Western countries as they scramble for energy supplies worldwide to replace imports from sanction-hit Russia.

Sheikh Mohamed, also known as MBZ, was on his first overseas state visit since taking office in May following the death of his half-brother.

The visit is expected to conclude with "the announcement of guarantees given by the UAE on quantities of hydrocarbon supplies to France", Macron's office announced before the visit.

The deal will cover diesel in particular, which the UAE does not supply at present. 

France is seeking "to diversify its sources of supply in the context of the conflict in Ukraine", the Elysee source added, referring to EU sanctions on Russian oil. 

Sheikh Mohamed's decision to make his first official visit to France "is a conscious one that acknowledges the historic ties between the two nations but also the potential for even greater cooperation and growth with France", his diplomatic adviser Anwar Gargash said on Friday.

"The UAE is determined to remain a reliable partner and source of energy," he added. "We have sold our oil to the far-east for 40 years and now we are directing it towards Europe in this time of crisis."

The UAE president's visit to France came after Joe Biden's first Middle East tour as president, which included a visit to Saudi Arabia for energy talks. 

Macron and Biden were overheard talking about energy supplies from the Middle East at a G-7 summit at the end of June in Germany.

Macron told Biden that he had spoken to Sheikh Mohammed who had said he was at his "maximum" in terms of oil production, but that the Saudis had some spare capacity. 

After his lunch with Macron, Sheikh Mohamed is set to be guest of honour at a dinner at the former royal palace in Versailles outside Paris.