migrants at sea

ECOWAS maintains sanctions against Mali

The Economic Community of West African States (ECOWAS) decided to keep the pressure on the ruling junta in Mali, where sanctions remain in place, while Guinea and Burkina Faso are threatened with new sanctions. ECOWAS “urges the transitional authorities to enter into a complementary period of 12 to 16 months” before the organization of elections […]

UN Security Council Extends AU Mission in Somalia Through 2026

The UN Security Council on Tuesday adopted a resolution extending the mandate of the African Union Support and Stabilization Mission in Somalia (AUSSOM) through 2026. AUSSOM, which replaced a previous transition mission in January, continues to support Somali security forces in the fight against Al Shabab. In August, Somali forces and AUSSOM recaptured the strategic […]

Egypt scraps requirement for letters of credit for imports

The Central Bank of Egypt (CBE) abolished a February 2022 circular requiring the use of letters of credit for imports, and allowed the use of collection documents instead, Arab Finance reports. The CBE in a late December circular scrapped the letter of credit which provides an irrevocable guarantee to the exporter that the importer’s bank […]