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The ABC has offered a humble apology following an erroneous accusation made by one of its reporters who falsely implicated two Nationals MPs for neglecting their constituencies during critical times when people are facing life-threatening situations. Claudia Long, the political correspondent for the national broadcaster, stated on "Insiders" last Sunday that National Party members of parliament were absent from their constituencies when the decision was made to dissolve the Coalition. "I believe another crucial aspect for regional areas is having a local representative present during times of crisis, such as floods where lives are lost—this situation occurred earlier this week," she explained to the show. Long particularly mentioned two individuals who perished in the flooding waters within Alison Penfold's potential electorate of Lyne on the Mid-North Coast. Additionally, he pointed out another fatality in Pat Conaghan’s constituency of Cowper, where...

Policymakers Demand Greater Transparency in Sovereign Credit Ratings

Addis Ababa, May 21, 2025 (ENA) — African policy makers are increasingly urging enhanced openness and equity from international credit-rating firms when evaluating national risks. They argue that unclear and uneven assessment methods result in significant financial losses for the continent through missed investments and increased loan expenses.

During a workshop aimed at enhancing transparency and building capabilities related to the sovereign credit rating methodologies employed by prominent global credit rating organizations, financial authorities and economists from various parts of Africa stated that the present system fails to accurately represent the genuine economic conditions and robustness of African economies.

This is an area where power is exerted," stated Raymond Gilpin, the Chief Economist for Africa at the UNDP. "If you fail to comprehend how this power operates, you'll constantly find yourself lagging behind.

The two-day workshop organized by the African Peer Review Mechanism (APRM) in collaboration with the UN Economic Commission for Africa (ECA), UNDP Africa, and Africatalyst, precedes the first-ever Africa Annual Credit Ratings Conference set to commence on May 21st.

The organizers indicate that this event aims to provide governments with the necessary tools to manage, address, and proactively participate in the credit rating process. This also includes tackling macroeconomic issues that affect a country’s creditworthiness.

McBride Nkhalamba, who serves as the Director of Research at APRM, spoke on behalf of APRM CEO Ambassador Marie-Antoinette Quarte. He emphasized the significance of the matter stating, "The methods employed by prominent credit-rating organizations tend to be unclear and not well comprehended." According to McBride, this workshop presents an opportune moment to clarify these techniques, enhance technical skills within governmental bodies, and foster greater interaction.

The event includes case studies, simulations, and peer learning sessions with financial experts and central bank representatives from Ghana, Kenya, Ethiopia, and Zambia.

Zuzana Schwidrowski, who leads the Macroeconomics, Finance and Governance Division at ECA, highlighted the significance of taking a proactive approach to engagement.

"Interactions with rating agencies should be well-informed, confident, and forward-thinking — based on data and reinforced by internal collaboration," she stated.

Schwidrowski urged African institutions to take charge of the narrative. “Africa must own its credit narrative,” she said, adding that “this workshop is not just a forum for technical discussion; it is a platform for strategic empowerment.”

Credit ratings are more than technical exercises. They shape Africa’s access to development finance, influence investor decisions, and impact everything from insurance costs to public debt management.

Gilpin urged African governments to question the assumptions that are often locked into credit ratings. “We must be prepared to challenge what we’re told respectfully but clearly.”

The Africa Annual Credit Ratings Conference, opening 21 May, is expected to bring together stock exchange executives, rating analysts, economists and policymakers for a deeper look at how ratings can unlock domestic financing and support long-term development on the continent.

Provided by Syndigate Media Inc. ( Syndigate.info ).

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