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Mahafaly resigns as Madagascar Prime Minister to allow Unity govt.

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Madagascar’s prime minister Olivier Mahafaly said he resigned from his post on Monday to comply with the terms of a court ruling that ordered the formation of a new consensus government to end a political crisis on the Indian Ocean island nation.

Last month, president Hery Rajaonarimampianina approved an election law under which the main opposition candidate, Marc Ravalomanana, could run for office. An earlier version of the law had sparked deadly street protests.



The High Constitutional Court ordered Rajaonarimampianina to dissolve his government and appoint a new prime minister with the support of all political parties.

I unconditionally accept this decision because I do not want to block a solution. I hand in my resignation without constraint or regret,” Mahafaly told reporters at his office.

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Presidential elections are due this year.

Madagascar is one of the world’s poorest countries, despite reserves of nickel, cobalt, gold, uranium and other minerals. A 2009 coup scared off foreign investors.

Rajaonarimampianina will have to consult other parties in parliament before appointing a new prime minister. His party has no lawmakers in parliament and he has until June 5 to pick the consensus prime minister as ordered by the court.

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Business

Absa became the new competitor on the Ethiopia market.

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Absa Bank Of South Africa’s  has become the Latest Multinational Corporation to show Interest in Organizing the Ethiopia market.

Ethiopia has since Prevented Foreign Ownership in Economic Sectors that Includes Banking but Abiy Ahmed has began to take fast Action on the issue since he came to power in April.



Jason Quinn, the bank’s chief financial officer, told reporters that Absa was investigating on how and where to enter in a number of populating market, including Nigeria and Angola.

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Am Entrance made into the Ethiopia market of 100 million People, would be part of a Scheme made by Absa after it break from Britain’s Barclays in 2017.

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Ethiopia has plans to liberalise state-owned companies including Ethiopian Airlines, Ethio Telecom, Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Power, in order to attract foreign direct investment and stimulate growth.

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Motherland News

Black box of the Ethiopian Airline Crash recovered.

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The United Nations described the Sunday crash of the Ethiopia airline as disastrous saying it has cost them a great loss.



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Michael Moller, director-general of the U.N. European head garters said this was the worst loss suffered in years in Geneva in a statement where 150 people where gathered.

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Investigators in Ethiopia have recovered the black box from the ill-fated Ethiopian airline this Sunday.

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