US Providing $300 Million in New Ukraine Military Aid

pentagon — The United States is providing a new round of military aid for Ukraine valued at up to $300 million, the first such announcement since late December, in what defense officials have called an “ad hoc” package made possible through U.S. Army procurement savings.

National Security Advisor Jake Sullivan announced the 55th presidential drawdown authority (PDA) package at the White House on Tuesday and said it would include artillery rounds and munitions for HIMARS, weapons desperately needed on the Ukrainian front lines where shortages abound.

The funding for this package came from savings garnered in “multiple contract actions over multiple months” where the Army was able to “buy things at a better price” than initially budgeted, according to senior defense officials who spoke to reporters on conditional of anonymity ahead of the White House announcement.

“This is a bit of an ad hoc or one-time shot. We don’t know if or when future savings will come in, and we certainly can’t count on this as a way of doing business,” one of the senior defense officials said.

In one example provided by the officials, the Army had initially estimated the cost of 25 mm rounds at $130 but was able to negotiate the price down to $93.

The savings were then placed back into the U.S. funding pot for Ukraine aid, a process that has happened several times but wasn’t considered as newsworthy during those times because the fund wasn’t “broke” before, according to defense officials.

$10 billion shortfall

The aid package comes despite a Pentagon funding shortfall of about $10 billion for U.S. military weapons needed to replace those already sent to Ukraine, a shortfall that requires additional money from Congress to fix, according to top defense officials.

“We don’t foresee a likely alternative outside of the supplemental funding [bill] or having that money added into an appropriations bill in order to achieve the replenishment that we need,” Deputy Secretary of Defense Kathleen Hicks told reporters on Monday.

Pentagon officials expected to get the funding to replenish those stocks in a supplemental request from the Biden administration, which included billions of additional dollars in aid for Ukraine, Israel and Taiwan. However, Congress has yet to pass a supplemental aid bill because of arguments on spending and U.S. border security.

Because it has been 15 months since Congress last approved money to help Ukraine, defense officials say Secretary of Defense Lloyd Austin has expressed concerns about any future drawdowns.

The department still has about $4 billion in authority to send weapons to Ukraine, but there is no congressionally approved money left to replenish the Pentagon’s weapons stockpiles.

“We have the ability to move funds out of our stocks, but without the ability to replenish them, we are putting our own readiness at some risks,” according to one senior defense official.

The $10 billion shortfall is tied to the way the Pentagon has accounted for the aid sent to Ukraine. Last June, the Pentagon said it overestimated the value of weapons sent to Ukraine by about $6.2 billion over the past two years.

When calculating its aid package estimates, the Department of Defense was counting the cost incurred to replace the weapons given to Ukraine, while it said it should have been totaling the cost of the systems actually sent, officials told VOA at the time.

The error provided the Pentagon the legal cover needed to send more aid to Ukraine, but the problem remained that more funds would be needed to replenish U.S. military stockpiles with newer, costlier weapons.

Asked by VOA why the Pentagon was willing to use its savings to send more aid for Ukraine but was not willing to dip into this the $4 billion of remaining presidential drawdown authority, one of the senior defense officials told reporters that “the lack of clarity” from Congress on whether they will approve additional aid makes the Pentagon “very reluctant to dig the hole deeper.”

“In this case, we are not digging the hole deeper. We’re staying even, while recognizing that Ukraine is in a very tough spot this moment,” the defense official added.

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Turkey Faces Balancing Act With Somalia, Ethiopia

Turkey’s new naval agreement with Somalia places the Turkish navy in a strategically vital region, underlining Ankara’s growing naval ambitions. However, analysts warn that the agreement threatens to escalate current tensions with Somalia’s neighbor Ethiopia. Dorian Jones reports from Istanbul.

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India, China Spar Over Modi Visit to Himalayan State

New Delhi — India has dismissed China’s objections to a recent visit by Prime Minister Narendra Modi to the northeastern state of Arunachal Pradesh, which Beijing claims is its territory.

The spat is the latest flare-up in a four-year-long military standoff between the two countries’ that shows no signs of easing.

A day after Beijing lodged a diplomatic protest over Modi’s visit, India’s foreign ministry spokesman Randhir Jaiswal said that Chinese objections do not “change the reality that Arunachal Pradesh was and will always be an integral part of India.”

Modi visited the Himalayan state on Saturday to inaugurate a two-lane tunnel built at an elevation of 4,000 meters. It will provide a year-round transportation link to the remote region and facilitate movement of soldiers and military equipment to the border state, where both countries have amassed troops. He also announced several other infrastructure projects that include development of roads and power generation.

New Delhi is also racing to complete several other infrastructure projects such as roads and bridges in the Himalayas as tensions with China persist along their 3,500-kilometer-long border.  

Chinese foreign ministry spokesman Wang Wenbin told reporters on Monday that Beijing “strongly deplores and firmly opposes” the Indian leader’s visit to Arunachal Pradesh, which it refers to as Zangnan, and that “India has no right to arbitrarily develop the area of Zangnan in China.”

He said that “India’s relevant moves will only complicate the boundary question and disrupt the situation in the border areas between the two countries.”

India dismissed the Chinese protests. “Indian leaders visit Arunachal Pradesh from time to time, as they visit other states of India. Objecting to such visits or India’s developmental projects does not stand to reason,” Jaiswal said.

China has objected to visits by Indian leaders to Arunachal Pradesh in the past, but tensions over the region have intensified in the past year. Last August, India lodged a protest with Beijing over reports that China released a new map showing the state as part of its territory. Last April, Beijing renamed 11 places in the state, including rivers and mountain peaks. 

Relations between the Asian giants plummeted to their lowest point in six decades after their troops clashed on the western side of their border in Ladakh in 2020, killing 20 Indian and four Chinese soldiers. 

Since then, each side has deployed tens of thousands of troops along their border, backed by fighter jets, artillery and tanks.

“This tension that we have seen for the last four years has not served either of us well,” Indian Foreign Minister Subrahmanyam Jaishankar told a media conclave organized by the Indian Express newspaper on Monday.

“So, the sooner we resolve it, I genuinely believe it is good for both of us. I am still very much committed to finding a fair, reasonable outcome.”

Analysts say efforts by the two sides to de-escalate have largely failed. Although soldiers have pulled back from five friction points, the deployment along the border is still huge.

“Ties between India and China continue to be cold and despite 21 rounds of talks between their military commanders since the 2020 clash to discuss withdrawal of troops, there are no signs of a wider pullback,” according to Manoj Joshi, distinguished fellow at the Observer Research Foundation in New Delhi.    

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Pakistan Bans Visits to Jailed Ex-PM Khan Over Disputed Terror Threat

Islamabad — Prison authorities in Pakistan on Tuesday abruptly banned all meetings and visits to incarcerated former prime minister Imran Khan for two weeks over a “security alert,” drawing a sharp rebuke from his political party and legal counsels.

The 71-year-old former Pakistani leader is serving long prison terms in Rawalpindi, a garrison city adjacent to the capital, Islamabad. Khan was convicted of graft, leaking state secrets while in office, and a fraudulent marriage just days before national elections last month, charges he rejected as political victimization.

His opposition, Pakistan Tehreek-e-Insaf (PTI), condemned Tuesday’s abrupt “blanket ban” on access to Khan as unlawful and unconstitutional, demanding it be removed immediately.

“When we reached the jail this morning for a routine meeting with Mr. Khan in line with a high court directive, all of a sudden, we were stopped from seeing him and were told that blanket restriction was in place for two weeks on such meetings,” Gohar Ali, the acting PTI chairman, told a news conference in Islamabad.

“The excuse was made that there was a threat of terrorism,” he added, claiming the ban was solely aimed at “isolating their popular” leader from media and supporters, and it would be challenged in a court of law.

An official written directive from the inspector general of prisons in Punjab province, where Rawalpindi is situated, confirmed Tuesday the two-week ban on public visits, meetings, and media interviews within the prison complex.

The directive stated, without elaborating, that “there exist different types of threats to security” of the prison complex and “anti-state terrorist groups…have planned to conduct targeted attacks thereof.” 

The prison facility also houses other senior PTI leaders, including Pakistan’s former foreign minister, Shah Mehmood Qureshi.

Khan, a cricket hero-turned-prime minister, was ousted from office in 2022 through a parliamentary vote of no-confidence and has since faced scores of legal challenges. He denies wrongdoing and accuses Pakistan’s powerful military of being behind his prosecution and other civil and criminal charges. The military rejects allegations it meddles in the country’s political affairs.

The February 8 elections in Pakistan delivered a split mandate. PTI-backed candidates won the most seats in the 336-seat National Assembly or the lower house of parliament but not enough to form a government on their own.

That encouraged the two family-controlled traditional ruling parties, former prime minister Shehbaz Sharif’s Pakistan Muslim League-Nawaz, or PML-N, and the Pakistan Peoples Party, or PPP, to cobble together a coalition government, enabling Sharif to return to power for a second time.

The elections were marred by widespread rigging allegations, and critics at home and in foreign governments, including the United States, called for an independent probe.

The PTI leadership alleges it won a two-thirds majority, but the election commission manipulated the outcome at the behest of the military to “steal” their mandate” and enable their bitter two rivals, PML-N and PPP, to form the government. The commission denies the accusations.

In the lead up to the polls, Khan’s party was subjected to a military-backed government crackdown, detaining hundreds of its members and candidates and barring the party from organization campaign rallies. PTI’s activities were also banned from mainstream media, and so were Khan’s name or images.

The other political parties, including rival PML-N and PPP, freely conducted their campaigns and dominated media coverage in the build-up to the vote.

Sharif’s 19-member cabinet was sworn in Monday. It included several members from Pakistan’s interim government, which was exclusively tasked under the constitution with holding the elections and remaining neutral.

Pakistani authorities shut down mobile phone and internet services on election day, giving credence to allegations of voter fraud.   

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Trial Begins in Deadly Shooting at LGBTQ+ Festival in Norway

COPENHAGEN, Denmark — The trial began Tuesday in Norway for a man accused of aggravated terrorism for the deadly shooting at an LGBTQ+ festival in Oslo’s nightlife district. 

Two people were killed and nine seriously wounded in the shooting at three locations, chiefly outside the London Pub, a popular gay bar, on June 25, 2022. 

Prosecutor Sturla Henriksbo said Zaniar Matapour, 44, allegedly fired 10 rounds with a machine gun and eight shots with a handgun into a crowd. Matapour, a Norwegian citizen originally from Iran, had sworn allegiance to the Islamic State group, Henriksbo said. 

Matapour was detained by bystanders. Following the attack, a Pride parade was canceled, with police saying they couldn’t guarantee security. 

Matapour has refused to speak to investigators. If found guilty, he faces 30 years in prison. 

In Oslo District Court, Matapour asked the judge why the trial was held during the Muslim fasting month of Ramadan. Judge Eirik Aass replied, “I have not perceived that there is a conflict in carrying out the case even though it is Ramadan.” 

Henriksbo said that Matapour was born in Iran of parents of Kurdish background. The family fled to Norway when he was 12. 

The shooting shocked Norway, which has a relatively low crime rate but has experienced so-called lone wolf attacks in recent decades, including one of the worst mass shootings in Europe. In 2011, a right-wing extremist killed 69 people on the island of Utoya after setting off a bomb in Oslo that left eight dead. 

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China Renews Diplomatic Push to Repair Strained Ties with EU

Taipei, Taiwan — China has launched a new push to repair relations with the EU in recent weeks, deploying its special envoy on Eurasian affairs on a “shuttle diplomacy” tour through several European countries while calling on Brussels to prioritize the common interests rather than differences between the two sides.

At a press conference during China’s annual parliamentary meeting last week, Chinese Foreign Minister Wang Yi pushed back against the European Union’s characterization of China as “a partner, competitor and systemic rival” while reiterating that their common interests “outweigh” differences.

“China and Europe do not have clashing fundamental interests between them, or geopolitical and strategic conflicts,” he said in front of dozens of local and foreign journalists. “The two sides should be characterized rightly as partners, [and] cooperation should be the defining feature of the relationship.”

Some analysts say Wang’s emphasis on “common interests over differences” reflects Beijing’s attempt to use mild diplomacy in a bid to improve relations with Europe.

“Over the last few months, China has been trying to stabilize not only their relationship with the U.S. but also their relations with the EU,” said Justyna Szczudlik, a China analyst and deputy head of research at the Polish Institute of International Affairs.

In light of Brussels’ toughening stance on China, including sanctions imposed on Chinese companies supporting Russia, Szczudlik told VOA in a phone interview that Beijing is aware that the EU has leverage on them.

“China also needs stability because of the economic headwinds and social problems they are facing,” she said.

Despite Beijing’s attempt to reduce tension with European countries through measures such as extending visa-free travel to six other European countries, some experts say the effect of this strategy will be limited.

“While European countries recognize that Beijing is trying to improve relations with the EU, all the old problems still prevail, including uneven trade disputes and China’s stance on the Ukraine war,” Sari Arho Havren, an associate fellow at the Royal United Services Institute in Brussels, told VOA by phone.

She said that while Brussels has repeatedly highlighted its trade pain points and other concerns during meetings with Beijing, those messages don’t seem to have registered with the Chinese side. “Nothing is happening [on the Chinese side], so I don’t think Beijing is listening to the EU’s concerns,” Havren said.

Since the beginning of March, Li Hui, the Chinese special envoy on Eurasian affairs, has been conducting “a second round of shuttle diplomacy” across Europe, traveling to Russia, Brussels, Poland, Ukraine, Germany and France.

During his meeting with top European diplomats in Brussels, Li expressed Beijing’s firm opposition to the EU’s inclusion of Chinese companies in its sanctions against Russia while urging the EU to “return to the right track of dialogue and consultation with China,” according to the official readout issued by the Chinese government.

Apart from urging Brussels to lift sanctions on the Chinese companies, the South China Morning Post reported, Li also told European officials that “no discussion on Ukraine’s territorial integrity would take place until the violence stops,” which he claimed could only happen if “the EU stops sending weapons to Ukraine.”

In response, the EU expressed concerns about the large volumes of dual-use and advanced technology items that China has exported to Russia’s military-industrial complex and said China’s position on the Ukraine war “inevitably impacts” the bilateral relations.

Brussels also urged Beijing to “play a constructive role” by calling on Russia to withdraw all forces “from the entire territory of Ukraine” within its internationally recognized borders.

Some experts say the EU’s readout shows they don’t expect Beijing to play a constructive role in facilitating a potential cease-fire and peace talks between Russia and Ukraine.

“The EU feels that Li was delivering messages close to Moscow’s propaganda during their meeting, and it would likely make Brussels less willing to open up to the olive branch from China,” Zsuzsa Anna Ferenczy, an expert on China-EU relations at the National Dong Hwa University in Taiwan, told VOA in a phone interview.

Ferenczy said that while China’s commitment to its partnership with Russia has damaged the EU’s trust in Beijing, Brussels has repeatedly expressed its commitment to “keep channels of communication open” with the Chinese.

Amid Beijing’s renewed diplomatic outreach, the EU has adopted a series of measures that some analysts say signal a toughening stance on its trade relations with China. Last week, the European Commission started customs registration of electric vehicles imported from China, paving the way for a possible imposition of tariffs on Chinese EVs.

Additionally, the EU is moving closer to adopting an anti-forced-labor law, which could ban imports from China’s Xinjiang region, where some research and media reports suggest a large number of Uyghur Muslims are being subjected to forced labor, an accusation Beijing denies.

Szczudlik in Poland said the potential adoption of these trade measures shows that the EU’s handling of its trade relationship with China has gone from “setting up defensive tools” to “being offensive.”

“This process is a good example that the EU is not toothless when it comes to China,” she said.

The EU is preparing to hold its parliamentary election in June, and European Commission President Ursula von der Leyen is running for reelection in 2024, but Ferenczy in Taiwan said she doesn’t expect any big changes in EU-China relations in the short term.

“I expect the European side to remain skeptical of China and push forward the same agenda,” she said, adding that the outcome of the two elections may have some impact on how the EU shapes its policies toward Beijing.

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Internet Personality Tate Brought to Romanian Court on UK Arrest Warrant

Bucharest, Romania — Internet personality Andrew Tate was arrested for 24 hours in Romania on a British warrant, his PR representative said on Tuesday, and the Bucharest Court of Appeals was set to decide on whether to extradite him.

Tate and his brother Tristan were detained on allegations of sexual aggression dating back to 2012-15, which they “categorically” deny, his PR team said. The warrant was issued by Westminster Magistrates Court.

“Brothers Andrew and Tristan Tate were forcibly detained for 24 hours and handed a European arrest warrant by UK authorities. The charges, dating back to 2012-2015, include allegations of sexual aggression,” Andrew Tate’s PR representative said in a statement. “The Bucharest Court of Appeal is slated to make a pivotal decision today on whether to execute the mandate.”

The court had yet to decide when it will convene to address the warrant. It was not immediately available for comment. 

Tate, who gained millions of fans by promoting an ultra-masculine lifestyle, was indicted in June in Romania along with his brother and two Romanian women for human trafficking, rape and forming a criminal gang to sexually exploit women. They have denied the charges.

The case has since been with the Bucharest court’s preliminary chamber, which needs to decide whether the trial can start. A decision has yet to be made, with Romanian courts backlogged.

The Bucharest Court was also set to rule on Friday whether to maintain a seizure of Tate’s assets enforced by Romanian prosecutors at the start of 2023.

The Tate brothers were held in police custody pending the criminal investigation from late December 2022 until April, to prevent them from fleeing the country or tampering with evidence. They were placed under house arrest until August.

They have since been under judicial control, a lighter preventative measure meaning they have regular check-ins with the police but can move around freely except for leaving the country.

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Intelligence Community Report Warns Lawmakers About US Disengagement From Ukraine

In its annual global threats assessment report Monday, the U.S. intelligence community told lawmakers that the war in Ukraine is at a turning point whose outcome will depend on American assistance. VOA’s congressional correspondent Katherine Gypson has more from the Senate, where lawmakers called on the House to take up the $95 billion foreign aid bill.

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Portugal’s Center Right Prepares to Rule; Far Right Warns of Instability

lisbon, portugal — Portugal’s center-right Democratic Alliance (AD) won Sunday’s general election by a slim margin and is preparing to govern without an outright majority as the far-right Chega warned of instability if it is not included in government. 

With 99.1% of the vote counted, the AD won 79 seats in the 230-seat legislature, followed by the Socialists with 77 seats, prompting the latter to concede defeat. 

Chega, meaning “enough,” came in third, quadrupling its parliamentary representation to 48 lawmakers after campaigning on a clean governance and anti-immigration platform. 

Chega voters said before the poll that Portugal was in a bad way, and they wanted changes in housing, education, health care and justice in Western Europe’s poorest country. 

AD leader Luis Montenegro told reporters Sunday that he expected President Marcelo Rebelo de Sousa to formally invite him to form a government. 

Rebelo de Sousa, who will meet with political parties from Tuesday until March 20, told the Expresso newspaper Friday that he would do everything he could to prevent Chega from gaining power. Those remarks drew criticism as the head of state is mandated to remain neutral. 

Chega leader Andre Ventura told reporters the vote clearly showed that the country wants a government of the AD with Chega. 

Ventura said in an interview with the TVI broadcaster that he would vote against the state budget if the AD did not negotiate it with his party. 

“If there is no negotiation, that would be a humiliation for Chega and I would vote against it,” Ventura said. 

The outcome was broadly in line with pre-election opinion polls, but the AD’s victory was significantly smaller and Chega’s growth was larger than predicted, political scientist Andre Azevedo Alves told Reuters. 

Alves, a professor at Lisbon’s Catolica University and St. Mary’s University in London, added that the fragility of an AD government because of its reliance on either the Socialists or Chega to pass legislation made it unlikely to last for several years. 

Javier Rouillet from rating agency DBRS Morningstar warned that if the new government was unable to pass legislation, another round of elections could be held later this year or in early 2025. 

Chega’s surge was boosted by Ventura’s communication skills and widespread dissatisfaction with the mainstream parties, he said, factors that could help it garner even better results in the European Parliament elections. 

“Political disaffection was brewing for a very long time,” said political scientist Pedro Magalhaes, at Lisbon’s Institute of Social Sciences. “But there was no political supply to address this political demand.” 

Marina Costa Lobo, who heads institute, said she believed Montenegro would keep his word and not strike a formal deal with Chega but there might be “piecemeal” agreements between the two going forward. 

“It’s difficult to predict Chega’s behavior because they’re an anti-system party,” she said, adding the far-right’s success in Portugal was a harbinger of what can be expected in the European Parliament election in June. 

Out of the system 

Euro-intelligence consultants said the result marked a new political chapter in Portugal after alternate governance by two mainstream parties for the past 50 years. 

“We don’t know who’ll be in charge of the country. The far right has little or nothing to offer,” doctoral student Jorge Catanheira, 29, told Reuters. 

The election result underscored a political tilt to the far right across Europe and a dwindling of Socialist governance. 

Chega has since 2020 been part of the European Parliament’s Identity & Democracy group, which is expected to see gains in June. 

Spain’s far-right VOX and Matteo Salvini, who leads Italy’s co-ruling party Lega, congratulated Ventura. 

Portugal’s PSI stock index fell 0.3% at open, in line with a decline by European peers, before flattening out. 

“The impact of the elections on the market turned out to be nil,” XTB analysts said in a note. 

Under Socialist leadership since 2015, Portugal has grown at solid annual rates above 2%, except for the pandemic-induced slump of 2020, but many struggle to make ends meet because of low salaries and a housing crisis. 

Voter turnout was 66.23%, the highest in nearly three decades. 

Magalhaes said it was possible turnout reached such levels because voters who had been “out of the system” came back to support the radical right. 

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Russia Arrests South Korean Man for Spying: TASS

MOSCOW — A South Korean citizen has been arrested in Russia on suspicion of espionage, Russian state news agency TASS reported Monday.

TASS quoted law enforcement agencies as saying the man, whom it named as Park Won-soon, had been detained in the far eastern city of Vladivostok before being transferred to Moscow for “investigative actions.”

The state news outlet said it was the first such case against a South Korean national. It did not provide any details on the nature of the alleged spying.

South Korea’s Ministry of Foreign Affairs said in a statement its consulate has been providing assistance since it became aware of the arrest. It declined to give more details as the matter was currently under investigation.

Russia regards South Korea as an “unfriendly” country because of Seoul’s support for Western sanctions against Moscow over the war in Ukraine.

At the same time, Russia has cultivated closer relations with North Korea, which the United States says is providing munitions to Moscow for use in the war. North Korea and Russia have denied this, although they have pledged to strengthen military cooperation.

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Nigeria’s Cryptocurrency Crackdown Will Have Consequences, Experts Say

abuja, nigeria — Economic analysts and crypto enthusiasts are raising concerns following Nigeria’s ban on end-to-end transactions — a type of payment processing — involving its currency, the naira, on the world’s largest cryptocurrency exchange platform, Binance.

Binance disabled all its naira services on Friday after Nigerian authorities accused the company of exploitation, devaluation of the naira and money laundering.

The restriction on naira services on Binance exchange held firm as of Monday. But critics said the measure might increase youth unemployment in a country already struggling with soaring inflation.

The latest measure by authorities followed recent moves to try to save Nigeria’s currency from collapse and address economic problems.

Authorities said Binance manipulated exchange rates through speculation and rate-fixing, leading to the devaluation of the naira.

The government also accused the company of terrorism financing and money laundering, saying $26 billion worth of transactions on the platform were untraceable.

Binance denied any wrongdoing in a statement posted on its website last month.

Central Bank blamed

Public finance expert Isaac Botti said transactions on Binance were not the source of Nigeria’s economic problems.

“It is something that was caused as a result of our reckless demand and utilization of hard currency in Nigeria,” Botti said. “The major challenge is not in the amount of fictitious assets or dollars that people kept in their crypto accounts. It is in the volume of dollars that was released physically by the Central Bank of Nigeria.”

Nigeria has 13 million cryptocurrency holders, more than any other African country. Kenya is next with 4.4 million.

In a statement last week, Binance said any remaining naira on the platform would be automatically converted to Tether — a cryptocurrency stablecoin pegged to the U.S. dollar.

Last year, Nigeria introduced currency controls and ended petrol subsidies with the aim of reviving the economy.

But afterward, the naira plummeted to record lows. Analysts said the government ban on Binance could lead to job losses.

Blockchain expert Jahdiel Chidi agreed but said Nigerians would turn to new crypto exchanges to possibly fill the gap created by Binance’s exit.

“The implication is that people are going to go to other exchanges,” Chidi said, “I mean, there are other options and platforms that you can do the same thing that was obtainable on Binance.”

In February, Nigerian authorities cracked down on local currency exchange operators and revoked more than 4,000 licenses after the exchange rate dropped to 1,900 naira to one dollar.

Chidi said the Nigerian government must look for better measures in addressing the country’s current foreign exchange challenges.

“I think it was a decision made from the point of hurry without critical investigation into the accusation of Binance’s involvement in certain naira-dollar exchange rates,” Chidi said. “The main issue that I think they should look at is to focus on the import duty. That’s one of the things that has devalued the naira. Binance just happens to be a victim of wrong decisions by the government.”

Last year, the Central Bank reversed its stance on crypto companies, allowing them to operate — a move that was then viewed as a positive posture toward digital currency assets.

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Pakistan Swears In Newly Elected PM Sharif’s 19-Member Cabinet

ISLAMABAD — The 19-member Cabinet of Pakistan’s newly elected Prime Minister Shehbaz Sharif was sworn into office Monday and held its first meeting. The prime minister appointed several top government posts and promised to tackle the country’s unrelenting economic crisis. 

Pakistani President Asif Ali Zardari administered the oath of office to the ministers at the presidential office in the capital of Islamabad, with Sharif in attendance. Sharif was elected as prime minister by the parliament Sunday, a month after parliamentary elections and after his Pakistan Muslim League-N party formed a coalition with several allies. 

Sharif held the same position from April 2022 to August 2023, when he replaced archrival Imran Khan, a former cricket star turned Islamist politician who was ousted in a no-confidence vote in the National Assembly. 

Sharif’s new government faces daunting challenges, including an unprecedented economic crisis, regular power cuts, near-daily militant attacks and a challenging relationship with neighboring Taliban-run Afghanistan. 

In televised remarks, Sharif vowed to improve the country’s economy and contain rising inflation and halt price hikes during the Islamic holy month of Ramadan, when Muslims fast from dawn to dusk. Ramadan for most Muslim countries started Monday. 

Sharif appointed lawmaker Ishaq Dar as foreign minister and re-appointed Khawaja  

Mohammad Asif as defense minister. Mohsin Naqvi, who served as caretaker chief  

minister in the eastern Punjab province, was appointed interior minister while Attaullah Tarar was named information minister. 

The post of finance minister went to Muhammad Aurangzeb. The minister for climate change is yet to be selected from among the remaining ministers. 

Zardari was appointed president Saturday by the newly elected parliament. His office is mostly a ceremonial role, and he is Sharif’s main ally. However, no one from his Pakistan People’s Party has been appointed to the Cabinet. Zardari’s son, Bilawal Bhutto Zardari, was foreign minister during Sharif’s previous stint as premier. 

On Sunday, police detained dozens of Khan’s supporters while protesting alleged rigging in last month’s parliamentary elections, which the ousted politician’s party claimed was aimed at blocking it from getting a majority. Election officials have denied the charge

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