IMF OKs Big Increase in Funds to Alleviate Pandemic Impact

By MARTIN CRUTSINGER

THE GOVERNING BODY of the International Monetary Fund has approved a $650 billion expansion in the agency’s resources to support

economically vulnerable countries battling the coronavirus pandemic and the economic

downturn it has caused.

The 190-nation lending institution said Monday that its board of governors approved the expansion of its reserves known as Special Drawing Rights (SDR), the largest increase in the institution’s history.

“This is a historic decision ... and a shot in the arm for the global economy at a time of unprecedented crisis,” IMF Managing Director Kristalina Georgieva said. “It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.”

The general allocation of SDRs will become effective on Aug. 23. The IMF said that the new reserves will be credited to IMF member countries in proportion to their existing quotas with the agency. About $275 billion of the new allocation will go to the world’s poorer countries.

The agency is also looking into ways richer countries could voluntarily channel SDRs to poorer countries, the agency said.

The big boost in IMF resources had been rejected by the Trump administration. But after President Joe Biden took office in January, Treasury Secretary Janet Yellen threw her support behind the proposal.

Many Republican members of Congress objected to the SDR increase, saying that the expanded IMF resources would benefit U.S. adversaries such as China, Russia and Iran. However, the increase in resources was strongly supported by international relief agencies. https://apnews.com/article/joe-biden-businesshealth-coronavirus-pandemic-7d5ca23b17bde063 a4d599b44f686e77

its factory in Uyo, a town in southern Nigeria.

Nzewi says the factory, which uses proprietary nut de-shelling technology whose patent is pending, cost $150,000 to set up and processes 500 tons of palm nuts per month. The money Releaf has just raised partly went into building and deploying the facility.

We’re working with the world’s most efficient crop at producing vegetable oil in a market that is starving for vegetable oil. It’s a domestic market for the taking.

The big picture is to put a factory closer to smallholder farmers who produce 80% of Nigeria’s oil palm. Most production happens in the Niger Delta (42%), southwest (27%), and southeast (25%) regions, according to the US Department of Agriculture (USDA). “We believe the firm’s thesis on decentralizing food processing would have a strong match with Africa’s economic development landscape for the next few decades,” says Rena Yoneyama, managing partner at Samurai Incubate Africa. Releaf co-founders Uzoma Ayogu (CTO), and Ikenna Nzewi (CEO)

Releaf is targeting a gap in supply

A major motivation for Releaf is that Nigeria barely produces enough oil palm to meet local demand.

Current USDA data show Nigeria produces 1.4 million metric tons, but at least 1.34 million of that is consumed within the country. Refined vegetable

Oil Palm from page 77

oils and fat are on Nigeria’s list of prohibited imports, ostensibly to aid local production. “We’re working with the world’s most efficient crop at producing vegetable oil in a market that is starving for vegetable oil. It’s a domestic market for the taking,” Nzewi says.

But taking this market will not be easy. Nigeria’s major oil palm processing companies, mainly Okomu and Presco, have a far larger asset base of plantations and factories, capital, and market connections with consumer goods companies. Releaf will need partnerships to get a foothold in the industry, which is why they have got help from investors who promise connections.

Endeavor Nigeria inducts startups on a fastgrowing path into a global network that helps such companies grow even faster. This month, it chose Releaf and three other startups for a 10week program to “provide them with access to mentorship, capital, partnerships and a strong peer network of high impact entrepreneurs who have scaled their businesses,” says Tosin Faniro-Dada, managing director and CEO of Endeavor Nigeria.

Bundling other services is part of the plan

Releaf is a food processing company at heart. It has similar needs—electricity, talent, equipment— as a large-scale corn, rice, or cassava-processing company.

But in competing with incumbents in the oil palm industry, Releaf hopes its advantage will be direct relationships with farmers. Offering them better technology for harvesting palm heads and extracting fruits, and services like insurance is part of the long-term plan. “We’re using our position with food processing as a wedge to become a trusted member of rural economies,” Nzewi says.

A former private equity consultant at Bain, Nzewi is of Nigerian origin, but was born and raised in the US. He first visited Nigeria in 2015 was intrigued by research activities at the International Institute for Tropical Agriculture. Releaf started as a marketplace for agriculture commodities, but that didn’t look sustainable in a sector with low margins. The company switched to taking an active role in the oil palm value chain in 2017, bringing the 26 year-old closer to a family goal.

“My grandfather actually had a vision to start a big oil palm plantation. My mum feels like I am fulfilling his ambition,” he says. https://qz.com/africa/2059350/releaf-raises-4million-to-boost-oil-palm-processing-in-nigeria

"A Great Use of Palm Oil" Michael Twitty’s Jollof Rice

The culinary historian’s take on the beloved West African The dish, from his new cookbook, Rice

THIS FAMOUS WEST AFRICAN RICE is named after the Wolof people of Senegal and Gambia, who themselves call it benachin. Maggi, a popular imported bouillon cube ubiquitous in West Africa, has become part of the fl avor profi le of everything there. If you have access to an international market, it will have Maggi cubes, and you can use them to make a Maggi broth to replace the stock here—just follow the instructions on the package. Be careful—it tends to be salty, so go lightly at fi rst to fi nd your bearings.

Kitchen pepper is an old-school spice mixture

that was very popular in early American cooking, especially in the coastal South. While it takes its main cues from quatre épices, a spice mix of pepper, cloves, nutmeg, and ground ginger common in French cooking, it also helped to preserve both medieval and Silk Road fl avors in Southern foodways, as well as the fl avors of West Africa, where indigenous and Middle Eastern spices had long infl uenced the cuisine. This is my take on this classic. It has the complexity of garam masala without quite the punch and heat. —Michael Twitty

INGREDIENTS BASIC JOLLOF RICE

(YIELD: 4 SERVINGS)

• 2 tbsp. vegetable oil • 1 large yellow onion, chopped • 2 garlic cloves, peeled and smashed • 2 tbsp. tomato paste • 1½ cups long-grain white rice, washed and drained • 1 habanero pepper, seeded and chopped • ½ tsp. freshly ground black pepper or kitchen pepper (ingredients below) • ½ tsp. seasoned salt or jollof rice seasoning • 2½ cups vegetable or chicken stock, homemade or store-bought, or Maggi broth

FOR THE KITCHEN PEPPER

(YIELD: ABOUT ½ CUP) • 2 tbsp. coarsely ground black pepper • 1 tbsp. freshly grated nutmeg • 1 tbsp. ground allspice • 1 tbsp. ground cinnamon • 1 tbsp. ground ginger • 1 tbsp. ground mace • 1 tbsp. ground white pepper • 1 tbsp. red pepper fl akes

PREPARATION

Make the kitchen pepper if using: Combine the black pepper, nutmeg, allspice, cinnamon, ginger, mace, white pepper, and red pepper fl akes in a small bowl. Store in an airtight container in a cool, dry place for up to six months.

Make the jollof:

• Heat the oil in a medium saucepan with a tightfi tting lid over medium-high heat. Add the onion and garlic and sauté for 4–5 minutes, until soft. • Add the tomato paste, turn the heat down to medium-low, and cook for about 3 minutes, stirring constantly. • Stir in the rice, chili pepper, black pepper or kitchen pepper, and seasoned salt. Cook for 2–3 minutes, stirring constantly to prevent the rice from sticking to the bottom of the pan. • Add the stock, cover, turn the heat down to low, and simmer for about 20 minutes, until the liquid is nearly but not completely absorbed. • Remove the lid, place a piece of aluminum foil over the pan, return the lid to the pan over the foil, and steam for another 20 minutes.

From RICE: a SAVOR THE SOUTH® cookbook by Michael W. Twitty uncpress.org Image credit: Photo: Dacey Sivewright https://gardenandgun.com/recipe/michael-twittysjollof-rice