Ethiopia Turns Down Agreement on ‘Renaissance Dam’

Water flows through Ethiopia's Grand Renaissance Dam as it undergoes construction work on the river Nile in Guba Woreda, Benishangul Gumuz Region, Ethiopia September 26, 2019. REUTERS/Tiksa Negeri/File Photo
Water flows through Ethiopia's Grand Renaissance Dam as it undergoes construction work on the river Nile in Guba Woreda, Benishangul Gumuz Region, Ethiopia September 26, 2019. REUTERS/Tiksa Negeri/File Photo
TT

Ethiopia Turns Down Agreement on ‘Renaissance Dam’

Water flows through Ethiopia's Grand Renaissance Dam as it undergoes construction work on the river Nile in Guba Woreda, Benishangul Gumuz Region, Ethiopia September 26, 2019. REUTERS/Tiksa Negeri/File Photo
Water flows through Ethiopia's Grand Renaissance Dam as it undergoes construction work on the river Nile in Guba Woreda, Benishangul Gumuz Region, Ethiopia September 26, 2019. REUTERS/Tiksa Negeri/File Photo

Ahead of an anticipated round of talks on Renaissance Dam Monday, as revealed by Addis Ababa – Egyptian and Ethiopian officials released separate statements that showed "the continuing divergence between the two sides."

While Egypt described the Ethiopian stance as ‘incooperative’, Ethiopia restated that it couldn't sign a binding agreement on passing specific shares of waters from Renaissance Dam to the downstream countries.

Spokesperson for Ethiopia’s Ministry of Foreign Affairs Dina Mufti said that the negotiation among Ethiopia, Sudan, and Egypt will start on Monday, as reported by Ethiopian News Agency (ENA). He said Ethiopia was not willing to give up on its national interest for the sake of other parties under the US pressures.

Mufti added that the US severing ties with Ethiopia would impact the US, not Ethiopia.

Recent reports have said Egypt is trying to establish a military base in Somaliland. Commenting on this, Mufti said that Egypt establishing ties with any country doesn’t influence Ethiopia.

Ali Abdel-Aal, the speaker of the House of Representatives, told Al-Ahram daily newspaper that Ethiopia endorsed a negative approach that contradicts with goodwill. This approach lasted for around eight years that witnessed several rounds of talks.

He added that Egyptian understanding of the development needs of Ethiopians was met with intransigence and procrastination.

Abdel-Aal said that Egypt dealt diplomatically with the crisis and pushed towards negotiations.

Since 2011, there three countries have been negotiating to reach an agreement on filling and operating the Renaissance Dam – however, they failed to seal a deal.

Egypt and Sudan aspire to reach a comprehensive deal on the Renaissance Dam including its management but Ethiopia rejects this while Egypt considers that it has a ‘historic right’ in the river by virtue of deals signed in 1929 and 1959. Yet, Ethiopia relies on a signed agreement in 2010 that approves implementing irrigation and dams’ projects at the river. Egypt and Sudan refused this agreement.



French Govt Faces Collapse after Opposition Says It Will Back No-Confidence Vote

Party leader of Rassemblement National (RN) Marine Le Pen (C) talks to journalists after the French National Assembly debate on parts of France's 2025 budget bill, in Paris, France, 02 December 2024. (EPA)
Party leader of Rassemblement National (RN) Marine Le Pen (C) talks to journalists after the French National Assembly debate on parts of France's 2025 budget bill, in Paris, France, 02 December 2024. (EPA)
TT

French Govt Faces Collapse after Opposition Says It Will Back No-Confidence Vote

Party leader of Rassemblement National (RN) Marine Le Pen (C) talks to journalists after the French National Assembly debate on parts of France's 2025 budget bill, in Paris, France, 02 December 2024. (EPA)
Party leader of Rassemblement National (RN) Marine Le Pen (C) talks to journalists after the French National Assembly debate on parts of France's 2025 budget bill, in Paris, France, 02 December 2024. (EPA)

The French government is all but certain to collapse later this week after far-right and left-wing parties said they will vote in favor of a no-confidence motion against Prime Minister Michel Barnier.

Investors immediately punished French stocks and bonds as the latest developments plunged the euro zone's second-biggest economy deeper into political crisis.

"The French have had enough," National Rally (RN) leader Marine Le Pen told reporters in parliament, saying her party would put forward its own no-confidence motion and will also vote for any similar bill by other parties. The left will also propose a similar motion.

"Maybe (voters) thought with Michel Barnier things would get better, but it got even worse."

Barring a last-minute surprise, Barnier's fragile coalition will be the first French government to be forced out by a no-confidence vote since 1962.

A government collapse would leave a hole at the heart of Europe, with Germany also in election mode, weeks ahead of Donald Trump re-entering the White House.

RN lawmakers and the left combined would have enough votes to topple Barnier. They now have 24 hours to put forward their no-confidence motions.

Their comments came after Barnier said on Monday that he would try to ram a social security bill through parliament without a vote after a last-minute concession proved insufficient to win RN's support for the bill.

French stocks reversed course, while a sell-off in the euro gathered pace and bonds came under pressure, pushing up yields.

The CAC 40 was last down 0.6%, having risen by as much as 0.6% after Barnier's concessions. The euro fell 1% and was heading for its largest one-day drop since early November. The yield on French government 10-year debt was up 2.7 basis points to 2.923%, having traded at a session low of 2.861% earlier.

'CHAOS'

Mathilde Panot of the left-wing France Unbowed, said: "Faced with this umpteenth denial of democracy, we will censure the government ... We are living in political chaos because of Michel Barnier's government and Emmanuel Macron's presidency."

Barnier urged lawmakers not to back the no-confidence vote.

"We are at a moment of truth ... The French will not forgive us for putting the interests of individuals before the future of the country," he said as he put his government's fate in the hands of the divided parliament which was the result of an inconclusive snap election Macron called in June.

Since it was formed in September, Barnier's minority government has relied on RN support for its survival. The budget bill, which seeks to rein in France's spiraling public deficit through 60 billion euros ($63 billion) in tax hikes and spending cuts, snapped that tenuous link.

Barnier's entourage and Le Pen's camp each blamed the other and said they had done all they could to reach a deal and had been open to dialogue.

A source close to Barnier said the prime minister had made major concessions to Le Pen and that voting to bring down the government would mean losing those gains.

"Is she ready to sacrifice all the wins she got?" the source close to Barnier told Reuters.