Month: June 2023

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Quona Capital’s 2022 Impact Report reveals portfolio companies’ progress; firm provides deeper insights into Africa portfolio companies

The founders of Quona Capital Management LLC

Quona co-founders Jonathan Whittle, Monica Brand Engel, and Ganesh Rengaswamy

  • Quona’s Africa portfolio companies recorded $4.5 billion in payment transactions processed / transaction volume in 2022
  • $278 million in loans financed across 1.1 million loans across Africa
  • Portfolio has served 408K retail customers and 353K MSMEs

CAPE TOWN, South Africa, June 01, 2023 (GLOBE NEWSWIRE) — Quona Capital, a venture capital firm investing in innovative fintech startups in emerging markets, has released its 2022 Impact Report, showcasing the measurable impact its investments have made on financial inclusion. The report highlights the progress its portfolio companies have made in helping underserved individuals and small businesses access affordable and reliable financial services, and features case studies on several companies. The complete report is available at https://tinyurl.com/bddxmnyc

Some highlights from Quona’s Africa portfolio:

  • Cowrywise, an SEC-regulated personal finance management platform providing affordable core savings and investment products for Nigeria’s financially underserved, reported:
    • 775,000 registered customers on its platform
    • 93% of its customers are underserved, earning less than $10,000 per year
  • Lula, a South Africa SME banking and working capital provider, reported:
    • 25,000+ loans provided since inception
    • 10,000 SMEs financed to date
    • A repeat application rate of 84%
    • 75%+ of its customers accessed business term credit for the first time
    • 30%+ of its customers are female-owned businesses
  • Wasoko, a leading B2B e-commerce and fintech platform across 6 countries in Africa, reported:
    • 2.3 million orders delivered during 2022 across 6 countries in Africa
    • Over 50,000 registered merchants on the platform
    • 180 suppliers active on the Wasoko platform

Quona’s investments in Africa span a wide range of fintech solutions, including digital payments platforms, lending, insurance, embedded finance and other financial services that leverage technology to eliminate barriers to access. The firm’s approach to investing—which gives Quona insights across geographies from companies with common themes, such as embedded finance, logistics, and more—enable it to bring important perspectives to founders that they can’t easily obtain elsewhere.

“Our mission is to create a world in which everyone benefits from financial inclusion,” said Monica Brand Engel, co-founder and managing partner at Quona Capital, who leads the firm’s investments in Africa and the Middle East. “We are committed to investing in innovative fintech startups that tackle the world’s toughest problems and have the potential to deliver transformational impact by reaching underserved and unserved segments of society.”

Quona’s 2022 Impact Report reveals that since the firm’s inception in 2015:

  • Quona has made investments in 72 companies across India and Southeast Asia, Latin America, Africa and the Middle East.
  • Together, these portfolio companies have touched more than 144.5 million customers’ lives, 79% of which were underserved.
  • These investments generated over $1.5 billion in revenue in 2022 alone, bringing significant social and economic benefits, including increased access to financial services, job creation, and improved financial health for individuals and communities.

The report underlines Quona’s ongoing commitment to investing in the fintech sector with a focus on driving greater financial inclusion and impacting positive change in developing economies. By working hand in hand with founders and entrepreneurs to scale transformative fintech businesses, Quona demonstrates its ability to help create impact at scale as well as financial returns.

“There’s never been a more important time for financial innovation in the region and the world,” added Johan Bosini, a Cape Town-based partner at Quona Capital. “We are proud to back so many entrepreneurs who are truly making a difference across the globe.”

ABOUT QUONA
Quona Capital is a venture firm focused on fintech that can expand access for underserved customers and small businesses in emerging markets including Africa and the Middle East, India and Southeast Asia, and Latin America. Quona’s global partners are experienced investors and operators in both emerging and developed markets, and back entrepreneurs whose companies have the potential to generate financial returns while promoting breakthrough innovation in financial inclusion for both consumers and SMEs. More: quona.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74ff307f-b223-4ef8-adb5-d54d5a72b69c

MEDIA CONTACTS
Shannon Austin
+1 703.338.8813
Shannon@quona.com

GlobeNewswire Distribution ID 8849442

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BERLINER TAGESZEITUNG: Queixa criminal apresentada em Berlim contra Elon Musk e o Twitter por possível fraude em detrimento dos utilizadores

BERLIN, May 31, 2023 (GLOBE NEWSWIRE) — A BERLINER TAGESZEITUNG informa hoje que foi apresentada uma queixa-crime contra Elon Musk no Ministério Público de Berlim, número de processo: 253 UJs 1012/23, alegando que Musk cobrou os cartões de crédito dos utilizadores do Twitter, mas suspendeu as contas verificadas do Twitter sem dar qualquer motivo.

Fonte: https://www.BerlinerTageszeitung.de/wirtschaft/269895-criminal-complaint-in-berlin-germany-against-elon-musk-and-twitter-for-possible-fraud-to-the-detriment-of-twitter-users.html

“O bloqueio de contas de utilizadores está na ordem do dia no Twitter, mas o facto de depois cobrarem constantemente os cartões de crédito dos utilizadores torna o assunto explosivo e está actualmente a ocupar o Ministério Público de Berlim (República Federal da Alemanha). Em todo o caso, coloca-se a questão de saber até que ponto se pode conceder poder a um meio de comunicação como o Twitter e quando é que as autoridades de controlo devem intervir para proteger os utilizadores do Twitter.”

Aliás, esta não é a primeira vez que Elon Musk é investigado, já que o CEO da Tesla, Elon Musk, também é actualmente objecto de um processo judicial contra investidores. A ação judicial tem a ver com os tweets de Musk em agosto de 2018, anunciando prematuramente que queria tirar a empresa de carros elétricos do mercado de ações e que tinha garantido financiamento para o fazer. Mais tarde, verificou-se que não havia compromissos firmes por parte dos investidores.

“Elon Musk mentiu”, disse um advogado dos queixosos. O juiz norte-americano Edward Chen (juiz do Tribunal Distrital dos Estados Unidos para o Distrito Norte da Califórnia) já tinha considerado em 2022 que as declarações de Musk nos tweets não eram verdadeiras.

“Continuaremos a acompanhar o caso de perto e a relatar novos desenvolvimentos à medida que novas informações estiverem disponíveis. Resta saber como se desenvolverão as acusações criminais contra Elon Musk e o Twitter e quais serão as consequências.”

De um ponto de vista factual, é de notar que, de acordo com o artigo 48.º da Carta dos Direitos Fundamentais da União Europeia, a presunção de inocência aplica-se aos arguidos e acusados, o que também se deve aplicar no caso das acusações criminais contra Elon Musk por “alegada fraude em detrimento dos utilizadores do Twitter”.

META KEYS:
Elon Musk, Elon Musk Twitter, Elon Musk, acusações criminais, contas Twitter, Thierry Breton, Thierry Breton Twitter, Ministério Público de Berlim contra Elon Musk, utilizadores Twitter, BERLINER TAGESZEITUNG, contas Twitter verificadas

Foto deste comunicado disponível em https://www.globenewswire.com/NewsRoom/AttachmentNg/f3c50532-be3a-4bad-8e85-7253731d594c

BERLINER TAGESZEITUNG
Press Contact: P. Hansen
Unter den Linden 21
10117 Berlin
Germany
Mail: Info@DeutscheTageszeitung.de
Web: http://www.DeutscheTageszeitung.de

GlobeNewswire Distribution ID 8849964

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Berliner Tageszeitung : Plainte pénale à Berlin contre Elon Musk et Twitter pour une possible fraude au détriment des utilisateurs

BERLIN, 31 mai 2023 (GLOBE NEWSWIRE) — Le BERLINER TAGESZEITUNG rapporte aujourd’hui qu’une plainte pénale a été déposée auprès du parquet de Berlin contre Elon Musk, numéro de dossier : 253 UJs 1012/23, affirmant que Musk a débité les cartes de crédit d’utilisateurs de Twitter, mais a bloqué les comptes Twitter vérifiés sans donner de raisons.

Source : https://www.BerlinerTageszeitung.de/wirtschaft/269895-criminal-complaint-in-berlin-germany-against-elon-musk-and-twitter-for-possible-fraud-to-the-detriment-of-twitter-users.html

“Le blocage de comptes d’utilisateurs est monnaie courante chez Twitter, mais le fait qu’ils débitent ensuite constamment les cartes de crédit des utilisateurs rend l’affaire explosive et occupe actuellement le parquet de Berlin (République fédérale d’Allemagne). Dans tous les cas, la question se pose de savoir quel pouvoir peut être accordé à un média comme Twitter et quand les autorités de surveillance devraient intervenir pour protéger les utilisateurs de Twitter”.

Ce n’est d’ailleurs pas la première fois qu’Elon Musk fait l’objet d’une enquête, puisque le CEO de Tesla, Elon Musk, fait également actuellement l’objet d’une plainte d’investisseurs. La plainte porte sur les tweets de Musk en août 2018 annonçant prématurément qu’il voulait retirer l’entreprise de voitures électriques de la bourse et qu’il avait assuré le financement pour cela. Il s’est avéré par la suite qu’il n’y avait pas d’engagements fermes de la part des investisseurs.

“Elon Musk a menti”, a déclaré un avocat des plaignantes. Le juge américain Edward Chen (juge du United States District Court for the Northern District of California) avait déjà constaté en 2022 que les déclarations de Musk dans les tweets ne correspondaient pas à la vérité.

“Nous continuerons à suivre l’affaire de près et rendrons compte des nouveaux développements dès que de nouvelles informations seront disponibles. Il reste à voir comment les accusations pénales portées contre Elon Musk et Twitter vont évoluer et quelles conséquences pourraient en découler.”

Sur le plan factuel, il convient de noter que, conformément à l’article 48 de la Charte des droits fondamentaux de l’Union européenne, les accusés et les prévenus bénéficient de la présomption d’innocence, qui doit également s’appliquer dans le cas de la plainte pénale déposée contre Elon Musk pour “fraude présumée au détriment des utilisateurs de Twitter”.

META KEYS:
Elon Musk, Elon Musk Twitter, Elon Musk plainte pénale, comptes Twitter, Thierry Breton, Thierry Breton Twitter, Parquet de Berlin contre Elon Musk, utilisateurs de Twitter, BERLINER TAGESZEITUNG, comptes Twitter vérifiés

Une photo accompagnant ce communiqué de presse est disponible à l’adresse suivante : https://www.globenewswire.com/NewsRoom/AttachmentNg/f3c50532-be3a-4bad-8e85-7253731d594c

BERLINER TAGESZEITUNG
Press Contact: P. Hansen
Unter den Linden 21
10117 Berlin
Germany
Mail: Info@DeutscheTageszeitung.de
Web: http://www.DeutscheTageszeitung.de

GlobeNewswire Distribution ID 8849964

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UPDATE – Berliner Tageszeitung: Criminal complaint in Berlin, Germany, against Elon Musk and Twitter for possible fraud to the detriment of users

Berliner Tageszeitung: Criminal complaint in Berlin, Germany, against Elon Musk and Twitter for possible fraud to the detriment of users

Berliner Tageszeitung: Criminal complaint in Berlin, Germany, against Elon Musk and Twitter for possible fraud to the detriment of users

BERLIN, May 31, 2023 (GLOBE NEWSWIRE) — BERLINER TAGESZEITUNG reports today that a criminal complaint has been filed against Elon Musk with the Berlin public prosecutor’s office, file number: 253 UJs 1012/23, alleging that Musk charged Twitter users’ credit cards but suspended verified Twitter accounts without giving any reason.

Source: https://www.BerlinerTageszeitung.de/wirtschaft/269895-criminal-complaint-in-berlin-germany-against-elon-musk-and-twitter-for-possible-fraud-to-the-detriment-of-twitter-users.html

“Blocking user accounts is a daily occurrence at Twitter, but the fact that they then continuously charge money to users’ credit cards makes the matter explosive and is currently occupying the Berlin Public Prosecutor’s Office (Federal Republic of Germany). In any case, the question arises as to how much power a medium like Twitter can be granted at all and when the regulatory authorities should intervene to protect Twitter users.”

Incidentally, this is not the first time Elon Musk has been investigated, as there is also currently an investor lawsuit against Tesla CEO Elon Musk. The lawsuit is about Musk’s tweets in August 2018 with the premature announcement that he wanted to take the electric car company off the stock market and had secured the financing to do so. It later emerged that there were no firm commitments from investors.

“Elon Musk lied,” said a lawyer for the plaintiffs.

US Judge Edward Chen (Judge of the United States District Court for the Northern District of California) had already found in the 2022 trial that Musk’s statements in the tweets had not been true.

“We will continue to monitor the case closely and report further developments as new information becomes available. It remains to be seen how the criminal charges against Elon Musk and Twitter will develop and what the consequences might be.”

From a factual point of view, it should be noted that according to Article 48 of the Charter of Fundamental Rights of the European Union, the presumption of innocence applies to defendants and accused persons, which must also apply in the case of the criminal charges against Elon Musk for “suspected fraud to the detriment of Twitter users”.

META KEYS: Elon Musk, Elon Musk Twitter, Elon Musk Strafanzeige, Twitter accounts, Thierry Breton, Thierry Breton Twitter, Berlin public prosecutor’s office against Elon Musk, Twitter users, BERLINER TAGESZEITUNG, verified Twitter accounts

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f3c50532-be3a-4bad-8e85-7253731d594c

Press Contact:
BERLINER TAGESZEITUNG
Press Contact: P. Hansen
Unter den Linden 21
10117 Berlin
Germany
Mail: Info@DeutscheTageszeitung.de
Web: http://www.DeutscheTageszeitung.de

GlobeNewswire Distribution ID 8849934

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BCT: foreign currency assets shrink by 602 MD

Foreign currency assets shrank by 602 MD (-2.5%), reaching TND 23.031,5 million at the close of the financial year 2022 against 23.633,5 MD one year earlier, it emerges from the Financial Statements and the Report of the Statutory Auditors for the year ended on December 31, 2022 published Thursday by the BCT.

Foreign currency inflows in 2022 from drawings on foreign loans fell short of covering outflows as a result of the worsening trade balance and external debt-related payments.

The main drawings made during the financial year under review are as follows:

- 700 million dollars relating to the loan agreement dated April 13, 2022 between the Central Bank of Tunisia acting in the name and on behalf of the Republic of Tunisia and the AFRICAN EXPORT-IMPORT BANK. The amount was unlocked in two installments on April 15 and April 20, 2022.

- 300 million euros- a second installment of the EEC loan granted under the Macro-Financial Assistance programme (MFA III) unlocked on May 25, 2022.

- 200 million dollars relating to the financial protocol of December 1, 2022, between Tunisia and Algeria on loan for budget support. The funds were released on December 28, 2022.

- 143 million euros - a first installment of an International Bank for Reconstruction and Development (IBRD) loan (357 MEUR dated April 6, 2022), for the Social Affairs Ministry to meet the expenses of Tunisia COVID-19 Social Protection Emergency Response Support Project. The funds were released on May 20, 2022.

- 100 million euros - a second tranche of a KFW loan of 300 MEUR (March 6, 2020) granted as part of the banking and financial sector reform programme. The funds were unlocked on January 26, 2022.

- 100 million dollars related to the financial protocol (December 1, 2022) between Tunisia and Algeria on a grant for a budgetary support. The amount was released on December 29, 2022.

The year 2022 saw the refunding of the following:

- $254 million for the last installment of the principal and interest of the Qatari private placement of 2017 on April 22, 2022.

- JPY 3.5 billion for the principal maturity of the bond (2012), in December 2022.

- $109 million for two installments in principal and interest due on a Saudi loan in January and July 2022.

- SDR 38 million for two installments in principal due on the IMF loan granted under the Extended Credit Facility programme in June and December 2022.

- pound 47.8 million in interest charges on the pound 850 million bond issue in February 2022.

Net foreign currency holdings till May 16, 2023, reached 93 days of import, i.e. 21.6 billion dinars, against 123 days of import (23.5 billion dinars ) on the same date last year, according to data published by the Central Bank of Tunisia (BCT).

Source: Agence Tunis Afrique Presse

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“Outlook positive”: IMF approves $56m EFF and $46m RSF for Seychelles

The executive board of the International Monetary Fund (IMF) approved on May 31 a total of $56 million for a three-year arrangement for Seychelles under the Extended Fund Facility (EFF), and $46 million in a three-year arrangement under the Resilience and Sustainability Facility (RSF), according to a press release on Thursday.

The new EFF will replace the previous one approved on July 29, 2021.

Gita Gopinath, first deputy managing director and acting chair of the board, said that “Under the 2021 EFF, the Seychellois economy showed resilience to shocks, including the COVID-19 pandemic and Russia’s war in Ukraine. The authorities’ policy measures helped the economy recover quickly from the pandemic-related disruptions and provided necessary support for households and the private sector.”

She furthermore pointed out that “Strong growth and better than expected fiscal outturns contributed to the rapid decline in public debt and the restoration of macroeconomic stability. Monetary policy has remained appropriately accommodative in light of moderate inflation. However, the authorities should remain vigilant to signs of inflationary pressures and adjust the monetary policy stance if needed.”

According to the IMF statement, Seychelles’ economic outlook is “positive”, noting that tourism performance had almost reached its pre-pandemic level, while inflation is expected to remain moderate. “However, Seychelles continues to face substantial risks, including from global financial and economic developments, which could severely impact tourism, and climate change,” the institution said.

Furthermore, the IMF is noted that Seychelles’ government authorities have “satisfactorily” implemented policies to restore macroeconomic stability following several shocks, namely those caused by COVID-19.

“All quantitative targets through end-December 2022 were met and all but one structural benchmark were met or implemented with delay,” said the statement.

Meanwhile, the RSF is expected to support the island nation’s plans to build resilience to climate change by “lifting bottlenecks to climate-related investments and by facilitating the integration of climate-related considerations into macroeconomic policies and frameworks.”

The RSF arrangement for Seychelles, the second in Africa, will exploit synergies with other sources of public financing and help catalyze further private financing for climate-related investments.

The arrangement is also intended encourage more private financing together with other official financing, with a focus on “mainstreaming climate change in the government budget, strengthening climate-related risk management for financial institutions, and undertaking climate adaptation and mitigation reforms, including through measures to facilitate energy transition.”

Finance minister welcomes new EFF

Seychelles’ finance minister, Naadir Hassan, welcomed the IMF decision to approve a new EFF, according to a press statement.

“The IMF has proven to be a strong and faithful partner of the Seychelles, throughout the country’s economic downturn. The support provided by the Institution towards our economic reform programme after the COVID 19 pandemic in 2021 onwards, has enabled the country’s economy to recover and allowed the government fiscal space to finance budget gaps. As we move on the next phase of our development, the government is grateful to the IMF for the additional support under the new EFF, he said.

Hassan added that Seychelles is “equally grateful to the IMF for recognising the vulnerability of our country to climate change and the high cost of boosting our resilience to such phenomenon, which has enabled Seychelles to also benefit under the RSF programme.”

Source: Seychelles News Agency

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Government preparing major reform programme (FinMin)

The government is preparing a major reform programme and a major project to boost investment in the country, Finance Minister Sihem Nemsia stressed on Thursday.

In this context, she announced that several bills will be submitted to the Assembly of People's Representatives (ARP) in the coming days.

Speaking at a plenary session of the ARP, Nemsia also pointed out that the government was under great pressure to resort to borrowing, both domestically and abroad, in order to meet its commitments regarding the wage bill, social transfers for vulnerable groups and import of fuel and basic products needed by the country.

There are external factors, in particular the Russian-Ukrainian conflict, which will weigh heavily on the State's financial balance in 2022, given the increase in import prices for fuels, grain, oils and sugar, she recalled.

The Minister pointed out that the State's debt at the end of 2022 will be around 115 billion dinars, equivalent to 79.9% of GDP. However, she predicted that the State's own resources would increase by 22% in 2022 thanks to the improvement in tax revenues.

Nemsia said reducing debt depends on boosting economic growth, fighting corruption and instilling a culture of hard work.

Source: Agence Tunis Afrique Presse

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Burkina: Ex PM Isaac Zida and the Council of Ministers occupy the headlines

The Burkinabè dailies this Thursday highlight the lifting of the arrest warrant against the former Prime Minister, Yacouba Issac Zida and the report of the Council of Ministers of the day before.

The national daily Sidwaya addresses the Council of Ministers yesterday Wednesday with the headline: "Agricultural productivity 2023-2024: The government adopts the presidential initiative".

The newspaper informs that the President of the Transition, Head of State, Captain Ibrahim Traoré chaired, Wednesday, May 31, 2023, the weekly Council of Ministers which examined and adopted several files on its agenda including that relating to agricultural productivity.

In this regard, Today in Faso displays: "Council of Ministers: Adoption of the presidential initiative for agricultural production 2023-2024", where Le Pays speaks of: "The presidential initiative for agricultural production adopted".

For its part, the private daily L'observer Paalga, on the same subject, specifies that the objectives of this government initiative are, among others, the satisfaction of the national demand for rice in a context marked by security constraints, climate change and import restrictions related to the Russian-Ukrainian crisis.

Still concerning the Council of Ministers, Today in Faso, through its front page, informs that "2,195,758 people (are) in difficult food insecurity".

The same newspaper features, on its headline: "Incompetent military justice: YIZ (Yacouba Isaac Zida, former Prime Minister, editor's note) could soon smell the air of freedom in Burkina".

According to Today in Faso, Yacouba Isaac Zida had been removed from the armed forces for desertion. "Since January 2016, he has been living in exile in Canada and with this court decision, he could now return free provided that the appeal of the military prosecutor's office does not succeed", observes the colleague.

Le Pays deals with the subject in its ''Revelations'' section, under the title: "Military justice: the arrest warrant against the former Prime Minister, Yacouba Issac Zida, lifted".

The newspaper reports that according to information disseminated by several media channels, the military justice of Burkina Faso has lifted the international arrest warrant issued against the former Prime Minister Yacouba Issac Zida.

In the sports section, Sidwaya deals, on his last page, with the 5th day of the qualifiers for the African Cup of Nations (CAN 2023), mentioning that for the meeting Cape Verde # Burkina Faso "the 24 Stallions of Velud to tame Blue Sharks" are known.

According to the newspaper, the coach of the Stallions, Hubert Velud, unveiled, yesterday May 31, a list of 25 players during a press conference in Ouagadougou.

The newspaper Le Pays, meanwhile, while revealing the list of players of the Burkinabè team, informs that on June 18, the Stallions will face the Blue Sharks of Cape Verde on their facilities in Praia on behalf of the 5th day of the CAN Côte d'Ivoire 2023 qualifiers.

Source: Burkina Information Agency

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Al-Joumhouri party calls on Kais Saied to halt legal proceedings, political pressure

The Republican Party (Al-Joumhouri) calls on the President of the Republic to halt legal proceedings and political pressure, release prisoners then launch an inclusive national dialogue involving political and social forces and civil society organisations, spokesperson Wissem Sghaier said on Thursday.

An inclusive national dialogue is required, he said, to produce "a salvation plan" that would help steer the country out of the economic and social crisis far away from "unilateral decisions."

Sghaier was speaking at a press conference organised on the one hundred days of the arrest of Secretary General Issam Chebbi.

"The arrests of politicians isolated Tunisia and exacerbated its socio-economic crisis," he added.

Issam Chebbi and other political activists were jailed in the so-called "Conspiracy against the State" case over their political views which are opposed to the Head of State's, the spokesperson said.

Interim SG Abdellatif Hermassi said the "unilaterality of decisions," "power monopoly" as well as "the repression of opponents" will only aggravate economic and social conditions.

Source: Agence Tunis Afrique Presse

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Organisations warn against using justice system for political ends

Civil society organisations and associations have decried attacks aimed at undermining the autonomy of the judiciary and violating the right to a fair trial.

In a joint statement published on Thursday on the Amnesty International website, the organisations emphasised that the judicial system in Tunisia "can no longer fulfil its role as a custodian of rights and freedoms to its full extent."

They cautioned against the instrumentalisation of the justice system against individuals subject to its jurisdiction, asserting the imperative to cease the executive power's interference in judicial affairs.

The signatory organisations called for the reinstatement of magistrates who were dismissed from their positions, in accordance with the verdict rendered in August 2022 by the Administrative Court.

The statement was endorsed by 37 organisations and associations, including the National Union of Tunisian Journalists, The Tunisian Forum for Economic and Social Rights (FTDES), Human Rights Watch, and the National Body for the Defence of Democratic Rights.

Source: Agence Tunis Afrique Presse