Hidden foreign aid to an incompetent and dishonest government is set to rob Mozambique of its gas treasure as no one can explain what happened to billions of dollars the country borrowed for a series of price-inflated, murky projects. The Institute for Security Studies (ISS) reports.
The United States’ Kleptocracy initiative is aimed at holding foreign government officials to account and preventing them from using the U.S. as a haven for money looted from their own countries. Although solid wins are rare, tying up a corrupt foreign leader’s money in the courts is seen as a victory, writes Leslie Wayne for The New York Times.
The Africa Report looks at Mozambique’s economic crisis — a crisis that has still to reach its peak.
(January 24, 2014) USAID may join forces with Chinese state companies to build a controversial and uneconomic dam in the Democratic Republic of Congo.
(November 5, 2013) A Zimbabwe-based newspaper says greater accountability and transparency will help the country’s struggling economy, not foreign aid.
(September 24, 2013) SNC-Lavalin may have to pull out from a consortium bidding on a contract to construct a massive dam project in the Democratic Republic of Congo.
(November 21, 2011) An article in the Daily Maverick argues that the proposed Grand Inga Dam in the DR Congo is a “beautiful vision” that would “fix Africa” by “lighting up the heart of darkness”, powering African industries and forcing countries to rely on each other.
(October 4, 2011) Africa’s Odious Debts: How Foreign Loans and Capital Flight Bled a Continent, by James Boyce and Leonce Ndikumana.
(May 27, 2011) Bill Gates’ version of foreign aid should look to Microsoft’s original recipe for success to empower Africa.
(December 17, 2010) U.S. Sen. Dick Lugar announced today that criminal prosecution of firms and individuals caught defrauding the World Bank and the other multilateral development banks is an important deterrent, but use of this tool varies widely among the banks.
(October 14, 2010) While corruption in Uganda becomes more endemic, the World Bank continues to hand over millions of dollars of foreign aid funds – not realizing that this money is making the situation worse, writes Brady Yauch.
(June 11, 2010) Matthew Saltmarsh from the New York Times says the citizens of the Maldives are demanding former president Maumoon Abdul Gayoom hand over the millions he stole while in power.
(May 11, 2010) A number of African leaders are now saying that foreign aid is no longer the only answer to economic development of the continent. Instead, they are calling for reform of the tax system, pointing out that Africa currently has one of the lowest tax-to-GDP ratios in the world.
(May 10, 2010) A report sponsored by the United Nations, and overseen by Jeffrey Sachs, urges rich countries to spend more on cutting hunger and poverty in the developing world. But there are still plenty of cynics.
(April 17, 2010) Foreign aid has generally benefited the ruling elites in Africa, by among other things, enabling and perpetuating corrupt governments’ hold on power, and by extension, entrenching the pervasive underdevelopment. Over the past five decades, foreign emergency assistance to Africa has helped to avert hardship for many of Africa’s poor, but failed to promote any significant economic development.