(January 7, 2006) Anti-debt campaigners and some U.S. lawmakers are calling on the Bush administration to return debt arrears owed by Nigeria and to let the African nation spend the funds on health and education through a World Bank-sponsored fund.
Legislators to Bush administration: let Nigeria spend money on health, not debt
(January 5, 2006) “Much of Nigeria’s debt can be considered odious given the fact that the original loans were made to authoritarian regimes – many of which were then looted while interest and penalties accumulated.”
Fine words but corruption soars
(January 5, 2006) Corruption deals in Africa are getting bigger. The crooks are getting smarter and doing ever greater damage to Africa’s economies – sucking out resources meant for health, education and clean water.
Cuba waging fight against corruption
(January 5, 2006) Some predict that the anti-corruption campaign will be a watershed in the history of the Cuban Revolution.
China launches site to report corruption
(January 5, 2006) China is putting its marathon anti-graft crackdown online, launching a Web site for the public to report corrupt officials.
Bono aid is making Africa sick
(January 1, 2006) Andrew Mwenda’s position echoes the concerns of an opinion piece written earlier this year by href=”http://www.timesonline.co.uk/article/0,,2092-1964947,00.html”, the travel writer and novelist. Theroux, who worked as a Peace Corps teacher in Malawi during the early 1960s, maintains that despite years of foreign aid the once promising country of Malawi is now a failed state.
Iraq wins crucial IMF accord, $14 bln debt swap
(December 23, 2005) The $685 million IMF standby credit arrangement was the fund’s first ever with Iraq and is designed to support the nation’s economic program over the next 15 months.
Switzerland cancels 80% of its Iraqi debt
(December 22, 2005) Switzerland has announced it has cancelled the equivalent of $US230 million of Iraqi debt, amounting to 80% of its claims towards Iraq.
IMF clears debt relief for 19 countries
(December 22, 2005) The International Monetary Fund (IMF) has agreed to cancel $3.3-billion owed by 19 of the world’s poorest countries, after reports that it was back-tracking on the debt-relief plan sparked an outcry.
Korean firms to forego 80% of Iraqi debt
(December 21, 2005) Korean construction and shipping companies have agreed to write off up to 80 percent of outstanding debts on contracts signed with the Iraqi government in the ’70s and ’80s.
Jubilee USA relieved that IMF board approves debt cancellation for countries promised by G-8
(December 21, 2005) Jubilee USA reiterates its view that the G-8 debt agreement is but a first step towards conclusively addressing the debt crisis faced by impoverished countries.
Iraq’s debt solution ruffles feathers
(December 21, 2005) The restructuring of Iraq’s outstanding debt is entering a pivotal stage. However, not everybody is pleased with a process that has been moving ahead at a rapid speed.
Hyundai Engineering agrees to write off Iraq debt
(December 20, 2005) Hyundai Engineering and Construction will accept a debt write-off proposal and collect only 20 percent of bonds it has been owed by Iraq since the first Gulf War 16 years ago.
Austria cancels 80 percent of Iraq debt
(December 19, 2005) Austria has announced it has cancelled the equivalent of $2.1 billion of Iraqi debt, amounting to 80% of Austria’s claims towards Iraq.
Political survival over people’s welfare
(December 18, 2005) In theory, the national budget can be a powerful mechanism for ensuring that public resources are used for the welfare of the majority. Unfortunately, narrow interests have perpetually hijacked the direction of Philippine economic policy and this is fully reflected in the national government budgets annually drawn up and implemented.
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