(June 12, 2009) The portfolio manager of Templeton Global Bond Fund, Michael Hasenstab, says he’s investing in Iraqi bonds rather than treasuries, U.K. gilts or Japanese bonds. He believes the massive amount of debt occured by the U.S. and other governments over the past year will drive up inflation, weaken their currencies and hamper economic growth.
(June 9, 2009) Gabon’s President Omar Bongo – the world’s longest-serving president – died today in a hospital in Barcelona, Spain. Mr. Bongo leaves behind a political legacy marred by corruption and patronage – marking a throwback to an era when Africa was ruled by “Big Men.”
(June 6, 2009) Before the end of the first period of colonialism African nations were properties of their colonial masters who did what they could to rape the continent of whatever resource they deemed good for the development of their citizens in Europe. Out of nowhere and without any consultation with the people of the African continent, the Europeans met and divided the continent amongst themselves in what has been termed ‘The Scramble for Africa’.
(June 2, 2009) A recent article by Lord Aikins Adusei in the Zimbabwe Observer asks some pointed questions of the international aid agencies and developed banks. After nearly 50 years and billions of dollars in loans and grants, he says, Africa remains a poverty-striken continent, rife with corruption and political instability.
(May 24, 2009) Legislators, trade unionists and civil-society groups in Asia have urged governments to focus their stimulus packages on community-based infrastructure investments to create jobs and address poverty that has been deepened by massive retrenchments.
(May 21, 2009) Political activist and anti-corruption campaigner, Lord Aikins Adusei, is calling on Ghana’s new government to put politics aside and start initiating economic and development programs. His remarks come after the country elected a new president, John Atta Mills, in a tightly contested vote last December.
(May 20, 2009) Odious debt-like challenges have been happening under our very noses – we just haven’t been looking for them. That, says Probe International’s Executive Director Partricia Adams, is the underlying theme of a 2007 paper by Professor Robert Howse of the University of Michigan Law School.
(May 8, 2009) The World Bank’s International Development Association (IDA), which provides billions of dollars in long-term interest-free grants and loans to the world’s 78 poorest countries, is apparently not too concerned about the fraudulent or corrupt use of its loans.
(May 4, 2009) To resuscitate the failing global economy and rescue the Third World’s poor, G-20 leaders have promised to pump the public international financial institutions – the World Bank, the IMF being the largest – with upwards of $1 trillion in new funds.
The False Promise of Gleneagles: Misguided Priorities at the Heart of the New Push for African Development
(April 24, 2009) The Gleneagles Summit, for all its good intentions, gave rise to unrealistic expectations. The heavy emphasis on aid and debt relief made Western actions appear to be chiefly responsible for poverty alleviation in Africa. In reality, the main obstacles to economic growth in Africa rest with Africa’s policies and institutions, such as onerous business regulations and weak protection of property rights.
World Bank lending programme suffers from “material weaknesses” in responding to fraud and corruption
(April 23, 2009) A report on the internal controls of the World Bank’s US $40 billion International Development Association (IDA) has found the current procedures for identifying and preventing fraudulent or corrupt use of aid money to be woefully inadequate. The report is the first of its kind to be done by any international development finance institution.
(April 16, 2009) The government should declare void a German government loan to procure 39 used warships, as it constitutes an odious debt, a workshop held at the International NGO Forum on Indonesian Development (Infid) concluded Wednesday.
(April 7, 2009) Apparently while the G-20 leaders were agreeing in London last week to quadruple the IMF’s financial capacity to $1 trillion, they had no idea that parliamentarians, intergovernmental representatives and civil society campaigners in Johannesburg were hatching a plan to challenge the massive debts created by IMF lending policies.
(April 7, 2009) Danielle Boudreau’s “The Dictatorship of Debt” is showing at Montreal’s Atwater Library Threatre on Thursday April 9th at 8pm.
(March 31, 2009) In the frenzy to resuscitate the failing global economy, the World Bank and IMF are planning to rescue the Third World’s poor, whom they describe as the innocent bystanders to a problem that originated in the rich north.