(November 13, 2003) Ex-IM president announces a $500m credit facility with the new Trade Bank of Iraq: "In order to have physical security and political stability, we must do something to enable Iraqis to realize their wealth more quickly."
South African Export Credit
(November 13, 2003) Business Day reports that Saddam Hussein owed 159.4 million rand ($24m) to the Export Credit Insurance Corporation of South African Limited, according to the Minister of Finance, Trevor Manuel.
Human rights supersede profit
(November 11, 2003) It was arguably economic pressure brought by sanctions that eventually brought down the racist apartheid system; but by the same token, it was economic support from the outside including loans from multinational banks which kept the system going.
Leading company implicated in Lesotho bribery case
(November 11, 2003) French-based Schneider calls itself one of the world’s leading manufacturers of equipment for electrical distribution, industrial control and automation. It boasts operations in 130 countries.
Interview with the speaker of the Kuwaiti National Assembly, Jassem El-Kharafi
(November 10, 2003) We’re not going to make the issue of war reparations something that embitters relations and causes hatred between our two peoples.
IMF still discussing Iraqi debt
(November 9, 2003) The International Monetary Fund is still assessing how much of Iraq’s debts should be forgiven and what level of debt would be sustainable for the country scarred by years of war and isolation.
U.S. Congress approves $87.5 billion for Iraq, Afghanistan
(November 7, 2003) It provides about $20 billion for Iraq in the form of a grant, despite earlier calls by members of Congress that the funds be given to Iraq in the form of a loan.
Paris Club could consider cancelling part of Iraq’s foreign debt
(November 7, 2003) The group aims to reach an agreement with Baghdad by the end of 2004, the deadline of its official moratorium on Iraq’s payments, a person close to the Paris Club told Friday’s Wall Street Journal.
Make Baghdad pay
(November 6, 2003) The New York Times posted an amendment to an opinion editorial published on Nov. 4 by Mark Medish, who wrote Iraq should repay its foreign debts and negotiate "an orderly, market-friendly debt repayment schedule based on financial analysis; and encourage creative solutions, including debt swaps." What the article didn’t disclose at the time of publication was that Mr. Medish, an international lawyer and former Treasury official, represents corporations that are owed money by Iraq.
Thanks for nothing
(November 6, 2003) For many Iraqis, the Madrid Donors’ Conference added insult to injury. The event was a surreal "charity" auction, selling the supposed beneficiary into bondage.
IMF weighing how much Iraq debt should be forgiven
(November 6, 2003) World Bank president James Wolfensohn has estimated that Iraq’s total debt load is around $120 billion and that at least two-thirds should be forgiven to give the country a good start at rebuilding.
Bulgaria’s $1m aid to Iraq
(November 6, 2003) But Bulgaria is not ready to cancel Iraq’s debt. "Every government represents the same country, no matter when or how it accumulated its debts, and this is a principle which must be complied with." – Foreign Minister Solomon Passi.
Bremer plans to enlarge, refocus Iraq occupation authority
(November 6, 2003) Bremer also intends to devote more attention to reducing Iraq’s debt . . . Bremer is considering several options to address the issue, including asking Bush to appoint a senior official to engage in negotiations with foreign governments.
Make Baghdad pay
(November 4, 2003) For Iraq to normalize its external financial relations, it must respect one of the first principles of the rule of law: contracts should be honored. Without this presumption, markets cannot work.
High crimes in Lesotho: transnational criminals (Part 3)
(November 1, 2003) In principle, First World development banks and
export credit agencies could curb corrupt behaviour by transnational
companies in developing countries but apparently don’t want to offend
their First World constituents by doing so. This article, Part 3 in a series, takes a close look at a recent case, Lesotho’s Highland Water Project (LHWP), a huge World Bank-financed dam project where a half dozen leading Canadian and European engineering and construction firms are now being prosecuted for bribery by one of southern Africa’s smallest, most poverty-stricken countries.
Patricia Adams
Dai Qing
Fan Xiao
Lawrence Solomon
Mu Lan
Probe International
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Patricia Adams and Lawrence Solomon
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