(July 2, 2009) The unpalatable fact is that the Republic of Zimbabwe is virtually bankrupt. As at December 1 2008, Zimbabwe’s external debt stood at US$5, 255 billion, with a current account balance of US$597 million.
Changing Times Online
(July 1, 2009) The Prime Minister, Hon. Morgan Tsvangirai has endorsed the move taken by MDC ministers in boycotting yesterday’s cabinet meeting as he understands their frustrations and concerns over the delays in the full implementation of the Global Political Agreement (GPA).
Iraq seeks forgiveness of Saddam Hussein’s “odious” debts
(June 21, 2009) Iraq will continue to press its neighbours and the world to forgive billions of dollars in debt accured by former Iraqi president Saddam Hussein, an Iraqi lawmaker said Sunday.
Nigerian government gets caught with its hand in the World Bank cookie jar
(June 19, 2009). As the World Bank and the IMF drastically increase lending to countries in the developing world, local politicians are beginning to question the loans. The Conference of Nigeria Political Parties (CNNP) recently expressed outrage over the ruling People’s Democratic Party plan to obtain a $1-billion loan from the World Bank.
Morally repugnant: Britain and the Netherlands bully little Iceland
(June 16, 2009) As officials from Iceland, a nation with a population of only 300,000, sat down to negotiate the conclusion of the IceSave dispute with their counterparts from the U.K. and the Netherlands, the disadvantage of Iceland was apparent from the start.
Ecuador credit rating in highly speculative territory
(June 15, 2009) The Wall Street Journal is reporting that Standard & Poor’s Ratings Services put its long-term sovereign credit rating on Ecuador in highly speculative territory today in the wake of the country’s debt exchange.
World Bank seeks to increase lending to the developing world
(June 15, 2009) As the economic crisis continues to work its way through the global economic system, the World Bank is using the slowdown as an opportunity to increase lending to the developing world. According to the bank’s president, Robert Zoellick, the bank will increase its lending by $100 billion over the next three years. In 2009 alone, the bank plans to triple its lending from $13.5-billion to $35-billion.
Pakistan asks IMF for $4bn to plug budget deficit
(June 14, 2009) Pre-empting possible delays in external flows, Pakistan has asked the International Monetary Fund (IMF) for a $4 billion stand-by loan to finance the yawning budget gap in the year 2009-10 in case multilateral donors fail to release the pledged amount to Islamabad.
Correa prepares to arbitrate Ecuador’s odious debts
(June 12, 2009) Ecuadorian president Rafael Correa said his government is considering arbitrating a resolution to his country odious debts with multilateral lenders and other governments.These debts were imposed by force,he said Correa said last night in Quito. We have rebelled against the system that established odious, unfair, illegal, immoral debts.
Treasuries are out, Iraq debt is in
(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.
Omar Bongo, the last of Africa’s “Big Men”, dies at the age of 73
(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.”
Multinational corporations: The new colonisers in Africa
(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’.
Where has all the money gone?
(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.
Asian stimulus packages should fund job-creating infrastructure
(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.
Ending Ghana’s odious debts
(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.
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