(September 30, 2004) G7 finance ministers meet tomorrow in Washington, DC, and they’ll consider plans for debt cancellation for the poorest countries. At least two proposals are being floated at the meeting.
Support grows for debt write-off
(September 30, 2004) After long discounting it, the United States now supports the doctrine of “odious debt” – that nations shouldn’t have to repay debts incurred by deposed despots who didn’t have popular support.
World Bank finds corruption is costing billions in lost development power
(September 29, 2004) While the U.S. Senate Foreign Relations Committee has been inquiring into combating corruption in the multilateral development banks, the World Bank has been attempting to compute the scale and cost of widespread corruption in the developing countries.
IMF approves first loan to help in rebuilding Iraq
(September 29, 2004) The International Monetary Fund on Wednesday approved an emergency loan of $436.7 million for Iraq, the first assistance it has provided to help the country rebuild its wartorn economy.
Creditors agree to defer Iraq debt payments – IMF
(September 29, 2004) The International Monetary Fund said on Wednesday Iraq’s official bilateral creditors had agreed to defer debt the country owes them until the end of 2005.
Iraq clears IMF debt
(September 29, 2004) Iraq cleared $81 million in debt it owed the International Monetary Fund late last week, fund sources said yesterday, opening the way for the first aid to flow from the global lender to Iraq, as soon as this week.
Iraq’s odious debts
(September 28, 2004) An odious debts arbitration would demonstrate to Iraqis that justice can be served by the rule of law. An arbitration would also expose the role of foreign creditors and thus help establish accountability in other countries.
Combating corruption in the multilateral development banks
(September 28, 2004) As the U.S. Senate hearing on corruption in multilateral development banks continued this week, chair Senator Richard Lugar drew attention to the Lesotho corruption trials and the difficulties poor countries face when they try to prosecute corruption.
Global finance chiefs seek to forge Iraq debt deal
(September 27, 2004) Finance chiefs from leading industrialised countries must bridge a transatlantic rift over how much of Iraq’s foreign debt to write-off if they are to make progress towards a deal.
Congress probing U.N. Oil-for Food program
(September 27, 2004) U.S. congressional investigators are trying to determine whether lax monitoring at a French bank that held more than $60 billion for the U.N. oil-for-food program facilitated illicit business deals by the former Iraqi government.
China leaders warn of corruption
(September 27, 2004) In an unusually blunt message, China’s Communist Party has warned its members that corruption and incompetence could threaten its hold on power.
Jubilee USA network lukewarm to British debt cancellation plan
(September 27, 2004) “We laud Brown to his commitment to 100% debt cancellation. But the truth is his call to finance that cancellation through G7 government appropriations threatens to scuttle a deal on debt for October 1st.”
Acres and acres of graft
(September 24, 2004) A Canadian firm is blacklisted abroad for bribery, yet no penalties from Ottawa. What’s wrong here?
Transparent arbitration should be used to handle Iraq’s odious debts
(September 24, 2004) Most debts created by former Iraqi dictator Saddam Hussein were used to oppress the Iraqi people or were otherwise not used in the public interest. Such debt should qualify as “odious” according to international legal doctrine on the matter. Debt arbitration, which relies on the rule of law and a public judicial process, should be used to determine how much of the more than $120 billion in claims creditors currently hold against Iraq are legally enforceable, a new Cato Institute study contends.
UNCC awards $377m reparations
(September 23, 2004) The Governing Council of the United Nations Compensation Commission (UNCC) has awarded a further $377 million in reparations against Iraq, reports debt campaigner Jubilee Iraq. The 53rd session of the commission brought Iraq’s reparations total to approximately $48.9 billion, of which $30.3 billion remains unpaid. Jubilee Iraq argues that while some of the reparations represent genuine damages, the Iraqi people should not have to pay for crimes committed by Saddam Hussein’s regime. Jubilee Iraq charges that the "reparations, like the odious debt, threaten not just the Iraqi people but the whole region.
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