(November 14, 2003) The basis of the [odious debt] argument is not just moral and political: it is grounded on a century-old international legal doctrine that has been revived recently to deal with increased accountability for creditor complicity in shady lending practices.
Ex-Im Bank proposes to underwrite U.S. exports to Iraq
(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.
Thai utility signs electricity deal with Laos dam project.
(November 8, 2003) Thailand’s electricity authority signed an agreement committing itself to buying five billion dollars worth of electricity from the much controversial Nam Theun II hydro-electric power project in Laos.
Three Gorges shiplift resurfaces
After almost half a century of study, a decision on the design of the world’s biggest shiplift at the biggest dam has been made, the Three Gorges Project Daily (Sanxia gongcheng bao) reports.
Construction of the Three Gorges shiplift, which will be the largest in the world both in terms of height and hoisting capacity, is scheduled to start in 2005 and be completed in 2009, the newspaper said.
Dam designer calls for silt-plagued Sanmenxia to be shut down
(November 7, 2003) Celebrated water engineer Zhang Guangdou has for the first time publicly called for the disastrous Sanmenxia dam on the Yellow River, which he helped design in the 1950s, to be shut down.
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.
Government to probe corrupt MPs
(November 6, 2003) The Guardian newspaper in London reported recently that a UK-based lobbying firm is under investigation over the Bujagali dam project.
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.
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