(June 2, 2009) The recent debate about aid sparked by Dambisa Moyo’s book, Dead Aid, has polarised the development community. I have long argued that it is investment and good governance, not aid, which will solve Africa’s problems, although effective aid has an important role to play in the quest for sustainable economic growth and poverty reduction. Ms Moyo suggests that government bonds can take the place of development assistance. This is unrealistic.
(May 30, 2009) Born and raised in Zambia but educated at Oxford and Harvard, Dambisa Moyo was an uncommon face as a black woman in the world of high finance. Now, as she makes her way to Canada for a highly anticipated debate on Monday with Stephen Lewis and others at the Munk Debate on Foreign Aid, she spoke with the National Post about her ideas and the hazards of opposing the aid orthodoxy.
(April 30, 2009) Dambisa Moyo’s prescription for economic sustainability in Africa—which includes cutting off all aid within five years—might seem insane if the statistics weren’t so grim: despite one trillion dollars in western aid over the past sixty years, the economic lot of the average African has only gotten worse.
(July 16, 2009) The media has presented the G8’s L’Alqila summit promise of US$20 billion for food security and agricultural development in Africa as good news, but a closer look at the figures shows that G8 countries actually take much more out than they put into the continent, writes Yash Tandon.
(December 12, 2006) A move last month by the Inter-American Development Bank (IADB) to write off US$2.1-billion in debt owed to it by five Latin American countries helps the Bank bail itself out and bury its mistakes under a cloak of magnanimity, says odious debts expert, Patricia Adams.
(November 25, 1995) For 5O years government guarantees have allowed the World Bank and its sister development banks to amass the world’s riskiest loan portfolios. Three months ago, the weakest of these sisters, the African Development Bank, was downgraded. And now for the first time, the World Bank admits that many of its own loans can’t be paid back.
(October 3, 1994) The World Bank, which is celebrating its 50th anniversary this year, has long enjoyed a sound financial reputation. But its AAA credit rating is not justified. Because of the perverse incentives under which the World Bank operates, the quality of its loan portfolio has diminished significantly, and because the bank is backed by rich-country governments, its irresponsible lending exposes Western taxpayers to a possible World Bank bailout on a scale comparable to the U.S. savings-and-loan bailout. That would leave taxpayers in the industrialized countries on the hook for $100 billion; U.S. citizens would be liable for nearly $30 billion.