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Development
RSS FeedRwanda: Donors were too quick to suspend aid, says fragile states expert
2012-10-03, Issue 600
Donors have acted hastily in suspending aid to Rwanda over allegations that it is supporting a rebel insurgency in the neighbouring Democratic Republic of the Congo, according to a leading expert on 'fragile states'. Professor James Putzel, co-author of Meeting the Challenges of Crisis States, a report from the London School of Economics, questioned the decision of the EU, the US and Germany in partially freezing aid to Rwanda amid accusations that its military is supporting the violent rebel group M23. President Paul Kagame has vehemently rejected the allegations.
Global: Unearthing the IFC's links to mining abuses
2012-10-04, Issue 600
As mining projects in South Africa and Peru face violent opposition, critics are questioning the International Finance Corporation's (IFC) stakes in the companies at the centre of the controversies. IFC funds for mines in Mongolia and Guinea have also caused alarm, prompting renewed interest in the recommendations of the Extractive Industries Review.
Malawi: Oil fuels border disputes over Lake Malawi and Ilemi Triangle
2012-10-08, Issue 600
Oil and gas discovers in East Africa have re-ignited long-standing territorial disputes in areas believed to possess significant petroleum deposits. This week, Malawi announced it would take Tanzania to the International Court of Justice in The Hague, Netherlands, over the disputed ownership of Lake Malawi, known in Tanzania as Lake Nyasa. Tanzania claims that colonial era treaties between Great Britain and Germany demarcated the border down the middle of the lake but since independence Malawi has claimed sovereignty over the whole of its northern reaches.
South Africa: Canning SA-EU treaties 'will raise cost of investment'
2012-10-08, Issue 600
Relations between the European Union (EU) and SA have soured since the government indicated last month that it was cancelling bilateral investment treaties with the bloc's member states. The government argues that the treaties restrict its ability to transform SA's economy. But its largest trade and investment partner says cancelling them will raise the cost of investment in SA. The EU fears it is a victim of political bias, and feels shunned by SA's growing relationship with China and other Brics nations.
Egypt: PM hopes for IMF agreement by end-Oct
2012-10-09, Issue 600
Prime Minister Hisham Kandil said on Tuesday that Egypt would invite the International Monetary Fund to visit for talks about a loan facility at the end of October and said he hoped to reach an agreement 'by that time'. Egypt, which has launched negotiations for a $4.8 billion IMF loan but has also indicated it may want more, urgently needs support to prop up state coffers weakened by turmoil since the popular uprising last year that ousted President Hosni Mubarak.
Global: Keep new development goals simple, say experts
2012-09-27, Issue 599
The Millennium Development Goals may not be perfect but they are simple and straightforward - qualities diplomats and others fear could be lost in the process of crafting new targets to replace the MDGs, which expire in 2015. UN Secretary-General Ban Ki-Moon underscored this in remarks to members of a high-level panel charged with working out what comes next. 'We need a clear post-2015 development agenda - an agenda with shared responsibilities for all countries, with the fight against poverty at the fore and sustainable development at the core,' he said.
Africa: Declaration of Zimbabwe Alternative Mining Indaba
2012-10-01, Issue 599
Zimbabwe Environmental Law Association (ZELA) in partnership with the Zimbabwe Council of Churches (ZCC) and Chiadzwa Community Development Trust (CCDT) immaculately hosted a three day 'People's Indaba' at the Harare Crowne Plaza Hotel, from the 11th - 13th September this year. The event, known officially as the 'Zimbabwe Alternative Mining Indaba' (ZAMI), saw over 120 individuals including; Chiefs, Legislators, church leaders, mining communities, community based organizations, regional participants, youth and women activists and media taking part in the indaba.
Sudan: Sudan urges cancellation of its debts
2012-10-01, Issue 599
Sudan has told the United Nations General Assembly that its debts must be cancelled and its economy supported as it struggles to recover from losing three-quarters of its critical oil revenue to South Sudan when it seceded a year ago. 'Sudan requires assistance to go through this very sensitive stage towards better horizons. For that we believe that debts must be cancelled and its economy supported,' Ali Ahmed Karti, the Sudanese foreign minister, said on Saturday. The International Monetary Fund this week urged Sudan to meet donors to discuss debt relief and some IMF board members called for exceptional efforts from the IMF and the global community to help Sudan reduce its debt of about $40bn.
Africa: Europe holds out hope of Africa trade deals by 2014
2012-10-01, Issue 599
The European Union is hoping to wrap up free-trade agreements across most of sub-Saharan Africa next year but has yet to assuage African fears that their budding industries will not be able to cope with the new competition. The European Union launched talks with more than 70 African, Caribbean and Pacific countries 10 years ago on Thursday - on September 27, 2002 - aiming to help them trade their way out of poverty and to give EU businesses access to nascent markets.
Africa: African leaders voice range of concerns
2012-10-01, Issue 599
Malawi’s President Joyce Banda has called on the United Nations General Assembly to ensure that an ambitious programme adopted last year to spur development and economic growth in the world’s Least Developed Countries (LDCs) be fully and speedily implemented. 'In particular, duty-free quota-free market access and supply side capacity must be ensured to the least developed countries,' President Banda told the Assembly on the second day of its annual General Debate, adding that implementation must be 'in its entirety and in an effective and timely manner'.
Angola: Oil-rich Cabinda the poorer for it
2012-10-01, Issue 599
Oil has turned post-war Angola into one of the world's fastest growing economies and Cabinda, which produces a daily average of 500,000 barrels, is the source of nearly a third of its very lucrative export. But for all the liquid gold and associated development, Cabinda remains one of the most under-developed regions in Angola.
Mauritania: Foreign subsidies sour domestic milk industry
2012-10-01, Issue 599
Women are pioneering Mauritania’s fledgling dairy industry and trying to get Mauritanians to support local small producers, but they face steep competition from the heavily subsidized European milk sector. The Mauritanian market is flooded with cheap milk products imported from Europe. Sixty per cent of the population depends on the livestock sector in some form for income, and the sector contributes almost eight per cent to the country's GDP, yet the country imports 65 per cent of its milk requirements, a joint report produced by the NGOs Intermon Oxfam , ACORD and AMAD noted.
Ghana: Re-launched Economic Justice Network to deal with threats to Ghanaian livelihoods, jobs
2012-09-19, Issue 598
The Economic Justice Network (EJN), a national coalition of civil society organisations working for socio-economic justice and equitable national development, was recently re-launched to deal with new policy threats affecting Ghanaian livelihoods. Speaking at the launch, Mr Tetteh Hormeku of Third World Network, said governments over the years had sought to deal with economic challenges confronting the country through reliance on foreign investors instead of building local capacities. He said this common policy of successive governments to provide incentives to foreign investors had led to the abuse of the rights of Ghanaians and denial of their livelihoods.
Global: Shutting the spigot on private water
2012-09-20, Issue 598
'Shutting the Spigot on Private Water' is a landmark report that documents how the World Bank is driving global water privatization at a chilling human cost. With original financial analysis and powerful case studies, it demonstrates how the World Bank must divest from private water projects to align its actions with its stated mission of alleviating poverty and supporting sustainable development.
Uganda: 'Oil frightens me', says former Finance Minister
2012-09-20, Issue 598
Uganda’s former Minister of Finance, Dr. Ezra Suruma, has expressed doubt that the government will have the capacity to appropriately utilise expected oil revenues, given problems of corruption, weak budgertary control and lack of ability to absorb an injection of cash. 'I must say that oil frightens me as a possible source of instability if it is not carefully managed. We have had severe political instability since independence. Some of us who still carry or bear the scars of that instability are careful when looking at these issues to ensure that this instability does not come back,' he told a conference.
Ghana: Oil wealth not reaching poor
2012-09-24, Issue 598
Two years after oil began flowing in Ghana, ordinary Ghanaians are wondering where the oil money is going. The government says there has not been much oil revenue coming in thus far, and analysts say the money that is coming in is not reaching the poor. Vast reserves of oil were discovered in Ghana in 2007, and production began almost two years ago in the Jubilee Oil Field off Ghana’s western coast. In 2011, its first year of production, Ghana brought in about $444 million - which was half of expected revenue.
Africa: Global slowdown hits developing countries
2012-09-16, Issue 597
This issue of South Bulletin focuses on how developing countries in Asia, Latin America and Africa are now facing an economic slowdown with a deterioration in GDP growth, exports and lending conditions. The effects of the Eurozone recession and the US slowdown are now increasingly felt in the South. Another analytical article 'Rethinking growth strategies is imperative for the South' by South Centre’s Chief Economist Yilmaz Akyuz shows how the favourable international conditions that led to the South’s high growth in the past decade have now turned unfavourable, resulting in the current economic difficulties. Thus the developing countries have to prepare for new growth and development strategies.
Egypt: Campaigners launch new salvo against IMF loan
2012-09-17, Issue 597
Egyptian campaigners launched a fresh salvo against government plans to borrow from the International Monetary Fund (IMF) on Saturday, claiming further foreign loans would mean repeating the 'economic disasters' of the Mubarak era. Calling for a full audit of Egypt's debt bill, campaigners took aim at the ousted president's economic legacy - privatisations, soaring public debt, delapidated services and corruption - for which they hold the previous policies of the IMF and several major development banks jointly responsible.
Malawi: IMF approves $156.2 mln loan
2012-07-24, Issue 595
The International Monetary Fund on Monday approved a $156.2 million loan to Malawi's new government to address the country's chronic balance of payments problems and to boost economic growth. The fund said it would immediately disburse $19.5 million to the country, which elected a new president, Joyce Banda, in April. The economy had been teetering on the brink of collapse after former President Bingu wa Mutharika told donors he could run the aid-dependent country without their help.
Swaziland: Reignited Swazi bailout raises hackles
2012-07-25, Issue 595
It looks as though South Africa will finally lend cash-strapped Swaziland R2.4-billion, although the details, terms and conditions of the loan remain unclear. It has raised concern among pro-democracy activists who have always questioned the wisdom of the loan. Treasury spokesperson Jabulani Sikhakhane confirmed to the Mail & Guardian that a memorandum of understanding had been signed by the countries’ foreign ministers, but said 'discussions between the financial authorities are still ongoing'.
Mozambique: World Bank admits blame for Beira railway fiasco
2012-07-30, Issue 595
The World Bank has admitted that it is largely to blame for the failure of the project to rehabilitate the Beira railway system. Indian consortium RICON was the dominant partner and was supposed to be in charge of the complete reconstruction of the Sena Line. The World Bank was initially enthusiastic about the project, and backed it up with a loan of 104 million US dollars. The Mozambican authorities, and CFM, soon began to sound the alarm. Ricon kept missing deadlines, and its work failed to observe technical standards.
Africa: Foreign firms loot hard currencies worth USD1.5 trillion yearly
2012-07-30, Issue 595
Foreign companies operating in Africa siphon US$ 1.5 trillion illicitly every year from Africa in the form of hard currency, leading to high inflation and deepening income gaps, a report by an African Union-backed think-tank said Friday. The report by the High-Level Panel on Illicit Financial flows from Africa, a group created by the African finance ministers in 2011, under the leadership of former South African President Thabo Mbeki, said the funds were wired back to rich states, draining hard currency reserves in Africa.
South Africa: Proposed 15% electricity hike sparks fury
2012-07-17, Issue 594
News that Eskom plans to seek a nearly 15 per cent electricity price hike this year has sparked a call for greater energy efficiency, while the DA says the state-owned company’s monopoly should be ended. DA deputy energy spokesman David Ross said he would write to the Competition Commission to ask it to examine the case for separating Eskom’s electricity generation and distribution components.
Global: Fight for natural resources 'has only just begun'
2012-07-17, Issue 594
The global battle for natural resources - from food and water to energy and precious metals – is only beginning, and will intensify to proportions that could mean enormous upheavals for every country, leading academics and business figures told a conference in Oxford. Sir David King, former chief scientific adviser to the UK government, who convened the two-day Resource 2012 conference, told the Guardian: 'We are nowhere near realising the full impact of this yet. We have seen the first indications – rising food prices, pressure on water supplies, a land grab by some countries for mining rights and fertile agricultural land, and rising prices for energy and for key resources [such as] metals. But we need to do far more to deal with these problems before they become even more acute, and we are not doing enough yet.'
East Africa: Financial integration slow off the starting blocks
2012-07-18, Issue 594
For months now East Africans have been expectantly waiting for an economic revolution to begin as they anticipate the launch of a new standardised payment system that will integrate the electronic transfer of money in the region. But continued delays in the launch of the system have economists fearing that the weak financial infrastructure here is hindering its implementation. The system, a replica of the Single Euro European Payments Area (SEPA), will make all electronic payments in the East African Community (EAC) domestic ones through harmonised laws, policies and regulations within the region.
Africa: Africa ready for post-2015 development agenda, says MDG report
2012-07-18, Issue 594
As 2015 draws near, Africa has effectively engaged in the process of defining the contours of the post-2015 development agenda, according to a report published in Addis Ababa by the United Nations Economic Commission for Africa (ECA), African Union, African Development Bank and the United Nations Development Programme. The report, 'Assessing Progress in Africa towards the Millennium Development Goals 2012', was considered and endorsed by the 19th Summit African Union Heads of State and Government, according to ECA’s Information and Communication Service. The report explains ongoing efforts to capture emerging perspectives from Africa on the post-2015 development agenda, but urges countries in the region to remain focused on the MDG targets.
Mozambique: Stiglitz warns Mozambique about IMF advice
2012-07-18, Issue 594
Nobel economics laureate Joseph Stiglitz warned in Maputo against following advice by the International Monetary Fund (IMF) that would make the fight against inflation the number one priority of economic policy. Addressing an overflowing public meeting organised by the anti-corruption NGO, the Centre for Public Integrity (CIP), Stiglitz, who is also a former chief economist at he World Bank, said he had been 'appalled' to discover that the IMF wants to impose 'inflation targeting' on Mozambique. He argued that, while low inflation might be desirable (and he praised the Bank of Mozambique for its handling of inflation, currently at historically low levels), it could not be the main goal of economic policy, which should also take into account such considerations as growth and employment.
Africa: China aims to rewrite perceptions on Africa investment
2012-07-18, Issue 594
Beijing is eager to rewrite negative perceptions of its growing ties with Africa at a summit this week, citing expanding private investment and a push to shift low-end manufacturing to the continent long seen as a commodities and energy cache for China. Chinese state-owned firms in Africa face criticism for using imported labour to build government-financed projects like roads and hospitals, while pumping out resources and leaving little for local economies, an image Beijing wants to change at the Forum on China-Africa Cooperation.
Global: Super-rich 'hiding' at least $21tn
2012-07-23, Issue 594
A global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study. The figure is equivalent to the size of the US and Japanese economies combined. The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, for the Tax Justice Network.
Zimbabwe: Debt a ‘ticking time bomb’
2012-07-10, Issue 593
A former Zimbabwean diplomat has warned that the country’s massive international debt is a 'ticking time bomb', which threatens to destroy any hope of economic recovery. The country’s bill is believed to be hovering between 8 and 10 billion dollars, which Reserve Bank Governor Gideon Gono warned in May was 'a serious developmental constraint for the economy'. According to former diplomat Clifford Chitupa Mashiri, the lack of agreement on solutions to the staggering debt 'could trigger civil strife and instability in the not so distant future'.
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