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Development
RSS FeedGlobal: BRICS to disclose fund contributions to IMF
2012-05-30, Issue 587
In a sign of their rising cooperation on key international economic issues, members of the BRICS grouping (Brazil, Russia, India, China and South Africa) have decided to disclose their contributions to the $430 billion global fund that was created by the International Monetary Fund (IMF) to shield the world economy from the European debt crisis. Countries including Brazil, Russia, India, China, Indonesia, Malaysia and Thailand did not disclose their contribution to the fund created in April during the IMF-World Bank spring meeting. IMF had, however, said that the amount put together by the emerging economies was close to $68 billion.
Niger: Greece can do without the 'sympathy' the IMF has shown Niger
2012-05-31, Issue 587
Christine Lagarde's crass comments on Greece have caused an understandable furore in that country. But in Niger, there must be just as much contempt for the IMF director. For in dismissing the plight of mothers in Greece, Lagarde also said she felt more sympathy for 'the little kids from a school in a little village in Niger'. If 'sympathy' is what characterises the IMF's approach to Niger, then Greece would do better to avoid it. Niger comes into news headlines on a fairly regular basis – associated as it is with cycles of famine and constantly high levels of malnutrition. Less reported is the role of the IMF, along with sister organisation the World Bank, in fuelling this suffering, writes Nick Dearden in the London Guardian.
Africa: Turkey pushes new policy towards Africa
2012-06-03, Issue 587
Turkey has adopted a new course in foreign policy toward Africa under the impact of a new geographic imagination, states this article. 'The novel geographic imagination of Turkish policy-makers has been strongly influenced by Turkey's recent domestic political transformation and, to a lesser extent, by changes in regional and international politics.'
Ghana: IMF urges Ghana to safeguard macro-economic stabilty
2012-06-04, Issue 587
The International Monetary Fund (IMF) has advised Ghana to remove subsidies on energy and fuel, a move that is likely to be met with resistance as it will make the commodities more expensive. Ghana's neighbour, Nigeria at one point removed fuel subsidies but the move was met with fierce and sometimes violent resistance. The IMF advised that a public service audit and the scrapping of subsidies will generate monthly savings of about GH¢160 million, which are needed to protect more productive expenditure and allow for an expansion of well-targeted social programmes to help the most vulnerable groups to cope with the tighter cost of living.
Zambia: The neverending borrowing
2012-05-22, Issue 586
Zambia's never ending borrowing frenzy continues under the new government without parliamentary oversight, reports the Zambian Economist. 'First we had the announcement that Government has signed a US$50 million loan agreement with the World Bank for "livestock development and animal health project". Separately, the World Bank informed us that it had approved another US$60 million credit to Zambia as part of an effort to reinforce the existing electricity transmission network...The World Bank loan was clearly not enough because Government also is borrowing US$30 million from the European Investment Bank (EIB) for upgrading of the same power transmission line.'
Global: Europe’s leaders at loggerheads at EU summit as markets tumble
2012-05-24, Issue 586
European leaders in Brussels failed to agree on any concrete measures to deal with the continent’s rapidly worsening economic crisis, reports www.wsws.org 'Following last night’s six-hour summit, leaders of the major economies were unable to paper over sharpening disagreements on economic policy, particularly the proposal backed by France’s new Socialist Party President Francois Hollande and reportedly the majority of those present for the issuance of euro bonds, pooling state-backed European debt, and the closely related question of propping up the continent’s crisis ridden banks.'
Global: The state of the world economy
2012-05-24, Issue 586
'The world economy is no less fragile today than it was on the eve of the 2009 Conference. And Developing Economies are just as exposed to downside risks from Advanced Economies as they were then, but their policy space has narrowed in the interim. There can be little doubt that there is a lot Developing Economies could do to strengthen their own fundamentals and reduce dependence on foreign markets, capital and commodities to gain greater autonomy.' This is according to The South Centre's Chief Economist, Dr. Yilmaz Akyüz, who took part as a speaker at the UN General Assembly's two-day Thematic Debate on the State of the World Economy, held in New York on 17-18 May 2012. The presentation can be accessed from the South Centre's website.
Africa: 'Africa - a place where you will make money, not lose money'
2012-05-24, Issue 586
Africa needs to reduce its dependency on foreign aid and get to the point of financing its own development, some of the continent’s key development experts say. Timing is optimal now that Africa is experiencing an economic boom with annual growth rates of up to eight per cent. 'Africa has become a place where you will make money, not lose money,' said Graca Machel, the wife of former President Nelson Mandela and a renowned women and children’s rights activist. She addressed delegates at the 'Money, Power and Sex: the Paradox of Unequal Growth' conference organised by the Open Society Institute of Southern Africa May 22 to 24 in Cape Town, South Africa.
Africa: Russia still struggling to gain foothold in Africa
2012-05-24, Issue 586
As Russia’s new president Vladimir Putin begins a new phase of economic growth, trade experts are keeping a watchful eye on Moscow’s policies with the African continent, which they see as a huge, untapped source of economic opportunity. But experts like Dmitri M. Bondarenko, vice director for research at the Institute for African Studies at the Russian Academy of Sciences and a long-time critic of Russia’s stagnant relationship with Africa under Dmitry Medvedev’s administration, is not very hopeful that a new president will bring any change.
Ethiopia: World Bank to fund destructive dam through the backdoor?
2012-05-24, Issue 586
The Gibe III Dam, now under construction in Southwest Ethiopia, will devastate ecosystems that support 500,000 indigenous people in the Lower Omo Valley and around Kenya’s Lake Turkana. The UN’s World Heritage Committee called on the Ethiopian government to 'immediately halt all construction' on the project, which will impact several sites of universal cultural and ecological value. In August 2011, the Kenyan parliament passed a resolution asking for the suspension of dam construction pending further studies. On 21 June, the World Bank is expected to submit to its Board of Directors a credit of $684 million for a 1,000-kilometer-long transmission line from Ethiopia to Kenya. Strong evidence links this transmission line to the Gibe III Dam.
Global: Financial crisis to drive up debt burden
2012-05-24, Issue 586
Poor countries can expect to see their debt repayments to the rest of the world increase by an average of a third by 2014, as they battle with the consequences of the financial crisis in the west, according to a new report by the Jubilee Debt Campaign. In its report 'The State of Debt', Jubilee uses predictions from the IMF and World Bank to show that among 61 poor countries it analysed, total debt repayments are expected to rise by a third on average over the next two years as a result of the slower growth and shaky financial system in the rest of the world.
Global: Infrastructure for whom?
2012-05-24, Issue 586
International Rivers’ new report argues that the World Bank’s top-down approach to infrastructure should be replaced by a strategy that prioritizes the needs of the poor. In its new report, 'Infrastructure for Whom? A Critique of the Infrastructure Strategies of the Group of 20 and the World Bank', International Rivers calls into question the ability of megaprojects to address the needs of the poor. The report instead offers another, more eco-friendly solution.
Africa: China keen to reverse negative image
2012-05-28, Issue 586
The reality of Indian and Chinese investment in Africa is much more complex than the good cop, bad cop image of Asia’s two emerging economic giants. China and India have caused an explosion of trade and investment in Africa in the past decade. Yet they are perceived quite differently: China has a reputation for economic ruthlessness, while India’s business interests are generally seen as beneficial to Africa. But their investment in Africa needs to be viewed in the context of broader investment trends on the continent, trade experts said at the 'Money, Power and Sex: the Paradox of Unequal Growth' conference organised by the Open Society Institute of Southern Africa, which took place from May 22 to 24 in Cape Town, South Africa.
Southern Africa: EPA talks at crossroads
2012-05-15, Issue 585
With only one year to go before deadline, the finalisation of the Economic Partnership Agreement (EPA) is increasingly becoming important for Namibia. In this regard, a meeting is scheduled in a fortnight, where Namibia, along with other smaller member states of the Southern Africa Customs Union, hope to reach consensus with South Africa on outstanding issues that have blocked the signing of the EPA. Issues include market access for South Africa, something which Namibia and Botswana are particularly wary about as market access agreed to between South Africa and EU have direct impact on their individual economies.
Africa: EU's first EPA with an African region goes live
2012-05-15, Issue 585
The trade and development agreement concluded by the EU and four Eastern and Southern African states Mauritius, Madagascar, Seychelles and Zimbabwe will take effect today. EU Trade Commissioner Karel De Gucht said: 'Today, our first interim Economic Partnership Agreement with an African region is applied. This is excellent news and I salute the hard work of negotiators and colleagues on all sides. With this trade deal we hope to accompany the development of our partners in Eastern and Southern Africa and open up better and lasting business opportunities.'
Uganda: National Oil Company may share in Tullow Oil production
2012-05-17, Issue 585
Uganda’s proposed National Oil Company will have the right to acquire a 15 per cent stake in the oil fields that Tullow Oil, TOTAL and CNOOC are developing, according to Eoin Mekie, Tullow’s General Manager in Uganda, speaking exclusively to Oil in Uganda. The arrangement was included in the agreements signed between Tullow and the government in early February, in defiance of a parliamentary moratorium on further oil contracts.
Africa: Brazilian group targeting more African opportunities
2012-05-21, Issue 585
Brazilian diversified mining major Vale has confirmed that its portfolio includes investments of $7.7-billion in projects in nine African countries. Speaking at a recent seminar on Africa hosted by Brazil’s National Economic and Social Development Bank (better known by its Portuguese initials, BNDES), Vale CEO Murilo Ferreira reaffirmed the importance of Africa in his company’s strategy.
 He highlighted that Vale continued to be interested in the continent and specifically cited coal and copper as sectors in which Vale continued to make investments in Africa.
Africa: Spectacular growth jeopardised by rising inequality, new report warns
2012-05-21, Issue 585
Africa's impressive growth during the financial and economic crisis of the last five years will be put at risk unless action is taken to combat rising inequality, according to the annual health check on the continent from a panel led by the former UN secretary general Kofi Annan. The report from the Africa Progress Panel found that African countries were growing consistently faster than almost any other region, with booming exports and more foreign investment. But it warned that there was a contrast between a growing yet still relatively small middle class and the Africans left behind after a decade of buoyant activity.
Swaziland: IMF walks away from the kingdom
2012-05-21, Issue 585
The International Monetary Fund (IMF) has withdrawn its advisory team from Swaziland, saying it is unable to support the government’s proposed financial reform programme. The IMF was assisting the government in implementing the Fiscal Adjustment Roadmap (FAR), to right-size the budget, where government spending currently exceeds its revenue. 'Government has yet to propose a credible reform programme that could be supported by a new IMF staff monitored programme… the budget allocates an increasing share of resources to some sectors at the expense of education and health,' Joannes Mongardini, head of the IMF team in Swaziland, told a recent press conference.
Africa: Plan for $1 trillion trade bloc on track
2012-05-21, Issue 585
Plans to create a 26-nation free trade area by integrating three existing African trade blocs by July 2014 are on track and the only major sticking point is likely to be harmonising rules of origin, the three blocs said. The East African Community (EAC), the Common Market for Eastern and Southern Africa (COMESA), and the Southern African Development Community (SADC) aim to create a free market of 525 million people with an output of $1 trillion when they unite.
Malawi: Kwacha devalued by 33 per cent, leading to panic-buying
2012-05-08, Issue 584
Shoppers in Malawi have been scrambling to buy basic goods, fearing huge price rises after the currency was devalued by 33 per cent. The BBC's Raphael Tenthani in Blantyre says that many shops had run out of staple foods such as sugar, cooking oil and bread by the end of Monday. The kwacha was devalued as part of moves by the new government to restore donor funding. The central bank announced that one dollar would now be worth 250 kwacha, up from 168, while the peg to the US currency would be scrapped.
Africa: Governments can't do it alone
2012-05-08, Issue 584
African countries need more support from the private sector in order to meet the United Nations Millennium Development Goals by 2015, which include important development targets like poverty reduction, and improved health and education. Governments cannot do it alone, development and economic experts told delegates at the MDG Review Summit, which took place in Cape Town, South Africa, from 3-4 May.
Africa: Brazil forging strategic alliance with Africa
2012-05-08, Issue 584
The Brazilian government of Dilma Rousseff is taking firm steps towards stronger relations with Africa, such as the creation of a special fund to finance development projects together with multilateral lenders like the World Bank. South America’s giant is keen on establishing a strategic association with Africa, and the tool for doing that is its powerful national development bank, the National Bank for Economic and Social Development (BNDES), which will work in conjunction with the multilateral African Development Bank (AfDB).
Global: Developing countries try to force IMF hand on debt
2012-05-09, Issue 584
At last week’s World Bank and IMF spring meetings, the G24, the group of developing countries governments made a bold bid to get debt work-out mechanisms back on the agenda. They called for a study on sovereign debt restructuring mechanisms, a topic which the IMF had ignored. The European debt crisis provided an opportunity to re-open the debate. Though the G24 call was not echoed in the International Monetary and Financial Committee’s statement, it was an important first step which shows how the problem of unpayable and illegitimate debt is increasing at international level.
Ghana: Prof slams World Bank, IMF policies
2012-05-09, Issue 584
The policy prescriptions of the World Bank and International Monetary Fund (IMF) have failed to change the fundamentals of the economies of African countries and must be re-examined for the continent to develop, says a Professor of Law. 'The fundamentals remain unchanged. That the structure of African economies remains unchanged means that there will be no meaningful development,' Prof. Akilagpa Sawyerr, a member of the Council of State, said at the launch of 'The Oxford Companion to the Economics of Africa' in Accra.
Zimbabwe: Miners call for policy reform
2012-05-14, Issue 584
Although Zimbabwe is a mineral-rich country, mine laborers and owners say that profits aren’t enough to cover costs, leading to low or little pay and unsatisfactory working conditions. The government has implemented laws aiming to reform both issues, but fee hikes to boost federal revenue have been problematic, says this article from the Global Press Institute.
Africa: Africa Progress Report 2012 released
2012-05-14, Issue 584
The 2012 Africa Progress Report is available. The report's purpose is to provide an overview of the progress Africa has made over the previous year. The report draws on the best research and analysis available on Africa and compiles it in a refreshing and provocative manner. Through the report, the Panel recommends a series of policy choices and actions for African policy makers who have primary responsibility for Africa’s progress, as well as vested international partners and civil society organisations.
Global: Was UNCTAD XIII a victory for the South, or a draw?
2012-05-07, Issue 583
At UNCTAD XIII recently held in Doha, a united front of the BRICS, the G77 and China, supported by intense NGO lobbying and a highly publicised letter from former senior UNCTAD staff (including several from the Caribbean), successfully resisted efforts by the Global North to retsrict the agency’s critical work linking trade, development and the global financial and economic crisis. Was it a victory for the South, or a draw? Visit the page through the link provided for three perspectives on the meeting: - Victory for the South by Deborah James - Draw at Doha by Vijay Prashad - South wins battle for new UNCTAD mandate by Martin Khor.
Global: Public finance for public services in the Global South
2012-05-07, Issue 583
A concerted funding effort is needed to achieve basic services for all, says this Occasional Paper from the Municipal Services Project (MSP). 'One untapped source for renewed funding of public services is the large pools of public capital accumulating in Public Pension Funds and Sovereign Wealth Funds. At present, they invest heavily in the private sector to maximize returns but under appropriate conditions, such funds could actually realize greater long-term returns from investment in public service provision while avoiding the politically controversial and contradictory practice of using public sector funds to support privatization.'
Africa: Social safety nets on the rise
2012-04-25, Issue 582
Safety nets - programs that invest in poor people and help them enhance their livelihoods and productivity by transferring resources to poor households - have been on the rise in Sub-Saharan Africa. These programs either transfer money directly to vulnerable households, or offer labor-intensive public works jobs such as building rural roads to adults who need temporary employment during the agricultural lean season. World Bank analysis shows that over the past 10 years, 120 cash transfer programs have been rolled out in Africa.
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