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Development
RSS FeedEritrea: Wikileaks exposes mining company's role in Eritrea
2012-04-26, Issue 582
The World Bank and European Commission officials have accused Nevsun, the Canadian mining company operating in Eritrea, of misleading its investors. A Wikileaks cable, dated 15th June 2006, describes a visit organised by Nevsun and the Government of Eritrea for export credit agencies from Canada and South Africa, as well as Proparco, Standard Bank, and the European Investment Bank.
Malawi: Kwacha to be devalued for aid
2012-04-30, Issue 582
Malawi will devalue its currency, the kwacha, by 40 per cent to unlock blocked aid by meeting conditions set by the International Monetary Fund, President Joyce Banda said. The government has resumed relations with the UK and held talks with the IMF, World Bank and U.S. after the death of Bingu wa Mutharika, the leader who clashed with western donors, Banda said. She was sworn-in as president of the southern African nation this month after Mutharika died of a heart attack on April 5.
Global: Global outward FDI rose in 2011 despite economic uncertainties
2012-04-16, Issue 581
Global foreign direct investment (FDI) outflows rose by 16 per cent in 2011 to an estimated US$1.66 trillion, surpassing the pre-crisis levels of 2007, UNCTAD’s latest Global Investment Trends Monitor reports. This growth was due in large part to cross-border mergers and acquisitions and to increased amounts of cash reserves kept in foreign affiliates, the Monitor, No. 9, says. The report notes that much-needed direct investment in new productive assets through greenfield investment projects or capital expenditures in existing foreign affiliates appeared to be limited.
Tanzania: Mkapa defends privatisation, blames bad management
2012-04-16, Issue 581
Former President Benjamin Mkapa put up a spirited defence for the decision of his third phase administration to privatise state firms, at a public forum held in Dar es Salaam. He told participants at the fourth Mwalimu Nyerere Professorial chair that the poor performance of the firms was due to bad management, in reaction to accusations directed at him personally from some participants. Mkapa said during his time in office when he decided to adopt the privatisation, some 386 state owned industries were privatised, 180 of which were sold to locals. According to Mr Mkapa, all the 386 companies have since collapsed due to what he termed as bad management.
Global: Canada to slash foreign aid to 12 poor countries
2012-04-16, Issue 581
Twelve of the world's poorest countries - including Afghanistan, Pakistan and seven nations in Africa - are going to be hit as the Conservative government looks to slash $377 million in foreign aid over the next three years, Postmedia News has learned. The exact impact on each country is unclear, but the cuts are expected to prompt anger and frustration from the affected countries, which rely on international assistance to provide food and other services to millions of citizens. A number had already seen major reductions three years ago.
Global: World Bank supports harmful water corporations, report finds
2012-04-17, Issue 581
Water privatisation has been proven not to help the poor, yet a quarter of all World Bank funding goes directly to corporations and the private sector, bypassing both governments and its own standards and transparency requirements in order to do so, says a new report. Corporate Accountability International, the US-based non-governmental organisation that published the report, has called on the World Bank to stop funding the private water sector and start redirecting its money to public and democratically accountable institutions.
Global: Rewriting the rules of the global economy
2012-04-17, Issue 581
'Birthing Justice: Women Creating Economic and Social Alternatives' is a series featuring 12 alternative social and economic models which expand the possibilities for justice, equity, and strong community. In the third narrative, Deborah James, a leader in the global movement for economic justice, speaks about how international financial institutions hinder countries’ efforts at poverty alleviation, instead prioritizing corporate interests. She also describes citizens’ efforts to oppose the power of these institutions, and tells of the countries that have made strides toward freeing themselves from the economic chains, providing inspiration to us all.
Ghana: Mining activist fights the gold goliaths
2012-04-18, Issue 581
Whether on billboards along the roads or embroidered on shirt collars, mining companies are ubiquitous in this jungle hub of Ghana's Western Region. 'They take the gold and leave these kinds of things,' says Daniel Owusu-Koranteng, executive director and co-founder of the Wassa Association of Communities Affected by Mining (WACAM).
Global: 'G20 must retain relevance for developing countries'
2012-04-19, Issue 581
The draft agenda for the upcoming G20 trade ministers meeting that is being circulated internally among members is too focused on the interests of big industrialized countries and not enough on what developing countries need, says Indonesian Trade Minister Gita Wirjawan. Gita said that under the current draft, the meeting in Puerto Vallarta, Mexico, later this week, would not spare time to discuss the much anticipated liberalization of the agriculture sector, which had been at the heart of the process to create a multilateral trade deal under the Doha Development Agenda. 'I have spoken with Brazil and South Africa, basically we voiced the same concerns. There has to be an initiative to place the issue of trade liberalization of the agriculture sector on the table. We need to take a stance,' Gita said.
Africa: Sub-Saharan Africa to grow 5.4 per cent on oil output, IMF says
2012-04-19, Issue 581
Sub-Saharan Africa’s economy will probably expand 5.4 per cent this year as rising commodity prices and increased oil production help to offset a slowdown in Europe, the International Monetary Fund said. Growth is set to accelerate from 5.1 per cent in 2011 and compares with 5.5 percent estimated in January, the Washington-based lender said in its World Economic Outlook report today. The IMF raised its growth forecast for South Africa, the region’s largest economy, to 2.7 per cent for this year from 2.5 per cent.
Africa: Gold prices soar but Africa loses out, says AfDB paper
2012-04-22, Issue 581
Africa is not cashing in enough from its large gold resources, despite the spiralling price of the precious metal over recent years, according to a working paper published by the African Development Bank (AfDB). The paper, entitled ‘Gold Mining in Africa: Maximizing Economic Returns for Countries’, points out that gold mining is a significant activity in at least 34 of the continent’s 54 countries. A key factor is unfair concession agreements, say the authors of the paper, which severely limit the gains from gold mining that remain in the producing countries. This particularly applies to the royalty rate stated in the agreements.
Mozambique: Africa's 'resource curse' throws shadow over Mozambique's energy bonanza
2012-03-27, Issue 579
Some remain sceptical of what a massive gas find will mean for Mozambique's 23 million people, reports the UK Guardian. They question whether the government will direct enough of its new revenue towards infrastructure, which is still sorely lacking, and improving agricultural productivity – the biggest single tool for reducing poverty. Erik Charas, director of @Verdade (the Truth), Mozambique's biggest circulation newspaper, warned: 'There is a lack of transparency in these deals. They're making deals for generations to come and I have no idea about them. The lack of transparency is a major flaw. The people in power are negotiating on their own behalf. We might end up with 50 billionaires who own private planes and the rest of the population impoverished. That is our biggest fear.'
South Africa: The nightmare nuclear bill
2012-03-28, Issue 579
Blog Ndifuna Ukwazi reports on an article in the Mail and Guardian that further illustrates the uncertainty surrounding the actual cost of procuring nuclear power. The article highlights the lack of consensus amongst experts in the field as to what the overall cost for nuclear power can be. Focusing on South Africa, the article shows that costs could range anywhere between R322- billion to R1.4- trillion. The construction cost alone would place a considerable strain on South Africa’s resources with no return for 10 to 15 years, the expected time for constructing six reactors.
Nigeria: The unpopular finance minister who would be president
2012-03-28, Issue 579
The African Union has added their backing to Nigerian finance minister Ngozi Okonjo-Iweala’s run at becoming World Bank President. This post from blog Africa is a Country says there are those who would be pleased to see her get the job simply so that Nigeria could be rid of her. Her opponents accuse her 'of acting as an agent for global financial instutions, she was widely seen as the instigator of the removal of the fuel subsidy in January that led to the eruption of the Occupy Nigeria movement.'
Africa: 'Euro crisis to impact heavily on ODA to Africa'
2012-03-28, Issue 579
The Euro crisis is expected to weigh heavily on Official Development Assistance (ODA) to Africa because the European Union (EU) is the largest aid provider to the continent, an Economic Report on Africa 2012, released by the UN Economic Commission for Africa (ECA) warns. The report, 'Unleashing Africa’s Potential as a Pole of Global Growth', released at the ongoing meeting of African Finance Ministers in Addis Ababa, Ethiopia, notes that a handful of countries, such as France and Italy, had already reduced bilateral assistance to Africa because of the global economic crisis.
Global: Not enough IMF change after the crisis
2012-03-28, Issue 579
IMF policy recommendations are often criticised for being too restrictive, procyclical and paying little attention to country-specific circumstances. In the aftermath of the 2008 crisis, the Fund showed some policy rethinking, bringing about expectations of change. However, Rathin Roy and Raquel A. Ramos of the UNDP Policy Centre for Inclusive Growth analyse IMF policy recommendations given to developing countries and conclude that headquarters’ receptiveness to new approaches has not been translated into policy analysis or recommendations.
Global: From privatisation to corporatisation of water
2012-03-30, Issue 579
There has been a development and shift away from privatisation as the dominant strategy towards the so-called corporatisation and commercialisation of public water services. The main purpose of this report is to analyse the strategic development in policy that has taken place, the World Bank's neoliberal strategy on corporatisation of urban water services and concrete case studies of corporatisation projects in Sub-Saharan Africa as examples of this strategy.
Egypt: Debate rages over foreign aid
2012-03-21, Issue 578
As dozens of employees of the nongovernmental organizations raided in December by Egyptian officials await trial, Egyptian citizens debate the charges against them, reflecting various views of the progression of democracy in the country. Meanwhile, US congressmen and the leaders of several organizations contribute their opinions during congressional hearings on the future of aid to Egypt.
Africa: The impact of the European debt crisis on Africa’s economy
2012-03-21, Issue 578
This UNECA background paper reviews the potential impact of the European debt crisis on Africa and offers policy advice on the actions that African leaders need to take to mitigate those negative effects. To that end, it overviews the characteristics of the euro area debt crisis, before discussing the risks it poses to Africa and the possible channels through which its effects may be transmitted.
Global: The staggering rise of the South?
2012-03-22, Issue 578
This paper argues that the unprecedented acceleration of growth in the developing world in the new millennium in comparison with advanced economies is due not so much to improvements in underlying fundamentals as to exceptionally favourable global economic conditions, shaped mainly by unsustainable policies in advanced economies. For Latin American and African commodity exporters, gaining greater autonomy and achieving rapid and stable growth depend on their success in reducing reliance on capital flows and commodity earnings.
Global: South Africa's presence 'drags down Brics'
2012-03-26, Issue 578
A year later and South Africa has still not convinced the world or the creator of Brics why it belongs in the exclusive emerging-giant grouping that includes Brazil, Russia, India and China. 'It's just wrong. South Africa doesn't belong in Brics,' said Jim O'Neill, global chairman of Goldman Sachs Asset Management, who coined the term 'Bric' 10 years ago. In an interview with the Mail & Guardian in London this week, O'Neill was highly critical of South Africa's position in this political bloc. 'South Africa has too small an economy. There are not many similarities with the other four countries in terms of the numbers. In fact, South Africa's inclusion has somewhat weakened the group's power.'
Global: An international perspective on Occupy Wall Street
2012-03-26, Issue 578
'For me the Occupy Wall Street movement expansion is, first, a clear sign of the fact that there are many more people than we can imagine wishing to change the world; and, second, that the tools and institutions we have to make it possible for people to participate in politics are absolutely insufficient and inadequate.' This is according to Chico Whitaker, a Brazilian activist and organizer who helped launch the World Social Forums in 2001, in an interview with US Social Forum news.
Global: Urgent international action needed to combat social inequalities and environmental risks
2012-03-26, Issue 578
Social justice and environmental protection are equally urgent and intrinsically linked universal goals, with coordinated global action needed on both fronts at the UN’s ‘Rio+20’ Conference on Sustainable Development in June, Secretary-General Ban Ki-moon said in a message to an audience of development experts, civil society leaders and government officials at the first Global Human Development Forum in Instanbul.
Global: WTO Torn asunder?
2012-03-26, Issue 578
Trade envoys of India, Brazil, and South Africa have warned industrialised countries not to hijack the Doha multilateral trade negotiations by adopting the controversial plurilateral approach to liberalise trade in services. A plurilateral agreement allows member countries to voluntarily agree to new rules. In contrast, in a multilateral agreement all members have to be in agreement. This, they say, could ultimately undermine 'the possibility of resuscitating the Doha Round'. The Doha Development Agenda was launched almost 11 years ago to correct the historical imbalances and asymmetries in the global trading system and was designed to enable poorer countries to integrate into the system.
Malawi: Mutharika bashes World Bank mission
2012-03-13, Issue 576
The World Bank should never expect a wholesale acceptance of their programmes aimed at bailing the country out of the current economic mess as President Bingu wa Mutharika says he is not an 'idiot' to do that. 'The level [of the mission] is not even that of a minister but a principal secretary. So you want me to meet every Jim and Jack who comes from wherever at the expense of my job? I am not that cheap and I'm not for sale; I am the president.' On the bailout, Mutharika said the World Bank and other donors should align their programmes with the country's, otherwise he would not accept them at all.
Global: Report warns western firms on 'resource nationalism'
2012-03-14, Issue 576
Western companies should guard against high risks involved in doing business as usual with African countries that have recently discovered offshore oil. A new report asks them to be prepared to manage the perils stemming from 'resource nationalism' in institutionally fragile and politically volatile nations. The warning by UK-based Maplecroft risk analysts refers particularly to countries 'where we see a disenchanted poorly educated youth, many of whom following war torn years out of school, are finding reintegration back into society particularly challenging.' New oil frontiers which the risk analysts have in mind include Equatorial Guinea, Cote d’Ivoire, Cameroon, Gabon, and the Congo, all of which are classified in the index as 'high risk' countries.
Global: Unmasking the IMF
The post-financial crisis imperative for reform
2012-03-15, Issue 576
This report looks at the appropiatness of the International Monetary Fund in dealing with global economic recovery. In April 2009, G-20 leaders designated the International Monetary Fund (IMF) as the central vehicle for global economic recovery and tripled the Fund’s lending capacity from US$250 billion to US$750 billion. Civil society and humanitarian organizations expressed deep concern due to the Fund’s checkered record in predicting and responding to crises.
Africa: The Arab spring and international debt
2012-03-15, Issue 576
This report identifies Norway’s loans to Tunisia, Egypt and Bahrain, and discusses the legitimacy of this debt. Norway has lent money to these countries through bilateral debt and through investments in government bonds. Should a new regime, when it has been established, inherit the debt from the previous regime?
Global: Putting water back in public hands
2012-03-19, Issue 576
The trend of privatisation and commercialisation of water services, which set in in the 1980s and continued throughout the 1990s, has come to a halt due to the process’ own failures, and has given rise to a return of those services into efficient public management, according to a new book. Released on 11 March, 'Remunicipalisation: Putting water back in public hands' was authored by several activists at the Amsterdam-based Transnational Institute (TNI) and the watchdog Corporate Europe Observatory (CEO) in cooperation with several non- governmental organisations.
Global: Challenging the World Water Forum to protect water from corporate control
2012-03-19, Issue 576
With the World Water Forum (WWF) convening representatives of the water industry, other major corporations and government officials in Marseilles to shape international water policy such that it to prioritizes for-profit models of water delivery, and profit-oriented allocation of the world’s most essential resource, a statement from Corporate Accountability International has noted that while water for domestic purposes is a recognized human right, today nearly 900 million people lack consistent, safe access. Corporate control and management has proven a failure in addressing this tragic shortfall, instead diverting the investment dollars and political will required to reverse this global crisis.
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