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development
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.'
Eritrea: 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: Protest groups target Olympics sponsors with new campaign
2012-04-16, Issue 581
A coalition of pressure groups has unveiled a new campaign against three controversial sponsors of the London Olympics, accusing them of using the Games to 'greenwash' unethical corporate activities. With the growing prospect of protests at the Games by groups seeking to highlight the activities of its corporate backers and others planning to use it as a broader canvas to protest against capitalism, the Greenwash Gold campaign marks a new level of co-ordination.
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.
Uganda: Anxious communities at refinery site not yet consulted
2012-04-18, Issue 581
Lawrence Ozelle pushes aside his tool box and steps forward to confront us as we photograph Kyapaloni market - a trading centre in Kabaale parish, Buseruka sub-county, some twenty kilometre west of Hoima town. 'Who are you people?' he demands. 'Do you want to steal our land?' Ever since oil was discovered nearby, the locals say, they have had no peace. Strangers come to Kabaale on a daily basis. Some promise development, while others come and go quietly.
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.
Global: IMF's approach to financial regulation 'behind the curve'
2012-04-19, Issue 581
While the IMF’s strategic plan for boosting its financial sector surveillance has not been published, the Fund continues to argue that developing countries need more liberal financial systems. Since the financial crisis, the IMF has been trying to boost its work on overseeing risks from the world’s financial system. The IMF’s strategic plan for financial sector surveillance was due to be discussed at the executive board in February, but neither a date for the actual discussion nor any policy papers were released publicly.
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.
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