What We’re Reading 6/8/09
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Reuters: African States Seek Own Solution in World Crisis
Africa must seek to solve its own problems as the global economic crisis limits the ability of more developed countries to follow through on aid pledges, African ministers told a conference in Cairo. One leader said, “increasingly we have to depend on ourselves for support because one thing that is lacking with aid is predictability.” However the officials and delegates added that many countries need short term help and highlighted the necessity that international bodies make good on recent pledges to help Africa, which has been roiled by last year’s sharp food price rises and fluctuating commodity markets.
Wall Street Journal: China Willing to Buy as Much as $50 Billion in IMF Bonds
China said it is willing to buy as much as $50 billion in bonds issued by the International Monetary Fund, part of a deal made by the world’s major economies earlier this year to boost the resources the global agency has to combat financial crises. China and three of the other biggest emerging economies — Brazil, Russia and India — have made it clear they want to contribute to the IMF through a bond issue rather than more-conventional funding channels, avoiding permanent commitments while they negotiate for a larger formal voice in the IMF. The U.S. has supported a bigger role for China at the IMF.
AP: Zimbabwe Prime Minister Says He is Not Bringing ‘Begging Bowl’ On Tour of the West
Zimbabwe Prime Minister Morgan Tsvangirai launched a three-week trip to the West on Sunday saying he is seeking re-engagement, not touring with a “begging bowl” asking for aid. Western leaders have long isolated Zimbabwe, accusing President Robert Mugabe of trampling on democracy and ruining a once-vibrant economy. Tsvangirai said he hopes to get the green light for a new round of talks with the European Union at the end of his trip to discuss reforms and future aid.
-Grace Lamb-Atkinson
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June 8, 2009 at 1:16 pm
Thanks Grace for this compilation of articles. They are always very much appreciated. If anyone reads the first article, they will see the dichotomous situation of many African leaders presently.
I present the ending of the article to highlight what I am saying:
“Ethiopia’s finance minister agreed with the sentiment, but said Africa’s needs were dire and required short-term help.
“We have to be practical. Most African countries at this critical time need external assistance. The international community made a commitment (and) we have to push, we have to get additional resources,” Sofian Ahmed said.
G20 leaders agreed $1.1 trillion extra funding for the IMF at a summit in London in April. Soon after, a bank lobby group said the IMF should push for countries to approve the money within 90 days of the summit, or by July 2.
The U.N.’s Janneh said delegates at the Cairo conference were emphasising two points — that the international community must fulfil its commitments and that Africa must not rely on receiving the aid.”
As long as people are not following a clear path as to what they want, they will never get what they desire.
African leaders need to do better than this.
Living Positively, debbie