22 August 2008
The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week.
African Development Bank:
African Development Bank (AfDB) Launches Zambia Field Office, August 20, 2008 (APO website) - The President of the African Development Bank (AfDB) Group, Donald Kaberuka, officially launched the Zambia Country Office on 1 August 2008 in Lusaka.
Sudan's Bashir in visit to Turkey, August 19, 2008 (BBC News website) - Bashir is attending a Turkey-Africa economic co-operation summit taking place at a palace on the Bosphorus Strait. Some 54 African heads of state are at the meeting. Turkey is keen to complete its membership of the African Development Bank Group, which would allow Turkish firms to compete for development contracts in Africa.
Multi-billion Dollar Fertilizer Facility For Ghana, August 18, 2008 (Daily Guide website) - African Development Bank (ADB) has established a multi-billion dollar African Fertilizer Financing Facility (AFFF) that will enable Nigeria, Ghana and 14 other African countries to procure consolidated fertilizers at highly subsidized rates.
African governments should finance Grand Inga project, By Olley Maruma, August 17, 2008 (Jean-Louis Kayitenkore Blog) - In the Democratic Republic of the Congo (DRC), the Inga Dam Hydroelectric Project, touted for a long time as a water source with the hydroelectric potential to "light up the whole of Africa", is slowly becoming a curse rather than a boon to the country. Indeed the lucrative project is now the cause of a new great Scramble for Africa, hence its new name: the Grand Inga Project.
Asian Development Bank:
ADB pushes single customs clearance in Mekong countries, Xinhua, August 22, 2008 (China View website) - The Asian Development Bank (ADB) is assisting Laos in introducing a single customs clearance service as part of its efforts to facilitate free movement of goods in the Greater Mekong Sub-region (GMS), Lao newspaper Vientiane Times reported Friday.
Japan, Asian Development Bank pledge $1 mn aid to Bihar, August 21, 2008 (The Times of India website) - Japan Special Fund (JSF) and the Asian Development Bank (ADB) on Thursday said they will provide a financial assistance of $1 million (Rs.40 million) to Bihar for improving the living conditions of the people.
ADB, World Bank to help improve Pacific infrastructure, August 20, 2008 (Economic Times website) - The Asian Development Bank (ADB) Wednesday said it will cooperate with Australia, New Zealand and the World Bank to improve infrastructure in the Pacific Island countries.
NK Wants to Join IMF, ADB, August 18, 2008 (KBS Global website) - North Korea has demanded that the U.S. promise to help it join the International Monetary Fund and the Asian Development Bank.
ADB, IDB offer $1bn for improving forex reserves, By Ihtasham ul Haque, August 17, 2008 (Dawn website) - The Asian Development Bank and the Islamic Development Bank on Saturday agreed to offer $500 million each as emergency support within two weeks to help improve Pakistan’s foreign exchange reserves which have dropped to about $9 billion against $16 billion since October 2007.
European Bank for Reconstruction and Development:
Investors pulling out of Russia, August 22, 2008 (BBC News website) - Russia has seen foreign reserves decline, a sign that the market is more nervous about investing in the region since the recent conflict in Georgia.
Inter-American Development Bank:
IDB, government to sign agro-energy agreement, August 21, 2008 (Stabroek News website) - The Guyanan government and the Inter-American Development Bank are to sign a cooperation agreement for institutional strengthening and technical support in developing national agro-energy capacity.
IBD supported Program by the Ministry of Public Finance to improve fiscal management, August 12, 2008 (Guatemala Times website) - IBD supported Program by the Ministry of Public Finance to improve fiscal management Guatemala will receive a US$400 million loan from the Inter-American Development Bank to support a program to improve its fiscal management
International Monetary Fund:
We’ve Helped Nigeria Develop Financial Systems – IMF, August 22, 2008 (This Day website) - International Monetary Fund (IMF) said it has assisted Nigeria and Rwanda to develop stronger financial systems that have led to a sustained high growth rates.
IMF to send in team of economists, By James Politi, August 22, 2008 (FT website) - The International Monetary Fund is preparing to dispatch a team of economists to Georgia for meetings with government officials and central bankers in the embattled Caucasian republic.
IMF's oldest economist sues institution after fall, By Lesley Wroughton, Reuters, August 21, 2008 (Forbes website) - The International Monetary Fund's oldest and one of its most respected economists, 94-year-old Jacques Polak, is suing the IMF for $6 million after he fell down a flight of stairs at an IMF conference held last year in his honor.
INTERVIEW-Pakistan does not need FY08/09 loan - IMF official, By Koh Gui Qing, August 17, 2008 (Reuters website) - Pakistan does not need to turn to the International Monetary Fund (IMF) for money in the next 10 months if the government cuts spending and gets other sources of funding to offset falling reserves, a senior IMF official said.
World Bank:
IFC expands cooperation with Central Asia, Comtex, August 22, 2008 (Individual.com) - Lars Thunell, executive vice president and CEO of the International Finance Corporation, a member of the World Bank Group, visited three Central Asia nations - Kyrgyzstan, Uzbekistan and Tajikistan - through last and the beginning of this week.
Liberia: Traditional Council Gets World Bank, LEITI Blessing, By Edwood Dennis, The Analyst, August 21, 2008 (allAfrica website) - The Liberia Extractive Industries Transparency Initiative (LEITI) and the World Bank have come to the aid of the Traditional Council of Liberia, donating a modern car. The donation is an effort aimed at enabling the council to step up its campaign of monitoring and educating people on the extraction and sale of national resources as well as revenues.
World Bank approves N14.7b for regional gas project, By Yetunde Ebosele, August 20, 2008 (Guardian News Nigeria website) - The World Bank has approved the sum of N14.750 billion about ($125 million) to support the execution of the West African Gas Pipeline (WAGP) project aimed at transporting natural gas from Nigeria to other neighbouring African countries.
Zambia : World Bank comes under fire for paying its workers poverty wages, August 20, 2008 (UNI website) - The World Bank is coming under fire because of the terrible conditions experienced by some of its workers in Africa.
World Bank Suspends Payments to Mauritania, Official Says, By Hamadou Tidiane Sy, August 20, 2008 (Bloomberg website) - The World Bank, "temporarily suspended'' payments to the government of Mauritania following a military coup that toppled elected President Mohamed Ould Ceikh Abdallahi earlier this month.
World Bank chief calls for resuming Doha negotiations, Xinhua, August 19, 2008 (China View website) - World Bank Group President Robert B. Zoellick urged on Monday parties to retrieve the Doha negotiations.
Africa: World Bank Asks Govts to Invest in Agriculture, By Martin Luther Oketch, August 19, 2008 (allAfrica website) - The World Bank has advised African governments to make fiscal policy adjustments to save millions of their citizens threatened by the rising food prices
Africa’s food crisis the handiwork of IMF, World Bank, By Walden Bello, August 18, 2008 (Business Daily website) - Despite being a net food exporter at independence, Africa now imports 25 per cent of her food from donors.
Ethiopia Will Divert World Bank Loans to Buy Fertilizer, By Jason McLure, August 15, 2008 (Bloomberg website) - Ethiopia and the World Bank are close to an agreement that will allow the Horn of Africa country to divert $237 million in loans and grants for infrastructure projects to purchase fertilizer, the bank said.