31 October 2008
Read all the headlines concerning the international financial institutions from the past week.
African Development Bank:
Africa's AfDB bank lends Tanzania $156 mln, October 31, 2008 (Reuters website) - The African Development Bank (AfDB) said on Friday it had lent Tanzania $156 million to finance an anti-poverty scheme.
AfDB Finances Zambia's 2nd Poverty Reduction Budget Support Programme, October 30, 2008 (allAfrica.com) - The African Development Bank, through its soft loan affiliate, the African Development Fund, on Wednesday approved 15 million Units of Account*, approximately US$ 23.4 million, as Zambia's Second Poverty Reduction Budget Support Loan (PRBS II).
Congolese leader sues for African Sustainable Development Fund, October 29, 2008 (APA website) - President Denis Sassou N’Guesso of Congo on Wednesday has recommended the creation of an African Fund for sustainable development at the opening ceremony of the sixth world forum on sustainable development in Brazzaville.
Africa: Time for Continent to Harness Its Huge Hydro-Energy Potential, October 28, 2008 (allAfrica.com) - Country representatives attending the 20th Session of the African Hydro Symposium held in Zambia have called for African governments to harness its huge hydro-energy potential, as it is cheap and clean
AfDB cautions over financial crisis, By John Oyuke, October 28, 2008 (The Standard website) - The African Development Bank (AfDB) has cautioned member countries they are still not safe from the global financial crisis.
Asian Development Bank:
ADB to provide $87 mln loan to improve infrastructure in Bangladeshi towns, October 30, 2008 (China View website) - The Asian Development Bank (ADB) will provide 87 million U.S. dollars loan to improve the basic services and infrastructure in small and medium-sized towns of Bangladesh.
ADB Targets Coordinated Water Management in Central Asian Nations, October 28, 2008 (Kazinform website) - The Asian Development Bank (ADB) is aiming to enhance regional cooperation on vital Central Asian waterways whose management and protection are crucial to the region's economic growth and social well-being.
India gets $800m ADB loan for hydropower, October 25, 2008 (Daily Times website) - The Asian Development Bank said Friday it had approved an $800 million loan to help the Indian state of Himachal Pradesh expand hydropower generation with a series of projects in the western Himalayas.
European Bank for Reconstruction and Development:
EBRD set to fund Turkey, By Stefan Wagsty, October 29, 2008 (FT website) - Turkey is set to secure nearly €1bn ($1.2bn, £800m) a year in extra foreign financing once the European Bank for Reconstruction and Development fully rolls out its funding programmes across the cash-strapped country.
EBRD grants Bosnia 180 million-euro loan for key highway, October 28, 2008 (EU Business website) - The European Bank for Reconstruction and Development on Tuesday granted Bosnia a 180 million-euro (226 million-dollar) loan towards the construction of a key highway, the government said.
EBRD to provide Moldova with 15 million dollars, October 24, 2008 (Moldpres News website) - The European Bank for Reconstruction and Development (EBRD) is to give Moldova 15 million dollars in financial assistance, the money is meant to support agribusiness projects. An agreement to this effect is to be signed next week, the Chisinau-based EBRD office Libor Krkoska said today at a news conference.
International Monetary Fund:
US, IMF need cash from Gulf, October 29, 2008 (Saudi Gazette website) - Oil-rich Gulf Arab countries with big cash reserves are being urged to stump up the cash needed to help the United States and countries requiring IMF aid weather the ongoing turbulence on the international financial markets.
Global lenders bail out Hungary, October 29, 2008 (Radio Netherlands website) - International money lenders have agreed on a 20 billion euro rescue package for Hungary. The International Monetary Fund led the way with a 12.5 billion loan, expressing its confidence that the Hungarian economy will be able to regain stability and improve its long-term growth potential.
Ukraine's parliament passes key economic bills, October 29, 2008 (IHT website) - Ukraine's parliament on Wednesday approved legislation that the International Monetary Fund set as a condition for an emergency loan, raising hopes that this ex-Soviet republic, hit hard by the global crisis, will avoid a meltdown.
Govt cannot afford IMF’s tough conditions: Zardari, October 29, 2008 (Daily Times website) - The Pakistani government cannot afford the tough conditions linked to likely financial assistance from the International Monetary Fund (IMF), President Asif Ali Zardari said on Tuesday.
Iceland says it Needs $6 Billion Bailout, By Tom Rivers, October 28, 2008 (VoA website) - Iceland's prime minister says his country needs about $6 billion in loans to recover from the global financial crisis, as Reykjavik's central bank hikes its interest rates by a massive six percentage points. For VOA, Tom Rivers reports from London.
PM Erdogan urges IMF to consider its attitude towards Turkey, October 27, 2008 (Hot News Turkey website) - Prime Minister Tayyip Erdogan said on Tuesday that the government was not the enemy of the International Monetary Fund (IMF) and the Fund should reconsider its approach to Turkey.
IMF Clears Strauss-Kahn of Wrongdoing in Relationship (Update1), By Christopher Swann, October 25, 2008 (Bloomberg website) - The International Monetary Fund cleared its chief, Dominique Strauss-Kahn, of any wrongdoing in connection with his relationship with a female subordinate while faulting him for a "serious error of judgment.''
Asia, Europe to urge key IMF role in credit crisis, By Christopher Bodeen, October 24, 2008 (AP website) - Asian and European leaders called Friday for a coordinated response to the global financial meltdown and prepared to endorse a critical role for the International Monetary Fund in aiding the hardest-hit countries.
World Bank:
World Bank’s private sector arm cites focus, October 30, 2008 (Business World website) - The International Finance Corporation (IFC), the private sector investment arm of the World Bank, said it will prioritize investments in areas that would benefit the poor at a time of global financial market turbulence.
IFC sets aside $3 bln to recapitalise African banks, By Frank Nyakairu, October 29, 2008 (Reuters website) - The World Bank's International Financial Corporation has set aside $3 billion to help insulate banks in poor African countries from the effects of the global credit crisis, its Vice President for Africa said on Wednesday.
World Bank rolls out rescue package for Africa, October 27, 2008 (Business Daily website) - The World Bank has announced plans to increase loans to poor countries to make up for dwindling private fund flows, unravelling a rising concern that the developing economies mostly found in Asia and Africa may be hit hardest by the raging global financial crisis.
World Bank to double loans to poor countries [such as Cambodia]- Nikkei, October 26, 2008 (KI Media website) - The World Bank plans to increase loans to poor countries to make up for dwindling private fund flows to these economies, Japan's business daily Nikkei reported on Sunday
A 21st-Century Bretton Woods, By Sebastian Mallaby, October 25, 2008 (WSJ website) - There wasn't much to see in Bretton Woods in July 1944, when delegates from 44 countries checked into the sprawling Mount Washington Hotel for the United Nations Monetary and Financial Conference. Almost a million acres of New Hampshire forest surrounded the site; there were free Coca-Cola dispensers, but few other distractions.
Understanding the IMF/World Bank Policies in Africa, October 24, 2008 (Standard Times Press News Sierra Leone) - As a result of the declining market prices for export commodities in the 1980s, international interest rates rose and many African countries soon became burdened with debt. African countries turned to the World Bank and IMF for financial assistance.