Monday, September 26, 2011
Coordinating Minister of the Economy and the Minister of Finance, Dr Ngozi Okonjo-Iweala, has called for debt relief for African countries, most of which are in the low income bracket.

Dr Ngozi Okonjo-Iweala



Addressing journalists in Washington DC., United States (US) of America, venue of the on-going Annual General Meetings of the World Bank and International Monetary Fund (IMF), Okonjo-Iweala said Low Income countries (LICs) are facing high and unsustainable debt burdens, which is stagnating their growth, urging the IMF to further strengthen its engagements with African countries through enhanced financing, using its various lending facilities, policy advice and technical assistance.

Specifically, she called on the Fund to increase the concessionality of fund lending to LICs and extend the interest-free moratoriumon fund concession resources beyond 2011. Equally important, she said, was the need for the IMF to actively support LICs’ efforts to access international markets and also review the sustainability framework in order to accommodate the higher investment needs of most LICs, while preserving the soundness of public finances.

The minister expressed happiness at the rapid recovery of the majority of LCIs from the global economic crises which she said reflect their strong structural reforms efforts,pre-crisis macroeconomic policybuffers built during the good old days and increased ownership of policies and flexibility in the funds financing and engagement with the authorities.

The reform efforts, she said are instrumental to attracting investment inflows into the African region. However, she said continuing the trend would hing on robust growth and recovery in advanced economies, even as she lamented the negative effect of rising flood prices which has put upward pressure on inflationary trends and exacerbated food insecurity for many countries in the region, particularly net food importing countries.

For emerging markets and developing economies, there is a need to accelerate the unwinding of accommodative macroeconomic policies to avoid overheating in the face of strong economic activity, while ensuring that the poor are protected from the effects of higher food and fuel prices.

Okonjo-Iweala said that while growth has remained robust, some vulnerability still exists, noting that many LICs remain vulnerable to the resurgnce of the global fuel and food price increases which is slowing down growth. LCIs, she lamented, also face inadequate financing of priority development projects in the face of possible decline in aid flows as well as slow recovery in exports with the persistent slow recovery in advanced economies.http://odili.net/news/source/2011/sep/26/502.html

There's something very fishy about this woman. Debt relief for Nigeria, debt relief for Africa, World Bank to provide employment.

Is she working for the Nigerian government or the World Bank? Seems to me like someone with a "monkey-syndrome" with one hand on the Nigerian branch and another firmly on the world bank branch.

She is just carrying out her world bank agenda.
Madam has failed to tell us how much of our money and resources she has used to buy this so called debt relief in a bid to boost her own CV and guarantee her return to the world bank.

She must think that we are stupid to think this is all in Africa's best interest. The truth is that your bosses wouldn't keep you if you were making them a loss so you must have attained that lofty height by selling the soul of Africa constantly!

Some of us are not fools, you know.
Oloshi!

Thank Goodness, Africans are beginning to wake up

@ Desola, while I agree with your line of reasoning to an extent I must say "U dey provoke ooo"". Ki la gbe ki le ju?.

DONLEKAN:

@ Desola, while I agree with your line of reasoning to an extent I must say "U dey provoke ooo"". Ki la gbe ki le ju?.

O ka mi lara ni.

Dis woman is merely just doing wat is right in her conscience and serving Africa Internationally along the lines of Nigeria being the giant of Africa.

We can't attach such importance of Nigeria to Africa and do nothing. DR IWEALA, may God continue to strengthen and protect you to accomplish his will for our country Nigeria and Africa.

Her ambition is beginning to show itself. We shall see. . . .

Ngozi will soon give African countries debt relief after the countries pay the western organiations Billions and Billions of dollars instead of Trillions of dollars. Barawo banza.

Dbt relief Again.

Make she ma tell them make dem no try collect their money again!

Desola:

There's something very fishy about this woman. Debt relief for Nigeria, debt relief for Africa, World Bank to provide employment.

Is she working for the Nigerian government or the World Bank? Seems to me like someone with a "monkey-syndrome" with one hand on the Nigerian branch and another firmly on the world bank branch.

She is just carrying out her world bank agenda.
Madam has failed to tell us how much of our money and resources she has used to buy this so called debt relief in a bid to boost her own CV and guarantee her return to the world bank.

She must think that we are silly to think this is all in Africa's best interest. The truth is that your bosses wouldn't keep you if you were making them a loss so you must have attained that lofty height by selling the soul of Africa constantly!

Some of us are not fools, you know.
Oloshi!

Low IQ!!

^^