COMMENT - Just another IMF/World Bank sellout. This is why Africa does not develop for the benefit of it's own people - it's finance ministers are the lackeys and often lifelong employees of the IMF and the World Bank.
Nigeria's FM was an MD at the World Bank for years. I wonder where she will go back to when her term in government is up.
Minister of Finance Alex Chikwanda in Washington for joint IMF/World Bank Spring Meetings
TIME PUBLISHED - Wednesday, April 18, 2012, 5:51 pm
Minister of Finance and National Planning, Mr. Alexander B Chikwanda arrived in Washington DC as head of a Zambian delegation to the 2012 IMF/World Bank Spring Meetings.
Also attending the meetings is the Bank of Zambia Governor Dr. Michael Gondwe and other officials from the Central Bank and the Ministry of Finance that includes the Secretary to the Treausry Mr. Fredson Yamba.
According to a programme availed to the Embassy of the Republic of Zambia in Washington DC, Finance Minister Alexander B Chikwanda and his delegation will hold meetings with the management of the IMF and the World Bank such as the Vice President for the Africa Region, Ms. Obiageli Ezekwesili, the World Bank Executive Director Mr. Hassan Taha and the International Monetary Fund(IMF) Director of the African Department Ms. Antoinette Monsio Sayeh to discuss recent economic developments in Zambia, as well as areas where the two institutions can assist in the achievement of Zambia’s development agenda.
Mr. Chikwanda will also meet with the Executive Vice President and CEO of the International Finance Corporation (IFC), Mr. Lars Thunell to discuss IFC work programme in Zambia and future assistance. Last December, IFC assured Zambia that it would continue supporting the country’s investment climate reforms and was committed to supporting the new PF government consolidate positive gains already realized.
[The International Finance Corporation is "the private sector arm of the World Bank Group". - MrK]
Another meeting is scheduled between the Minister and the President of the Millennium Challenge Corporation (MCC) Mr. Daniel W. Yohannes. The MCC recently approved a US$354.8 million Compact with Zambia designed to increase Lusaka’s overall water supply, extend and improve select water supply, sanitation and drainage networks.
[Question: how is all of this going to be repaid without increased tax collection from the mining sector? - MrK]
The compact also aims to decrease flooding and provide Lusaka residents greater access to water and better water supply, sanitation and drainage services. It also provides technical assistance to ensure women and vulnerable populations benefit from project investments.
As part of the Spring Meetings, the Zambian delegation will participate in different seminars and briefings that have been lined up through to the end of the meetings. One interesting meeting will be on “Mining Tax Regime Meeting: Case Study on Zambia” with Prof Conrad from IGC.
Speakers at the various seminars and briefings include a Press Briefing on the “Global Financial Stability Report “ (GFSR) by Mr. Jose Vinals who is the the Financial Counselor and Director of the IMF’s Monetary and Capital Markets.
Two other documents, the “World Economic Outlook” (WEO) and “Fiscal Monitor Report” will be presented by Mr. Oliver Blanchard, IMF Economic Counselor and Director of Research Department and by Carlo Cottarelli, Director of the IMF’s Fiscal Affairs Department.
Zambia will also participate in a seminar entitled “The Rise of Social Safety Nets in Africa” which will bring together policy makers, practitioners, civil society representatives, development partners and Bank Management to review social protection success stories in Africa and elsewhere, the challenges that remain in the development of appropriate safety nets in Africa, the evidence base that safety net programmes help reduce chronic poverty and develop human capital and the key messages from the new Africa Region Social Protection Strategy.
IMF Managing Director, Christine Lagarde and outgoing World Bank President Robert Zoellick will also participate in Press briefings during the course of the meetings.
Labels: FINANCE MINISTER, IMF, INTERNATIONAL FINANCE CORPORATION, ROBERT ZOELLICK, World Bank
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Musokotwane’s pay out package could be reduced or rejected-Lubinda
TIME PUBLISHED - Monday, December 12, 2011, 2:11 pm
Government may reject or reduce the ‘out-standing’ payout package to former Minister of Finance Situmbeko Musokotwane until it is established
whether the economist-turned-politician was really on a double salary – an allegation he has vehemently denied.
Chief government spokesman Given Lubinda in an interview yesterday said Dr Musokotwane, who on Saturday spoke on the privately-owned Radio Phoenix where he denied the ‘double salary’ story, should slow down before denying the allegations.
“I don’t think a person in the position of the President Michael Sata can make a baseless allegation against the former minister,” Mr Lubinda said.
“He knows what he is talking about when he raises these issues but the Finance Minister (Mr Alexander Chikwanda) would probably be best suited to speak on this matter.”
Dr Musokotwane refused to discuss the matter when the Daily Mail called his mobile phone yesterday saying “I am in South Africa…call me when I return on Wednesday”, before he hang up his phone and switched it off. Mr Chikwanda could not be reached via phone as he officially owns no mobile phone.
Conversely, Dr Bwalya Ng’andu, the BoZ acting governor – the institution that is supposed to have been paying Dr Musokotwane’s other salary, declined to comment, saying: “I need more time to make consultations before I can comment on that. Call me tomorrow please.”
“I don’t think a person in the position of the President Michael Sata can make a baseless allegation against the former minister,” Mr Lubinda said.
President Sata on December 9 questioned why Dr Musokotwane had been drawing two salaries – one of them amounting to K55 million and a ministerial one just below K10 million – when his colleagues were on one salary. He said this when he swore in Commerce and Industry permanent secretary Stephen Mwansa.
“You Mr Mwansa are not going to be like Situmbeko Musokotwane who was getting two salaries – K55 million from the Bank of Zambia and a salary from the government,” President Sata said.
If Dr Musokotwane gets his benefits based on the BoZ wage, accounting analysts state that he could easily pocket up to K5 billion while fellow former Cabinet ministers that served with him could carry home just under K500 million each depending on how long they worked and in what capacity.
The Daily Mail, however, has been informed that a ‘thorough’ investigation has to be carried to establish whether the former Finance minister currently being investigated for being in possession of some more 1,200 bicycles was on one wage.
Depending on the outcome of investigations prompted by President Sata’s red flag, the accountants believe Dr Musokotwane’s final payout could be reduced to be in line with what other former ministers that worked on one salary may earn.
On Saturday, Dr Musokotwane featured on a special Radio Phoenix programme that cost about K2.3 million and denied everything.
Dr Situmbeko is one of the former ministers that have found themselves being investigated after President Sata declared a fight against corruption which he said he is ‘allergic to’, earning himself some enemies especially from the opposition.
Before the denial, he called a press conference, cast aside political decorum and used strong language against President Sata whom he accused of continuing to operate like an ‘opposition’ leader instead of a national President.
[Zambia Daily Mail]
Labels: FINANCE MINISTER, GIVEN LUBINDA, MICHAEL SATA, SITUMBEKO MUSOKOTWANE
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Nigeria World Bank chief quits to become finance minister
By Reuters News
Sat 09 July 2011, 16:00 CAT
World Bank managing director Ngozi Okonjo-Iweala resigned her post on Friday in order to become Nigeria's new finance minister, spurring hopes of reform in sub-Saharan Africa's second biggest economy.
Okonjo-Iweala will take up an expanded position as Coordinating Minister for the Economy and Minister of Finance in Nigerian President Goodluck Jonathan's new cabinet, World Bank President Robert Zoellick said in a statement.
"Her desire to serve her country is truly a big loss for the World Bank but a major gain for Nigeria as it works to craft its economic way forward," he said.
Government sources told Reuters two weeks ago that Jonathan had asked Okonjo-Iweala, a respected former finance minister who helped negotiate debt rescheduling in 2005, to return to her old position with broad powers over economic management.
Jonathan was sworn in for his first full term on May 29 following general elections and his ministerial choices are being closely watched by Nigerians and foreign investors keen for a team capable of driving badly needed reforms.
"We think President Goodluck Jonathan's selection of the World Bank MD will result in a vote of confidence for his administration, and suggests he is serious about initiating fiscal reforms," Renaissance Capital said in a research note.
Okonjo-Iweala laid out her vision for the Nigerian economy during her screening by the Senate on Wednesday, pledging she would create jobs and ensure the country "lives within its means" if approved as a cabinet minister.
The high cost of government has been a major concern for economists and investors. Recurrent expenditure accounts for well over half of spending despite poor public services.
MINISTERS SWORN IN
Jonathan swore in 17 other ministers on Friday including outgoing finance minister Olusegun Aganga, who is expected to be put in charge of a newly-expanded commerce and investment portfolio, presidency sources said.
Their roles will formally be announced next week.
Aganga, a former Goldman Sachs executive, is expected to oversee the sovereign wealth fund created under his administration as part of his new post, the sources said.
Okonjo-Iweala would also have been sworn in on Friday but returned to the United States in order to resign and would be confirmed once back in Nigeria, the presidency sources said.
Jonathan reappointed 12 outgoing ministers to their old jobs a week ago, including oil minister Deziani Alison-Madueke, a move his critics saw as an uninspiring start.
The inclusion of Okonjo-Iweala in the cabinet could lend more weight to his reform ambitions, although sceptics question whether she will have the full political backing she needs.
"As a reformist, her reputation speaks for itself," said Razia Khan, head of Africa research at Standard Chartered.
"Whether Ms. Okonjo-Iweala is given the necessary political backing to enact key reforms ... will also be closely watched."
Labels: FINANCE MINISTER, NEOLIBERALISM, NIGERIA, World Bank
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It’s all system go for African Finance Ministers meeting in Lilongwe
By Nyasa Times
Published: March 24, 2010
Deputy Minister of finance Frazer Nihoriya said Malawi is ready to host the much-awaited third Joint Annual Meetings of the African Union (AU) and the United Nations Economic Commission for Africa (ECA).
The conference, which is the first of its kind since President Bingu wa Mutharika attained the chairmanship of the AU, is expected to be held starting from Thursday March 25 in Lilongwe with a committee of experts.
Nihoriya told Capital Radio: “Everything is in order. Before reaching to this point, we had a committee that was working on it that collected statistics to see how Malawi is prepared for that function.
“When they reached a point of opting for Lilongwe they had already accessed all other places in Malawi and they had settled for Lilongwe and everything is going to happen in order,” he said.
According to Nihoriya, the meeting would among others issues look into employment, in relation to the current economic hardships most of the African countries are facing.
The theme of this year’s conference is: “Promoting high-level sustainable growth to reduce unemployment in Africa.”
Nihoriya said ministers and experts would also examine the renewed calls for a vision for setting up long-term economic and development goals and the capacity to implement the vision.
He further disclosed that the summit would attract more than 500 delegates from AU member states.
The deputy minister stressed the need for people in the country to welcome all the visitors which he said would give a true reflection of the country’s status as “the Warm Heart of Africa”.
President Mutharika will open the ministers meeting on Monday next week.
Labels: FINANCE MINISTER, MALAWI
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Accolades that mean nothing
Tendai Midzi - Opinion
Fri, 09 Oct 2009 04:29:00 +0000
DEAR EDITOR - One event this week attracted my attention. Finance Minister Tendai Biti was named the 'Best Finance Minister in Africa' for 2009. I am sure even the minister taken by surprise when such news was announced. He must have been shocked that he was named the best financial guru for the continent.
The accolade given by Euromoney magazine (a financial markets publication) at their 2009 Excellence Dinner, has indeed lost meaning. Infact, it either serves as a tool to further western interests in parts of the world; or is ignorant of the situation obtaining on the ground in Zimbabwe.
For Minister Biti to be named the best finance minister when there are the likes of South Africa's former finance minister Trevor Manuel, who served under the presidencies of Nelson Mandela, Thabo Mbeki and Kgalema Motlanthe; and Nigerian Finance Minister, Mansur Muhtar, is a total joke. He has only been in that post for eight months, and his policies, if any, are still to be appreciated.
Minister Biti, in any case, has advocated policies that were formulated by then Acting Finance Minister Patrick Chinamasa and Reserve Bank Governor Dr. Gideon Gono. The policy of running parallel currencies, which brought inflation down, and the idea of paying stipends to civil servants are all clearly articulated in Minister Chinamasa's budget as acting minister.
We are yet to see what exactly it is that Minister Biti did to deserve such an accolade.
The western propaganda machinery has indeed gone awry. Institutions that confer such titles only discredit themselves by engaging in such mindless propaganda.
Interestingly, Minister Biti had just come from a Sunday meeting with these heavyweights. I am sure he felt relieved that the accolade was conferred after that meeting which slammed the G-20 for not allowing African countries a voice in the IMF. Otherwise, Minister Biti would have been embarassed to even mention his prize to these heavyweights.
Biti's latest accolade reminds me of the endless "human rights awards" awarded to Zimbabweans by the US and the west in the last ten years. These are meaningless awards meant to neutralise the relevance of Zanu PF as an important political party in Zimbabwe. Such accolades have become meaningless pieces of propaganda.
Labels: FINANCE MINISTER, IMF, TENDAI BITI
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New finance minister for Malawi
By Nyasa Times
Published: June 17, 2009
President Bingu wa Mutharika has named Ken Kandodo, a nephew of the late dictator Hastings Banda who ruled for three decades in a one-party system as his new finance minister. He will take over from Goodall Gondwe, who has been appointed minister of local government. Kandodo was Board Chairman for the National Food Reserve Agency (NFRA).
Gondwe who has worked for the African Development Bank and the World Bank before landing the finance portfolio, won the top accolade for the economic achievements Malawi has realised during the five years he has been minister of finance.
Commentators on Malawi discussion forum, Nyasanet described the cabinet as “lean but not pleasant”.
Pia Likoya said Gondwe has been demoted by being allocated the relatively low key local government ministry a.
“Being by-passed as a [Vice President] is bad enough; however a demotion to local government is what we call in legal parlance, a kick in the goalies. And to add insult to injury, he’s been substituted by Ken Kandodo. This is the joke of the year. What is wrong with this President,” posted Likoya his comment on the forum.
Economist Watipatso Mkandawire posted his comment saying the cabinet line-up might be a blessing in disguise.
“It might be a blessing in disguise to move Goodall to Local Government where there is a tremendous need for moving the decentralisation programme forward, expanding OVOP [One Village, One Product], and of course local Government elections, get City Assemblies working again. The challenge will be for Goodall to extract funds out of Kenani Kandodo,” noted Mkandawire.
“There is no ‘Life’ anything in public offices. Most people thought Goodall had an automatic ticket to the Finance portfolio and his appointment to ‘lesser Ministry’ is a shock to many people. Not only his “demotion” but the alleviation of Kenani Kandodo (MP) as Finance Minister. Obviously there will be panick in IMF, World Bank and other donors,” commented Mkandawire.
Malawians also commented on the cabinet composition on social networking site, Facebook where many expressed doubt that the Finance Minister was appointed on merit.
One observed that the cabinet is so full of “fabricated bourgeoisie, it is hilarious. “
Fr Boniface Tamani, chairman of Public Affairs Committee (PAC) also said the nation expected Gondwe would have maintained the Finance portfolio.
“He was able to speak the language of economics and be able to convince people all over the world. I felt he should have been maintained but of course it is the President who has the prerogative to choose who to be on what positions,” Tamani told a Zodiak Radio.
Kandodo is currently a Director at Chayamba holdings, a real estate business of the late dictator.
The new cabinet will be sworn-in on Thursday at New State House in Lilongwe.
Labels: FINANCE MINISTER, GOODALL GONDWE, KEN KANDONO
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