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Views from the Center

CGD experts offer ideas and analysis to improve international development policy. Also check out our Global Health blog and US Development Policy blog.

 

Gleneagles Aid Commitments: What is the IMF Projecting?

In Tuesday's Financial Times, Alan Beattie pointed to the disturbing implications of recent OECD data on aid spending. Excluding once-off debt relief to Nigeria, aid to Africa stalled in 2006 and overall aid fell. Of course, these estimates look at the recent past. Perhaps the outlook will be better going forward? Unfortunately, the IMF does not seem to think so.

IMF, Heal Thyself! (Why Daniel Bradlow's Diagnosis is Mostly Right)

Professor Daniel Bradlow presented his ideas for reforming the IMF at a workshop on Friday organized by the New Rules for Global Finance coalition. Based on his paper - The Changing Role of the IMF in the Governance of the Global Economy and its Consequences (pdf) - he argued that the IMF has slowly mutated from a global monetary organization into a macro-economically oriented development financing institution but has not yet sufficiently recognized the implications of these changes.

Nigeria unloads Paris Club debt: What next?

On April 21 Nigeria made its final buyback payment to its bilateral creditors, completing the wipe-out of more than 80% of its debts. In the end, Nigeria paid $12 billion in cash -- out of the more than $34 billion saved so far from higher oil prices -- in order to buy back $30 billion in debt, an overall 60% discount.

Nigerian debt deal: Almost done, if not yet home free

The IMF announced today that it has completed its review of Nigeria’s policy support instrument (PSI). The Fund was laudatory, including a quote from first deputy MD Anne Krueger:

“Looking ahead, the authorities are committed to continue the ambitious macroeconomic and structural policies to entrench macroeconomic stability, strengthen public financial management, and reduce the costs of doing business further”

A buyback to resolve Nigeria's debt problem

Debt relief and African poverty are firmly on this year’s global agenda, most recently from the Tony Blair-sponsored Africa Commission. But little attention is going to the big elephant in the room: Nigeria.

Even with its oil wealth, Nigeria’s debt burden is enormous given its huge population of 130 million and its extreme poverty—average income is just $330 per year. Increasingly vital to Western energy security, Nigeria is also a worrying source of transnational security threats, including Islamic radicalism, disease, drug trafficking, and international crime.

Debt Relief and the MDGs

This note links the relevance of debt relief to one of the great challenges of our time: achieving the Millennium Development Goals (MDGs).

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