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ActionAid Describes 2024 IMF/World Bank Meeting, A Damp Squib, Falling Short of Addressing Issuing for People Living in Poverty
ActionAid Describes 2024 IMF/World Bank Meeting, A Damp Squib, Falling Short of Addressing Issuing for People Living in Poverty
By: Michael Mike
ActionAid has said the 2024 International Monetary Fund (IMF) and World Bank Annual meetings in Washington, D.C., were a damp squib that fell short of addressing the bread-and-butter issues for people living in poverty.
The IMF’s forecasts of high debt and slow growth, especially among Global South countries, and its recommendations for even more fiscal adjustments, public sector wage rationalization,and the social acceptability of structural reform are testament to their continued failure and inability to show relevance for the global majority in the 21st century.
The Global Economic Justice Lead at ActionAid International, Roos Saalbrink, said: “We see once again how the IMF is not fit for purpose and unable to offer real solutions to the economic crises they helped to create. The decision to stick to old ways and pursue harmful policies, such as public sector wage cuts, is a blatant disregard for decades of evidence that has shown that this does not work and for rapidly growing inequality.”
He added that: “The IMF seems unable to see reality outside its econometric models. Sadly, the lack of meaningful action to arrest the debt crisis and put an end to austerity could spell doom for the global majority, whose voices demanding a break from the failures of the past are yet again ignored.”
On her part, the Policy Specialist at ActionAid UK, Jessica Mandanda, said:
“It has been 80 years, and we find ourselves, yet again, at odds with the International Financial Institutions, with consistent contradictions in what they say and what they do. What is crystal clear is that the IMF is completely out of touch and disconnected from the lived realities of billions across the world who are suffering because of austerity and bad policy advice.
“The calls for austerity, or fiscal adjustments or restrictions as the IMF is calling it, will increase the burden among vulnerable communities, especially women, who bear the brunt of cuts in spending on essential services such as health, education, and other support sectors.
“In so many ways, we have seen even more this past week that the IMF is willing to let people especially women be collateral in the pursuit of economic growth. After 80 years, we expected the IMF to take responsibility for their failed policies and be open to changing their ways of operating. Their decision to stick to business as usual will doubtlessly reverberate negatively on vulnerable and poor communities, in the Global South.”
ActionAid noted that metrics like Gross Domestic Product growth hide the real impacts of economic policies, as well as in whose interests this endless growth is pursued. It is a continuation of a colonial system enabling the extraction of wealth and resources into the hands of a few, fueling extreme inequality. The increased climate crisis stems from this unquestioned pursuit of GDP growth that is driving extractivism and has pushed the planet beyond its limits.
The Women’s Rights Programme and Policy Advisor for ActionAid International, Lina Moraa, said: “While the IMF preaches ‘reform’ it is clear that they have failed to deliver on this for the past 80 years. The fund is still deeply entrenched in neoliberalism and happy to perpetuate a system that fuels inequality and suffering. We demand a radical departure from this failed model and a new era of economic justice for all.”
She noted that the time is up for outdated economic policies, systems, and rules, that disproportionately impact women and girls. As part of international financial architecture reform, governments must take debt negotiations and sustainability assessments away from the IMF to a new UN democratic and representative debt workout mechanism to function at the Fourth UN Financing for Development conference in 2025 hand in hand with a UN Convention on International Tax Cooperation.
ActionAid insisted that there is an urgent need for a collective resolution to the global debt crisis anchored on debt cancellation, radical debt renegotiation, reparations, and bold action for progressive, gender-responsive, and climate-sensitive tax reforms to allow governments to invest in quality public services.
Global Lead on Economic Justice and Public Services at ActionAid International, Roos Saalbrink said: “The blatant unwillingness of global north governments to change the current governance structure of the IMF and World Bank is striking. The IMF itself also seems adamant to keep the system as it is, holding itself at the center of economic decisions continuing the endless cycles of debt, reforms, and cuts in government spending. Debt cancellation simply is not in the IMFs interest, it might put it out of business. So, we should see its outdated recommendations for what they are; a deliberate attempt to maintain its relevance and power.”
ActionAid Describes 2024 IMF/World Bank Meeting, A Damp Squib, Falling Short of Addressing Issuing for People Living in Poverty
Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions
By: Michael Mike
The Nigeria Movement of Solidarity with Cuba (NMSC) has expressed deep condolences to the government and people of Cuba following the killing of 32 Cuban internationalists in Venezuela.
In a press statement issued in Abuja on Saturday, the pro-people coalition, which includes labour unions, civil society organisations and intellectuals, alleged that the Cuban nationals were killed during an attack in Caracas on January 3, 2026, while protecting Venezuelan President Nicolás Maduro, his wife, Cilia Flores, and what it described as the sovereignty of Venezuela.
The group said the Cubans chose to resist despite being overwhelmed, describing their actions as a demonstration of courage, honour and commitment to international solidarity.
NMSC drew parallels between the incident and past historical events where Cuban nationals were involved in overseas struggles, including the 1983 U.S.-led invasion of Grenada and Cuba’s military support for African liberation movements in Angola, Namibia and South Africa during the fight against apartheid.
According to the organisation, thousands of Cuban youths lost their lives in Africa while contributing to the dismantling of apartheid systems backed by Western powers. The group noted that Cuba’s internationalism has not been limited to armed conflicts, citing the country’s long-standing medical outreach to developing nations, including Nigeria.
The statement also recalled Cuba’s response during the COVID-19 pandemic, when it dispatched medical teams to dozens of countries and received hundreds of stranded cruise ship passengers at a time many nations had closed their borders.
NMSC extended its sympathy to the families of those killed in Venezuela and called on the United States government to respect international law, halt what it described as foreign military interventions, and lift sanctions imposed on Cuba, Venezuela and other countries.
The group further aligned itself with repeated resolutions of the United Nations General Assembly calling for the end to the decades-long U.S. embargo against Cuba, insisting that global peace and development require cooperation rather than conflict.
The statement was signed by veteran labour activist and writer, Owei Lakemfa, on behalf of the Nigeria Movement of Solidarity with Cuba
Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions
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NGX’s N100 trillion milestone, proof of growing sophistication of Nigeria’s capital market- Stockbrokers
NGX’s N100 trillion milestone, proof of growing sophistication of Nigeria’s capital market- Stockbrokers
The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have congratulated the Board, Management, and staff of Nigerian Exchange Group Plc and Nigerian Exchange Limited on the historic achievement of the Nigerian capital market crossing the N100 trillion market capitalisation mark.
The commendation was issued via a press statement on Friday, jointly signed by Mr Samuel Sehinde Adenagbe, Chairman, Association of Securities Dealing Houses of Nigeria and Mr Oluropo Dada, the 13th President/Chairman of Council Chartered Institute of Stockbrokers.
They described the NGX’s achievement as a remarkable milestone and a major affirmation of the resilience, depth, and growing sophistication of Nigeria’s capital market, and a clear signal of renewed investor confidence in the Nigerian economy.
“Crossing the N100 trillion threshold is not only a symbolic landmark; it reflects the capacity of Nigeria’s capital market to mobilise long-term funds for infrastructure, enterprise development, and economic transformation.
“It underscores the vital role of the market in financing growth, creating wealth for investors, and supporting national development objectives,” the said.
According to them, the achievement will not have been possible without the visionary leadership and strategic direction of the NGX Board, as well as the professionalism and dedication of its Management and staff, led by versatile stockbrokers: Dr. Umaru Kwairanga; Mr. Temi Popoola; and Mr. Jude Chiemeka and Mr. Femi Sobanjo.
“We also commend the unwavering commitment and versatility of dealing member firms and stockbrokers who continue to serve as the backbone of the market, ensuring liquidity, transparency, and investor protection.
“Their collective efforts have strengthened market integrity, broadened participation, and improved the overall efficiency of the Exchange.”
The CIS and ASHON also commend the Federal Government of Nigeria for providing a supportive macroeconomic and regulatory environment that has encouraged domestic and foreign investment, promoted market reforms, and enhanced the attractiveness of Nigerian assets.
They stated that policy stability, ongoing reforms, and a clear commitment to private sector-led growth have played a crucial role in creating the conditions for this historic market expansion.
They further commended SEC for providing sound regulations and market development.
They stated that the CIS and ASHON would continue to advocate ethical governance in the capital market with all stakeholder playing by the rules of the game.
They further restated their commitment to sustaining the momentum through robust regulation provided by Securities and Exchange Commission, market innovation, and strong investor protection frameworks.
“We look forward to working closely with all stakeholders to further deepen the market, broaden product offerings, and ensure that the Nigerian capital market continues to serve as a strong engine for inclusive and sustainable economic growth.”
NGX’s N100 trillion milestone, proof of growing sophistication of Nigeria’s capital market- Stockbrokers
Troops neutralise bandit, recover arms in Plateau raid
By: Zagazola Makama
Troops of 3 Division of the Nigerian Army, under the Joint Task Force Operation Enduring Peace (JTF OPEP), have neutralised a notorious bandit and recovered arms and ammunition during a raid on a hideout in Plateau State.
Sources told Zagazola Makama that the operation was conducted on Jan. 8 at Yolan Gboka–Yama Da Lahdi, following sustained efforts to track and arrest perpetrators of the Dec. 16, 2025 attack on illegal miners at Tosho community in Fann District, Barkin Ladi Local Government Area.
According to the sources, troops made contact with the bandits during the raid and engaged them in a firefight.
“One of the bandits was neutralised during the exchange of fire and was later identified as Sadiq Isah, while others fled the area,” the sources said.
The sources added that troops subsequently exploited the hideout and recovered two AK-47 rifles and 162 rounds of 7.62mm (special) ammunition.
The recovered arms and ammunition are currently in military custody, while troops have commenced follow-up operations to intercept the fleeing suspects and prevent further criminal activities in the area.
Zagazola reports that Operation Enduring Peace is a joint security initiative aimed at restoring peace and stability across Plateau and neighbouring states.
Troops neutralise bandit, recover arms in Plateau raid
Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions
NGX’s N100 trillion milestone, proof of growing sophistication of Nigeria’s capital market- Stockbrokers
Troops neutralise bandit, recover arms in Plateau raid
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