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IMF, World Bank Must End Colonial Rule, Says ActionAid
IMF, World Bank Must End Colonial Rule, Says ActionAid
By: Michael Mike
ActionAid has said the time is up for the International Monetary Fund (IMF) and the World Bank to stop perpetuating a colonial rule on the world.
The call was made at the weekend as the two global financial institutions conclude their Spring meetings in Washington DC this week.
ActionAid, in the statement said for the last 80 years the IMF and World Bank have been in existence, not much has changed as global South countries have been pushed further into debt and are reeling from the impacts of IMF-imposed austerity measures.
In its 2023 report Fifty Years of Failure, ActionAid found that despite following the IMF’s advice for decades, many African countries are in debt distress or facing a high risk of debt distress. Austerity measures have blocked the recruitment of teachers, doctors and nurses, even in countries with severe shortages, and has squeezed public sector salaries at a time of a rising cost of living.
Global Lead on Economic Justice and Public Services at ActionAid International, Roos Saalbrink, said:“Countries in the global South have since the structural adjustment progammes been in perpetual austerity, eroding public health and education. At a time of unprecedented climate crisis and debt crisis in the global South, the Bretton Woods Institutions continue to oil the wheels of colonial exploitation and extraction. At the same time global South governments have very little say in the policies coming from these institutions at the centre of the international financial architecture. 80 years is enough.”
The statement said ActionAid is also concerned about a ‘gentleman’s agreement’ which has ensured that the IMF managing director has for 80 years been European and the World Bank president a US national.
Country Director of ActionAid USA, Niranjali Amerasinghe, said: “Kristalina Georgieva’s appointment is a continuation of the colonial era ‘gentleman’s agreement’, where rich western powers have the most say. It is unacceptable that 80 years later we are still having to call this out. The IMF must change its leadership selection process, its decision-making model, and the harmful practices that keep developing countries in a cycle of crisis.
“As the climate crisis wreaks havoc, global South countries are so deep in debt that they cannot adapt to these impacts. We are calling for debt cancellation and tax justice to help these countries free up the finances needed to build resilience to climate impacts.
“We need to see an overhaul of the international financial architecture with a proper debt workout mechanism, a UN tax convention, to ensure global South governments have a say over policies impacting them disproportionately.”
ActionAid is a global federation working with more than 41 million people living in more than 71 of the world’s poorest countries, the organisation wants to see a just, fair, and sustainable world, in which everybody enjoys the right to a life of dignity, and freedom from poverty and oppression. We work to achieve social justice and gender equality and to eradicate poverty.
IMF, World Bank Must End Colonial Rule, Says ActionAid
Nigeria, Benin Share Common Destiny, Deepen Strategic Partnership – Shettima
By: Zagazola Makama
Vice-President Kashim Shettima has reaffirmed Nigeria’s commitment to strengthening bilateral relations with the Republic of Benin, describing both countries as partners bound by a “common destiny” rooted in history, trade and regional security.
Shettima stated this on Sunday in Cotonou during the inauguration of Benin’s President Romuald Wadagni, where he represented President Bola Ahmed Tinubu.
The Vice-President said the Tinubu administration views the Nigeria–Benin relationship as strategic to regional integration and democratic stability in West Africa.
“Our presence here in Cotonou underlines President Tinubu’s unwavering, deep-seated commitment to strengthening ties with our neighbours,” he said.
Shettima noted that both countries share deep cultural, historical and economic ties that predate modern political boundaries, stressing that communities on both sides of the border remain closely connected.
“Our border with the Benin Republic stretches across nearly 600 kilometres, spanning six Nigerian states… We are essentially one people tied to a common destiny,” he added.
He said Nigeria and Benin must continue to work together to promote democratic governance, peace and economic prosperity within the ECOWAS sub-region.
“Because of this, we must show solidarity, empathy and active support toward strengthening democracy in West Africa,” he said.
The Vice-President disclosed that bilateral trade between both countries stands at about $2 billion annually, while an estimated five million Nigerians reside in Benin Republic.
He said both countries had strengthened cooperation in border security, trade facilitation, grassroots governance and ae development under regional integration frameworks.
Shettima recalled that Nigeria and Benin formalised a Memorandum of Understanding in August last year to enhance collaboration among border communities, local governments and traditional institutions in tackling cross-border crimes and boosting socio-economic development.
He said the arrangement had improved security coordination and commercial activities in border towns such as Seme, Igbokofi and Ilara, while enhancing opportunities for residents engaged in cross-border trade.
The Vice-President also referenced ongoing regional economic frameworks under the ECOWAS Trade Liberalisation Scheme and the Common External Tariff system, aimed at improving the business environment across member states.
He added that both countries continue to implement the ECOWAS protocol on free movement of persons, which allows citizens to stay within member states for up to 90 days without visa requirements.
According to him, these initiatives remain critical to strengthening regional integration and sustaining peace and prosperity in West Africa.
Nigeria, Benin Share Common Destiny, Deepen Strategic Partnership – Shettima
News
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
By: Zagazola Makama
Troops have rescued an official of the Independent National Electoral Commission (INEC) and arrested three suspects following a reported kidnapping and disruption of election-related activities in Yakurr Local Government Area of Cross River State.
Security sources disclosed that the incident occurred at about 11:15 p.m. on May 22 when two groups of suspected kidnappers stormed the venue of ADC primary elections at Wummy Hotel, Ekori community.
According to the sources, one of the groups abducted the INEC returning officer, forced him into a vehicle, and compelled him to transfer ₦70,000 before fleeing the scene.
The second group, operating on a motorcycle, reportedly carted away ballot boxes from the venue.
Following intelligence on the incident, troops in Yakurr Local Government Area laid an ambush on the fleeing suspects, successfully intercepting the vehicle and rescuing the kidnapped INEC official.
Three suspects were arrested during the operation, while one armed suspect reportedly escaped into nearby bush with a pistol, a mobile phone, ATM card, travelling bag and other election materials.
The rescued official, arrested suspects and recovered vehicle are currently in military custody for further investigation and action.
Security forces have intensified efforts to track down the fleeing suspects and recover the stolen electoral materials.
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
Troops Raid Suspected Cultists’ Hideout, Arrest Three in Enugu State
By: Zagazola Makama
Troops of 103 Battalion, in collaboration with the Nigeria Police Force, have raided a suspected cultists’ hideout in Achi town, Oji River Local Government Area of Enugu State, arresting three suspects and recovering items believed to be linked to criminal activities.
Security sources disclosed that the operation was carried out at about 4:30 a.m. on May 23 following credible intelligence on the activities of suspected cultists and other criminal elements operating in the area.
According to the sources, the troops stormed a residential building suspected to be used as a hideout by the criminal group.
During the raid, three suspects were apprehended, while items recovered include eight motorcycles and two buckets of locally made gunpowder.
The suspects and recovered items were subsequently handed over to the Nigeria Police Force for further investigation and necessary action.
Security authorities have continued to intensify joint operations in Enugu State and surrounding areas to curb cult-related activities and other forms of violent crime.
Troops Raid Suspected Cultists’ Hideout, Arrest Three in Enugu State
Nigeria, Benin Share Common Destiny, Deepen Strategic Partnership – Shettima
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
Troops Raid Suspected Cultists’ Hideout, Arrest Three in Enugu State
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