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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
Police repel bandits, rescue six kidnapped victims on Yankara-Funtua highway in Katsina
By: Zagazola Makama
Police in Katsina State have successfully rescued six kidnapped victims after intercepting an armed bandit attack on Yankara-Funtua highway in Faskari Local Government Area.
Sources said on Jan. 24 at about 1:25 a.m., unidentified armed bandits blocked the highway and abducted six occupants of a green Honda Civic, registration number AAA 518 BC, en route from Funtua to Faskari.
The DPO Faskari, on routine patrol, promptly engaged the hoodlums in a tactical gunfight.
The bandits were overpowered and fled into the bush, abandoning their mission. All six victims, Rabi Hamisu, Safare Musa, Abubakar Samaila, Shehu Umar, Sara’u Yahaya, and Ibrahim Babangida, were rescued unharmed and safely returned to their homes.
Intensive patrols continue in the area, while efforts to apprehend the fleeing suspects are ongoing.
Police repel bandits, rescue six kidnapped victims on Yankara-Funtua highway in Katsina
Suspect arrested for trespassing, attempting robbery at Bauchi Emir’s palace
By: Zagazola Makama
A 20-year-old man, Umar Hamza, was apprehended Wednesday night for trespassing and attempting to steal from the Emir of Bauchi’s residence.
Sources said Hamza entered one of the Emir’s son’s rooms carrying a bunch of keys and tried to commit theft around 8:20 p.m. on January 23.
He was intercepted shortly after the act and taken into the Police custody for questioning.
Police said Preliminary inquiries indicate the suspect intended to steal from the palace.
Suspect arrested for trespassing, attempting robbery at Bauchi Emir’s palace
VP Shettima Returns To Abuja, Says Nigeria Firmly Back On Global Economic Frontline
By: Our Reporter
Vice President Kashim Shettima has returned to Abuja after a week-long diplomatic and economic mission to Guinea-Conakry and Switzerland.
This is just as he said Nigeria has reclaimed a frontline seat in global and regional policy conversations.
VP Shettima arrived at the Nnamdi Azikiwe International Airport on Saturday after representing President Bola Ahmed Tinubu at the inauguration of Guinea’s President, Mamadi Doumbouya, and leading Nigeria’s delegation to the 56th World Economic Forum (WEF) Annual Meeting in Davos.
According to the Vice President, the trip is part of Nigeria’s renewed commitment to regional solidarity in West Africa and its determination to reposition the economy under President Tinubu’s Renewed Hope agenda.
The Vice President had departed Abuja for Conakry, where he attended President Doumbouya’s inauguration, reaffirming Nigeria’s leadership role within ECOWAS, while opening new pathways for bilateral cooperation in agriculture and manufacturing.
From Guinea-Conakry, Senator Shettima proceeded to Davos, Switzerland, where he led the Nigerian delegation at the WEF 2026.
One of the highpoints of his engagements in that country was the commissioning of Nigeria House Davos, the Nigeria’s first-ever sovereign pavilion on the Davos Promenade, designed as a permanent investment hub showcasing opportunities in solid minerals, agriculture and the digital economy.
At a high-level WEF session titled, “When Food Becomes Security,” the Vice President outlined Nigeria’s new national food security framework, describing agriculture as a strategic pillar of national security and macroeconomic stability.
Vice President Shettima also joined former President Olusegun Obasanjo, former Vice President Yemi Osinbajo and Minister of Finance, Mr. Wale Edun, to advance the Accra Reset Initiative, a forum advocating African industrialisation driven by domestic capital and value chains rather than foreign aid.
On the economic front, the Vice President told investors that Nigeria’s macroeconomic indicators were stabilising, citing a projected 4.4 per cent GDP growth in 2026 and a decline in inflation to 12.94 per cent.
He also pointed to Nigeria’s imminent transition into a net exporter of refined petroleum products, anchored by the Dangote Refinery, and the growing export of digital talent.
VP Shettima Returns To Abuja, Says Nigeria Firmly Back On Global Economic Frontline
Police repel bandits, rescue six kidnapped victims on Yankara-Funtua highway in Katsina
Bandits abduct another four occupants of charcoal-laden vehicle in Kajuru LGA in Kaduna
Nobody is replacing Vice President Kashim Shettima. Tinubu affirms he remains the best and envisions a strategic partnership for Nigeria’s future.
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