World Bank’s Loan Policy Impedes Progress On Ebola Crisis


By J. Yanqui Zaza  


The Perspective
Atlanta, Georgia
October 29, 2014

                  



 

 Why is the Ebola disease killing thousands of people in the three West African countries?  Is it due to the aggressiveness of the disease, lack of infrastructure and lack of physicians, cultural practices or all of the above? An article called “Fighting Ebola, and the Mud” in the NY Times described how the lack of infrastructure impacts development or crisis such as Ebola. Mr. Karin Huster, a nurse with the Non-profit organization last Mile Health, said Liberia’s dysfunctional transportation system is standing in the way. Patients have died on grueling journeys to treatment units. Blood sample have sat waiting for days, eventually becoming invalid. The Liberian roads, especially during the rainy season, are deadly traps of red mud, riddled with craters sometimes as deep as a car.” Here is a bridge. (https://mail.aol.com/38815-616/aol-6/en-us/Suite.aspx)

Poor road infrastructures are some of the major challenges that hamper the US troop’s effort in reaching the all 15 counties of Liberia, said Deborah Malac, the  
Ambassador of the United States of America to Liberia. These challenges are making things very difficult for people who are seeking healthcare to get to treatment units in the remote parts of the country, she said.

I guess, anticipating that countries will have to borrow money to finance infrastructures, the World Bank, which makes billions of profits from lending money, did identify infrastructure and lack of skilled manpower as the culprit. In fact, it has advised that this fatal disease might affect 1.4 million people by January 2015, if the number of Ebola camps is not increased, and sufficient physicians are not employed to treat those citizens affected. On its web site, the World Bank stated that the international community must admit that weak public infrastructure is not only hampering the fight against Ebola disease, but it is also impeding economic activities with trading partners as well as big business.

But wait a minute, when did the World Bank realize that the lack of infrastructure is an impediment to development? Aren’t the World Bank and its allies responsible for the design and implementation of economic policies in Africa for decades? Isn’t it the World Bank’s involvement in writing flawed concessionary agreements of natural resources that has made it difficult for poor countries to earn adequate funds to finance infrastructures? Robert Sirleaf, son of President Ellen Johnson Sirleaf, stated that the World Bank, not only advised, but wrote Liberia’s oil concessionary agreement, which has been described as flawed by Global Witness. (http://www.youtube.com/watch?v=ZmGJQo419YI&feature=youtu.be).

 

With minuscule revenue from rich resources, Liberia, Sierra Leone or Guinea relies on users’ taxes such as International Trade, Excise tax, Sales tax, Business registration fees, Fines, etc. to finance about 50% of its budget. For example, in 2009, Liberia received about 10% ($35 m/$347m) of its budget from 71 investors managing Liberia minerals, while the rest came from users’ tax. Unlike Liberia, Botswana’s royalty income funded 50% of its $2,6 billion dollar budget in 2009. The government of Botswana, a shareholder of the country’s diamond industry, receives part of the profits of the diamond, which is used to finance public programs such as infrastructures. (An article called Power v Poverty by Duncan Green carried by Newsstatemen, 12/16/08).

The World Bank and its allies continue to assert that poor countries’ ownership in their rich resources will not be productive. To calm public criticism, Liberia has begun to bargain for government ownership in few industries, but the impact is minimal because the percentage is so minuscule. It is true that many bureaucrats are corrupt and ineffective. Nonetheless, there are success stories of reasonable dividends derived from government’s ownership in rich resources. Government ‘s involvement in management was limited, as in the case of Botswana.

Let us review the World Bank’s opposition to government’s ownership, especially so as a lending institution. Common sense suggests that an institution that relies on making billions in profits from lending money might be opposed to any programs that reduce its profits. Well, reasonable dividends from government’s ownership from rich resources would reduce loans borrowed from the Bank. In essence, the World Bank’s policy ensures directly or indirectly that poor countries use the World Bank’s loan-program to finance all long-range projects (infrastructure) or no funding for infrastructure.

The loan program allows the World Bank to dictates the policy of these poor countries. More so, lending institutions, including the World Bank generate higher margin of profits from money lent to poor (insolvent) countries than solvent institutions. For example, a regulatory filling, by one of America’s lenders, Citi Group’s OneMain financial unit, shows that making loans to insolvent institutions can be highly profitable. Last year, OneMain’s profit increased by 31%. Further, the record shows that 66% of the 1.3 million customers were problem-customers. (Michael Corkery, NY Times, 10/22/2014).

In fact, the World Bank’s yearly profits speak volume. (http://go.worldbank.org/D74CFKTQ80) It shows billion in profits, year after year, with the exception of the few years when its shareholders and allies concluded to readjust loans of certain poor countries. So, why is the World Bank, an institution created since 1943 to assist poor countries, earning billions in profits, but its clients getting poorer? The World Bank does not just want profit, but huge profits. Remember, if the World Bank’s source of lucrative business becomes solvent, then its profits might vanish. Consequently, when poor countries can’t generate adequate revenue from consumption tax, and are deprived from receiving dividends/profits from lucrative natural resources as shareholders, they can’t construct infrastructures, etc., unless they borrow money from the World Bank.

jyanqui@aol.com


Rolo Tumasi
Please stop blaming the World Bank. Africans are either masters of their house or they aren't, period. If you borrow money from ANY lending institution they set out parameters. Also, Africa is not poor. Africa is blessed with all kinds of natural resources. One word 'comparative advantage'. Africa is not poor. Africa is not poor. African governments have become DEPENDENT on aid. They look to the West, to China, they look everywhere but at their own people. African governments import rice when they can grow rice, thus destroying indigenous farming and all the local jobs that form part of that.
How can African governments say that they are poor when all around them they have natural resources? Oil, diamonds, gold, timber, coal, nickel, arable land, etc. etc.
Invest in your people. Love your people.

Please view the following video:
http://www.ted.com/talks/george_ayittey_on_cheetahs_vs_hippos
Rolo Tumasi at 08:26AM, 2014/10/29.
Rolo Tumasi
A great example of an African country that is run well and has made great strides after a devastating civil war is Rwanda. The Rwandese have pride in themselves. They built their war torn nation into an African success story. An African economic and military powerhouse. The reason is that they took stock in their lives. They took OWNERSHIP of their future and didn't place it into the hands of outsiders.

Stop complaining, take responsibility, make adjustments to your affairs and fix yourself.

One more time, Africa is NOT poor. Africa is RICH.
Rolo Tumasi at 09:50AM, 2014/10/29.
Rolo Tumasi
One more thing, banks are not in the charity business. Banks exist to make money for themselves. If you borrow money from the bank please read the terms of your loan. Make sure that you understand the conditions before you agree to the debt.

One more time, Africa is not poor. Africa is rich. Why are the Chinese all over Africa?

There needs to be fundamental self realization and renewed pride in self to get rid of this Africa is poor mind set. Also the need to take RESPONSIBILITY.

Take a look at Zimbabwe, before the 1990's, Zimbabwe was the bread basket of Africa. Zimbabwe exported goods as far as North Carolina in the US. Now Zimbabwe is a basket case and can't feed herself. Goodness, Africa exported food to Europe en mass before the 1960's. What is this Africa is poor business?
Rolo Tumasi at 11:41AM, 2014/10/29.
j yanqui
Hi Roso Tusmasiat,

Many thanks go to you for commenting on the article. On the role of the World Bank,
I agree with you that our leaders should read the loan documents before signing.

Nonetheless, the World Bank, which continues to present itself as a partner of poor countries has its share of the blame. It is not a regular bank. Why? This is because it writes many of our concessionary agreements, advises our leaders on developmental projects, persuades international institutions and other governments about the preferred political leaders of poor countries, etc. In some instances, it helps in removing leaders who are good for poor countries. I am sure you are aware that external forces were partly responsible for ousting many of the good leaders of poor countries.

In your example of Zimbabwe, again, I agree with you that the leadership has performed some questionable actions. Surely, they could have done things better. However, the stories about Zimbabwe is not all that bad as compared to Liberia. For example, its literacy rate is about 92% as compared to Liberia's 60%. In fact, the story might get better if the leadership continues on remitting a higher share of its diamond dividends onto government's coffer. Read the posting below.

My understanding from the posting is that Zimbabwe might be following the economic policy of Botswana, especially in managing its natural resources. Botswana is getting a higher share of the diamond dividends because the leadership did abandon the economic policy of the World Bank. This approach has allowed the government to collect reasonable share of the dividends from the diamond industry. So let us hope that Zimbabwe will also use the diamond money for the good of the country.

Let us also hope that Liberia will institute the economic policy of Botswana's.

Again, thanks for the comment.



Home › the latest articles › Govt wins diamond proceeds’ war with firms
Govt wins diamond proceeds’ war with firms
Posted on August 5, 2014 by ZimSitRep_W — No Comments ↓
via Govt wins diamond proceeds’ war with firms | The Herald August 5, 2014 by Lloyd Gumbo

Government has started collecting its share of revenue from the Chiadzwa diamond proceeds at sale level rather than waiting for yearly dividends, amid indications that the State could have been prejudiced of millions of dollars from previous sales.The Zimbabwe Mining Development Corporation, Government’s mining arm holds a 50 percent shareholding stake in each of the five companies at Chiadzwa — Mbada Diamonds, Anjin Investments, Diamond Mining Company, Jinan and Kusena.

The other miner, Marange Resources, is wholly owned by Government.

Appearing before the Parliamentary Portfolio Committee on Mines and Energy yesterday, Mines and Mining Development Minister Walter Chidhakwa said Government and the investors now shared profits soon after the sales.

He said they agreed with the Ministry of Finance and Economic Development that payment of royalties and depletion fees as well as sharing of profits be done immediately after the sales.

Fifteen percent in royalties is paid to Zimra, while two percent depletion fees is paid to the ZMDC.

“We have now worked out a way of saying let’s not wait to share our dividend at the end of the year,” said Minister Chidhakwa.

“Let’s not wait to declare a dividend. Let’s say we have taken away the depletion fee and the royalty, we now remain with the cost of running the company, exploration and new development. We agree on how much we will set aside for that.

“The rest we share 50-50: this one goes into a Government account and this one goes straight into the partner’s account. That is the system basis which we are working on now.”

Minister Chidhakwa said the Minerals Marketing Corporation of Zimbabwe Act would be amended to ensure that levies are paid to the Mining Promotion Corporation. He said MMCZ was no longer relevant in marketing the country’s minerals as firms did their own marketing.

There are fears that Government could have been fleeced from its previous sales as lack of transparency and accountability reigned supreme.

A recent research report by Equity Communications indicates that Zimbabwe’s diamond revenue was expected to rise by more than 47 percent compared to last year.

Diamond revenues were lower in 2013 as leakages persisted in rough diamond sales.

The country’s diamond revenues reached US$466,9 million last year, a 38,4 percent drop from 2012.

President Mugabe has on several occasions expressed dissatisfaction at the way the diamond mining firms operated.

According to the Equity Communications research, dealers could have been buying Zimbabwe’s diamonds at a discount of up to 40 percent.
j yanqui at 04:26AM, 2014/10/30.
Rolo Tumasi
Dear Yanqui,

Good points and I do understand that the World Bank Group isn't a bank in the traditional sense. A product of the Bretton Woods accords after WWII to adjust to the post war realities.

Your example of Botswana is good and I agree with you vis a vis Botswana, but in Botswana as in Rwanda, the operative word is leadership. Leadership. The political will and courage to do what is right. Liberia lacks such leadership. Period. All we get are excuses, blaming and begging. Did President Tubman conduct his affairs of state as such? Also, Liberia has been at peace for over tens years now correct? How long does it take to rebuild? look at what the Jews did in Israel after WWII without virtually any help from the outside. The US didn't really consider Israel an ally until after the Six Day War if my memory serves me correct. What am I trying to elaborate? Determination, courage, political will, self realization and self worth. I don't think that Jews returning to Israel from Europe after WWII saw themselves as poor. They saw themselves as winners even though that had nothing.

Also colonialism ended in Asia and Africa at the same time. Why did Asian do better than Africans post independence. They too had the Cold War play out on their front lawns. Even one major genocide in Cambodia. What is Africa's excuse?

While I enjoy our conversation. I refuse to call Africa poor. Africa is not poor. Africa is incredible rich. Africans just need to realize how rich they are. The Chinese realize this. Comparative advantage. Poor is a mindset a conditioning. People are 'conditioned' to think that they are poor.

Break the chains of slavery in the mind. As the late great Bob Marley sang 'emancipate yourself from mental slavery, none but ourselves can free our minds'(Redemption Song).

Look forward to your response.

All the best.
Rolo Tumasi at 08:41AM, 2014/10/30.
Yini Guva
Rolo,

You made some good points. Africa is not poor. Besides natural non-renewable resources that abound, Africa has not started fully investing in AGRO Industries.

It's just never too late. Africa needs patriotic leaders first. I studied in Korea years back. The South Koreans used to say "Korea #1." South Korea is doing so well-competing with major American companies. See Samsung-though Samsung is a joint venture of US, Japan, and South Korea. But how did the Koreans do it?

Through robust investment in Education - Science, Engineering, Technology and Math (STEM). Education is the key to development, no doubt about it.
Yini Guva at 12:37AM, 2014/10/31.
Rolo Tumasi
Yini,

Thank you for your excellent comments. You couldn't be more correct. This business of calling Africa poor is recent. Wasn't used during the colonial times. Back then Europeans knew just how rich Africa was, and the reason they were there. As do the Chinese now. Poor is used to condition Africans into dependency. To keep them dependent on foreign aid, the World Bank, IMF, etc. Did the World Bank call Asian countries poor when they were assisting them with loans? Mind you, Asia doesn't have the resources in numbers that Africa does. Yet Africa is called poor.

You are on the mark on education. The current president of Liberia has been in office for about nine years now (more than President Bush W. and more than President Obama will at the end of his eight year term), yet the Liberian education system is still is complete disrepair. Liberian students can't pass the national college entrance exams en mass.

Africa needs leaders that love Africa more than their bank accounts. Africa needs leaders that respect Africa. Africans leaders are consumed by the trappings of the office and the almost deity like worship and adulation they receive. They treat their respective countries' treasury as their personal bank accounts, its natural resources as their personal property. African leaders definitely aren't poor. Then they can't leave office. Money so sweet they can't leave the chair; just look at Blaise Compaore in Burkino Faso. Look at Robert Mugabe in Zim. After them their wives and children want to succeed them. Good grief.
Rolo Tumasi at 07:19AM, 2014/10/31.
j yanqui
Mr. Rolo Tusmasi,

You stated that, "Also colonialism ended in Asia and Africa at the same time." Is it really true that colonialism has ended? But by the way, what is colonialism?

Or was colonialism used to exploit both human and natural resources? If yes, how does profiteers exploit nowadays? Do profiteers need local facilitators (i.e., political officials) in the efforts of exploiting both human and natural resources?

If yes, then is it fair to say that many of our leaders are not our chosen leaders?

I guess you would argue that the electorate made a choice. This is because your assertion implies that profiteers don't have interest in Africa's rich resources. But you believe that profiteers have interest in Africa, then you should begin to believe that profiteers need local facilitators (i.e., political leaders) in their efforts to exploit the rich resources of Africa.
j yanqui at 04:33PM, 2014/10/31.
Rolo Tumasi
Brother Zaza,

Thank you for your rebuttal, when I mentioned that colonialism had ended in Asia and Africa, I was comparing the strides that both peoples have made since its formal conclusion. Asia had leaders such as Sukarno etc., who also looted their treasuries, however they developed their respective countries and advanced their people at the same time. Were there resources that the West wanted in Asia? Yes, but did that stop Asian leaders from developing their respective countries even as they misappropriated funds from their treasury, and gave Western interests access to their nations resources? No.

Also, African leaders are mostly undemocratic autocrats ruling without any mandate from the governed. Ironically, at the end of the Cold War, when both the West and the USSR didn't need the services of the BIG MEN and required actually democracy advancement as condition for foreign aid, it was China that showed up with billions of dollars to fill that void, thus giving Africa's BIG MEN added resources.

I agree with you fully that African leaders are facilitators. You are 100% correct.
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Morgan Steev
Hello everyone,
My name is Morgan Steev white, I am from the New Jersey, United State, am here to testify of how i got my loan from Mr Herman Cein { ceinloanfinance@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right here this forum,i thought their lending where real and i applied but they never gave me loan until a friend of mine introduce me to Mr Herman Cein the C.E.O of Herman Cein Loan Finances who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Herman Cein, who really helped me with my loan and changed my life for the better. I don't know if you are in need of an urgent loan also, So feel free to contact Mr Herman Cein on his email address: { Ceinloanfinance@yahoo.com} for help.
Morgan Steev at 08:43PM, 2015/06/07.

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