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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).

Providing New Financing to Low-Income Countries with High Levels of Debt: Some Considerations

Low-income countries with high levels of debt face a dilemma when considering new financing. Additional funding is needed to meet key development objectives, but too much new financing in the form of debt can exacerbate debt problems. Countries that borrow too much – even on concessional IDA terms – can quickly find themselves facing rapidly rising debt ratios that could threaten debt sustainability in the future.

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