Development Finance International
12-24 November – DeMPA and Reform Plan Mission in Sao Tomé
A joint World Bank/DRI mission visited Sao Tomé and Príncipe in order to assess the existing legal, institutional and technical environment in which debt management takes place in Sao Tomé, using the DeMPA methodology. The mission also assessed the degree in which the existing Reform Plan had been implemented and developed an updated debt management reform plan that included the following areas: medium-term debt strategy, capacity building, developing the domestic market, debt data and recording.
3-5 November - MTDS Mission to Togo
DFI took part in the joint World Bank-IMF technical assistance mission to Lomé, Togo, in order to develop a medium-term debt management strategy (MTDS) for the 2016-2020 period. In support of Togo’s National Public Debt Committee, the mission showed that the country has a capacity to build a database in line with the required format which will enable the design of the strategy.
However, implementing the strategy is being thwarted by deficiencies in terms of institutional coordination. While systematically annexed to the budget law, the strategy is still not being used as a guiding document in the negotiation and mobilisation of loans, because of the lack of political and technical appropriation towards it.
12 October - The Fall and Rise of Ghana’s Debt
Jubilee Debt Campaign, along with the Integrated Social Development Centre, SEND Ghana, Vazoba, Kilombo, AANCLID and the Abibimman Foundation, have published a new report on Ghana’s debt situation.
The report reveals that the World Bank broke its own rules to guarantee 10.75% interest loans to Ghana. It shows how Ghana is in a new debt crisis just a decade after having significant amounts of debt cancelled by international lenders. While debt cancellation in 2004 and 2005 gave the country breathing space to increase spending on public services, the commodity price crash and currency shocks since 2013 have seen debts rapidly building up once again.
Read the full Jubilee Debt Campaign press release and the executive summary and full report here.
This issue has also been covered in The Guardian newspaper.
11 October - Toolkit on Domestic Financing for Education
Drawing on the skills gained from monitoring government budgets in over 70 countries, Government Spending Watch (GSW) helped develop a toolkit on Domestic Financing for Education produced by the Global Campaign for Education (GCE) in collaboration with ActionAid International (AAI) and Education International (EI).
As the world embarks on the difficult task of putting into action the newly agreed SDG 4, and the accompanying Education 2030 Framework for Action (FFA), this toolkit aims to support CSOs and education activists across low- and middle-income countries to advocate and campaign on issues related to financing for education.The SDG 4 and the FFA contain collective commitments to ensure inclusive and equitable quality education and lifelong learning for all by 2030 - which will require ambitious new financing commitments to meet this goal.
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6 October - World Bank Must Adopt Coherent Policies to Help LICs Collect Tax
Finance ministers from low-income Francophone countries met in Washington on 6th October 2016 to discuss financing for development with other Francophone countries. Under the aegis of the International Organisation of La Francophonie (OIF), DFI helped convene this meeting in the margins of the Annual Meetings of the IMF and the World Bank.
Chaired by Mr. Abdoul Aziz TALL, Minister in the Presidency for the Plan Senegal Emergent, and co-chaired by Mr. François Maurice Gervais RAKOTOARIMANANA, Minister of Finance and Budget of Madagascar; and Mr. Ousmane Alamine MEY, Minister of Finance of Cameroon, the meeting was an opportunity for LIC ministers to take stock of work in 2015-2016 among Francophone countries to analyse how to finance their development and on domestic resource mobilisation.
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