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Published 25th September 1998

Vol 39 No 19


Counting the cost

Image courtesy of Panos Pictures

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Hopes that Africa would turn the economic corner have been dampened as the Asian and Russian crises hit growth prospects

Fending off a globalised recession is top of the agenda for world financial leaders gathering in Washington for the annual meeting of the World Bank and International Monetary Fund on 6-8 October. Until now, few economists at the IMF and Bank believed that financial turmoil to the north and east would have much effect on Africa’s growth prospects. ‘I don’t think I have seen the word Africa mentioned... notwithstanding worsening African markets and currencies, strongly declining commodity prices and diminishing priority being given to Africa by private and public sector lenders,’ Rudolph van der Bijl of the International Finance Corporation (a Bank affiliate) told a conference of African stockbrokers in Zambia on 22 September.


Crisis? What crisis?

Most of Africa’s 18 stock markets are well insulated from successive financial crises in East Asia, Russia and now, Brazil. Africa’s biggest worries are in its most open and most l...


Seriously, though

The horror of the bombings brought a political truce, but it's proving temporary

The threat of a national strike by 260,000 teachers on 5 October appears to mark the end of the political calm which descended after the bombing of the United States’ Embassy on 7 ...


Nyachae and the Fund

Finance Minister Simeon Nyachae and Central Bank Governor Micah Cheserem will be lobbying hard at the 6-8 October annual meeting of the International Monetary Fund and World Bank t...


In the badlands

The government may have to choose between land reform or fighting in the Congo

Donors were pleased, Zimbabwe’s voters may not be. Yet President Robert Mugabe is unlikely to be asking for their votes again. His government abandoned its hard line on land reform...


Militants and monarchs

Two troubled kingdoms have embroiled South Africa in some messy power-broking

Pretoria’s African National Congress government finally lost its diplomatic virginity with the deployment of 600 South African soldiers in the early hours of 22 September to put do...


Military mayhem

This time - at dawn on 22 September - mutinous soldiers of the Lesotho Defence Force faced well equipped South African troops, rather than just their own loyalist colleagues. Preto...



Pointers

The next Zeroual

Liamine Zeroual’s decision to stand down as President on 11 September followed months of establishment infighting, reflected in a bitter and unprecedented press campaign against hi...


Ben's bid

For the first time since Independence in 1990, a dissenter has publicly appeared in the senior ranks of the ruling South West African People’s Organisation. Ben Ulenga, High Commis...


After the rains

As the rains end and hardliners in Addis Ababa and Asmara threaten renewed fighting senior figures in both governments have privately been sending out peace signals. The difference...


Tiny's last offer

Is the long arm of Lonrho chieftain Roland Tiny Rowland reaching from beyond the grave to grab one of Africa’s last dinosaurs - Togo’s President General Gnassingbé Eyadéma?


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