Okonjo-Iweala emerges World Bank MD

[bwalaman]

Congrats!!! She along with Soludo changed the Financial Markets environment in Nigeria for GOOD!!!

She deserves our thanks- and has earned it anyway!!!

[Soweto]

MADAM OKONJO-IWEALA!!!!!!!!!!

You make us proud. More blessing and good luck.

[pumping]

Madam Financials,

You are too much jare!!!!!!!

[Ahaah]

The "World Bank" MD position is a reward to her for helping the West steal our $12billion by stealth under the dubious cover of debt forgiveness. It is unforgivable that she facilitated the haemorrhaging of our economy of such huge funds in order to earn accolades of her already well-off paymasters, funds that could have been invested in our decayed infrastructures to create enabling environment for both local and foreign investors to thrive and to make life more meaningful for our people. She is indeed a JUDAS.

[pumping]

Originally Posted by Ahaah

The "World Bank" MD position is a reward to her for helping the West steal our $12billion by stealth under the dubious cover of debt forgiveness. It is unforgivable that she facilitated the haemorrhaging of our economy of such huge funds in order to earn accolades of her already well-off paymasters, funds that could have been invested in our decayed infrastructures to create enabling environment for both local and foreign investors to thrive and to make life more meaningful for our people. She is indeed a JUDAS.

I thought this way for some time but really should we not pay our debts? I know the West took advantage of our leaders greed and saddled us with this debts where the interest has surpassed the Principal but that is a different story. We should pay up and learn from it.

This is not really the argument though. Madam Financials is brilliant and we have to acknowledge this. Wether she is a socialist or a capitalist is a different story .

[Gengen]

Originally Posted by Ahaah

The "World Bank" MD position is a reward to her for helping the West steal our $12billion by stealth under the dubious cover of debt forgiveness. It is unforgivable that she facilitated the haemorrhaging of our economy of such huge funds in order to earn accolades of her already well-off paymasters, funds that could have been invested in our decayed infrastructures to create enabling environment for both local and foreign investors to thrive and to make life more meaningful for our people. She is indeed a JUDAS.

This shows the diverse opinioun of many people. Why some people (including me) believe that she did an EXCELLENT job, others believe she is a 'Judas'.

My opinioun -
In anything you do, you are being watched and analysed. Her EXCELLENT job, despite attempts by OBJ and co trying to 'rubbish' her at the end, got this job for her. Unlike most Nigerians, she resigned GRACEFULLY.

CONGRATULATIONS OKONJO-IWEALA !!!

[bwalaman]

Ahaah,

Okonjo- Iwela is a hero!

If you are looking for leakages in Nigeria, look elsewhere. You can start with government corruption- see House of Reps and all the ex-Govs for starter.

A critic of the IMF (Brettonwood institutions and IFIs) appears to be developing here- this is old news and yes, Brettonwood can do more- could have done more… (will use IFIs for ease- includes IMF, World Bank & all the Regional Development Banks).

We can even further the argument that the IFI are rigged against developing countries. This is an easy way out like blaming colonialism for all our ills.

Fact is that the IFIs are the one group of post-World War II international organizations that has adapted to the changing realities of the world. In fact, it changes every decade to account for experiences.

Fact, financial instruments- talking loans here (because this is the only thing the common person think/know they do)- available to developing countries accounts for less than 15% of total IFI loans. Among the traditional developing countries Pakistan account for a good chunk of this 15%.

News! Brazil, Turkey, Mexico, S. Korea and Indonesia account for almost 50%!
So its not like the IFIs are feasting over developing countries.

Guess what the loans to the developing countries come at peanuts interest rates- some 40 countries HIPCs even get it interest free- guess what, the types of loans that Turkey and co have draws the highest interest rates!

Being in the good books of the IFIs gives you a seal of financial worthiness- so paying is a good idea.

Guess what, South Africa, yes an African country, does not utilize the financial programming functions of the IFI. So a country can always be part of the club, but limit utilization.

Other than loan, other functions of the IFIs are maintenance of macro-economic stability and technical assistance- ultimate goal is macro-economic stability and creating the environment for the creation of wealth, growth and employment (basically, development).

They cannot do any of this without good government and governance- well you judge, do we in Nigeria have the best government or good governance? But to achieve its goals, the IFI still needs to do something, that why programs like Poverty Reduction Strategy Plans (PRSPs) were developed- in Nigeria this is best described as NEEDS. World Bank has CAPs.

Guess what? PRSP, CAPs, NEEDS… the responsibility of developing and implementing the plan lies with national government.

Back to Ngozi- she has done A LOT to bring about macro-economic stability and financial sector reconstruction- pay our debts we have.

Example, think of it this way you are a medium-big business man- you get a loan in First Bank and Intercontinental- you decide not to pay. Its fine, just be prepared that no Bank will give you a loan any more and they will make sure they influence people that do business with you.

The problem we had during OBJ’s second term is that we didn’t really have a functional Economic and Development team. The Economic part was good- we can give Okonjo-Iwela and Soludo full credit for economic and financial sector reform. But there needs to be development as well- Physical and Human Development!

Physical and Human Development requires all the main line Ministries working serious together or we almost need a super minister of Development (a position that requires other ministers to report to him/her on development). OBJ’s adm is a shame really considering what the Economic team did and the fact that Nigeria under OBJ was a very rich country (look at oil prices over last decade). Nigeria missed a window to develop.

I don’t think we should subscribe to blaming others for our problems- fact is the problem we have is in Nigeria and remember Okonjo-Iwela was “forced” to resign. Can you imagine this happening anywhere else? That a shining Ministry with brains, vision and results is forced out of a government?

Okonjo- Iwela is a hero! Let me finish on this note- IFI loans, all loans. This is bilateral, multilateral (between and among countries), account for well under 20% of global money moving around.

Guess what? over 80% of it comes from private sector FDIs- So the IFIs are not financially as power- they are powerful because they are influential.

Ahaah, the problem is in Nigeria …

[hispy99]

[quote=Ahaah;6873]The "World Bank" MD position is a reward to her for helping the West steal our $12billion by stealth under the dubious cover of debt forgiveness. It is unforgivable that she facilitated the haemorrhaging of our economy of such huge funds in order to earn accolades of her already well-off paymasters, funds that could have been invested in our decayed infrastructures to create enabling environment for both local and foreign investors to thrive and to make life more meaningful for our people. She is indeed a JUDAS.[/QUOTE

Do you have any idea about what you are talking about? She helped the west to steal "our" $12 billion? Where were you when Nigeria was taking these loans for white elephant projects? I guess Iweala was part of government then? Where were you when those loans ended up in private bank accounts? I can see that you are one of those people that will borrow money and refuse to pay it back. It is not the IFC's or World Bank's problem if your leaders are irresponsible and corrupt; that my friend is Nigeria's problem. A country deserves the leaders it elects; if Nigeria decides to elect thieves and crooks as Governors and President, then goood luck to Nigeria.

If Okonjo Iweala was able to negotaite a pay off of our loan at a discount (without collecting a dime of it for herslf ala the Ajaokuta steel debt buy back by Abacha & co), then she did you and I a favour.

[olusolakemmy]

No doubt she is a good administrator.
she deserve it.
i dont think she is going to disappoint

[Ahaah]

Okonjo-Iweala was a trojan horse of the West and a Judas.

REVEALED: How British govt. paid Ex-Ministers Okonjo-Iweala, Adeniji`s salaries - The Nigerian Village Square

[pumping]

Originally Posted by Ahaah

Okonjo-Iweala was a trojan horse of the West and a Judas.

REVEALED: How British govt. paid Ex-Ministers Okonjo-Iweala, Adeniji`s salaries - The Nigerian Village Square

Nothing spoil now. If our government cannot pay, who do we blame...?

[bwalaman]

Which part of this don't you understand? We are not an island!!! Fact is that we need people like Ngozi- if it takes the international community to pay her - her fair market value, so be it.

Some fingers are more equal than others... she earned it!!! Proved it by transforming the Financial Sector and resigning. What more do you want? She was V. Prez of the World Bank after all...

For the Foreign Ministers- thats something else, but believe me I am not complaining.

Only if- if Nigerians and Nigeria create the conditions for our brains to remain at home or for our brains to have the same clout from home- then and only then will your issue be an issue. So far it is just like mist...

Trojan horse or not (and she is not) she is the best thing that happened to the Financial Sector in 25 years!!! May be more...

If you missed the ride- don't miss the next one...

[Soweto]

Originally Posted by Ahaah

The "World Bank" MD position is a reward to her for helping the West steal our $12billion by stealth under the dubious cover of debt forgiveness. It is unforgivable that she facilitated the haemorrhaging of our economy of such huge funds in order to earn accolades of her already well-off paymasters, funds that could have been invested in our decayed infrastructures to create enabling environment for both local and foreign investors to thrive and to make life more meaningful for our people. She is indeed a JUDAS.

You have got no facts. She,soludo and the team are the best thing that has ever happened to our financial sector. sorry if your bank was closed down because of the capitalization.