September 21, 2012

Eritrea’s Economic Policy Is A Great Lesson For the World To follow

Eritrea’s Economic Policy Is A Great Lesson For the World To follow

Eritrea is the safest nation for business in Sub-Sahara Africa – Source: UNODC

Professor Mark D. Juszczak argues Eritrea’s economic policy of  rejecting major loans and aid, along with Eritreans striving to becoming self-sufficient is an economic strategy both the developing and western world should follow.

He indicated Africa spends about 15 billion dollars annually in paying debt repayments. In addition to that, he stated for every dollar a nation receives in loans and aid from the global financial bank institutions (IMF & World Bank), those nations are left to pay 13 dollars in interest.

Side Note: Such sobering economic aid statics puts into question of who’s really ‘aiding’ who?

Mr. Juszczak goes on to highlight that Eritrea has a great opportunity to develop its ‘natural capital’, because it still lacks major hydrocarbon based infrastructure. He suggests Eritrea should focus on “conservation, solar energy, converting its steam powered rail network to electricity and developing an extensive inter-modal transport network focused on the human dimension of scale.”

“Eritrea stands out as an unusual example of wisdom and prudence in government. We could all learn lot from its example.”, Professor Juszczak concluded.

 

Crime a major constraint on investment in Africa

A United Nations Office On Drugs and Crime (UNODC) report shows high crime rates in Sub-Sahara Africa hinder economic development and foreign investment. Based on information taken from foreign companies stationed in each country, the report reveled Eritrea as being Sub-Sahara Africa’s safest nation for foreign businesses to operate in.

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