Kevin Kelley
26 June 2009
New York — African counties should be given $1 trillion by the developed world as compensation for the impact of the global financial crisis, a minister has said.
Mr Wycliffe Oparanya, the Planning minister, told a United Nations summit that the worldwide economic downturn "came from the developed world, mainly the United States."
In an interview with the Nation prior to his presentation, the minister said: "It wasn't our doing but we have been very affected by it. As Kenyans, we are saying we need compensation," Mr Oparanya said, noting that Kenya's economic growth rate has dropped sharply since the onset of the crisis last year.
He said the country must spend Sh170 billion on infrastructure improvements in each of the next five years in keeping with the goals set in the Vision 2030 plan.
Mr Oparanya added that the financial crisis can also serve as an opportunity for the developing world to set up its own financial institutions, he added.
US ambassador to the UN Susan Rice, said on Wednesday that the Obama administration supports increased assistance to the poorest countries but did not, however, specify an amount or timetable.
Poorest
She said the United States backs emergency aid to the poorest countries through the International Monetary Fund. The Obama administration also intends to increase US aid to the developing world, Ms Rice added. She also acknowledged that the United States bears "a share of responsibility for the current crisis."
The three-day UN summit, which ran through yesterday, failed to attract top-level representation from most member-states.
Developed nations have indicated their displeasure with how the summit was organised by UN general assembly president Miguel D'Escoto, a Nicaraguan former Foreign minister and outspoken critic of the capitalist system.
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It is quite interesting that this Kenyan Minister is requesting 1 trillion dollars from the developped world. True, the Kenyan economy has been affected by the global financial crisis. However, it should be noted that the economic crisis in Kenya ia also due to large scale corruption. Check the book by Michela Wrong "it is our turn to eat , the story of a kenyan whistle blower" This Minister wants compensation for money lost due to the global financial crisis. Is Kenya providing compensation to the millions of Kenyan who had their money embezzled by their politicians. This Minister is providing fuel to the stereotype the world has of African countries.