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Passed Resolutions - IDIA

Passed Resolutions - IDIA

36 what is an odious

36 what is an odious act. The ECA would facilitate negotiations with creditors towards the cancellation of the odious debt. By forgiving the odious debt, the indebted nations will be able to pay off other debts and increase their economic capacity. Provision 2: Multilateral & Bilateral Loans and Grants Background Analysis In the past, African countries have not properly utilized loans, leading them to default on loans, or obtain high level of debt. For example, Zimbabwe and the Ivory Coast owed $22 million and $25 million respectively from loans they were granted during wars and civil conflicts. They could not sustain these loans because of high interest rates and the unstable conditions of the countries. Grants have also been misused. The Global Fund to Fight AIDS has suspended grants to three countries, which it will not name, because the grants were abused. The problem facing this committee is that requirements for grants and loans to African countries are often too lenient. Already, the African Development Bank has tightened its requirements for loans to African countries. Critique of Past Action In the past, loan and grant policies have not been as beneficial to the nations of African as a unified policy could be. While one solid fiscal body is impossible to create, specific guidelines seem to be beneficial to creating more effective financial policies. Due to the interest of independent creditors, African states have been deterred from taking full advantage of such programs. The conditions and structural adjustment program attached to these loans encourage African states to tailor fiscal policies to international standards than to their own state’s needs Policy Proposal The ECA will function as a mediating and advisory body between African states and their creditors. We encourage African states to first approach us with appeals for loans and grants before appealing to their creditors. In this way we can help to develop and ensure that a plan is both credible and shows promise for success so that we can then offer recommendations to their creditors based on the following criteria: the state’s recognition of the importance of developing infrastructure within the plan, current governmental credibility, and current governments past history of usage of grants and loans. In the event that a state fails to meet the aforementioned criteria, the ECA will work to establish the country’s credibility and function as a monetary advisor. If a state supports other states’ rebelling groups, the body will strongly consider preventing or revoking the loan or grant. Philadelphia Model United Nations 2007

37 As our role as a mediator between the debtor and creditor, the ECA will be vigilant regarding use of loans and grants under the terms upon which the parties had agreed. The ECA recommends cooperation between the African states and itself in order to increase the nation state’s credibility in the even that the ECA finds a nation guilty of improper use of its funds, the ECA will discourage the creditor from continuing forth with the loan installments. Furthermore, the ECA strongly recommends that bilateral loans and grants be directed towards investing into the economy itself. Such use of the money received can work both directly and indirectly to improve relations among African states. The ECA believes that this solution caters to the needs of money if not all African stats and provides them with equal opportunities to better their economies. Provision 3: Macro-implementation of micro-financing Policy Proposal 1. The Economic Commission for Africa encourages private investors to promote local business within African nations through micro-financing; 2. Governments shall promote micro-financing by building infrastructure and basic services in order to provide small business opportunities to their people if they are not already provided by the private sector. 3. Services and infrastructure shall include: a. Transportation, b. Food production, c. Mining and collection of raw materials; 4. The aforementioned services should be maintained publicly until the government feels that the private sector can properly provide these services, 5. Governments should not infringe on the peoples’ ability to develop private businesses and should privatize such areas if the people and investors express interest. Philadelphia Model United Nations 2007

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