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Group to IMF: Support Accountable Policies From Omon-Julius Onabu in Benin-City International Monetary Fund (IMF) has been urged to ensure that the policies of government are geared towards transparency and accountability in their industrial activities. The Publish-What-You-Pay Campaign in Nigeria (PWYP) made the call in Benin-City yesterday through its National Co-ordinator, Rev. David Ugolor, as the nation expects to receive the Managing Director of the IMF, Mr. Rodrigo de Rato, today. PWYP noted that there was a lot that the IMF could do in supporting transparency and accountability in policies of concerned countries, specifically regarding "the management of public funds accruing from extractive industries" like petroleum. Ugolor said it was particularly heart-rending to observe that most of the under-developed countries, especially oil-rich countries, remain "not only socio-economically backward but are generally neck-deep in debilitating debts, which are largely of doubtful nature, despite the enormous resources available to them through the industries." "Leaders of oil-rich countries often hide under the guise of secrecy in making public what comes to them as oil revenue to pillage public treasury and further impoverish the masses of their people," he lamented, while appealing to De Rato to give priority attention to the issue of transparency and accountability during his visit to the country and, indeed, in dealing with oil-rich nations. On other practical means of tackling the sickening levels of corruption in the sector, PWYP in Nigeria co-ordinator, who is also the President of African Network for Environmental and Economic Justice (ANEEJ), advised the Economic Community of Africa (ECA) to "endorse the Extractive Industries Transparency Initiative and the PWYP." Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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