Zenawi asks IMF to sell gold reserves in order to finance repression in Africa – By William Wallis in London (FT)

March 18th, 2009 Print Print Email Email

The International Monetary Fund should be allowed to sell some of its gold reserves to cushion Africa from the global economic crisis, African countries will argue at next month’s Group of 20 summit. (more…)

The International Monetary Fund should be allowed to sell some of its gold reserves to cushion Africa from the global economic crisis, African countries will argue at next month’s Group of 20 summit.

Meles Zenawi, Ethiopia’s prime minister, representing the continent, said the sell-off could raise between $5bn (€3.8bn, £3.6bn) and $15bn to be channelled through the IMF, World Bank and other multilateral institutions.

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Africa needed short-term increases in development assistance of between $30bn and $50bn to offset declining trade and investment. The availability of such funds was a matter of life and death, Mr Meles said in an interview with the Financial Times.

“We are seeking a much smaller stimulus package than is being spent bailing out the small and medium-sized banks in the west,” Mr Meles said.

In countries such as Britain, he added, the worst likely consequence for individuals in the downturn is the loss of employment. “The worst that can happen in Africa is that people who were getting some food would cease to get it and instead of being unemployed would die,” he said.

African economies are facing a looming balance of payments crisis as income from commodities, foreign investment, remittances and aid shrink simultaneously.

Mr Meles said there was a risk that fragile recent gains would be washed away, conflicts would reignite and more states would fail.

“Africa was beginning to stand up and now it is being knocked down again by this crisis, which is not of Africa’s making. That is one of the biggest tragedies,” he said.

In the past, African gold producers have opposed the idea of the IMF selling off its reserves because of its likely impact on world prices.

“Gold prices are doing well now so a slight correction to mobilise resources for Africa would not be that difficult,” Mr Meles argued.

More funds for the continent could be sourced if other developed countries join Europe in supporting a recapitalisation of the IMF with hundreds of billions of dollars of additional funds, he said.

In the longer term, Africans would have to rethink all their “development strategies” and “find ways of doing well in an environment that is less permissive”.

Ethiopia has resisted western pressure to open up its economy faster and privatise its banks, a position Mr Meles suggested had proved “prudent” in light of global events.

“One of the problems at the moment is that the situation is so volatile,” he added. “It keeps changing every week. It destabilises everything, including one’s thinking. If we knew where the bottom was we could start thinking as to how to get out of it.”

Copyright The Financial Times Limited 2009

Editor’s Note:

Zenawi and Co. have embezzled millions donated by the international community to save the Ethiopian people from starvation and disease. The following information shows in detail the amount of money looted out of Ethiopia’s treasury and deposited in foreign banks for use by the regime’s leaders and their extended families. This was the result of investigation done in 2005 and is believed to be only a fraction of the money looted out of Ethiopia. Zenawi and Co. need to give this money back before asking IMF to sell gold reserves.

Name ……………… Amount in US dollar ……… Bank and place

Meles Zenawi………………41 Million ………………Bank of Malaysia, Malaysia
Abadi Zemu ……………… 22 Million………………Swiss Bank, Switzerland
Sibhat Nega ……………… 29 Million……………… Deutsche Bank, Germany
Tefera Walwa …………….. 9 Million………………Bank of Canada, Canada
Amb. Birhane G/Kirstos …..19 Million………………New York City Bank, USA
Adisu Legesse ………… 14 Million……………… New York City Bank, USA
Arkebe Equbay………… 29 Million……………… Bank of Malaysia, Malaysia
Genet Zewdie ………………6 Million……………… New York City Bank, USA
Prof. Indrias Eshete ……7 Million……………… New York City Bank, USA
Shimelis Kifle …………… 12 Million……………… Bank of Canada, Canada
Abay Tsehaye ………… 17 Million……………… Bank of Malaysia, Malaysia
Amb. Mohamod Duri ……4 Million……………… New York City Bank, USA
Dr. Maru Yirdaw …………11 Million……………… Deutsche Bank, Germany
Bereket Simon ……………10 Million ……………… Deutsche Bank, Germany

According to 2006 news report by http://www.independent.co.uk/ titled “Third World cash exodus ‘points to laundering’”, dictators are busy looting money out of Africa.

Please follow the link here to find out more –
Third World cash exodus ‘points to laundering’

  1. Ototo Gormolo
    | #1

    I am very much pleased with the information you’ve pointed out in the editor’s note. I was about to say the same thing about the huge fund Meles and his bedfellows have stolen from the Ethiopian people and stashed in Swiss, Sinapore and Malaysian banks. What surprises me is Meles’s bravado to hold the West’s donor community responsible for the plight of Africa. The West has been evidently, albeit irresponsibly, pouring an excessively large amount of their tax payers’ money to the African dictators without devising any means of holding them accountable. Africa could have significantly changed by now vis-a-vis the huge sum of money these dictators have received from the West in the name of the poor people atleast in the past two decades.

    It may not be too late for the West to ask these dictators who are not of course accountable to their people for explanations as to what they’ve done with the money they have been receiving all these years. No dictator including Meles can come up with a clean report as much of the money is redirected to foreign banks as pointed out earlier. When they are grilled with such inquiries, it is not unusual for them to raise the issue of sovereignty, as kleptomania is their Achilles heal.

    The time of reckoning is just around the corner. A case in point is Madagascar leader Ravalomanana’s fate. Each and every one of them will end up in jail which they have been spending much money on to build and refurbish.

    God bless Ethiopia and down with Woyane.


  2. Danuel
    | #2

    Ugly monkey agazzi baby killer got the gold. Ethiopia has no gold reserve.

  3. Harry Massele
    | #3

    You See, my Brothers and Sisters, Meles and His Co. are not the only one who benefited from this loot. IMF and World Bank are the schemers who hire their friends as consultants and advisors, so that they can take back the kickback and benefit form the loot. Our tax money is approprated by these Western Legislators, intentionally or unintentionally facilitate, sometimes who do not even know how many houses, they happen to have. They failed us here in America, by taking our taxes money, we have swet to earn it and given it to dictators, schemers, and looters. It is the same thing what they are doing in Africa. what do you think they are doing here in America. What they do here in America, in AIG, Lit Brothers, City Bank, New Yorkers, Swindlers, and Bonnesiers who paly games on our hard earned money. The same thing they do here doing it in Africa. The players are the same, Greedy Bastards. The sofistication the standard and the loot may be a little different, But I am telling you my brothers and sisters, they are the same. Here the western world is for Investment, there in Africa is for aid and grant for the poor people .
    The International Institution are set up to facilitate for the legitimate Robbers, who rob us blind. Even in this country where suppose to be checks and balances, no body knows who are stealing and who is earning. who is getting bonneses and who is not, who is corrupt and who not corrupt. So, I am not surprised if the corrupt, Melese and Co get some stash. The IMF, The World Bank, African Developement Bank, and others Financial Institution are the Bernard (Berni) Madoff of the World, who scheme through Bonzi-scheme of re-adjustment loan and aid. These are day-light robbers we have to be guard off. So do not be amused if these International thiefs, give some left-over to dectators and play the same game again and again from/with one dictator to another.
    How many International financial institution leaders who are not Millioner do you know? Most of them are milioners and billioners. They looted on their time as helm. Even, People who work at the State Department Foreing Affairs Offices are paid some kind bribes. Learn from American Embassy, in Ethiopia about bribe. The amasing thing is that,these some foreign affairs officers, not all officers, after retirement, they set up a hefty net, they set up non-profit scheme-system where they become advisor and consultant for mostly African Dictators so they can scheme the money, they lobbying in the name of Africans poor. My Example, Cohon who said the famous word in London” No democracy no financial aid” ‘like that’, for his Ethiopian junior parteners, Melese, and Isaias. Do you remember? Some of these people are like Berni Madoff, Schemers. God Almighty help us and give us time to see the downfall of all evil doers. Rememver, The Dictators, Idi Amin, Mobutu, Abache, Mengistu, Taylor, Al Numeri, just to name a few. Where are they now? where are they gone, wheather they dead or alive, what happened to them? it will happen to all evil doers.
    The Political Institutions Such as UN, AU, Etc, facilitates for those dictators to speak and be pupered, so they can be molded and can be brought, bought and sold to participat in the loot, where the money (aid) given in the name of the poor masses. There will be time where we can bring those leaders, criminlas, dictators, a lot of Berni Madoffs you name it, to justice. Have you seen what happened to the Dictator of the Sudan, and almost happened in Canada to our Xpresidente. OOP. Watch out Berni. The next bonnes would be in jail for melese and Co.and other looters. We will bring all shcemers, bonnesiors, benefictors to justice as long as masses understand what is happenning.

  4. Peace
    | #4


    It is so true, you are only one of the few who is enlightened. I am sure these African dictators would not be able to transfer money from Africa to Europe or Asia without the support of the West.Besides the West or Asia bankers have the ability to monitor that much money from poor countries and should have questioned but they don’t because they are in on it.The IMF/WB say they are supporting poor countries by giving them aid or as if they are helping that is just for publicity. In fact, I have read 2 years ago, British bank said huge sum of money is coming out from Africa to the West, someone has written about it.So the dictators do cut deal with international bankers, IMF and WB.

  5. wolikati
    | #5

    Woyane mastered the art of begging. What should we call this shameless cry for money when millions of dollar is stolen by Woyne, Creative begging. The cadres seem to run out of lies about the economic progress. How come they refuse to accept their progress is based on begging, selling land and stealing.

    May be in their mind that is what Economic progress is all about. According to woyanes any thing is progress, now the world knows who they are dealing with.

    i say let the woyane thieves return the money they stashed in western banks. can some one tell us where they stashed it and who the cadres are?

  6. yikerbelen
    | #6

    The tegeray criminals thugs have fought to free them selves from their economical poverity for once and afor all. These low level bloody criminals could never have billions of dollars if they went to dedebit served for shabia as slaves and finally shabia brougth them addis.As a result they have been lotting ethiopia and ethiopians. The shameless weyane’s ” ambassador Birhane G/kirstos has stolen more than 40m dollars ,but his wife found him when he was dancing with solome , his wife took him court and he shared his stolen 40m dollars with his wife. that is why he has only 29m dollars

  7. alex
    | #7

    Look at weyane’s rats
    vedio. must see.

    support our freedom fighters.

  8. eyob
    | #8

    Slogans of the dictator:
    kill them!
    keep them prisoner!
    let them starve!
    sale the gold!
    sell the coffee!
    sale the land!
    loot the money!

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