In Brief SA’s Manuel to serve on World Bank growth body

In Brief SA’s Manuel to serve on World Bank growth body

JOHANNESBURG – South Africa’s finance minister Trevor Manuel has been appointed to serve on a newly formed World Bank body which will aim for global development goals through economic growth, the Treasury said on Wednesday.

The Commission on Growth and Development would release a report expected to influence global thinking and policies at the annual meetings of the World Bank and International Monetary Fund in Singapore, it said. The body is chaired by Mike Spence, a 2001 Nobel laureate and includes policymakers, academics and business representatives, it added.Manuel, 50, has been in his post for 10 years and is one of the longest-serving finance ministers in the world.African oil producers should use profits for development ALGIERS – A UN agency urged African oil producers Wednesday to use profits from high petroleum prices for development and investment in basic infrastructure.rapping up a conference on African energy in the Algerian capital, the UN Conference on Trade and Development issued a report urging co-operation throughout the continent to take advantage of oil profits for the public good.The report emphasised “the need to use petroleum revenues to cover investments in basic infrastructure” and to boost agriculture and the fishing industry.The report also addressed the downside of high oil prices for Africa: crushing energy bills for countries that don’t have oil.- Nampa-Reuters-APThe body is chaired by Mike Spence, a 2001 Nobel laureate and includes policymakers, academics and business representatives, it added.Manuel, 50, has been in his post for 10 years and is one of the longest-serving finance ministers in the world.African oil producers should use profits for development ALGIERS – A UN agency urged African oil producers Wednesday to use profits from high petroleum prices for development and investment in basic infrastructure.rapping up a conference on African energy in the Algerian capital, the UN Conference on Trade and Development issued a report urging co-operation throughout the continent to take advantage of oil profits for the public good.The report emphasised “the need to use petroleum revenues to cover investments in basic infrastructure” and to boost agriculture and the fishing industry.The report also addressed the downside of high oil prices for Africa: crushing energy bills for countries that don’t have oil.- Nampa-Reuters-AP

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