Nigeria “wasted” 30 years of oil income, the head of the International Monetary Fund (IMF) Dominique Strauss-Kahn said yesterday as he warned the country against the dangers of neglecting the non-oil sectors of its economy.
“Nigeria has had 40 years of oil but for the first 30 years it wasted the proceeds from that oil,” Strauss-Kahn [...]

The US House of Representatives missed an important opportunity to end oil aid in a bill [Acrobat pdf] that will “re-authorize” the Overseas Private Investment Corporation (OPIC) – one of two agencies in the US government that uses taxpayer dollars to provide financing, insurance and guarantees to US businesses wanting to expand their operations in [...]

Representatives Maxine Waters (Democrat from California) and Spencer Bachus (Republican from Alabama) have introduced the 2007 Jubilee Act for Responsible Lending and Expanded Debt Cancellation (HR 2634) in the United States House of Representatives.
Oil Change International has been working with Jubilee USA on the connection between oil dependence and the debt trap, and the Jubilee [...]

After two years as President at the World Bank, Paul Wolfowitz, architect of the Iraq war, tendered his resignation on Thursday evening.
“I have concluded that it is in the best interests of those whom this institution serves for that mission to be carried forward under new leadership,” writes Wolfowitz in a statement posted on the [...]

British Member of Parliament, Michael Meacher, has introduced an “early day motion” that calls on the British aid agency, the Department for International Development, to stop subsidizing oil companies through development agencies like the World Bank.
Other Members of Parliament are invited to endorse the motion, which will stay open until November. A similar motion [...]