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Flashback: Neo-Colonialism as the golden shackle: IMF declares 40% of African countries buried in debt..... Rich continent, poor masses
The Managing Director of the International Monetary Fund, Kristalina Georgieva, says 40 per cent of African countries are in debt distress.
She described Africa as a continent of opportunities and one with many troubles, noting that the focus was to help countries have sound macro-economic policies, improve the investment climate and show it to the rest of the world.
"Africa is a continent of opportunities and what we are looking for is for this opportunity to be harnessed to the maximum. It is also a continent with many troubles; so, we have to be mindful of these risks especially security risks," she said.
Commenting on the debt levels of countries, the newly appointed IMF MD said, "Are we worried about debt levels in Africa? Yes, because 40 per cent of the countries have gone into debt distress levels.
"In some cases, we are concerned about that but in other cases, we see that investment is going to pay off over time.
"Take the case of Kenya, we advise Kenya to be more cautious in building debt but we have seen good macroeconomic policy in Kenya.
"In cases where debt is dangerous like Zambia, we do say you need to get a handle on your debt. In Ethiopia, we say you need to renegotiate some of your debts because it is non-concessional for things that should be on a concessional basis.
"One has to remember that debt on its own is not bad. It is bad when it goes with the wrong things and when it goes with the speed that the economy cannot handle."
Georgieva said countries that were experiencing higher growth rate had done so by borrowing for investments that could generate growth and eliminating red tape for local and foreign investors.
She said the IMF would hold a 'concentrated' meeting with African leaders in December to discuss debt sustainability.
Source: The Cable
Wednesday
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CREDITS - DEMOCRACY NOW MEDIA
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10 key leadership skills for successful cross-functional team management
An organization's cross-functional team provides many benefits and can be a veritable asset in helping to ward off divergent obstacles, that naturally arise in the workplace.
Management is key to determining whether your cross-functional team either delivers on a consistent basis or itself becomes an impediment to its effectiveness. A well organized, transparent and flexible management structure is crucial in ensuring the success of a cross-functional team.
The following represent some key leadership characteristics of a successful cross-functional team.....
a) Effective Organization - To manage a team of such diversity and complexity, you’ll need a system for organizing deadlines, files, notes, data, research, and whatever else you bring to the project.
b) Equally Effective Communication - Without a clear but concise strategy for effective communication, your cross-functional team doesn’t stand a chance. This is the first and most crucial component of your team’s success and should not be taken lightly.
c) Unified Objectives - It is extremely vital that every one of your team members understands the importance of the task(s) at hand. Keep in mind that the responsibilities of the cross-functional team are often in addition to your team members’ already established duties. If they don’t value the cross-functional team’s objective, they won’t put in the time or effort you require. Help them understand why the team’s objectives should matter to them.
d) Clarity of Purpose - When working with a cross-functional team, conflict and misunderstandings that result in a lack of accountability are commonplace.You can prevent potentially frustrating situations by instituting clearly-stated goals and expectations, not only for the team but on an individual level as well.
e) Conflict Resolution - As should be expected, when a team is comprised of people from different functional areas of any organization, you are going to experience some conflict. It’s important to be prepared to handle this naturally-evolving conflict effectively. Many industry experts suggest you provide your cross-functional team with conflict-resolution training before bringing them together.
f) Be Flexible - One of the greatest benefits of a cross-functional team is that it fosters innovation. By bringing several different areas of expertise together into a positively enabling work environment, you’re creating fertile ground for fresh ideas and new, game-changing insights to flourish. To take advantage of these ideas and help the company improve, you must be flexible, open-minded, and allow these opportunities to manifest. The worst thing you can do to your cross-functional team is to stifle it with narrow thinking.
g) Only The Best (OTB) - Before assembling your "A-Team", it is advisable to spend some time defining the team’s goals, while making a list of the strengths and skills required to accomplish those goals. You will then be able to put together the "perfect team" according to your predefined list of required skills and qualifications.
h) Requisite Cohesion - Provide ample opportunities for your team members to get to know each other better through team-building exercises (both indoor and outdoor). This will foster a spirit of mutual trust and engender a unanimity of purpose and direction.
i) BEFA (Build Each For ALL) - It is important to get to know each member of the cross-functional team with a view to ensuring that the sum of each person's individual strengths is commensurate with the PIE (Professional, Intellectual and Emotional) Capacity needed for the team to achieve its defined objectives.
j) Individual Accolades - Even though at the end of the day, it is all about achieving something tangible for the team/organization, remember to acknowledge the contributions of each member of the team towards realizing the desired goal of the project.
© 2025 2CG MEDIA. Coker Confidential™
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