Thursday, March 18, 2010

IMF Assisting Gold & Diamond Sectors

The corruption of rare commodities in Africa has recently been brought to global attention within the last decade or so. Africa earns approximately $25 Billion in gold and diamonds alone. The gold and diamond sectors are some of the most dangerous places to occupy because of the militant groups that head them, forcing locals into slavery and using the locations as drug trafficking outlets.

The International Monetary Fund plans to help 16 African nations attempting to keep their gold and diamond regions from being misused for terrorism. "A range of technical assistance programmes and seminars" will be provided to countries such as: Burundi, the Central African Republic, the Democratic Republic of Congo, Ivory Coast, Mali, and Togo.

Improved regulation of these sectors will create better financial stability because the amount of money streaming out of these countries for corruption will hopefully decline.

-Nick Mohazzabfar