(July 04, 2011, Bloomberg,)--Eritrea, one of the world’s poorest nations whose citizens earn just over a $1 a day, may face tougher United Nations sanctions targeting the mining and remittances that keep its economy afloat.
Neighboring Ethiopia and Djibouti are urging the 15-member UN Security Council to impose sanctions on Eritrea’s mining and outlaw a 2 percent tax on remittances, according to a diplomat who spoke on condition of anonymity. Ethiopia and Djibouti want one of the council’s three African members -- Gabon, Nigeria or South Africa -- to introduce the measure, the diplomat said.
The latest push to punish Eritrea was triggered by a UN report last month that said Eritrea’s government planned a failed plot in January to disrupt the African Union summit in Addis Ababa by bombing civilian and governmental targets.
Eritrea’s $2.59 billion economy depends on mineral resources such as gold, which has drawn investment from companies including Canada’s Nevsun Resources Ltd, and on money sent from Eritreans living abroad. There is concern that further economic sanctions may hurt more than 5 million people living in poverty, the diplomat said.
A July 18 UN report said the tax on remittances is the “most significant source of revenue” for the government, and estimated the income to be “tens, possibly hundreds of millions of dollars on an annual basis.” The government, through a joint gold-mining venture with Vancouver-based Nevsun, has “started to receive royalty payments worth millions of dollars,” the report said. Read More from Bloomberg »
Neighboring Ethiopia and Djibouti are urging the 15-member UN Security Council to impose sanctions on Eritrea’s mining and outlaw a 2 percent tax on remittances, according to a diplomat who spoke on condition of anonymity. Ethiopia and Djibouti want one of the council’s three African members -- Gabon, Nigeria or South Africa -- to introduce the measure, the diplomat said.
The latest push to punish Eritrea was triggered by a UN report last month that said Eritrea’s government planned a failed plot in January to disrupt the African Union summit in Addis Ababa by bombing civilian and governmental targets.
Eritrea’s $2.59 billion economy depends on mineral resources such as gold, which has drawn investment from companies including Canada’s Nevsun Resources Ltd, and on money sent from Eritreans living abroad. There is concern that further economic sanctions may hurt more than 5 million people living in poverty, the diplomat said.
A July 18 UN report said the tax on remittances is the “most significant source of revenue” for the government, and estimated the income to be “tens, possibly hundreds of millions of dollars on an annual basis.” The government, through a joint gold-mining venture with Vancouver-based Nevsun, has “started to receive royalty payments worth millions of dollars,” the report said. Read More from Bloomberg »
1 comment:
fuck the UN ETHIOPIA,JUBOUTI, &THE USA WHO R AGAINST THE WORK MASTER LEADERS OF ERITREANS.
They didn't know how eritrea is came it is full of eritrean martires blood &bones that is the concreet for the nation building that no one can crash it u knoe the gov& people of eritrea r on hearted&blood formed!!!!!!!!!!!!!!!!!!!!!!!!
Post a Comment