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Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

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Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#31

Post by labster »

yipopov wrote: post #25
pselbert wrote: post #8

On the face of it $76m seems like a staggering amount of money. Then we learn that the foundation dedicates $3b a year, and this seems like a drop in the bucket. Amazing what massively focused resources can accomplish.

Also a drop in the bucket compared with Nigeria's oil revenue. Why do they need charity to pay off the loan? This is clearly the Gates just engaging in corruption while making it look like they're "helping out".

Yes, truly how terrible they are to spend money encouraging the eradication of polio.

Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#32

Post by [deleted] »

unabridged wrote: post #6

The problem is a charity paying off your debt does not make your credit better. While its slightly better than a writeoff/forgiveness because the creditor isn't as angry, it still shows they can't pay back loans. Is a future creditor going to count on a charity showing up to pay them off?

[deleted]

Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#33

Post by BookmarkSaver »

yipopov wrote: post #25
pselbert wrote: post #8

On the face of it $76m seems like a staggering amount of money. Then we learn that the foundation dedicates $3b a year, and this seems like a drop in the bucket. Amazing what massively focused resources can accomplish.

Also a drop in the bucket compared with Nigeria's oil revenue. Why do they need charity to pay off the loan? This is clearly the Gates just engaging in corruption while making it look like they're "helping out".

Yeah, the Gates Foundation only cares about their image, they're really just in the pocket of Nigerian oil tycoons.

LMAO. Or, you know, there are tens of millions of people in Nigeria suffering from problems unimaginable in the West, and their goal is to help children and eliminate diseases rather than wait for fundamental governmental reform that won't occur for decades at least.

Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#34

Post by labster »

perseusprime11 wrote: post #22

It is amazing to see how Bill Gates immersed himself in his nonprofit work. I hope he stays rich so he can do more of these.

Having read Slashdot 15 years ago, a part of me is shocked to hear anyone wish that Bill Gates stays rich. But don't worry, Bill will be just fine.

Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#35

Post by diego_moita »

simplemath__ wrote: post #20

To all the commenters too busy being aghast at giving money to a government to read the article: > Nigeria’s debt to Japan is the result of Overseas Development Assistance (ODA) provided by the Japanese government in 2014 for increased polio eradication. efforts. > The country has made great strides in its efforts to eliminate the disease thanks to this funding. > Nigeria did not record a wild case of polio from July…

This is the correct perspective. It seems that, Reddit style, many people here comment just the titles, don't read the articles.

Polio is on the way to complete eradication all over the world. AFAIK the only place where it remains endemic is Baluchistan in Pakistan where the warlords are suspicious of vaccination agents.

Victory on polio is a fantastic story that doesn't get the attention it deserves.

Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#36

Post by Consultant32452 »

simplemath__ wrote: post #20

To all the commenters too busy being aghast at giving money to a government to read the article: > Nigeria’s debt to Japan is the result of Overseas Development Assistance (ODA) provided by the Japanese government in 2014 for increased polio eradication. efforts. > The country has made great strides in its efforts to eliminate the disease thanks to this funding. > Nigeria did not record a wild case of polio from July…

The thing that's weird to me is that an economy the size of Japan would even keep track of such a thing. The Japanese government could find that kind of money in the couch cushions in the name of humanitarian aid.

Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#37

Post by BookmarkSaver »

danjoc wrote: post #16

Why does the 6th largest oil exporter in the world need a $76M loan paid? Edit: Downvotes? Legitimate question guys. Can someone explain how that works?

It's also the 7th largest country in the world, and proportionally one of the poorest in the world, with almost 200 million people living there. Being the 6th largest oil exporter along-side the global political impotence, corruption, and poverty of the government and its people doesn't mean a huge amount.

Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#38

Post by rincebrain »

mhandley wrote: post #23
unabridged wrote: post #6

The problem is a charity paying off your debt does not make your credit better. While its slightly better than a writeoff/forgiveness because the creditor isn't as angry, it still shows they can't pay back loans. Is a future creditor going to count on a charity showing up to pay them off?

The article isn't clear, but I'd guess from the small outbreak in 2016 after being Polio-free in 2014/15 that the concern is that polio still isn't completely eliminated in Nigeria. Presumably it will need ongoing monitoring for several more years to ensure it is completely gone. Having to pay back the debt could jeopardise that ongong effort. In which case, this seems a good investment.

A 3y interval without cases in any member countries is what's required for the WHO to call a region "polio-free". [1]

[1] - http://www.searo.who.int/immunization/topics/polio/eradicati...

Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#39

Post by simplemath__ »

Consultant32452 wrote: post #36
simplemath__ wrote: post #20

To all the commenters too busy being aghast at giving money to a government to read the article: > Nigeria’s debt to Japan is the result of Overseas Development Assistance (ODA) provided by the Japanese government in 2014 for increased polio eradication. efforts. > The country has made great strides in its efforts to eliminate the disease thanks to this funding. > Nigeria did not record a wild case of polio from July…

The thing that's weird to me is that an economy the size of Japan would even keep track of such a thing. The Japanese government could find that kind of money in the couch cushions in the name of humanitarian aid.

Obviously there was something in the way, maybe bad blood between Japan and Nigeria. Who knows? Who cares?

If the Gates Found. is engaging in a bit of 'dollar diplomacy' here, that's even extra value, IMO.

This is high-test, globally impactful philanthropy, and deserves none of the cynical, socio-economic scrutiny it's receiving here.

Re: Bill and Melinda Gates Are Paying Off Nigeria's $76M Debt to Japan

#40

Post by comicjk »

labster wrote: post #31
yipopov wrote: post #25

Earlier quoted context omitted.

Also a drop in the bucket compared with Nigeria's oil revenue. Why do they need charity to pay off the loan? This is clearly the Gates just engaging in corruption while making it look like they're "helping out".

Yes, truly how terrible they are to spend money encouraging the eradication of polio.

Not to mention, polio spreads! If you can eradicate polio in a country for a paltry $100 million, it's in other countries' interest to do so, even if some of the money gets stolen. This is the difference between traditional charity evaluation (which seeks honest management) vs effective altruism (which seeks good done per dollar).
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