IMF / WB / IFI

FROM THE ARAB REVOLUTIONS TO GLOBAL AUSTERITY

by Third World Network

3 May 2013

To highlight some of the complex dynamics and challenges of the IMF’s role in the Arab region, in a context of continuing popular uprisings that are calling for social and economic justice and for transforming the national development paradigm, and to link it to the waves of austerity across Europe, the US and other regions, a panel discussion titled “From the Arab Revolutions to Global Austerity,” was held on the sidelines of the spring meetings (19-21 April) of the IMF and World Bank. More

KEY ISSUES IN THE ORGANIZATION OF AND GOVERNMENT INTERVENTION IN FINANCE IN DEVELOPING COUNTRIES: LESSONS FROM RECENT EXPERIENCE

by Ylmaz Akyuz

2 February 2013

A fundamental question raised by recurrent fi-nancial crises in mature and emerging econo-mies is how to ensure that the financial markets and institutions serve growth and development rather than being a constant source of instability and disrup-tion in pursuit of self-interest. This is not only a ques-tion of how best to regulate the existing institutions and markets, but also how to restructure and organ-ize them. More

ROMANIA: THE NEXT GREECE?

by News Agencies

27 June 2010

Romania’s economic evolution remains uncertain and the application of austerity measures announced by the government is a condition for future installments of the loans from EU and IMF, More

GREECE AS A DEMONSTRATION PROJECT

by Mike-Frank Epitropoulos

23 May 2010

If the Greeks do not quietly accept the austerity measures, as the American public seems to be doing once again, there may have to be a more forceful demonstration effect in the form of violent confrontation between the people and the state. More

ICELAND BLOCKS BANK REPAYMENTS FOR FOREIGNERS

by News Agencies

6 January 2010

The president of Iceland blocked a hard-fought $5 billion compensation deal with the British and Dutch governments on Tuesday, upending the precarious finances and politics of the island nation and further jeopardizing already frayed ties with Europe and international lenders. More

NEW REPORT FINDS IMF AGREEMENTS HAVE INCLUDED POLICIES THAT COULD WORSEN ECONOMIC SLOWDOWN IN 31 OF 41 COUNTRIES

by Mark Weisbrot, Rebecca Ray, Jake Johnston, Jose Antonio Cordero and Juan Antonio Montecino.

7 October 2009

A new discussion paper from the Center for Economic and Policy Research finds that 31 of 41 countries with current International Monetary Fund (IMF) agreements have been subjected to pro-cyclical macroeconomic policies that, during the current global recession, would be expected to have exacerbated economic slowdowns. More

OCTOBER 12 - 18, 2009: WEEK OF GLOBAL ACTION AGAINST DEBT AND THE IFI’S

by Social Movements

16 September 2009

The debt that is accumulating is not just financial however. The false solutions being promoted to the finance, climate, food, and fuel crises are provoking a potentially irreversible increase in the ecological, climate, social, and economic debts owed to the peoples and the planet, especially of the South. More

DOING BUSINESS 2010: WORLD BANK DISCOURAGES EXTENSION OF SOCIAL PROTECTION

by International Trade Union Confederation

10 September 2009

The International Trade Union Confederation denounces that latest edition of the Bank’s highest circulation publication discourages countries from adopting social protection schemes by designating governments that do so as anti-business. More

ARGENTINA: RETURNING TO THE IMF IS NOT FOR FREE

by Mariela Bembi and Pablo Nemiña

9 September 2009

In the past weeks, several voices, including from the same government of Cristina Kirchner, were heard in favour of Argentina’s return to the IMF, allowing the institution to carry out the review of the economy known as Article IV. More

WHICH IMF DO YOU WANT?

by Roberto Bissio

2 September 2009

Technical or political, friendly or heated, these debates have explored all the aspects of the tumultuous relationship between the IMF and Latin America, except for one: What Fund do we want? How should we reform the Fund, if we could? More

BEYOND THE WORLD CREDITORS’ CARTEL

by Dariush Sokolov

20 August 2009

In Latin America and elsewhere, the IMF may be re-emerging-but in a changed landscape. More

WORLD BANK VOICE AND REPRESENTATION: THE MOMENT OF TRUTH

by Eurodad

6 August 2009

Another time around the issue of World Bank voice and representation is back on the agenda. Since the beginning of the decade, the voice and vote issue keeps re-emerging - swinging from the centre of attention to its margin - but no resolute decision has been taken throughout these years. More

BAIL-OUT OR BLOW-OUT? IMF POLICY ADVICE AND CONDITIONS FOR LOW-INCOME COUNTRIES AT A TIME OF CRISIS

by Eurodad

26 June 2009

Eurodad’s new research "Bail-out or blow-out? IMF policy advice and conditions for low-income countries at a time of crisis" shows that the IMF is still advising stringent fiscal and monetary policies to low income countries as well as controversial structural reforms. More

LATVIA’S CRISIS DEEPENS

by Kathleen Moore

7 June 2009

Not so long ago it was the fastest growing economy in the European Union. But boom turned to spectacular bust last year as the global financial crisis swept across Eastern Europe, popping Latvia’s real-estate bubble. More

CHINA AND THE US DOLLAR TRAP

by Sebastian Mallaby

1 June 2009

Chinese authorities are searching for a way to reduce their exposure to the greenback. The surest method would be to stop buying so many U.S. Treasury bonds; but that would mean allowing the Chinese currency to rise against the dollar, which would hurt Chinese exporters when they are already suffering. More

ASIAN COUNTRIES CREATE AN INDEPENDENT USD 120 BILLON FUND TO FACE THE CRISIS

by OID-IDO

25 May 2009

The idea of the "pool" stemmed from the devastation Asian nations suffered from the 1997-98 financial crisis. But turning the idea into a real mechanism has been possible on last weeek end , in the background of the world crisis. More

EUROPEAN SOCIAL ORGANIZATIONS CALL FOR NEXT JUNE 1-3 UNITED NATIONS SUMMIT (G- 192)

by European Cross-Sectoral Network on the Combined Crises

14 May 2009

A call to UN Conference on the World Financial and Economic Crisis and its Impact on Development (1- 3 June 2009), and especially the European leaders attending the event to focus on reforms that directly benefit people and the planet. More

TOWARDS A WESTERN/EASTERN EUROPE BANKING AND SOCIAL TSUNAMI

by Catherine Samary

12 May 2009

The International Monetary Fund (IMF) was called to the rescue by Hungary, Latvia, Poland, Romania, Serbia and Ukraine... which are confronted with a fall in growth and in foreign exchange rates, with capital flight and a banking crisis. The policies of budgetary austerity, under the pressure of the IMF and of the European Union, are producing governmental crises. More

AUSTRALIA: WHEN CASHED-UP IMF OFFERS TO HELP, STEER WELL CLEAR

by Ross Buckley

5 May 2009

Make no mistake, the worst of the global crisis is still before us.This collapse in trade and capital flows will seriously damage the fragile economies of poorer countries. More

PAKISTAN IS NOT OUT OF THE WOODS

by Abdul Khaliq (CADTM Pakistan)

4 May 2009

In view of country’s never-ending economic woes and more importantly the roaring threat of Taliban’s possible access to nuclear assets of Pakistan, the Friends of Pakistan-Group of 31 countries and international agencies gathered in Tokyo on 17 April 09 to pledge $5.28 billion for uplift of social sector in Pakistan. More

IMF/WORLD BANK SPRING MEETINGS: FINANCE MINISTERS IN WASHINGTON FAIL TO DELIVER ON G20 PROMISES

by Eurodad

29 April 2009

Impoverished countries don’t know yet on how much they will count and the extent to which the IMF will grant this finance at reasonable terms and avoid making past mistakes. More

AUSTRALIA: WHO PAYS FOR THE RECESSION?

by Graham Matthews

27 April 2009

On April 23, the Australian Financial Review reported that the International Monetary Fund (IMF) had “dramatically downgraded its outlook” for the Australian economy, predicting a recession similar to the 1990s downturn and an unemployment rate of up to 8% next year. The IMF said the economy was set to contract by 1.4%. More

THE FINANCIAL CRISIS MENACES 2015 MILLENIUM DEVELOPMENT GOALS

by Amin Ahmed

25 April 2009

The global financial crisis is imperilling attainment of the 2015 Millennium Development Goals (MDGs) and creating an emergency for development, warned an IMF-World Bank report released on Friday. More

IMF PREDICTS A HISTORICAL RECESSION IN 2009

by OID-IDO

22 April 2009

The International Monetary Fund is predicting a "severe recession" of global proportions in 2009 and a "gradual" recovery in 2010. According to the World Economic Outlook, GDP will shrink by 1.3% in 2009 before growing again by 1.9% in 2010. More

IMF EMERGENCY LOANS: GREATER FLEXIBILITY TO OVERCOME THE CRISIS?

by Eurodad

22 April 2009

Despite promising IMF rhetoric about greater flexibility in fiscal and monetary policies because of the current crisis, IMF loans in Romania, Latvia and Armenia show that practice is not in line. The Fund is still pushing tight fiscal policy and single-digit inflation. More

IMF APPROVES U$S 47 BILLION NEW CREDIT TO MEXICO, BUT THE FOCUS IS PLACED IN EASTERN EUROPE.

by News Agencies

20 April 2009

Mexico is the first nation to be granted the IMF credit under its newly created ’flexible credit line’ (FCL) available to strongly performing economies with fewer strings attached, to tide over the worst economic crisis in over 60 years. More

THE CRISIS IS FAR FROM OVER

by Michel Husson

19 April 2009

The degree of coordination among the capitalist authorities (governments, banks, IMF, sovereign wealth funds, European institutions, etc.) is advancing under the pressure of the emergency. But it is not enough to make us envisage the establishment of a new Bretton Woods. More

G20: HOW NOT TO RULE THE WORLD

by Jayati Ghosh

13 April 2009

Not much could have been expected from this G20 Summit. Despite the urgency of a global economy going rapidly over the cliff, there is still too much disagreement about most issues among the members. Even so, the resulting communiqué released with so much fanfare is deeply disappointing. More

ROMANIA: PUSHED BY CRISIS INTO DUBIOUS BORROWING

by Claudia Ciobanu

9 April 2009

It remains unclear whether the IMF deal will bring to Romania the cushioning it needs against the global financial crisis, especially if the government does not pursue a coherent anti-crisis strategy. The political leaders themselves seem uncertain of the consequences of the IMF deal. More

CZECH REPUBLIC AND HUNGARY: FINANCIAL CRISIS TAKES POLITICAL TOLL

by Zoltán Dujisin

30 March 2009

The weak governments in Hungary and the Czech Republic have fallen, raising questions on the future of liberal economic reform and the influence of the U.S., the European Union and Russia in the region. More

FISCAL STIMULUS PLANS: THE NEED FOR A GLOBAL NEW DEAL

by Isabel Ortiz

27 March 2009

This article reviews the fiscal stimulus packages announced in 43 countries. In March 2009, the total amount announced for these stimulus plans is US$ 2.18 trillion, or 3.5% of world’s GDP, mostly in higher income economies. More

LONDON: PUT PEOPLE FIRST MARCH AHEAD OF G20’S SUMMIT

by Social Movements

26 March 2009

On 28th March thousands will march through London as part of a global campaign to challenge the G20, ahead of their 2nd April summit on the global financial crisis More

EUROPEAN NGOS MEET THE EU WORLD BANK EXECUTIVE DIRECTORS IN BRUSSELS

by Eurodad

24 March 2009

This week European NGOs met the EU World Bank Executive Directors on the occasion of their annual visit to Brussels. On the table for discussion there were the issues of the Bank’s response to the financial crisis, and the International Finance Corporation (IFC) supported oil projects in Ghana. More

MONEY SENT FROM WORKERS TO LATIN AMERICA IS EXPECTED TO DROP

by Miriam Jordan

16 March 2009

After a decade of growth, remittances to Latin America and the Caribbean began to slow in 2008, according to the Inter-American Development Bank, as countries that attract large numbers of migrant workers, including the U.S., Spain and Japan, slid into recession. And this year, remittances to the region are likely to drop for the first time since the bank began tracking annual flows in 2000. More

EUROIFINET LAUNCHES A POSITION PAPER ON THE FINANCIAL CRISIS AND CAPITAL FLIGHT, DEBT AND IFIS

by Eurodad

12 March 2009

The paper highlights that there is a broad, global systemic crisis with environmental, social, economic and democratic dimensions; and that there is a need for new structures and a new paradigm More

POOR COUNTRIES TO NEED UP TO 700 BILLION DOLLARS

by Jim Lobe

9 March 2009

In the latest in a series of increasingly dire predictions, the World Bank Sunday warned that developing countries may need up to 700 billion dollars in external financing this year due to the squeeze in global credit markets which has seen a dramatic plunge in private investment.
In a new report, prepared for next weekend’s meeting of the Group of 20 finance ministers and central bank governors in Britain, the bank predicted that global gross domestic product (GDP) will actually decline in (...) More

WHATEVER’S HAPPENED TO GLOBAL BANKING?

by C.P. Chandrasekhar & Jayati Ghosh

7 March 2009

The call for nationalization of banks in developed countries, even if for a temporary period, marks a potential ideological shift. Even staunch free market advocates are declaring that nationalization is inevitable. This article examines the factors explaining this acceptance of public ownership and the implications that this has for the future of banking regulation. More

WHAT KIND OF A “NEW” BRETTON WOODS WILL EMERGE FROM THE CRISIS?

by John Dillon

6 March 2009

As the world undergoes the greatest financial crisis since the 1930s, political leaders of various persuasions have been talking about convening a new Bretton Woods conference to re-design the global financial system. The rhetorical calls for a new Bretton Woods sound appealing. But it is not at all clear whether a new, more just and sustainable order will emerge. Currently minor re-forms that will only shore up an unjust economic order seem more likely. More

IRISH GOVERNMENT FACES GROWING FEARS OF DEBT DEFAULT

by Elena Moya

17 February 2009

Fears are growing that Ireland could default on its national debt after the cost to insure against possible losses on loans to the country rose to record highs at the end of last week. More

WILL IMF LOANS HURT THE POOR THIS TIME AROUND?

by Bretton Woods Project

15 February 2009

While the IMF undertakes high-speed reviews into its lending instruments and conditionality, it continues to make crisis loans with heavy conditionality that may adversely impact the poor in developing countries. More

THE INTER-AMERICAN DEVELOPMENT BANK ALSO WITH BILLIONAIRE LOOSES DUE TO MORTGAGES MESS

by News Agency

14 February 2009

The Inter-American Development Bank (IADB), the largest lender for projects including roads and power plants in Latin America, lost $1.9 billion on mortgages and other securities as part of an unusually aggressive investment strategy, according to internal bank documents obtained by The Associated Press. More

PARTICIPANTS OF SOUTH ASIAN WORKSHOP CALL FOR A RESISTANCE TO THE ANTI-PEOPLE POLICIES OF THE WORLD BANK, IMF, ADB AND OTHER IFIS

15 January 2009

The debt campaigners and activists from South Asia including participants from Nepal, Pakistan, Bangladesh, Sri Lanka, Bhutan and India that have assembled at Katmandu for the “2nd South Asian workshop on International Financial Institutions (IFIs) and the Debt Crisis” have called for region wide resistance movements against anti-people policies of the International Financial Institutions (IFIs) . This conference has been jointly organized by SAAPE, VAK and NGO Federation of (...) More

IFIS, PAKISTAN & WAR ON TERRORISM

by Abdul Khaliq

15 January 2009

Presented by Abdul Khaliq, CADTM Pakistan. More

BHUTAN POLITICAL CRISIS, DEBT SCENARIO AND INTERNATIONAL FINANCIAL INSTITUTION

by Mohan Tamang

15 January 2009

Presented by Mohan Tamang, Democratic Youth of Bhutan, 15th Jan 2009 More

IFIS ROLE IN TSUNAMI REHABILITATION

by S.M.Prithiviraj

15 January 2009

Presentation by S.M.Prithiviraj, Voices from the margins (VFM) Tamilnadu, India. More

BRAZILIAN PUBLIC DEBT: WHO OWS WHO?

by Gabriel Strautman

30 July 2008

Gabriel Strautman is an economist of the Institute of Alternative Policies for the Southern Cone (PACS), member of the Brazilian Network on Multilateral Financial Institutions and of the Jubilee South Network.
The recent announcement of Brazil’s upgrade to the net external creditor position - when a country’s external assets surpass its liabilities - was very welcome by the Brazilian Government’s financial authorities as a triumph of our economic policy. According to the government, for the (...) More

OPERATION CORPORATE FREEDOM: THE IMF AND THE WORLD BANK IN IRAQ

by Basav Sen

17 November 2005

While U.S. military forces occupying Iraq may be facing a quagmire in operations, the economic forces of the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO), are moving full speed ahead implementing various economic reforms that will cause U.S.-based corporations - Bechtel, Halliburton, and others - to proclaim, “Mission Accomplished!” As the Bush administration touts its rhetoric of freedom and liberation, the IMF and World Bank are (...) More

THE MILLENNIUM DEVELOPMENT GOALS (MDGS)

by Rene Raya

9 November 2005

A Report on the Progress, Shortfalls and Deficit More

IMF ADDS A NEW TOOL TO ITS BAG OF TRICKS

by Soren Ambrose

September 2005

An announcement by International Monetary Fund (IMF) Managing Director Rodrigo Rato at the annual meeting of the African Development Bank in Abuja, Nigeria in May signaled the inauguration of a new tool for ensuring IMF - and by extension, U.S. and G8 - control of national economic policies in Global South countries. After going through several low-key proposals and different names, a paper defining the Policy Support Instrument (PSI) has been completed - and leaked to civil society (...) More

THE WORLD BANK’S CONTEMPORARY AGRARIAN POLICY: AIMS, LOGICS AND LINES OF ACTION

by João Márcio Mendes Pereira

22 August 2005

There’s a World Bank (WB) offensive going on over the formulation of the agrarian policy of the national States with a double objective: on one hand, to market land access through the neoliberal change of the state apparatus, in order to favor the free flow of workforce in the countryside, stimulate private investment on rural economy and potentialize the subordinate integration of punctual parcels of the peasantry to the agro-industrial circuit, ruled by big corporations; on the other (...) More

THE IMF AND WORLD BANK IN THE 21ST CENTURY:THE IMF AND WORLD BANK IN THE 21ST CENTURY: THE NEED FOR CHANGE

by David Woodward

9 May 2005

The current international financial system, as it affects developing countries, is based heavily on the IMF and the World Bank. Their roles have been inseparable since their inception at the Bretton Woods Conference in 1944 - and have become still more closely linked since the Bank’s introduction of structural adjustment lending in 1979 and the Fund’s introduction of the Structural Adjustment Facility in 1986. This makes it difficult to consider proposals for one in isolation from the (...) More

SHOULD THE WORLD BANK AND IMF BE “FIXED” OR “NIXED”? REFORMIST POSTURING AND POPULAR RESISTANCE

by Patrick Bond

December 2004

Can the World Bank and International Monetary Fund (IMF) be reformed? If not, what does that mean for progressive analysis, strategies and tactics? Should “deglobalization” be the overall approach, and if so, is defunding and decommissioning the Bretton Woods Institutions (BWIs) a feasible alternative strategy? Is the World Bank Bonds Boycott a sufficiently powerful tactic? As the institutions turn 60 years old in 2004, it is appropriate to ask whether a civilized global society (...) More

CRIME AND REWARD: IMMUNITY TO THE WORLD BANK

by Anu Muhammad

31 October 2004

It seems that the World Bank has become impatient to get complete immunity in Bangladesh. Why? What it has done that it needs immunity to save its skin? Why is the government moving fast to give complete immunity to the World Bank? What makes the champion of transparency and development nervous of the court and public scrutiny? Is it only to keep reported internal irregularities under the carpet, or more? We are concerned for reasons I would like to explain. The International Monetary Fund (...) More