IN THIS EDITION:
-> 1. News
-> 2. Reports
-> 3. Statements
-> 4. Campaigns
-> 5. Special websites
-> Uruguay made early debt payment of nearly half of its debt to the IMF
The Uruguayan government announced the payment of 900 million dollars owed to the IMF, which amounts to nearly half of its debt with the institution. This decision is framed within the unindebtedness policy prevailing in the region. As in all previous cases, this announcement has prompted debate within the political system and social groups and also financial relief for the institutions.
Source: IFIs Latin American Monitor
-> The IDB approves the cancellation of Bolivia's debt
The Inter American Development Bank (IDB) will cancel USD 1,300 million from Bolivia's debt, which amount to more than 80 per cent of its outstanding balance. The resolution was adopted during the IDB governors meeting on July 17 at Washington, according to the information provided by the Development Planning Minister, Carlos Villegas.
Source: Fundación Jubileo
-> Latin America demands IDB debt cancellation
Bolivia and other Latin American highly indebted poor countries are hopefully waiting for the Inter-American Development Bank (IDB) to approve the debt cancellation, having the Special Committee of the IDB Board of Governors to discuss this issue. The Jubilee Foundation, together with international networks, is taking part in the international campaign Justice for Latin America, aiming at making the IDB to join the G8 initiative, being an important creditor of the countries within the region.
Source: Fundación Jubileo
-> Committee questions independence of IMF’s evaluation arm
In an evaluation of the IMF Independent Evaluation Office's first five years of work, an external committee concluded that the IMF board and management may have undue influence on the body and that IMF management may not be appropriately implementing the body's recommendations when they are endorsed by the board.
Source: Bretton Woods Project
* IMF conditionalities in Nicaragua
In an interview for Intermón Oxfam (Spain), the economist Adolfo Acevedo Vogl explains the different forms in which the International Monetary Fund (IMF) interferes in the economic, social and political life of Nicaragua. The consequences of this practice are reflected in the quality of life of the population.
Source: Coordinadora Civil
* Globalization and International Institutions: The International Monetary Fund (IMF), the World Bank and the WTO
The IMF and the World Bank werer formed in 1945 to stabilize the world economy and rebuild Europe in the aftermath of World War II. However, after the independence movements and the fall of communism their missions changed. Borrowing governments were required to slash their budgets in order to meet budget targets set by the IFIs and service their debt obligations to the institutions. Since 1995, when the WTO was formed, transnational corporations have increasingly influenced political leaders to push international trade laws in the same direction of liberalization and deregulation. (pdf format)
Source: Citizens' Network on Essential Services
* Democracy in the IMF: the threat to the global economy from a colonial relic
The IMF plays a central role in governing the global economy and in economic policy-making in many developing countries. Yet its voting system established in the colonial era and largely unreformed since, makes a mockery of democracy. Votes in the IMF are weighted according to economic criteria such as national income, trade and international capital flows. This imbalance of power turns what should be a democratic global institution into a mechanism by which major developed country governments can exercise control over domestic policies across much of the developing world. (pdf format)
Source: New Economics Foundation
* IFC: Time for the glue factory
This July the World Bank's private sector lending arm, the International Finance Corporation (IFC), turns 50. Birthdays are a good time for reflection, so let's take a moment to ask what exactly the IFC is, and what it has done for the world.
Source: 50 Years Is Enough
* Response from Intermón Oxfam and Coordinadora Civil (Nicaragua) to IMF on conditionalities
Source: Coordinadora Civil
* Urges all developing countries to turn down the G8 injunctions
*** All Statements
-> August 12: International day of solidarity and protest
The international civil society and social movements are raising their voice and mobilizing throughout the world not only to express their indefectible solidarity with the Lebanese people, but also to build a huge international barrier against the global war of re-colonization of the world. Sign on the statement!
-> The IMF: Shrink it or sink it - A consensus declaration and strategy paper
The current moment, when the IMF is most vulnerable owing to its triple crisis, is the most opportune time to launch a campaign to disempower it-to "shrink," if not decommission it.
Sign on the statement!
Source: Focus on the Global South
-> Call for global action against IFIs
At the 2nd South - North International Consultation on Resistance and Alternatives to Debt Domination, representatives of movements and organizations from more than 50 countries agreed on four joint initiatives for the coming years. One of these is the Call for International Actions Against the IFIs in 2006.
*** All Campaigns
5. SPECIAL WEBSITES
-> Committee for the abolition of the third world debt (CADTM)
The CADTM is an international network of activists who strive to develop and implement radical alternatives that would contribute to the maintenance, and indeed retrieval, of fundamental human rights all over the world. CADTM’s specific focus is the Third World Debt and its aim is to achieve the cancellation of the external public debt in third world countries.
-> IFIs Monitor is an active member of IFIwatchnet.
Recently the watchers have developed a special editorial on G8 Summit 2006.
*** NGOs directory
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IFIs Latin American Monitor