IFIs Latin American Monitor - October, 2006


-> 1. News
-> 2. Reports
-> 3. Statements
-> 4. Campaigns
-> 5. Special websites


-> Nicaragua: campaign against IMF conditionalities still on
Coordinadora Civil (CCER) organized a national rally aimed at supporting the Citizen Agenda "The Nicaragua We Want" (La Nicaragua que queremos) and protesting against the conditionalities imposed by the IMF on the country. Coordinadora Civil, only a few weeks ahead of the national elections, believes that it will never indeed be possible for the Citizen Agenda to become a reality provided it fails to be framed within the conditions required by the country rather than around those imposed by the IMF.
Source: Asoc.Italia-Nicaragua - Coordinadora Civil

-> IMF recommends that the new mexican government strengthen structural reforms
Ahead of Felipe Calderón's oath taking as president of Mexico, the IMF released the last Article IV review. In its reports it highlights the "need" for the new government to open the state-owned oil company, Petróleos Mexicos, to private sector participation. It also recommends a modification of the tax system in order to address the “chronic weakness” of state revenues.
Source: IFIs Latin American Monitor

-> Peru will sign a new agreement with the IMF: is it politically necessary?
Peruvian president Alan García was sworn in for his second term on July 29, 2006, replacing outgoing Alejandro Toledo. The Peruvian economy has been undergoing – for the last five years – a period of economic growth. However, 48 per cent of the population is still living in poverty. The last agreement with the IMF became due in July and although Peru is not required to have an agreement of this kind, it will request it anyhow to use it as an "umbrella before investors".
Source: IFIs Latin American Monitor

-> New strategies for obtaining debt relief: Best practices and experiences from successful cases
On Aug. 15th and 16th 2006 debt campaigners, public officials and academics met for a seminar sponsored by ILDIS in Quito (Ecuador) in order to discuss experiences of successful debt reduction efforts by some debtor countries, contrasting them with experiences of other countries, which had continued to service a foreign debt which must often be considered as neither sustainable nor legitimate. The aim of the seminar was to gather best practices, and identify elements of a successful strategy to reduce a sovereign’s foreign debt.
Source: erlassjahr.de



* Diverting funds or diverting attention? The new official anti-corruption agenda
The anti-corruption struggle undertaken by the World Bank at the request of president Wolfowitz, has set up a strong debate within civil society with regards to the Bank’s legitimacy to undertake such a crusade and the criteria to be used. Within the framework of Eurodad’s Annual Conference (Berlin, October 29-31), a workshop entitled "Diverting funds or diverting attention? The new official anti-corruption agenda" was carried out, with the participation of members of the Latin American Network on Debt, Development and Rights (LATINDADD).
Source: Jubileo Perú

* The World Bank's theories on development
The World Bank claims that, in order to progress, the developing countries should rely on external borrowing and attract foreign investments. The facts show that day after day, for decades now, the idea has been failing to bring about progress. The models which have influences the Bank's vision can only result in making the developing countries heavily dependent on an influx of external capital.
Source: CADTM

* Ecuador, elections and the IMF
Ecuador is currently undergoing times of electoral agitation and affirmation of sovereignty. The IMF has recently "recommended" the Ecuadorian government how to handle its reserves and expressed its opinion with regards to the international arbitration claimed by the Oxy oil company. Ecuadorian ministers strongly rejected IMF comments, while the presidential candidate and former Economy minister, Rafael Correa, is not discarding a moratorium on external debt payment.
Source: Rebelion

* Is the neoliberal economic model working in Peru?
Peru has so far been excluded from any international debt relief agreements which leave the country with a massive debt burden of over US$22bn and paying between 22 and 23% of the central government budget in debt service. Peru has benefited from a few debt swap arrangements with Switzerland, Germany and more recently Spain but these can hardly be viewed as the long-term solution to the external debt problem. On the other hand, the Alán García Government has essentially stated its intention to remain faithful to the neoliberal economic model, which many people in Peru feel has not delivered results.
Source: Eurodad

* Who’s "free riding"? A critique of the World Bank's approach to nonconcessional borrowing in low-income countries
This paper considers the current proposals by the World Bank to curb the potential for "free riding" in relation to financial support and multilateral debt relief to low-income countries. This paper analyses the proposals in light of current trends in development financing policy and practice, particularly the shifting patterns of official and private financial flows to developing countries, and demonstrates the disjuncture between the conceptual approach of the Bank and Fund to the issue of "free riding" and their operational practice over the past two decades. (pdf format)
Source: CSGR - Warwick



* Jubileo Peru welcome Norway's decision to cancel debt owed by five Southern countries

* CADTM applauds Norways's initiative and calls on all creditor countries to go even further

*** All Statements



-> 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.
Source: Focus on the Global South

*** All Campaigns



The Latin American Network on Debt, Development and Rights (LATINDADD, for its Spanish acronyms) gathers institutions and civil society organisations from Latin American countries, concerned about the excessive weight of the public debt (external and internal), poverty and the exclusion that the continent still has to deal with.

-> South Development
South Development provides information, news and reports by D3E, covering sustainability and development issues in Latin America. D3E (Development, Ecology, Economy, Equity) is an initiative of CLAES (Latin American Center of Social Ecology).

*** IFIs Monitor is an active member of IFIwatchnet. See http://www.ifiwatchnet.org ***

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