IFIs Latin American Monitor - November, 2006


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-> Oslo conference finds World Bank, IMF still pushing conditions
Developing countries taking policy loans from the International Monetary Fund and the World Bank still have privatization and liberalization conditionalities attached to their loans, while the two institutions also make use of other methods to push their policies onto developing countries. These views emerged at a Conference on Conditionality organized in Olso on 28 November by the Norwegian Foreign Ministry. About 100 participants included government officials of several European countries as well as NGOs and academics from developed and developing countries.
Source: SUNS

-> The IDB takes a step further torwards debt cancellation
At the meeting held on November 17 in Washington, the IDB Committee of Governors reached an agreement to partially cancel the debt owed by Bolivia, Guyana, Nicaragua, Honduras and Haiti. The amount to be relieved still remains to be defined; however, none of the proposals addresses the commitment undertaken by the G8 to cancel 100 per cent of debts.
Source: IFIs Latin American Monitor

-> An end foretold: Uruguay is cancelling IMF debt
The Uruguayan government announced it will repay its $1.08 billion debt to the IMF ahead of schedule, thus cancelling the economic programme that was due in June 2008. The Economy Minister, Danilo Astori highlighted that rather than breaking off with the international institution this is a "friendly, cordial and neat way out". This historical announcement provoked the reactions of politicians, economist and civil society organizations.
Source: IFIs Latin American Monitor

-> New publication of the Inter-American Development Bank (IDB) about IIRSA
The Inter-American Development Bank (IDB) has just published, in October, a new document about the Initiative for the Integration of Regional Infrastructure in South America (IIRSA). Unsurprisingly, the report contains very little new information about the initiative. The document is intended to validate the discourses of the IIRSA and IDB by attempting to dress it in the legitimacy of Inca nobility.
Source: BICECA


* About the negotiation of the fifth IMF programme with Nicaragua
On December 15 2006 Nicaragua will be completing a 3-year IMF programme – which was extended to 4 years – under the Poverty Reduction and Growth Facility (PRGF). The country would be then completing a 15-year relationship with the IMF, during which it would have negotiated four programmes with the institution. Meanwhile, the new elected Nicaraguan government is getting ready to immediately negotiate the terms of a fifth IMF programme.
Author: Adolfo Acevedo
Source: Coordinadora Civil - Nicaragua

* Let's launch an enquiry into the debt!: A manual on how to organize audits on Third World debts
If for the creditor, the Third World debt can seem like a real gold mine, for the people living in Third World countries, it feels more like a straight jacket. However the debt is a story very complicated, that can be entangled, unclear, and often very questionable. A debt audit allows us to answer a lot of questions. It allows us to reconstruct the sequence of events which have led to the present deadlock. And it enables us to avoid repeating the mistakes of the past.
Source: CADTM

* Debt sustainability analysis with a human development approach
To ensure external debt sustainability is not enough for poor countries, it is also necessary to assess the impact of debt policies and fiscal measures on human development. Indebtedness should be related to a benefit for the country, therefore the impact should be caused by the destination of resources and the results.
Source: Jubilee Foundation - Bolivia

* Government swaps external for internal debt: a good deal?
Since end-2005, the government of Brazil started to pay part of its external debt ahead of schedule. This operations are really implying an increase in internal debt. The government has made these early payments in order to advertise the fact that brazilian external vulnerability would be over. However, the truth is far away from this announcement.
Source: Citizen Debt Audit - Brazil

* Repayment of sovereign debts from a legal perspective – the example of Argentina
This paper analyses some of the problems that arise when assessing the legal objections to debt repayment and evaluating whether and to what extent a debtor nation is in fact legally obliged to pay its foreign debt. Argentina is used as example, as it is not only a country in which debt repayment is at the forefront of the political and economic agenda, but it is more importantly the only country in which the courts have been involved in questions surrounding the validity and constitutionality of a country’s foreign debt. (pdf format)
Source: Sabine Michalowski - University of Essex


* The only condition is no condition - Jubilee South on conditionality

* IDB approves partial debt cancellation for five countries of the region, by Latindadd (pdf)

*** All Statements


-> International campaign against IMF conditionalities
Coordinadora Civil, Intermón Oxfam and others NGOs around the world are launching an international campaign, requesting the IMF to put an end to conditionalities on Nicaragua and establish an open dialogue on these restrictions. The success of this initiative could lead to a profund analysis of the demands imposed by IFIs on poor countries.

-> 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


-> Jubilee South Network - Brazil
Broad network of social movements, popular and religious organizations, political groups, communities and campaigns in Latin America, the Caribbean, Africa, Asia and the Pacific. The network works on the development of a global movement for the cancellation and repudiation of external debt. (Portuguese language)

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