IFIs Latin American Monitor - January, 2007


-> 1. Events
-> 2. News
-> 3. Reports
-> 4. Statements
-> 5. Campaigns
-> 6. Special websites


-> World Social Forum (WSF) 2007 - Nairobi
Since the first world Social Forum encounter in 2001, the WSF has taken the form of a permanent world process seeking and building alternatives to neo-liberal policies. This year the Forum took place in Nairobi, Kenya from 20 to 25 January 2007. Civil society organization organized several activities related with IFIs.


-> IDB finally agreed to cancel debts in favour of the five poorest Latin American countries
The IDB Committee of Governors, which recently met in Amsterdam, agreed to the cancellation of US$3.5 billion in favour of the five poorest Latin American countries: Bolivia, Honduras, Guyana, Haiti and Nicaragua. This decision will be made official at the meeting of the IDB Board of Governors to be held next March 16-20 in Guatemala.
Source: IFIs Latin American Monitor

-> IDB readies 2007 Annual Meeting in Guatemala
The IDB has announced that it will hold its 48th Annual Meeting in Guatemala City, Guatemala between March 14-20. The official agenda is not yet known, but participants are speculating that the hot issues at the 2007 Annual Meeting will be announcements about the heralded IDB realignment, Camisea, and HIPC debt relief.
Source: Bank Information Center

-> Ecuador: The work of the external debt audit commission
During President Alfredo Palacios’ last days in office, Monsignor Luis Alberto Luna Tobar, president of the Special External Debt Audit Commission presented the commission’s final report at a press conference. In this report the Commission suggests the need to institutionalise the investigation, treatment and control of the external debt, thus considering it essential to call for a National Constituent Assembly.
IFIs Latin American Monitor

-> Brazil: What’s on the agenda for 2007
Brazil paid off its debt to the IMF ahead of schedule. Therefore, according to the government, we would have stopped being a colony. Right? Wrong. The country has never lived under the threat of so many neo-liberal reforms as it does nowadays. Social Security Reform, Labour Reform, constitutional changes to cut social spending, privatisations. These are some of the measures under study by the government for 2007.
Source: Jubilee South - Brazil


* Bridging the democratic deficit: Double majority decision making and the IMF
In order to improve its legitimacy and effectiveness, the IMF needs to consider new reform proposals. The current voting system based on unequal weights puts weaker members at considerable disadvantage in decision making. Instead, the IMF should implement a double majority voting system that requires the achievement of two separate majorities-one based on one-country one-vote and the other on economically weighted quotas-for any decision to be made.
Source: Bretton Woods Project and One World Trust

* Rafael Correa’s rise to the presidency of Ecuador and his relationship with the IMF
Rafael Correa’s rise to the presidency on January 15 2007, marks a significant shift in the perspective from which Ecuador was handling its relationship with International Financial Institutions, and particularly with the IMF. President Correa seems willing to reformulate the relationship between Ecuador and multilateral institutions with the support of the future Constituent Assembly.
Source: IFIs Latin American Monitor

* How would the "maths" of Venezuelan cooperation work within IMF "maths"?
At the heart of conditionality lies a process of negotiation between the IMF and the country requesting financial assistance, which is based on a power relationship. Provided all the rest remains constant, the greater the asymmetry in power between the member country and the Fund and the greater the country’s need to have an IMF programme to have access to the financial resources it urgently requires, the more likely it is that conditionality will lead to an imposition of policies. The question is how the Venezuelan cooperation would conform to these “maths”?.
Author: Adolfo Acevedo
Source: Coordinadora Civil - Nicaragua

* Multilateral Financial Institutions: the illegitimacy of external debt – Who owes whom?
Policies should be analyzed by taking into account their origin, their formulation and the impacts they may cause. Arising from a colonizing vision and being inspired by neo-liberal principles, IFIs policies have been implemented in different continents for over 60 years. Thus, adjustment Programs have been used in order to make the necessary resources available for payment of debts undertaken by loans and also for the fulfillment of trade agreements. Brasil now are facing a "virtuous growth cycle" but inequalities remain within the same absurd standards.
Author: Magnolia Azevedo Said
Source: Rede Brazil


* Declaration on debt, WSF in Nairobi, Kenya

* After IDB debt cancellation the challenge lies in responsible indebtedness, by Jubilee Fundation - Bolivia (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.
Source: Coordinadora Civil - Nicaragua

*** All Campaigns


-> 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. See http://www.ifiwatchnet.org

*** NGOs directory


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