IFIs Latin American Monitor - February, 2007


-> 1. News
-> 2. Reports
-> 3. Statements
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->Turbulence at the IMF and World Bank
The International Monetary Fund (IMF) and the World Bank (WB) are regarding with anxiety the possible creation of a financial entity in Latin America, which may increase the problems currently faced by these two international organisations. By the end of February, during a visit of Argentine President, Nestor Kirchner, to Caracas, his Venezuelan counterpart, Hugo Chávez announced that the two governments had agreed on a 120-day term for launching the Southern Bank.
Source: Rebelión

->Policy advocacy of the Civil Coordinator in Washington
On February 20-23, a delegation from the Civil Coordinator travelled to Washington, supported and joined by OXFAM International, in the fulfilment of its advocacy work before the IMF, with a view to the negotiation of the fifth IMF Programme with Nicaragua. The aim of the visit was contributing to the broadening of the country’s scope for negotiation.
Source: Coordinadora Civil - Nicaragua

->Argentina: inflation management and international institutions
Argentina’s confrontation with international institutions has been brought back to the foreground. This time, controversy has arisen over the publication of a report by the World Trade Organisation, and over statements made by World Bank Vice-President for Latin America and the Caribbean, Pamela Cox, and IMF Deputy Managing Director, Murilo Portugal. On the government front, President Kirchner and Economy Minister Miceli are reacting firmly.
Source: IFIs Latin American Monitor

->About the report of the Ecuadorean Special External Debt Audit Commission (CEIDEX)
The Commision created to investigate the Ecuadorean external indebtedness presented its final report. According to Hugo Arias, member of CEIDEX, "the contribution of the investigation lies in casting light on new evidence, not so much on specific facts but above all on the historic process of indebtedness, understood as the capture of the State and its institutions by domestic and foreign financial groups and by the governments of developed nations, in order to loot its resources and change the legal framework of the State of law so as to reduce it to a minimal State".
Source: Fronesis Institute

->IMF facing financial crisis, needs revenue overhaul
The International Monetary Fund (IMF)'s current revenue model is unsustainable and inequitable and a more diversified income stream needs to be developed to guarantee the institution's financial future, an expert panel convened to examine the Fund's current liquidity crisis, has concluded. The experts recommended, among others, that the IMF should sell part of its gold reserves, expand its investment portfolio and charge for bilateral technical assistance in a bid to generate resources to finance the costs of running the institution.
Source: SUNS


* IDB 2007 Civil Society Meeting in San José, Costa Rica - A step backwards?
For the seventh consecutive year, the IDB has invited civil society leaders to discuss topics of mutual interest. The 2007 encounter was limited to a one-day meeting in San José, Costa Rica on February 7, 2007. Some of the 64 people who attended this year qualified the San José meeting as a step backwards in the Bank's relationship with civil society.
Source: Bank Information Center

* The IMF's "multilateral consultations": were the skeptics right?
The establishment of a "new procedure" for carrying out multilateral surveillance was a key pillar in the Medium Term Strategy promoted by Managing Director, Mr. Rodrigo de Rato. Almost one year since the International Monetary and Financial Committee (the policy-making committee of the IMF Board), endorsed "multilateral consultations", claims that they would bring the IMF back from irrelevance sound less convincing.
Source: Center of Concern

* World Bank and IMF democratic deficit challenged by new toolkit for parliamentarians
For over 20 years the two institutions have been heavily criticised for the way they undermine democratic process in developing countries by imposing policies in return for aid, loans and debt relief. Called "Building Scrutiny of the World Bank and the International Monetary Fund: A toolkit for legislators and those who work with them", it provides advice aimed at helping legislators in developing countries wrest back some influence over their own economic policies.
Source: World Development Movement


*** All Statements


-> International Women’s day call: IFIs must stop contributing to violence against women
Source: Gender Action

*** All Campaigns


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