IFIs Latin American Monitor - May, 2007


-> 1. RSS Feed
-> 2. Special coverages
-> 3. News
-> 4. Reports
-> 5. Statements
-> 6. Campaigns
-> 7. Special websites

1. RSS Feed

We are announcing the recent inclusion of RSS feeds on our website!. This new tool will surely be very useful for our readers to keep updated on Latin American IFIs-related issues. Besides this, key translations from Spanish into English are available. We encourage you to test this new tool by going to:


-> G8 Summit , 6-8 June 2007 (Heiligendamm, Germany)
The leaders of the eight most industrialised nations (G8) met for their annual summit in Heiligendamm, Germany. At the 2005 Summit in Gleneagles the members countries made several promises towards development, but these promises have not been kept. Climate change and helping Africa to develop were key focuses of this year's meeting. Civil society groups and anti-globalization movements held a G8-alternative summit in Rostock.

*** All events on Choike's website


-> World Bank: Wolfowitz or Zoellick, is that the question?
The current change in World Bank leadership brings an important opportunity to discuss the role of the institution. However, debate has been reduced to a dispute over the nationality of the president. The core issue lies not on the procedence of those who are in power, nor on their capacity to conceal the beneficiaries of nepotism, but on the logic that politically guides the institution.
Author: Fabrina Furtado
Source: Rede Brasil

-> Southern Bank: It’s now or never
On Tuesday, May 22, the presidents of MERCOSUR countries gathered in Asuncion had the possibility of making a historical decision: the creation of the Southern Bank. Initially proposed by Argentina and Venezuela, the Southern bank must be at the same time a development bank and a regional reserve fund to protect its partners against speculative attacks. Beyond the evident economic significance, this initiative will have a huge political impact, since it will perceptibly reduce the power exerted by the United States in South America through the IMF and the World Bank.
Author: Carlos Tautz
Source: IBASE

-> Wolfowitz is at the door
World Bank President Paul Wolfowitz, who has been warding off accusations of favouritism and nepotism at the Washington-based institution, will resign effective Jun. 30, the first president ever to be forced out. "The Executive Directors acknowledge Mr. Wolfowitz's decision to resign as President of the World Bank Group, effective end of the fiscal year (June 30, 2007)," the 24 Bank directors, who ran the institution's day-to-day affairs with Wolfowitz during his two-year tenure, said in a statement late Thursday, May 17.
Source: IPS

-> Is it possible to withdraw from globalisation?
Ambassador Rubens Ricupero knows something about globalisation. In one of his last public acts before leaving the UNCTAD, Ricupero warned poor country governments that they should think twice before liberalising their economies, since "to embark on liberalisation is like joining the Mafia. If you later regret it, you cannot get out by sending a resignation letter" – he said. This is the situation currently faced by Bolivian president Evo Morales, who last May 1 sent a withdrawal letter to one of the most dangerous and less known globalisation bodies – the International Centre for Settlement of Investment Disputes (ICSID).
Author: Roberto Bissio
Source: Red del Tercer Mundo (TWN)


* Bolivia: Concessional loans at risk while internal debt keeps growing
Public debt prospects for the future are quite alarming. On the one hand, cancellation by the Inter-American Development Bank and World Bank would be reducing concessional sources of finance, a situation that might lead the Government to apply for hard loans (with higher interest rates than concessional ones and shorter terms for payment). On the other hand, there is an increasing trend regarding access to Andean Development Corporation loans, which results in high costs in terms of service.
Source: CEDLA

* The decline (& fall?) of the IMF or, chronicle of an institutional death foretold (updated)
Once upon a time, the International Monetary Fund (IMF) seemed immune to criticism, regardless of the damage its neo-liberal policy impositions inflicted around the globe. That immunity was finally torn away by the East Asian financial crisis of 1997-98, when criticism of the IMF’s interventions came from all sides. After that, IMF legitimacy began a strong crisis which destiny is still unknown. This report presents a timeline of some of the principal events of this turbulent period, starting in June 2005 and running through May 2007.
Author: Soren Ambrose
Source: Solidarity Africa Network

* Debt: Ecuador at a historic turning point
Correa's government works hard to identify those elements of the country's debt which incontestably can be denounced and repudiated. Starting from the results produced by the audit commission of the former government, a new audit commission is being set up which should take investigations much futher and consists of both national and international experts. The radical stance of President Correa and Ricardo Patiño, his Minister for Economy, has led to various attempts at desestabilising the current government by local and international financial groups as weel as by right-wing parties.
Author: Eric Toussaint and Damien Millet
Source: CADTM

* The fiscal impacts of trade liberalization
The fiscal impacts of trade liberalization represent an important aspect that relatively recently has begun to gain relevance. The Monterrey Consensus (2002) with its call to achieve "Coherence and consistency of the international monetary, financial and trading system" establishes, undoubtedly a guideline to follow in the elaboration of policies in both areas of this relationship: trade and fiscal.
Author: Aldo Caliari
Source: Center for Concern

* The Southern Bank, between economics and politics
The initiative to create the Southern Bank as a "financial alternative for the economic recovery and integration of South American countries", was originally fuelled by president Hugo Chávez, of Venezuela, and Néstor Kirchner, of Argentina. The presidents of Ecuador, Bolivia, Paraguay and Brazil eventually added their support, although they have different ideas about what should be done by this Bank. Would Latin America have found an alternative to the International Monetary Fund (IMF), the World Bank and the Inter-American Development Bank (IDB)?
Source: IFIs Latin American Monitor


* Latin American before the G8 Summit: "205 millon people in Latin America live in conditions of poverty", by LATINDADD (pdf)

* Jubileo Peru and the Platform for Human Rights, Democracy and Development vis-à-vis the pre-payment agreement with the Paris Club

* New World Bank President will need to prove he is right for the job, by Oxfam

*** All Statements


-> Support leadership selection reform at the World Bank and the IMF
Several people from around the world are backing an urgent recommendation to World Bank and IMF Executive Directors on the leadership selection reform.

-> Parliamentarians’ Declaration for shared responsibility in sovereign lending
This declararation recognises that democratically elected parliamentarians have a right and duty to scrutinise the actions of their governments as either lenders or borrowers. Parliamentarians who sign the declaration commit to support further research into the concept of illegitimate debt as well as initiate parliamentary audits of existing claims and debts.

*** All Campaigns


-> IFIwatchnet
IFIwatchnet is launching its new and improved website. New features include a blog and a "Campaign in a box" section, both aiming to expand interactivity with its members and raders.

*** NGOs directory


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