IFIs Latin American Monitor - June, 2007


-> 1. RSS Feed and Comments
-> 2. Special coverage
-> 3. News
-> 4. Reports
-> 5. Statements
-> 6. Campaigns
-> 7. Special website

1. RSS Feed and Comments

* We are announcing the inclusion of RSS feeds on our website!. We encourage you to test this new tool by going to: http://ifis.choike.org/rss/index.rss

* We also invite you to add your comments and opinions in all the news and reports published on our website. This is another new tool of the Monitor. Your opinion is important to us!


-> 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. 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


-> Calls for IMF leadership reforms after de Rato resignation
Following de Rato's announcement that he is to step down in October after the Bank and Fund annual meetings, civil society groups revived their calls to end the 63-year-old "gentlemen's agreement" at the Bretton Woods institutions which gives European governments the prerogative to select the IMF chief while the United States government appoints the president of the World Bank.
Source: SUNS

-> Washington passes World Bank torch
The World Bank's board of directors confirmed Robert Zoellick as the lender's next president, under a World War II-era tacit agreement that gives Washington the privilege of filling the institution's top job. The Bank's 24 board members, who ostensibly represent 185 member countries, unanimously voted for Zoellick, nominated by U.S. President George W. Bush. Zoellick was the only candidate running for post. No other country offered a nomination.
Source: IPS

-> CSOs support Bolivia's bid to get out of the ICSID
In May 2007 the government of President Evo Morales of Bolivia withdrew from the World Bank "dispute settlement" branch, the International Centre for the Settlement of Investment Disputes (ICSID), in protest of the unfare rulings of this institution. More than one hundred CSOs sent a letter to Ana Palacio, ICSID’s Secretary-General and Robert Zoellick, the new president of the World Bank, supporting the government of Bolivia’s bold decision.
Source: Food and Water Watch

-> Spanish Parliament to hold World Bank and IMF representatives to account
On 30 May 2007, the Spanish Parliament approved a parliamentary motion whereby the Executive will have to report annually to the Parliament on the positions adopted by Spain at the World Bank and the International Monetary Fund. The Government will also have to report on the decisions taken by these institutions with regards to foreign debt, the fight against poverty and the Millennium Development Goals. The motion also asks for greater transparency on the financial resources allocated by the Executive to the Bank and the Fund.
Source: Eurodad


* How much power is left to the IMF?
This July marks the 10th anniversary of East Asia's financial crisis. In July 1997, the Thai baht plummeted. Soon after, financial panic spread to Indonesia and Korea, then to Malaysia. In a little more than a year, the Asian financial crisis became a global financial crisis, with the crash of Russia's ruble and Brazil's real. This marked the first wave of departures of middle income countries from the IMF sphere of influence. In a second stage, other countries like Russia decisively abandoned their programmes with the institution.
Author: Adolfo Acevedo
Source: Coordinadora Civil

* The necessary reform of the World Bank
Paul Wolfowitz’s resignation as President of the World Bank is not solving the serious deficit of legitimacy of governance systems at international financial institutions, particularly, of leadership selection at the World Bank and International Monetary Fund (IMF). The succession processes must be debated again in light of the need to review the World Bank and IMF selection process under broader criteria. Otherwise, both institutions will walk at an even faster pace towards a legitimacy crisis that will leave them further incapacitated to act as moderate forces in international finance.
Author: Atila Roque
Source: Rede Brasil

* Latin America and the IMF agenda. Multilateralism or regionalism?
The items on the IMF agenda for the next few months (the revision of the surveillance framework, a new formula for assigning quotas and the revision of the income model) also worry Latin American countries. However, given the low incidence of these countries in the institution and the minimum chances they have of putting through their own reform, the search for a substitute for the IMF becomes stronger.
Source: IFIs Latin American Monitor

* Southern Bank: Between rhetoric and a historic opportunity
The proposal to fund the Southern Bank has generated enthusiasm but also scepticism among political leaders, civil society representatives and regional analysts. The challenge that this institution will have to face is considerable, even more so when it is to be created with the principal objective of becoming an alternative to the IMF, IDB and World Bank in order to build the biggest financial integration tool for the development of Latin American peoples.
Source: Brecha


* IMF Managing Director Rodrigo de Rato to step down in October

* Open letter to the Presidents of Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela on the Bank of the South

*** All Statements


-> Join the week of Global Action Against Debt and IFIs
The debt problem is not over, despite all the promises and schemes offered by lending governments and international financial institutions. Several civil society organizations are planning a week of various forms of citizen’s actions and mobilizations worldwide from October 14 to 21, 2007.

-> 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 weblog: IMF leadership selection process

*** NGOs directory


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