IFIs Latin American Monitor - December, 2007
IN THIS EDITION:
-> 1. Comments
-> 2. Events
-> 3. News
-> 4. Reports
-> 5. Statements
-> 6. Special website
* Programmes and loans designed and controlled by IFIs play a powerful role in shaping the economic trajectories of many countries in the Global South. We all have something to say on these issues. We invite you to add your comments and opinions in all the news and reports published on our website. Your opinion is important to us!
-> UN climate change conference - 3-14 December 2007, Bali
The United Nations Climate Change Conference 2007 took place in Bali, Indonesia from 3 to 14 December 2007. This two-week conference was the first major stage of negotiations for governments, UN agencies and organizations to come up with a replacement for the Kyoto Protocol which will expire in 2012.
-> The Southern Bank: the struggle of the big ones against the small ones
After the launching of the Southern Bank in Buenos Aires the countries had to reach an agreement on the contribution that experts considered would be made in equal parts. Argentina, with the support of Brazil, said that this was unreasonable; that the contribution of the larger countries should be greater, and their power within the Bank should therefore also be greater. Naturally this distorts the idea of a democratic Bank with a board composed by seven equal associates in which each country would have a vote.
-> IMF’s internal watchdog criticizes continued reliance on structural conditions
The International Monetary Fund (IMF) released a report by its Independent Evaluation Office (IEO) on the use of structural conditionality in IMF programs. The IEO has a record of often making sharp criticisms of IMF practice, though its recommendations are sometimes criticized for being too moderate in relation to the severity of its critique. The report, "An IEO Evaluation of Structural Conditionality in IMF–Supported Programs", reviews the IMF’s progress in reducing the number of conditions included in IMF programs.
Source: Bank Information Center
-> Workshop on the Bank of the South within the framework of the South American People's Summit
On Saturday, December 15th more than 40 civil society representatives of South America attended a workshop to debate the process of the Bank of the South, and its implications in financing for development and the integration process. The workshop, entitled "Bank of the South: Which financing alternatives do we, the social movements, want?” was organized within the framework of the South American People's Summit held in Montevideo, Uruguay simultaneously with the MERCOSUR (The Common Market of the South) Summit of South American Presidents.
Source: IFIs Latin American Monitor
-> World Bank: one stop shop for climate chaos, adaptation?
The World Bank is one of the largest public sources of funds for the fossil-fuel industry. They also are one of the largest public brokers of carbon trades. And now the Bank may help oversee the $50 billion or so that will be needed for countries to adapt to climate change. Can you say "conflict of interest"?
Source: Alter-Eco / TNI
* Shaking up development finance in Latin America
It took a while to get formalised, and even now there are several hurdles to be crossed before it becomes operational. Nevertheless, the signing of the agreement on December 9, 2007 in Buenos Aires, to create the Banco del Sur is a very welcome sign that the complacent world of development finance run by the Bretton Woods lending institutions is about to get some much-needed shocks.
* "Ethics and Debt: A view from the International Debtor side"
The UNCTAD Sixth Inter regional Debt Management Conference was held from 19 to 21 November 2007 in Geneva. Oscar Ugarteche participated in that conference with the paper entitled "Ethics and Debt: A view from the International Debtor side". He stated that "it is time to evaluate some elements of what can go wrong in the lending and in the borrowing process and especially, how these can be addressed in the future".
* "The Finance and Trade Nexus: Systemic Challenges"
The Third High-level Dialogue on Financing for Development was held from 23 to 25 October 2007 at United Nations Headquarters in New York. In this context, CSOs attended an Informal Hearings of Civil Society on Financing for Development, and Celine Tan participated in the panel on behalf of the Third World Network. In her statement, entitled "The Finance and Trade Nexus: Systemic Challenges", she pointed out that "the systemic deficiencies within the international trade and financial architecture continue to undermine efforts to meet the objectives of the Monterrey Consensus".
Source: Third World Network
* The debt-trade connection in debt management initiatives: The need for a change in paradigm
The current international community efforts to support development and poverty reduction in developing countries are based on the notion that the participation of these countries in the international economic system is deeply affected by a series of asymmetries and imbalances. As put in perspective by the International Conference on Financing for Development, international economic policies in different areas should all be aimed at supporting development. Debt and trade policies are perceived to be a crucial part of this complex of policies.
Source: Center of Concern
* International sign-on statement to World Bank President on Bolivia investment case
* World Bank, IDB and Ex-Im Bank Loans to Hunt Oil’s Peruvian Fossil Fuel Project Would Breach Bank’s Own Guidelines
* NGO Statement on the World Bank's Proposed Forest Carbon Partnership Facility (FCPF)
*** All Statements
6. SPECIAL WEBSITE
The Betteraid.blog is the place to find gossip, inside stories and interesting tit-bits on how rich country governments and multilateral institutions are spending their aid money. Many public commitments to improve the way aid money is delivered to poor people are not being implemented. At the same time some changes are underway and good precedents being set.
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