IFIs Latin American Monitor - February, 2009


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-> World Social Forum 2009 - Belém, Brazil
The World Social Forum 2009 took place from January 27 to February 1 in the Brazilian city of Belém, the capital of Pará state and the northeastern gateway to the Amazon jungle region. The global economic crisis and its effects, as well as environmental and climate issues were high on the agenda at this forum that gathered civil society and social movements around the world.

*** All events


-> The global financial crisis: implications for the South
The past few months have seen one of the most significant financial crises in history that started in the United States and then spread to Europe, Asia and the rest of the world. The financial system, its architecture and its institutions are being questioned and they need to be completely rethought.


* For a new economic and social model
Let’s put finance in its place!

Call for the signature of NGOs, trade unions and social movements
After a series of seminars at the World Social Forum 2009 in Belem, which involved among others : Action Aid, Attac, BankTrack, CADTM, CCFD, CEDLA, CNCD, CRID, Eurodad, Global alternatives Forum, IBON, International WG on Trade-Finance Linkages, LATINDADD, Networkers South-North, NIGD, SOMO, Tax Justice Network, Transform!, OWINFS, War on Want, World Council of Churches, an open letter urging to modify and reform the economic and social models in use shall be presented to world leaders at the G-20 meeting that will take place in London at the end of March 2009.

* "IADB.50: 50 years financing inequality"
Under the motto "50 years financing inequality" a group of civil society organisations, networks and movements are working on a campaign on occasion of the 50th anniversary of the Inter-American Development Bank (IADB), to be celebrated during the next Meeting of the Board of IDB Governors. For the group, this is an important landmark to evidence the failure of the development model promoted by the IDB and present alternatives proposed by the peoples of the Americas aimed at their well-being.
Source: IFIs Latin American Monitor


* 20 days for the G-20
"There's no sense in giving more money to the IMF if the loans it gives to developing countries affected by the global crisis will result in fiscal adjustments", said the UK Minister Mark Malloch Brown in March 4th in Geneva. One of the main organisers of next G-20 meeting (that in fact joints twenty-two countries considered "systemically important") which will take place in London in April 2nd.
Source: IFIwatchnet

* The Inter-American Development Bank: 50 years of financing inequality and unsustainability
This year, the Inter-American Development Bank (IADB) is celebrating a very important birthday – its 50th, with the corresponding festivities planned for the week of March 27-31 at the Annual Governors´ Assembly, which will be held in Medellin, Colombia. However, instead of celebrating, civil society organizations from Latin America and the Caribbean are planning a counter-Assembly to visualize the human and environmental costs of the failed "development" policies of the bank, which are largely focused on the promotion of ecologically damaging mega-projects that provide few benefits for disadvantaged local populations and fail to respect the rights of indigenous communities and other traditional ethnic groups.
Source: Social Watch International Secretariat

* Finance and cooperation for development and integration in Latin America
The seminar-workshop "Finance and Cooperation for Development and Integration in Latin America", organised by the Jubilee Foundation and the Latin American Network on Debt, Development and Rights (Latindadd) took place in La Paz, Bolivia, on March 4-7, 2009. This activity had the partipation of Latindadd members from seven countries and guest organisations, such as the Latin American Association of Promotion Organisations (ALOP), Trocaire and the Third World Institute (ITeM).
Source: IFIs Latin American Monitor

* Nicaragua, the IMF and International Monetary Reserves
The IMF recently published a report entitled "The Implications of the Global Financial Crisis for Low-Income Countries". One of the countries under study is Nicaragua. The report analyses the possible impact of the crisis through different channels: increase in the current account deficit, reduction in the flow of family remittances, shrinking of foreign direct investment flows and foreign aid, on international monetary reserves.
Source: Coordinadora Civil - Nicaragua

* World Bank identified countries for scaled-up adaptation funding
Eight countries have been selected to participate in a Pilot Programme for Climate Resilience under the Strategic Climate Fund of the World Bank’s new Climate Investment Funds. Under the programme, they will receive $500 million to integrate climate resilience into national development planning. Several CSOs have criticized this initiative.
Source: Halifax Initiative


-> What kind of a "new" Bretton Woods will emerge from the crisis?
As the world undergoes the greatest financial crisis since the 1930s, the political leaders of various persuasions have been talking about convening a new Bretton Woods conference to re-design the global financial system. The rhetorical calls for a new Bretton Woods sound appealing. But it is not at all clear whether a new, more just and sustainable order will emerge. Currently minor reforms that will only shore up an unjust economic order seem more likely.
Source: Kairos

-> The debt in figures
A necessary tool to understand the current global crisis, the data collected in this paper should enable us to make sense of one of the basic reasons for the international situation, as seen from the viewpoint of the global South. From the 1960s to today’s global crisis, the international network of the CADTM has constantly kept a critical eye on the world economy and the mechanisms of domination that affect it. Analysing various statistics is essential to identify what is really at stake and to propose suitable alternatives.
Source: CADTM

-> Surfing in the crisis
As the saying goes, crisis is opportunity. This means that the chaos and imbalance caused by difficulties, many times open new possibilities and disclose other options that had been until then hidden. For social movements the current global financial crisis offers an excellent opportunity for a strong questioning of the contradictions of the capitalist system and its actors, as well as for the articulation of resistance processes to the system. Meanwhile, the leaders of countries that rule capitalism at a global scale are making the most of the crisis in order to consolidate even more the foundations of the system, granting more power to its institutions.
Source: Magazine Contra Corriente - Rede Brazil

-> Accountability and participation in the design of World Bank and Inter-American Development Bank projects
This study examines the extent to which the World Bank and the Inter-American Development Bank (IDB) incorporate their outwardly promoted ideals and policies on participation and accountability in the design of their projects. The analysis sought to highlight good practices and deficiencies in project design by reviewing official Bank documents of 25 projects in Central and South America.
Source: Bank Information Center


* Inter-American Development Bank turns 50 & reports record losses

* NGOs submit proposals to the UN special commission on global crisis

*** All Statements

8. NGOs

* Rethinking Finance
Rethinking finance is a website of several international civil society organisations and individuals that put forward alternative ideas and analyses on the global financial crisis.

* IFIs Monitor is an active member of IFIwatchnet. See http://www.ifiwatchnet.org

*** NGOs directory


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