IFIs Latin American Monitor - August, 2009


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-> 2. Events
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-> 4. News
-> 5. Reports
-> 6. Statements
-> 7. NGOs

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->G20 Pittsburgh Summit - 24-25 September 2009
Leaders of the G20 (G8 + Brazil, India, China, South Africa, Mexico, Argentina, Australia, Indonesia, Saudi Arabia, South Korea, Turkey and the EU) will gather in the U.S. city of Pittsburgh, Pennsylvania from 24 to 25 September 2009. Decision time is coming closer by the day, with the climate change summit in December, and the agreement at the last G8 summit in L'Aquila, Italy to conclude an international trade agreement by the end of next year.


->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.


->World Bank agrees to suspend funding for palm oil sector
World Bank President Robert Zoellick has agreed to suspend IFC funding of the oil palm sector pending the development of a revised strategy for dealing with the troubled sector. The response follows a highly critical audit by the IFC’s independent 'complaints advisory ombudsman' which had shown that, as claimed by the NGOs, IFC funding of the Wilmar Group had violated the IFC’s own procedures, and commercial concerns had been allowed to override the IFC’s environmental and social standards.
Source: Forest People's Programme

->MPs will audit Brazil’s external debt
On Wednesday, August 19, at 2 p.m., the Parliamentary Commission of Inquiry (CPI) on Debt was set up by the Plenary Session of Commissions of the Chamber of Deputies in Brasilia. This Commission, proposed by Federal Deputy Ivan Valente (PSOL/SP), represents a major step for the official auditing of the Brazilian public debt, provided for in the 1988 Federal Constitution and long vindicated by Brazilian social movements.
Source: Jubilee South Brazil

->Caribbean: Returning to the IMF, on their own terms
In 1995, then Jamaican Prime Minister PJ Patterson had a few choice words for the International Monetary Fund (IMF). "Goodbye, ta-ta, au revoir," he said. Now, 14 years later, a number of Caribbean countries - Jamaica included - are going back to the IMF for assistance, this time on their own terms. Dominica, St. Kitts-Nevis, St. Lucia and St. Vincent and the Grenadines have already begun using either the IMF's Rapid Response Facility (RRF) or the Exogenous Shocks Facility (ESF).
Source: SUNS

->The Brazilian government lends the IMF and cuts social spending
The government will lend the IMF US$ 10 billion, purchasing part of the US$ 500 billion in bonds of the institution. Said bonds will be issued to allow the Fund to continue lending and imposing its policies on countries, such as privatisations and social spending cuts, which have proven a failure in view of the global crisis. Therefore, to be an IMF creditor implies to take away the resources needed for Brazilian pressing social demands in order to implement and strengthen the Fund’s proven failed policies.
Source: Auditoría Ciudadana de la Deuda (Brasil)


->World Bank DPL to Brazil: Moving money or mainstreaming environmental sustainability?
This article discusses the changing relationship between the Bank and Brazil within the context of a new $1.3 billion Development Policy Loan (DPL). It includes a review of the background and concerns associated with development policy lending since 2004, and then offers a detailed analysis of the Brazilian Sustainable Environmental Management (SEM) DPL.
Source: Bank Information Center

->Delivering the insufficient? - G20 finance ministers issue another bland statement
The summit, held in London in order to prepare the ground for the G20 leaders meeting scheduled for 24-5 September in Pittsburgh USA, was billed as a battle over bank bonuses, but the final communiqué was mostly a bland repetition of existing statements with plenty of escape clauses and pushing issues to other forums. On the fiscal stimulus and loose monetary policy that have been the mainstay of rich country responses to the financial crisis, it committed countries to continue "necessary financial support measures" but also "agreed the need for a transparent and credible process for withdrawing our extraordinary... support."
Source: Bretton Woods Project

->Returning to the IMF is not for free
In the past weeks, several voices were heard in favour of Argentina’s return to the IMF, allowing the institution to carry out the review of the economy known as Article IV. The last review was carried out in 2006 and, since then, it has been put off by the government. Those who support this review maintain that it would operate as a "seal of approval" for the economic administration, which would grant access to external finance from the IMF and private investors. It could be thought that in a context of external constraint and recession, this contribution would be useful for the implementation of counter-cyclical policies that may reduce the impact of the economic crisis. Nevertheless, the Fund’s operating rules and economic history certainly allow to pose question marks on this approach.
Source: Cash, Página 12

->Which Fund do you want?
In the press, in Parliaments, and in cafes, discussions are held on whether or not the debt with the International Monetary Fund should be paid, if its conditionalities should be met, and during the last weeks, if the purchase of IMF bonds by Brazilian President Lula da Silva is a treasonous unprincipled act or if it is just a good way to branch away from US Treasury Bonds. Technical or political, friendly or heated, these debates have explored all the aspects of the tumultuous relationship between the IMF and Latin America, except for one: What Fund do we want? How should we reform the Fund, if we could?
Source: Social Watch


->Jubilee South rejects IMF backing of Honduran Coup D'Etat

->UK continues to exclude NGOs from G20 discussions

->Statement on eco-justice and ecological debt, World Council of Churches

->Message of support for the installation of the Parliamentary Commission of Inquiry on the Public Debt

->Quito Declaration - On finance for Living Well and the enforcement of Nature's Rights

*** All Statements

7. NGOs

->IMF/WB Annual Meetings 2009
The 2009 Annual Meetings of World Bank and International Monetary Fund (IMF) will be held next October 6-7, at the Istanbul Congress Center in Istanbul, Turkey. Several citizen actions and events will take place during the same week. If you are attending the Istanbul's Meetings, please list yourself in the Who's in Town list on IFIwatchnet:

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

*** NGOs directory


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