IFIs Latin American Monitor - September, 2009


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->World Bank/IMF Annual Meetings - Istanbul, October 6-7, 2009
The 2009 World Bank/IMF Annual Meetings took place on October 6-7, 2009, at the Istanbul Congress Center in Istanbul, Turkey. This year the attention was focused on economic and financial crisis and governance reform, among others hot issues.

->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) gathered in the U.S. city of Pittsburgh, Pennsylvania from 24 to 25 September 2009. http://www.choike.org/2009/eng/eventos/72.html


->Social investment is the key says Social Watch report
Robust social investment programs should be enacted in order to effectively stimulate the global economy and mitigate the impacts of the financial crisis on workers, women and the poor, concludes the international civil society network Social Watch in its 2009 Report. This will not only satisfy criteria of social justice but also is sound economic policy, states the Report, titled People First.


->One more step in Latin American financial and trade integration
Leaders of the Bolivarian Alliance for the Peoples of Our Americas (ALBA) met on October 16 and 17 in Cochabamba, Bolivia. The meeting marked the seventh leaders’ summit for ALBA, now in its fifth year and with its name modified to swap "Alternative" for "Alliance" in June. At this meeting the leaders of the member countries – Antigua and Barbuda, Bolivia, Cuba, Dominica, Ecuador, Honduras, Nicaragua, Saint Vincent and the Grenadines, and Venezuela – agreed on a new name for the SUCRE, that now stands for Sistema Único de Compensación Regional (Unified System of Regional Compensation), and signed its Constitutive Treaty.
Source: IFIs Latin American Monitor

->The monster is still untamed
Istanbul meetings legitimized the debate on the "Tobin tax" on international financial transactions or the idea of imposing a "global tax" on banks to bail out poor countries in case of a crisis, just as savings are ensured at the national level. According to DSK, "this is the starting point for a new IMF and you can proudly tell your grandchildren that you were in Istanbul when it all started."
Source: Social Watch

->South American countries sign Articles of Agreement of BANCOSUR
Twenty months after signing the founding charter of the Bank of the South in Buenos Aires, South American presidents signed the Articles of Agreement of BANCOSUR in Porlamar, Margarita Island, on Monday, 28 September 2009. The agreement contains rules that were negotiated by committees at the level of ministries of economy and finance, and include capital investments, a voting mechanism, recruitment of staff, case law, tax and legal considerations of officials and the functionality of the bank. In other words, exactly what it is for.
Source: ALAI (Latindadd)

->Stiglitz criticizes multiple shortcomings of the G20 agenda
The key problems in the world economy and financial markets that has led to the deepest recession since the Great Depression have not yet been effectively addressed by the Group of 20 (G20). Instead, the world is witnessing how the very banks that were deemed "too big to fail" are only getting bigger, having been offered a carte blanche by the world's most powerful leaders, Nobel Laureate Joseph Stiglitz has said.
Source: SUNS

->NGOs question World Bank's clean energy roadmap
The World Bank's 2010 World Development Report (WDR), released on 15 September, calls on the developed world to lead global efforts to cut carbon emissions, but some civil society groups remain highly sceptical of the bank's role in brokering climate finance. The report sets out the annual development priorities for the World Bank and its affiliates, and has the potential to affect negotiations at a key meeting convened by the U.N. Framework Convention on Climate Change in Copenhagen this December.
Source: Inter Press Service

->The IMF in Nicaragua
The government of Nicaragua is at a crossroads in its relations with the International Monetary Fund (IMF). After submitting the 2007-2010 Plan and completing the first review in 2009 it has struggled to comply with the following reviews. Failure to comply is explained by the fact that in 2009 Nicaragua has had to face the consequences of the global crisis in the middle of another internal crisis due to, among other things, the cut-back of foreign aid.
Source: CEDECAM - Latindadd


->The World Bank in times of crisis: too many commitments and few disbursements
During the fiscal year ended 30 June 2009, the World Bank’s activity was defined mainly by the global financial and economic crisis and the effects it caused in low and middle income countries. The official discourse highlights the range of initiatives implemented by the institution and the record amounts pledged to meet the crisis. However, the Annual Report 2009 figures reveal a significant difference between the promised amounts and those actually disbursed, which challenges the Bank’s activity in response to the crisis.
Source: IFIs Latin American Monitor

->Doing a decent job? A new report on the IMF shows a leopard who cannot change its spots
Published on the eve of the International Monetary Fund (IMF) and World Bank Annual Meetings held in Istanbul on 6-7 October, "Doing a decent job? IMF policies and decent work in times of crisis", critically examines the situation faced by those most vulnerable in the wake of government cuts imposed by the IMF’s tight fiscal policies in El Salvador, Ethiopia and Latvia.
Source: Solidar - Eurodad

->IDB rush to increase capital fails G-20 stress tests
The BIC report, "A serious crisis should never go to waste: IDB rush to increase capital fails G-20 stress test", shows that the IDB has consistently failed to comply with four of six performance evaluation principles outlined by the Bank’s member countries. This finding comes before the meeting of the IDB Board of Governors in Madrid on October 8, where they will discuss the first capital increase since 1994. Making the case for a ninth IDB GCI hinges on moving beyond business as usual in two areas of the new institutional strategy: sustainability and results management.
Source: Bank Information Center

->Review of the DSF: Bank & Fund declare countries can borrow more
The Boards of the World Bank and IMF have just approved a detailed review of the Debt Sustainability Framework (DSF) for low-income countries. The framework – adopted in 2006 – assigns low-income countries a red, amber or green light (much like a set of traffic-lights) on the basis of an economic assessment carried out by the Bank and Fund. The World Bank and IMF – under orders from the G20 in April 2009 – have made the framework more 'flexible'. The implications are that countries can borrow more.
Source: Eurodad


->LATINDADD in view of the World Bank Group and IMF Annual Meeting in 2009 followed by G20 meeting in Pittsburgh

->Leaders' Statement: The Pittsburgh Summit

->G20 & the IMF: peddling cosmetic changes while hounded by illegitimacy - Women's Working Group on Financing for Development

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7. 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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