IFIs Latin American Monitor - January, 2010


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->World Social Forum 2010
Celebrating its tenth year of existence, the World Social Forum will take place in 2010 in a decentralized manner, starting with a great event in the Greater Porto Alegre (Brazil), where it was born.

->UN climate conference – Copenhagen, December 2009
There was much talk about the 2009 climate change meeting that took place 7-18 December 2009 in Copenhagen, but what has really been achieved?


->IDB Governor accountability in question as IDB cruises toward Cancun recapitalization request
This week, more than 100 civil society organizations from 18 countries stepped up pressure on Inter-American Development Bank (IDB), sending a letter urging its governors to explain how the Bank’s failing grades in transparency, sustainability, and accountability will be repaired before approving management’s request for a significant capital increase.
Source: Multiple organizations

->The SUCRE is already a reality
The Unified System for Regional Compensation (Sistema Unitario de Compensación Regional de Pagos, SUCRE), whose founding treaty was signed in October 2009 by ALBA's presidents, finally came into effect on 27 last January. The Sucre is a virtual currency that allows those who buy goods in other countries (which are part of the system) to pay in their domestic currency, and also those who sell to receive payment in their local currency. This represents a saving of foreign currency and lowers the transaction costs, thus opening the way for further development of trade between these countries.
Source: Red Jubileo Perú/Latindadd

->World Bank ordered Mexico to liberalize productive sectors
In 2010, the government of Felipe Calderon will get a World Bank loan of 1.5 billion dollars; in exchange, it will amend the tax system, make the labor market more flexible and liberalize trade even more. With this commitment, three years after taking office, the Calderon administration's debt with the Bank reaches nearly 6 billion dollars. Commitments have been granted through 19 "active" projects that must be cleared in an average period of 15 years.
Source: ContraLínea

->Considerations concerning the review of the external mandate of the European Investment Bank (EIB)
With loans in 2008 outside the European Union (EU) of around EUR 6.1 billion, the European Investment Bank (EIB) is a leading financial powerhouse operating around the globe on behalf of the EU and its member states, the EIB’s shareholders. The mandate for EIB lending to all non-EU countries, excluding ACP and accession countries, is currently being reviewed by a panel of "wise persons". Within this framework, a group of Latin American civil society organizations sent a letter to that panel expressing their concerns on the EIB activity in the region.
Source: Multiple organizations


->Using Special Drawing Rights for climate finance
At the World Economic Forum in January 2010, IMF Managing Director Dominique Strauss-Kahn (DSK) marked for the first time that the IMF has favorably acknowledged the possibility of using SDRs as a finance instrument. DSK was vague in his proposals and said the IMF will issue a paper sometime soon to elaborate. Though DSK seemed to suggest that the IMF could control the "fast-start green fund", it seems unlikely that an institution with no climate credentials would be entrusted with that role. DSK's speech does open up space for serious, practical consideration of how SDRs could be used for climate finance. (pdf)
Source: Action Aid

->"Fuits of the crisis"
ActionAid International and Third World Network launched a joint study on the potential use of the IMF's Special Drawing Rights (SDRs) as a tool for both innovative financing and systemic monetary reforms. SDR-derived funds can be applied to critical financing needs for developing and low-income countries, including development, climate finance, and effective measures to counter the impacts of the global economic and financial crisis. With international co-operation, SDRs could potentially mobilize more resources than other proposals for new forms of financing.
Source: Third World Network

->Fostering impunity or accountability? Sweeping changes at the World Bank-IDA
While the World Bank is seeking for more resources, Nancy Alexander's new report finds several worrying trends that have to be taken into account. She analyses the World Bank’s financial response to the global economic crisis; how the World Bank is taking less responsibility for environmental and social outcomes; and the findings of the International Development Association’s recent Mid-Term Review with regard to the institution’s track record on its gender action plan and climate change programs.
Source: Heinrich Böll Foundation


->Civil Society's Letter to Inter-American Development Bank on the 9th General Capital Increase (GCI) (pdf)

->85 organizations call on the IMF to support a Financial Transaction Tax

*** All Statements

6. NGOs

->People’s Agenda for Alternative Regionalisms
This initiative involves regional alliances that share a strong commitment on the need to reclaim the regions, recreate the processes of regional integration and advance people-centered regional alternatives.

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

*** NGOs directory


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