IFIs Latin American Monitor - February, 2006


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-> Letter sent to President Evo Morales regarding the use of the money product of the debt cancellation
The bolivian organizations which join the Platform for Action against Poverty have sent a letter to the President Evo Morales regarding the use of the resources product of the IMF and World Bank debt cancellations, promoted by the G8. This letter exposes that the objective of this extra funds is to fight against poverty and to reach the Millennium Development Goals.
Source: Fundación Jubileo

-> The cancellation of the Argentine debt does not eliminate the ghost of IMF
Contrary to the reasons stated by the government, the early cancellation of debt to the International Monetary Fund (IMF) did not imply that Argentina would get free of its evaluations and conditions. In these days, an IMF evaluation is conditioning the granting of loans by the IADB and the World Bank in the amount of 1.35 million dollars.
Source: IFIs Latin American Monitor

-> The commission set to audit the external debt in Ecuador begins its work
The Debt Audit Commission is a presidential initiative aimed at knowing “how much is owed and why is it that so much is owed”, as well as at making progress towards a state policy; however, the results of this investigation will not necessarily imply that the country stops paying.
Source: IFIs Latin American Monitor

-> Paraguay’s hand-wrestle with the IMF
In the negotiation between Paraguay and the IMF, the institution asks for a deficit reduction while the government requests more resources to be invested in public works and poverty reduction. The last signed agreement expired at the end of last year and negotiations were started well before that date.
Source: IFIs Latin American Monitor

-> In Mexico they are also thinking of using reserves to pay off the external debt
The example set by Brazil and Argentina of early cancelling their debts to the IMF is still present in Latin America. The Governor of the Bank of Mexico also proposed the possibility of using the considerable amount held by the country in international reserves to pay off the external debt.
Source: IFIs Latin American Monitor


* CSOs criticize World Bank's new social standards
Companies that borrow from the World Bank's private sector arm will be required to comply with a new set of environmental, labour and social guidelines that the lender says will make businesses more accountable, but which watchdog groups have already decried as lax and vague.
Source: IPS - Choike

* What purposes will serve the IMF debt cancellation in Nicaragua and the other 18 “poor” countries?
The cancellation of a large part of Nicaragua’s external debt (and that of 18 more countries), first carried out under the auspices of the HIPC Initiative and then under the most recent G-8 Initiative, has been expressly aimed at freeing resources that should be allocated to an ADDITIONAL increase in expenditure focused on poverty reduction, and particularly on education and health. However, when analyzing Nicaragua’s case it is worth wondering whether things will really go this way.
Source: FEDH-IPN

* Privatizing the World Bank?
In a recent article entitled Reforming the World Bank: Creative Destruction, Jessica Einhorn (retired in 1998 as Managing Director of the WB), called for the disbandment of the International Bank for Reconstruction and Development (IBRD). Addressing her remarks to the World Bank’s new president, Paul Wolfowitz and its major funders, she called for an end to the bank’s lending to middle-income countries, and for a focus instead on the poorer countries which have little or no access to private capital markets as credit sources for development financing.
Source: Znet

* Information transparency at the IMF: censorship by governments?
For the first time, the International Monetary Fund (IMF) discloses the number of documents that are kept secret for political or economic reasons of its member countries. According to the released report, Latin American governments are the ones registering the highest rates of censorship of the institution. Antipopular policies recommended by the Fund and implemented by governments may be one of the reasons.
Source: IFIs Latin American Monitor


* Statement regarding the IADB debt cancellation
Source: Fundación Jubileo - Bolivia

* Statement by G8 Finance Ministers meeting in Moscow
Source: G8


-> The case for cancelling Inter-American Development Bank debt NOW!
In 2005, following significant public pressure, the G8 announced a plan to cancel US$40bn in debt of 18 of some of the world’s most impoverished nations. While the deal does not go nearly far enough it is significant that for the first time the international community has acknowledged that 100% cancellation of some multilateral debts is urgently needed and can be accomplished. This paper calls for the immediate cancellation of IDB debts owed by the Latin American HIPCs.
Source: Eurodad

-> Global call for action to boycott Singapore Airlines
This is a global call for action by Consumers Association of Penang and Friends of the Earth Malaysia to boycott Singapore Airlines in view of the warning issued by the Singapore government that it is prepared to cane or imprison protestors who commit "violent crimes" during the forthcoming Annual Meeting of the World Bank and IMF in September this year which will be held in Singapore.
Source: Friends of the Earth Malaysia

*** All Campaigns


-> Eurodad
Eurodad is the European Network on Debt and Development. Eurodad is a network of 48 development non-governmental organisations from 15 European countries working for national economic and international financing policies that achieve poverty eradication and the empowerment of the poor.

-> Jubilee USA
Jubilee USA Network is an alliance of 75 religious denominations and faith communities, human rights, environmental, labor, and community groups working for the definitive cancellation of crushing debts to fight poverty and injustice in Asia, Africa, and Latin America.

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IFIs Latin American Monitor

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