Eye on the IFIs

From Havana to Bali, Third World Gets the Trade Crumbs

The world of today is considerably different from the one at the end of the Second World War; there are no more any colonies, though there are still some 'dependent' territories.

As Winds of Change Blow, South America Builds Its House with BRICS

While this week's BRICS summit might have been off the radar of Western powers, the leaders of its five member countries launched a financial system to rival Bretton Woods institutions and held an unprecedented meeting with the governments of South America.

BRICS Forges Ahead With Two New Power Drivers – India and China

The Sixth BRICS Summit which ended Wednesday in Fortaleza, Brazil, attracted more attention than any other such gathering in the alliance’s short history, and not just from its own members – Brazil, Russia, India, China and South Africa.

BRICS Build New Architecture for Financial Democracy

The BRICS alliance (Brazil, Russia, India, China and South Africa) launched the New Development Bank (NDB) and Contingency Reserve Arrangement (CRA) during its sixth summit, institutionalising a new financial architecture for the emerging powers.

North’s Policies Affecting South’s Economies

Since the onset of the crisis, the South Centre has argued that policy responses to the crisis by the European Union and the United States has suffered from serious shortcomings that would delay recovery and entail unnecessary losses of income and jobs, and also endanger future growth and stability. 

New BRICS Monetary Fund May Reproduce Inequalities

The first common institutions to be set up by Brazil, Russia, India, China and South Africa – the BRICS – are financial, and have arisen as a result of reforms to an international system that continues to largely ignore the growing influence of emerging countries.

Ever Wondered Why the World is a Mess?

While the Third World War has not been formally declared, conflicts throughout the world are reaching levels unseen since 1944.

World’s Poorest Nations Seek Presence in Post-2015 Agenda

The 48 least developed countries (LDCs), described as the poorest of the world's poor, want to be an integral part of the U.N.'s post-2015 development agenda currently under discussion.

For the Caribbean, a United Front Is Key to Weathering Climate Change

As the costs of climate change continue to mount, officials with the Commonwealth grouping say it is vital that Small Island Developing States (SIDS) stick together on issues such as per capita income classification.

IMF Issues “Revolutionary” Warning on Corporate Tax Avoidance

The staff at the International Monetary Fund (IMF) has issued an unusually stark warning over the lack of harmonised global tax policies, pointing out that these gaps are allowing for widespread tax gaming by corporations with particularly negative impacts for developing countries.

Argentina Seeks to Ward Off “Paradoxical” Default

Argentina finds itself in a strange position since the U.S. Supreme Court rejected its appeal Monday to take a case in which a small group of creditors is suing this country for full repayment: it is on the brink of default even though it is one of the countries in the world that has done the most to dig itself out of debt.

U.S. Supreme Court “Validates” Vulture Fund Activities

The U.S. Supreme Court’s decision to reject an appeal by the Argentine government will embolden aggressive “holdout” creditors, anti-poverty groups say, and make it far more difficult to arrive at debt-relief agreements for poor countries.

Foreign Aid Funding Luxury Hotels in Myanmar

New investments from the International Finance Corporation (IFC), the World Bank’s private-sector investment arm, may perpetuate economic inequality rather than alleviate poverty in Myanmar, critics here are warning.

OP-ED: Caribbean Religious Leaders Inspire IMF Sunday Schools

Last Fall, I witnessed the Grenada Council of Churches insert themselves into negotiations between their government and the International Monetary Fund (IMF) around the island’s debt restructuring and presumed austerity policies. Religious leaders called from pulpits across the tiny island for a “Jubilee” or national debt cancellation.

Q&A: The Case for Cutting African Poverty in Half

As the World Bank wrapped up its semi-annual joint meetings with the International Monetary Fund (IMF) here last weekend, it reaffirmed its commitment to bringing extreme poverty below three percent of the global population by 2030 while increasing the income of the poorest 40 percent of the population of each country.

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