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Wednesday, April 24, 2024
News and Views from the Global South
Eye on the IFIs
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.U.S. Blasted on Failure to Ratify IMF Reforms
While Republicans complain relentlessly about U.S. President Barack Obama’s alleged failure to exert global leadership on geo-political issues like Syria and Ukraine, they are clearly undermining Washington’s leadership of the world economy.
“Sanitation for All” a Rapidly Receding Goal
World leaders on Friday discussed plans to expand sustainable access for water, sanitation and hygiene, focusing in particular on how to reach those in remote rural areas and slums where development projects have been slow to penetrate.
U.S. Urged to Push World Bank on Human Rights Safeguards
Rights advocates and community leaders, together with some U.S. lawmakers, are urging the United States to take a more robust role in pushing the World Bank to explicitly incorporate human rights into policies that dictate how and when the bank can engage in project lending and technical assistance.
World Bank, IMF Urged to Act on New Inequality Focus
Global income inequality threatens economic and social viability, according to a World Bank report released Thursday, reiterating a new but increasingly forceful narrative from both the bank and International Monetary Fund (IMF).
OP-ED: The World Bank’s Waste of Energy
The World Bank’s job is to fight poverty. Key to lifting people out of poverty is access to reliable modern energy. It makes sense.IFC-Negotiated Privately Run Hospital Sapping Lesotho Budget
The world’s first hospital to be built and run in a developing country under a public-private partnership is taking up more than half of the health budget in Lesotho, according to new estimates, diverting resources from populations outside of the capital.
World Bank to Double Lending to Middle-Income Countries
The World Bank is aiming to double its lending to middle-income countries over the coming decade, in addition to expanding its overall commitments to some 70 billion dollars a year.World Bank Clears Congo’s Controversial Dam Project
The World Bank Thursday approved a 73.1-million-dollar grant in support of a controversial giant dam project in the Democratic Republic of the Congo (DRC).
Carbon-Cutting Initiative May Harm Indigenous Communities
Civil society and advocacy groups are warning that a prominent carbon-reduction initiative, aimed at curbing global emissions, is undermining land tenure rights for indigenous communities, putting their livelihoods at risk.U.S. Ukraine Aid Frustrated by IMF Reform Debate
Despite pressure from the Barack Obama administration, Ukraine’s new prime minister, and a veritable who’s who in Washington’s foreign policy and financial establishment, Congress adjourned Friday for a 10-day recess without approving emergency assistance for an increasingly beleaguered and economically bereft Ukraine.
IMF Urges Redistribution to Tackle Growing Inequality
The International Monetary Fund (IMF) is wading strongly into the global debate over the impact of growing income inequality, offering a series of controversial findings that push back on long-held economic orthodoxy – of which the fund itself has long been a key proponent.« Previous Page — Next Page »
They underpin the world's financial architecture, with the power to revamp whole economies and channel billions of development dollars each year. But the so-called International Financial Institutions -- the World Bank Group, International Monetary Fund and regional investment banks -- face a new era of public scrutiny and challenges to their relevancy. How are the IFIs responding to growing demands from the South and civil society groups for greater democracy and accountability? And are they living up to their stated mission of promoting economic prosperity for all? IPS reports.
The Week with IPS
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Tracking global progress towards a sustainable world
Tracking global progress towards a sustainable world
