The Group of 20 (G20) industrialised and emerging economies on Sunday formally expressed frustration with the ongoing inability of the United States to approve a major reform package that would see governance at the International Monetary Fund (IMF) shift more towards developing countries.
Under the harsh Sunday afternoon sun, Daouda Dicko washes his client’s clothes on the shore of the Niger River, which runs through Mali’s capital, Bamako. “I started doing this to survive two years ago. Now, I am used to it and I don’t mind the extra money it brings,” Dicko, who also works as a gardener, tells IPS.
The world’s poorest countries are rethinking economic policies that - even during periods of breakneck growth - have failed to provide quality employment capable of matching a demographic boom.
On May 23, shortly after wrapping up negotiations on the International Monetary Fund’s (IMF) 958- million-dollar loan - its second in three years - to keep Jamaica out of default, the fund’s mission chief in the country, Jan Kees Martijn, set out to visit Croydon, a former plantation settlement in the mountainous northwest of the island.
As the International Monetary Fund shares initial proposals for Grenada's debt restructuring during the Washington DC meetings this week, the Caribbean island could gain a reputation for more than nutmeg, calypso, beaches and the 2012 gold medal sprinter Kirani James.
World Bank President Jim Kim has formally put forward a major new proposal to refocus both the bank’s priorities and how it pursues those aims.
The concerns of developing countries about credit rating agencies (CRAs) risk going unheard as regulatory bodies around the world tackle questions raised after the 2008 financial crisis.
A recent U.S. court ruling over a fight between Argentina and its creditors on Wall Street will increase global poverty by making it easier for "vulture funds" to seize the assets of indebted nations, according to anti-debt campaigners who are urging the U.S. government to overturn the decision.
The Caribbean is in danger of becoming “a region of serial defaulters” with respect to international debt obligations, according to one expert, and this may partly be due to its economies suffering frequent shocks from natural disasters.
Almost five years have passed since the global financial crisis, and the world economy is still reeling from its consequences. The main reason for this is the continued stagnation in developed countries, which is adversely affecting economic dynamism in other regions.
At the last summit of European heads of state held in Brussels at the end of June, the main theme was youth unemployment, which has now reached 23 percent of European youth (although it stands at 41 percent in Spain).
Ethiopia may be one of the fastest-growing, non-oil producing economies in Africa in recent years, but corruption in this Horn of Africa nation is a deterrent to foreign investors looking for stable long-term partnerships in developing countries.
With less than three years before a 2015 deadline, the developing world is largely expected to miss one of the U.N.'s key Millennium Development Goals (MDGs): halving the number of people living in extreme poverty and hunger.
The global economy is awash with successive waves of liquidity generated over the past few years by the four most advanced economies, viz., the United States, the European Union, (EU), Japan and the United Kingdom, known as the G4. This liquidity has taken the form of “quantitative easing” (QE).
Acutely aware of China’s strong presence in resource-rich Africa, Japan, the world’s third largest economy, is beefing up its relations with the continent. Participants at a high-level donor conference hosted by Japan this week stressed the need for closer engagement, not through the traditional grants and assistance loans that have hitherto defined the relationship, but rather through trade and investment led by the Japanese private sector.
The economic crisis began in the United States under the administration of then-President George W. Bush, following the collapse of the Lehman Brothers Bank. It came as a result of unregulated globalisation and a neoliberal ideology that places usurious markets, offshore bank accounts, and money for the sake of money, above state power. It is an ideology that ignores citizens, even as they starve.
The European Union (EU) has asked its citizens to brace for further economic misery. In a report on European economic prospects released on May 3, the European Commission said that further deterioration is expected to last at least until 2015. But, as every such report says, things will then get better.
Backed by the German government and prominent civil society voices, United Nations experts are calling for the World Bank to explicitly incorporate international human right standards into its "safeguards" to minimise negative impacts of bank financing on vulnerable communities and environments.
Women and minorities should be a top priority in U.S. policy toward Egypt and its Muslim Brotherhood government leaders, experts here said on Friday, despite increasingly unfavourable public views towards Egypt.
Poverty in Portugal has risen to levels that were unimaginable a year ago despite the bleak outlook forecasted by the harsh measures imposed by the troika of creditors in exchange for the country's financial bailout.