DEVELOPMENT: IMF, Bank Slow to Make Room for Poor Nations

A drive to give developing countries more say in running the International Monetary Fund (IMF) and the World Bank, two agencies accused of drowning poor nations in poverty and debt, threatens to produce only cosmetic changes and a few token administrative roles for poor nations.

IRAQ: Activists Stunned by U.S. Debt Forgiveness Plan

Finance ministers and development activists meeting to discuss the world economy, poverty and reform of the world's financial institutions were stunned when a U.S. official suggested that global creditors should forgive Iraqi debts.

Activists point out that the U.S. government has opposed cancelling debt in the rest of the world, and suggest the move is "self-serving".

IRAQ: Activists Stunned by U.S. Debt Forgiveness Plan

Finance ministers and development activists gathered here Friday for meetings to discuss the world economy, poverty and reform of the world's financial institutions were stunned when a U.S. official suggested that global creditors should forgive Iraqi debts.

TRADE: Central American Deal a Dud, Activists say

Activists from labour, development, human rights and farm groups are calling on the United States and five Central American countries not to rush a trade agreement that they say is undemocratic and would drive farmers and other vulnerable groups deeper into poverty.

ECONOMY: Slow, Unsteady Growth Ahead for Developing Regions – IMF

Economic performance will continue to languish in most regions of the world in 2003, with developing countries recording slight improvements and rich nations achieving mixed results, said the International Monetary Fund (IMF) Wednesday.

IRAQ: U.S. Rewards War Backers

The United States is digging into its coffers to reward, and even lure, countries to support its invasion of Iraq but some observers warn that the practise could prove costly in the future for the world's only superpower.

FINANCE: World Bank Should Revamp Loans to Mining Schemes – Review

The World Bank should revamp its lending policies for mining, oil and gas projects to avoid corruption, mismanagement and poor economic performance spreading in countries that rely on such industries, says a confidential study by the Bank's internal review body.

IRAQ: U.S. Media Along for the Ride

Al-Jazeera.net has been defaced and the Internet site now carries a map of the United States wrapped in white, red and blue - just like the ones adorning almost all U.S. news outlets now.

IRAQ: Washington to Use Seized Iraqi Money to Pay Contracts

Accused of limiting reconstruction contracts in Iraq to U.S. companies, the administration of President George W. Bush said Wednesday it would open some 900 million dollars worth of projects to sub-contractors from non-U.S. firms.

But at the same time, the administration has begun the process of seizing billions of dollars held by Iraq in the United States and other countries, which it intends to use to pay those contracts.

IRAQ: Washington to Use Seized Iraqi Money to Pay Contracts

Accused of limiting reconstruction contracts in Iraq to U.S. companies, the administration of President George W. Bush said Wednesday it would open some 900 million dollars worth of projects to sub-contractors from non-U.S. firms.

DEVELOPMENT: Bank Prescribes More Free Market for Latin America

Joining others that have predicted Latin American economies will fare better in 2003, the Inter-American Development Bank (IDB) said Monday the region will rebound this year after two years of recession and slow growth, but also warned of possible dangers ahead.

IRAQ: U.S. Actions in Middle East Spur Unexpected ‘Reforms’

As the administration of President George W. Bush cheered the start of war on Iraq and confidently talked about spurring change in the Middle East, unprecedented events in the Arab and Muslim worlds show that the region is indeed transforming - only in the opposite direction to what Washington advocates.

IRAQ: When ‘Orange’ is ‘Black’ – U.S. Muslims Brace for Backlash

It is another ''orange'' day here in Washington. But for 25-year-old Walid Khidr, an Arab American born and raised in California, it is the first of many "black" days to come.

IRAQ: Brief War Could Spur Latin America, says Bank Official

A short U.S.-led war with Iraq could benefit stagnant Latin American economies if they were to receive capital redirected from northern countries plunged further into recession by effects like higher oil prices, says the chief economist of the Inter-American Development Bank (IDB).

DEVELOPMENT: Plan Will Provide Africa with Cheap Biotech – Group

A leading U.S. charity revealed Wednesday a new initiative that it says will assist research and development workers in Africa to access and manage biotechnology to help reduce poverty and hunger.

IRAQ: Uncertainty About War Plans Brings U.S. Economy Down

With a possible war on Iraq looming larger than ever, the world's largest economy is showing signs of strain and shakiness, weighed down by uncertainties that include the potential cost of military action.

DEVELOPMENT: Will Debt Relief Benefit Mali?

International creditors of the African state of Mali have agreed to cancel 675 million dollars of its debt over time under a controversial debt relief scheme, rewarding the West African nation for its pro-free market economic restructuring plan, they say.

ECONOMY: Palestinians Resilient but Politics Key to Crisis – Bank

The number of poor Palestinians has tripled in the past two and half years as their economy continued to free fall at the hands of a harsh Israeli military crackdown and closures of villages and towns, the World Bank said Wednesday.

EGYPT: Gov’t and World Bank Toss Aside Local Garbage Collectors

If you are seeking a classic example of how the current patrons of the global economy - international financial institutions (IFIs), multinational corporations and corrupt governments - operate in a way that deprives the poor, while masterfully mismanaging huge amounts of potentially beneficial money, look to Egypt's city of ''garbage collectors''..

ECONOMY: Latin, Caribbean Workers Keep Sending More Money Home

Remittances by Latin American and Caribbean (LAC) expatriates in rich nations rose by more than 17 percent last year, making the region the world's leading destination for workers' transfers, but also highlighting the economic failures that push labour-seekers to more developed nations.

ECONOMY: Oil Benefits Will Flow to U.S. from Iraq – Experts

A U.S. invasion of Iraq would guarantee long term oil supply for the U.S. economy, guard against oil exporting countries ever using the energy source to influence U.S. foreign policy and could also benefit U.S. oil companies, analysts here say.