Darío is a locksmith in Flores, a traditional middle-class neighborhood in the Argentine capital, who will have to stop working in the next few days. "Suppliers have suspended the delivery of locks, due to a lack of merchandise or because of prices," he laments. His case is an illustration of an economy gone mad in a country that once again finds itself on the brink of the abyss.
Accustomed for decades to recurring economic crises, and hit hard in recent years by a steady loss of purchasing power, Argentines were informed on Friday Jan. 28 of a last-minute agreement with the IMF which, in the words of center-left President Alberto Fernández, takes "the noose off their necks".
Despite the impact that their policies have with regard to the climate emergency, Latin America's central banks continue to avoid applying guidelines in measures that affect the operation of credit institutions, which distances them from compliance with the Paris Agreement on climate change.
Argentina will receive a 347 million dollar loan from the World Bank to upgrade one of the most important suburban railway lines in the city of Buenos Aires. The operation is part of the multilateral lender’s new policy, which deepens its commitment to the fight against climate change.
The Inter-American Development Bank (IDB) is in the process of modernising the social and environmental safeguards that govern the financing of projects considered vital for the construction of sustainable infrastructure in the Latin American region.
Would you trust an algorithm with your life? If that thought makes you uncomfortable, then you should be concerned about the artificial intelligence (AI) arms race that is secretly taking off, fueled by the arms industry.
Global governance is slipping away from the United Nations.
Whether it is in managing the Internet, where the UN’s governing structure offers only an advisory role for governments; or climate change, where the most exciting actions are now corporate-led partnerships outside the UN Framework Convention on Climate Change; or the Gates Foundation-sponsored Gavi, The Vaccine Alliance, which is in a tug of war with the World Health Assembly on who sets health policy in developing countries, the institutional basis for global decision-making is changing.
In the grand European political reshuffle of 2019, it turned out that Christine Lagarde was the answer to the conundrum of who should replace Mario Draghi at the European Central Bank. But her move opens another question. Who succeeds Lagarde at the International Monetary Fund?
SUVA, Fiji, 27 June 2019 (IPS) -- Are the most climate-vulnerable nations of the world right to demand that developed and major economies commit to carbon neutrality by 2050?
Should the poorest nations of the world insist that the “haves” put their significant economic and political resources behind aggressive efforts to combat climate change?
Mauritius has scored a victory over Britain at the International Court of Justice (ICJ) in a case involving the decolonisation of the strategically important island of Diego Garcia that is home to a United States military base.
It happened again and again in a career punctuated by upheavals: the peso crisis of 1994, the Asian crisis of 1997, and finally, the big one—the global financial crisis of 2008.
The Group of 77 (G77) -- the largest single coalition of developing countries at the United Nations-- is to be chaired by Palestine, come January.
It is now more than a decade and a half since the last severe currency crisis in a major emerging economy ‒ that was in Argentina in 2001-2002 following a series of crises in Russia, Turkey and Brazil. It is now common knowledge that such crises generally occur when countries fail to manage surges in capital inflows so as to prevent build-up of fragility including currency appreciations, large and persistent current account deficits, increased leverage and currency and maturity mismatches in balance sheets.
The underlying message at the fifth annual Stockholm Forum on Peace and Development was summed up in its telling title “The politics of peace.”
But the task ahead was overwhelmingly difficult: How do you advance peace and development against the backdrop of political unrest in parts of Asia and Africa and continued conflicts in the Middle East— all of them amidst rising global military spending triggering arms sales running into billions of dollars.
As funding to combat climate change has lagged behind lofty words, the One Planet Summit in France this week invited governments and business leaders to put money on the table.
Following the 2007-2008 global financial crisis and the Great Recession in its wake, the ‘new normal’ in monetary policy has been abnormal. At the heart of the unconventional monetary policies adopted have been ‘asset purchase’ or ‘quantitative easing’ (QE) programmes. Ostensibly needed for economic revival, QE has redistributed wealth – regressively, in favour of the rich.
A decade ago, it was difficult to get Western policy makers in governments to be interested in the role of religious organizations in human development. The secular mind-set was such that religion was perceived, at best, as a private affair. At worst, religion was deemed the cause of harmful social practices, an obstacle to the “sacred” nature of universal human rights, and/or the root cause of terrorism. In short, religion belonged in the ‘basket of deplorables’.
In a petition signed by 150 NGOs, the Coalition for Human Rights in Development have called for development banks to make sure that human rights are respected by their beneficiaries.
Although “leave no one behind” has become a central rallying cry around the UN's Sustainable Development Goals, more needs to be done for it to be put into practice, civil society said during a review conference of progress made on the Post-2030 agenda here this week.
The Beijing-based Asian Infrastructure Investment Bank (AIIB), which was launched last year with the aim of funding projects on a continent with some of the world’s most populous nations, has pledged over $500 million in four concessional loans to Bangladesh, Indonesia, Pakistan and Tajikistan.
Currently only six percent of humanitarian aid worldwide comes in the form of cash handouts, yet many aid organisations believe that cash transfers should be seen as the rule, not the exception.