Eye on the IFIs

Portugal’s Economy Headed Down a Dead-End Street?

By Mario Queiroz
"They are a heartache," admitted Portugal's Prime Minister José Sócrates about the draconian economic measures his government approved in a bid -- with dubious effectiveness -- to calm the financial markets and recover lost credibility.

World Bank Extends Food Crisis Fund

By Matthew O. Berger and Peter Boaz
Amidst fears of a recurring food crisis, the World Bank has reactivated its Global Food Crisis Response Programme (GFRP), dedicating up to 760 million dollars to countries at risk of food price volatility.
An activist's t-shirt displays the message of the ZIMCODD anti-debt campaign. Credit: Stanley Kwenda/IPS

ZIMBABWE: Debt Crowds Out Essential Spending on Health

By Stanley Kwenda
Zimbabwe’s debt burden of about 8.3 billion dollars, owed to internal and external institutions, is crowding out essential national budget items such as health and basic services, with detrimental effects for particularly women.

World Bank Pressured over Record Fossil Fuels Lending

By IPS Correspondents
With new figures showing a record amount of World Bank funding for projects relying on coal power and other fossil fuels, the issue of reforming the institution's energy lending was once again a hot topic at the World Bank and IMF annual meetings, which concluded over the weekend.
"The so-called agreement between the U.S. and Europe for the leadership of the two sister institutions has to disappear," Strauss-Kahn said. Credit: Marie-Lan Nguyen/creative commons license

Compromise on Reforms Eludes IMF Fall Meetings

By IPS Correspondents
When the annual meetings of the World Bank and International Monetary Fund got under way this week, the agenda ranged from ongoing talks about "currency wars" between countries to how to maintain progress on poverty reduction in the face of economic crises, to reforming the mandates and governance of the Washington-based international financial institutions.

Scrambling for a Solution on IMF Governance Reform

By Matthew O. Berger
Among the topics expected to be discussed at the annual meetings of the World Bank and International Monetary Fund (IMF) that started this week and will continue through the weekend is the reform of the IMF’s governance.

Zoellick Embraces “Multi-Polar World Economy”

By IPS Correspondents
Speaking ahead of next week's World Bank and IMF annual meetings here, World Bank President Robert Zoellick critiqued both development economics generally and the lack of transparency of his own institution.

Economists, Activists Call for Major IMF Overhaul

By Jim Lobe
Thirteen leading international economists and development specialists called here Tuesday for a major reform of the governing body of the International Monetary Fund (IMF) and the way it does business.
SACU's smaller members states depend on import revenue transfers for their survival. Credit: Nastasya Tay/IPS

ECONOMY-SOUTHERN AFRICA: Threat of States Collapsing Looms Large

By Nastasya Tay
The mooted restructuring of the revenue-sharing agreement of the world’s oldest customs union could lead to at least two of its Southern African members collapsing into "failed states" status as well as macroeconomic crises in two of their neighbours in the sub-region.
(l-r) Flassbeck and Panitchpakdi: Countries should allow wages to increase to boost domestic demand. Credit: isolda Agazzi/IPS

TRADE: It’s the End of the Export-Led Growth Model, Says UNCTAD

By Isolda Agazzi
While the recovery from the financial and economic meltdown remains fragile in especially the developed world, the outlook for Africa inspires optimism, according to UNCTAD. The agency also believes the crisis might be the death- knell for the export-led economic growth model -- especially African countries should leave it behind.

World Bank Boosts Ag Lending Ahead of MDG Meet

By IPS Correspondents
With the Millennium Development Goals review summit just one week away, the World Bank is the latest international player to announce its strategy to help achieve those goals by their 2015 deadline.

AGRICULTURE-AFRICA: Land Grabs in Poor Countries Set to Increase

By Hilaire Avril
After weeks of rumours sparked by the leaking of a draft World Bank position paper on so-called land grabs in poor countries, the international financial institution has officially released its report on the surge in farmland purchases and leasing which have elicited controversy for over two years.

Biking Across the Americas, Spotlight on Children

By Marcela Valente
Damián López, of Argentina, has been riding his bicycle the length of the Americas for the past three years. His mission? In addition to completing the long journey, he wants to shine the spotlight on children who are at risk due to violence or abandonment.

ROMANIA: Austerity Deals Mortal Blow to Health System

By Claudia Ciobanu
Five newborns died last week in a fire caused by an airconditioning fault at a Bucharest maternity. Insufficient, overworked staff and deficient maintenance -- results of inadequate funding of the health system - -were listed among the causes.

Pakistani Officials Seek Funds, Debt Relief in Washington

By IPS Correspondents
Pakistani officials continued their quest for help in light of the floods that have affected 20 million people in their country by meeting with officials at the International Monetary Fund here Monday.

HUNGARY: Austerity Fatigue sends IMF Home

By Zoltán Dujisin
Hungarian Prime Minister Viktor Orbán has slapped IMF in the face, shocking an international community used to news of economic difficulties coming from this small Central European nation. But most Hungarians have welcomed it, at least so far.

World Bank, NGOs Spar over Indonesian Mine Project

By IPS Correspondents
The World Bank's Board of Directors said studies for a potential mining project in Indonesia could move forward Tuesday but civil society groups, citing studies that have already been done, condemned the decision.

ZAMBIA: “Privatisation Like Grabbing Goods Fallen from a Truck”

By IPS Correspondents
Zambia has sold more than 262 state-owned enterprises in the past 18 years, with the latest being the beleaguered telecommunications company Zamtel.

AMERICAS: We Need Sustainable Development Banks, Say NGOs

By Emilio Godoy
Non-governmental organisations from across the Americas are demanding that the World Bank and the Inter-American Development Bank institute policies that favour sustainable energy and help mitigate climate change.

Liberia Gets Debt Relief, DR Congo on Hold

By IPS Correspondents
Liberian efforts to enact economic and governance reforms came to a head Tuesday as the World Bank and International Monetary Fund announced they were supporting 4.6 billion dollars of debt relief for the West African country.

TRADE: UNCTAD “Forgets” Real Risks Faced by African Farmers

By Julio Godoy
The latest UNCTAD report on science and technology repeats previous calls for a "green revolution" in African agriculture but contains no mention of the real and present dangers that the international trade and financial framework presents to African farmers.
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