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Monday, August 24, 2026
News and Views from the Global South
Eye on the IFIs
ECONOMY: What Role Can the IMF Play Today?
Having failed, to date, to play an active role in the current global financial crisis, the International Monetary Fund (IMF) may become a symbol of the end of an era and the need for a different system, more suitable to today’s new world order.ECONOMY: Calls for Change Mount at IMF, World Bank Meet
Gone are the mobs in the street. Faced with a global recession, those demanding change from the rulers of the global economy appear to be on the inside as the International Monetary Fund (IMF) and World Bank hold annual talks.ECONOMY-LATAM: Crisis Means Slower Growth Ahead
The financial crisis shaking the United States will have repercussions in the rest of the world, which means "tough times lie ahead for Latin America," the permanent secretary for the Latin American Economic System (SELA), José Rivera, told IPS.ECUADOR: Correa May Cancel Payment of Some “Illegitimate” Debt
The day after the new constitution promoted by his government won 63 percent support in a referendum, according to the preliminary returns, Ecuadorean President Rafael Correa said Monday that he may cancel payment of some loans, but that the country would not default on its foreign debt.BRAZIL: Reform of Global Financial System Needed, Says Minister
A new international financial architecture, based on different rules, is a reform that has long been demanded by different sectors and is now "inevitable" in the face of the "universal and systemic crisis" originating in the United States, says Brazilian Finance Minister Guido Mantega.EUROPE: Uncertain over Containing 'Crazy' Markets
The turmoil in the financial markets and the resulting slump in the global economy has highlighted the stark inequality in the European Union.DEVELOPMENT: Poverty Reduction Claims Under Scrutiny
The World Bank's recent estimates on global poverty, particularly in relation to China, are being challenged by an international non-governmental organisation (NGO) which monitors poverty eradication and gender equality.ECONOMY-KENYA: Shady Deals and Intrigues Haunt Privatisation
The Kenya Railways Corporation was more than a national utility. It was a repository of Kenya’s history, beginning in the 19th century when indentured Indian labourers were brought to the East African region to build the Kenya-Uganda railway line.RIGHTS: Fighting the ‘War on Terror’
The "war on terror" in the aftermath of the attacks of Sep. 11, 2001 has undermined human rights globally, according to activists and experts who attended a UN conference in Paris.FINANCE: One Year Later, IMF Sees No End to Credit Crisis
The credit crisis unleashed by the U.S. housing slump a year ago continues to poison the global economy and central banks appear short of antidote, says the International Monetary Fund (IMF).DEVELOPMENT: Decades of Bad Policies Brewed a "Perfect Storm"
When the Cold War ended following the collapse of the Berlin Wall in 1989 and the subsequent dismantling of the Soviet Union, there was widespread political euphoria about de-militarisation, global peace, a decline in military spending and economic prosperity.FINANCE-US: More Debt Relief in Sight for Poorest Nations
Anti-debt campaigners say legislation passed by a U.S. Congressional committee this week that would expand debt cancellations to an additional 25 poor nations could prove effective in fighting poverty, stopping environmental degradation and easing the traditional strict economic conditions that accompanied loans and often led to economic chaos.ECONOMY: World Bank Sees Progress Against Corruption
Developing and former Soviet countries are making rapid progress in controlling corruption and promoting political stability and government accountability, the World Bank said in a new report Tuesday.DEVELOPMENT: Water Flowing Back Into Public Hands
The announcement by the Paris municipality that water services will return to public hands by 2010 is in line with a global trend of ending privatisation of such services.ECONOMY: IMF Sees Slow, Risky U.S. Recovery
The International Monetary Fund (IMF) has upgraded its expectations of the world's largest economy, saying the U.S. will end this year with no economic growth before starting a gradual recovery in 2009.FINANCE: World Bank Watchdog Thrashes ‘Doing Business’ Index
The World Bank's flagship effort to promote business-led economic growth is ideologically stilted and of little practical use, says the lending agency's in-house watchdog.EUROPE: Irish Say No to Military and Neo-Liberalism
The rejection of the European Union's latest treaty by Ireland's electorate has been interpreted as a vote against the bloc's increasing emphasis on bolstering its military capacities and its efforts to prioritise free market principles over social protection.DEVELOPMENT-AFRICA: High Food Prices Here For Another Five Years
Hundred million people worldwide - mostly from developing countries - may sink deeper into poverty when food prices continue to rise, the World Bank predicts.ECONOMY: Global Woes Hit Developing Countries
The global credit crunch unleashed in the United States is combining with runaway food and fuel prices to put the squeeze on developing countries, according to the World Bank.
JAPAN: Good Neighbours Needed on Way to UN
Japan will not succeed in its bid for a permanent seat in the UN Security Council unless it achieves reconciliation with its neighbours, says former Japanese prime minister Toshiki Kaifu.CLIMATE CHANGE: Greens, Lawmakers Assail World Bank Funds
"Climate Investment Funds" to be run by the World Bank and backed by the George W. Bush administration are drawing fire from lawmakers and environmentalists who say the initiatives will accomplish little against global warming.« 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.
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