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Results for Maria Romero

blog
G20 lands in South America and puts infrastructure financing centre stage

Maria Romero

14 Dec 2017 13:04:11

For the first time a South American country - Argentina - is president of the G20, and theoretically at least, the whole continent has a major opportunity to make its voice heard. When it took over the presidency at the beginning of December, the Argentinean government announced one of its priorities would be 'infrastructure for development'. So far so good - along with many other South American governments, Argentina is making the right noises, but questions remain about what kind of infrastructure will get financed, and how.   To mark the beginning of the new G20 presidency, civil society groups led by Fundación Ambiente y Recursos Naturales (FARN) organised an inspiring gathering to discuss, among other things, the growing trend of promoting public-private partnerships (PPPs) ...

blog
IMF challenged to match inequality rhetoric with action, and a campaign against the World Bank’s promotion of PPPs: Annual Meetings round up

Maria Romero, Mark Perera

18 Oct 2017 11:05:05

The annual meetings of the Bretton Woods Institutions (the IMF and World Bank) are over for another year. The meetings in Washington DC were held against a background of strengthened but patchy global economic growth mixed with considerable crisis risks and renewed geopolitical fights over the World Bank’s demand for a capital increase. Meanwhile, civil society organisations (CSOs) questioned the development impact of the Bretton Woods Institutions, and launched a global campaign against public-private partnerships (PPPs). IMF worries about debt (in China) and talks of taxing the rich more The 2017 Annual Meetings were preceded by the publication of the IMF’s World Economic Outlook (WEO), in which the IMF signalled stronger than expected growth forecasts for the global economy in 2017 ...

blog
Blended finance and the new aid rules: a risky mix?

Maria Romero, Polly Meeks

01 Jun 2017 09:40:01

Last week’s UN Financing for Development Forum showed that blended finance – using aid money to mobilise finance from other sources, especially the private sector – continues to top the agenda for many of the big players in development finance.  In fact, upcoming decisions in Paris and Brussels are likely to confirm blending as a much bigger part of Official Development Assistance (ODA) than ever before.  In Paris, the Organisation for Economic Cooperation and Development’s Development Assistance Committee (OECD DAC) will shortly decide on new aid rules that allow greater official support to the private sector, including blending, to be counted as ODA.  Meanwhile in Brussels, the European Commission is currently in the process of negotiating with the European Parliament ...

blog
IMF and World Bank Spring Meetings: drifting off course as multilateralism faces headwinds.

Bodo Ellmers, Maria Romero

25 Apr 2017 09:05:58

The 2017 spring meetings of the IMF and World Bank, which also included the second edition of the Global Infrastructure Forum, took place against the uncertainty generated by geopolitical changes such as the election of President Trump in the US and the formalisation of the UK’s exit from the European Union. A draft budget proposal by President Trump, released in the run-up to the Spring Meetings, overshadowed last week's discussions as it suggests that instead of getting a capital increase, the World Bank will experience a substantial cut in its funding from its main shareholder. Meanwhile, civil society organisations (CSOs) voiced their concerns about how far the Bretton Woods Institutions are from serving development objectives. Systematic and concerned focus on private finance. ...

blog
PPPs lead to dangerous debts for developing countries — it’s time for the World Bank to act

Maria Romero, Mathieu Vervynckt

01 Mar 2017 16:26:56

This blog was originally published on Devex. For many years, public-private partnerships have been promoted by governments and financial institutions as a way to pay for development projects such as roads, schools and hospitals. The World Bank is at the forefront of this push and advises governments on how to structure their PPPs. But it also ignores civil society campaigners’ concerns about the dangerous hidden debts that PPP projects can lead to. The European Network on Debt and Development, and more than 75 nongovernmental organizations and trade unions from all over the world, will not participate in the World Bank’s public consultations on PPPs until this dangerous problem is tackled. What are PPPs? PPPs are agreements in which the private sector essentially replaces governments ...

press
Trade Unions and campaigners around the world accuse the World Bank of encouraging dangerous hidden debts, boycott consultation on Public Private Partnerships (PPPs)

• The boycott was launched after the World Bank ignored repeated calls for the Bank to stop promoting PPPs that contain dangerous hidden debts. • Most governments leave these costs out of the accounting books, which can lead to crippling hidden debt – especially damaging for world’s poorest countries. • See ‘Notes to Editors’ for examples of disastrous PPPs. 27 February 2017 Trade unions and campaigners from around the world are boycotting the latest World Bank consultation on PPPs, ...

blog
Why won’t the Bretton Woods institutions take crisis risks seriously?

The International Monetary Fund (IMF) and World Bank spring meetings have faded in significance since the G20 became the main forum for discussion between major economic powers. As happened last year, little was agreed when the governors of the two Bretton Woods Institutions met in Washington last week.  The gloomy context of a faltering world economy was at the forefront of the communiqué issued by the International Monetary and Financial Committee ( IMFC) – a group of finance ministers and central bankers from the 24 countries and constituencies that have seats on the IMF’s executive board (these are mostly high-income countries). They note a wide range of problems, including that “financial market volatility and risk aversion have risen” and that “lower commodity prices have ...
Public Private Partnerships (PPPs) are not transparent enough, and face criticism from civil society organisations (CSOs) and others for being too expensive, and a risky use of taxpayers’ money. On Monday (29 February) more than 50 CSOs have written ...
by Maria Jose Romero and Xavier Sol (Counter Balance) The European Investment Bank (EIB) has become one of the giants of the financing landscape – its lending was 77.5bn EUR in 2015 – and yet it remains highly unaccountable and opaque. Civil society ...