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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 ...
Eleven years ago, the international community adopted the Paris Declaration on Aid Effectiveness that led to the adoption of several principles to improve the effectiveness of international aid. Reflecting on the widely criticised fact that creditors ...

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Memorandum between Greece and the Troika: from democracy to external diktat

Tiago Stichelmans

19 Aug 2015 16:59:48

The third programme between Greece and its creditors fails to promote local ownership. It is therefore difficult to see how it will succeed where its predecessors have failed.   On Friday, 14 August, Eurozone finance ministers approved the  Memorandum of Understanding (MoU) between Greece and the European Stability Mechanism (ESM). This MoU shapes a three-year long bailout of 86 billion euros for Greece. In exchange for this bailout, Greek authorities have to comply with a set of extraordinarily detailed conditions.  The Memorandum states that “success requires ownership of the reform agenda programme by the Greek authorities”. The document asks Greece to develop a growth strategy that is “Greek-owned and Greek-led”. This is astonishing considering that the conditions ...

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Conditionally yours – IMF’s tough love gets worse

Jesse Griffiths

02 Apr 2014 17:16:07

This article has been cross-posted on Triple Crisis. Ukraine is the latest country faced by a debt crisis to be forced into the arms of the IMF. The reality of the situation was pithily expressed by the Ukrainian Prime Minister, Arseniy Yatseniuk, who recently said he “will meet all IMF conditions… for a simple reason… we don’t have any other options.”  Eurodad has, over the past decade, produced several reports criticising the excessive and often harmful conditions that the IMF attaches to its loans. The IMF claims to have seen the light and limited its conditions to critical reforms agreed by recipient governments. We decided to put that claim to the test in our latest report, published on Wednesday (April 2nd), and examined all the policy conditions attached to ...

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Troika under scrutiny: European Parliament joins CSOs

Bodo Ellmers

29 Jan 2014 17:24:44

The times when the Troika of the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) could operate in the dark and on extralegal grounds seem almost over. The European Parliament just released its draft enquiry report on the role and operations of the Troika with regard to the euro area progamme countries. The report criticises the “generally weak accountability” of the Troika and the “lack of transparency” in negotiations with programme countries. The Parliament points out that there was no appropriate legal basis for setting up the Troika, and that the programme conditions did not pay respect to the Charter of Fundamental Rights of the European Union.  This report – welcomed by Eurodad - complements recent civil society initiatives to hold ...

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IMF Annual Meetings: A public sector shutdown meets its master

Bodo Ellmers

03 Oct 2013 12:44:28

IMF Annual Meetings: A public sector shutdown meets its master By Bodo Ellmers When the delegations arrive in Washington next week for the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, they will face a situation that the citizens of IMF programme countries know all too well: The public sector has shut down due to a debt crisis and the policy response that followed. Let’s see if this helps to make the governors of the international financial architecture’s most powerful institution learn some lessons and make the right decisions. Welcome to the IMF’s first Annual Austerity Meeting The good news for the IMF: Absenteeism from the Annual Meetings will be much lower than usual as sight-seeing options in Washington are currently limited. ...