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UN Financing for Development Forum: private sector eats cake while developing countries fight for crumbs.

Bodo Ellmers

31 May 2017 10:21:08

Last week’s United Nations’ Financing for Development Forum in New York was notable for being the first major event to admit in a formal outcome document that at the current pace, the Sustainable Development Goals will not be reached. The Forum - which deals with all aspects of finance and the financial architecture that regulates finance - planned to push reforms that would make finance work for development. Progress was meagre however, as political blockages still need to be overcome.   The outcome document of the 2017 Financing for Development (FfD) Forum paints an alarming picture: “The current global trajectory will not deliver the goal of eradicating poverty in all its forms and dimensions by 2030”. A key reason is the lack of adequate funding for the SDGs. While there ...
The IMF and World Bank spring meetings, which used to be a major forum for global economic decision making, end today with few concrete outcomes, the Bank under fire for its human rights and environmental record, and the IMF still unable to make any progress ...

blog
Survey Says: Donors Bullish on MICs, Bearish on LICs (Warning: heavy on acronyms)

Jeroen Kwakkenbos

06 Nov 2014 14:36:26

I have just gone through the results of the 2014 survey by the Organisation for Economic Co-operation and Development (OECD) Development Assistance Committee (DAC) on donor countries’ forward spending plans and it points out some worrying emerging trends, in particular a continuing decline in aid to the poorest countries. Alongside the more high-profile failure to meet the overall aid target of 0.7% of Gross National Income (GNI), this trend further undermines the credibility of donor countries stated commitment to development and poverty eradication. The survey raises several other concerns related to donor ‘herding’ of aid to a small set of ‘donor darling’ countries and challenges of predictability of aid resources, so it is certainly worth a closer look. Below I highlight some ...

blog
A major political move: the BRICS launch the New Development Bank and a reserve arrangement

Maria Romero

18 Jul 2014 17:07:19

By María José Romero (Eurodad) & Sargon Nissan (Bretton Woods Project) The city of Fortaleza on the north-east coast of Brazil was the selected place for a major political move by Brazil, Russia, India, China and South Africa – the so called BRICS nations - in mid July. After the 2013 fifth BRICS’s summit held in Durban, South Africa, expectations were raised for the launch of a new development bank and a reserve arrangement as alternatives to challenge the power of traditional international financial institutions dominated by northern rich countries, primarily the World Bank and the International Monetary Fund (IMF).  How new is the New Development Bank? The bank created by the five members of the BRICS is called the New Development Bank (NDB). It is set to finance “infrastructure ...

press
Call for review of unaccountable institutions channelling public money into private sector projects in developing countries

Eurodad demands developing country-led investigation as Development Finance Institutions set to invest $100 billion in the private sector by 2015 Thursday 10th July 2014 Some of the world’s biggest public institutions which use billions of euros of public money to support private sector projects in developing countries are unaccountable, shadowy organisations that often favour Western-based companies and exclude the countries they are supposed to support from decision making, a report released ...
On 5 December, the Belgian Parliament voted in favour of the reform plan of its national Development Finance Institution (DFI), BIO-Invest. This indicates that 11.11.11’s report “Doing business to fight poverty”, which shares many of Eurodad’s ...