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IMF increasing its influence in sub-Saharan Africa

29 September 2016 - by Bretton Woods Project

SUMMARY * IMF increasingly active in sub-Saharan African states * New loan contemplated for Zambia * Existing borrower countries struggling to adhere to strict deficit limits set by Fund The IMF is increasingly active in sub-Saharan states, (...)
BRICS banking and the debate over sub-imperialism

15 September 2016 - by Patrick Bond

ABSTRACT: Notionally funded at $100 billion each, the BRICS Contingent Reserve Arrangement (CRA) and New Development Bank (NDB) represent ‘sub-imperial’ finance, insofar as by all indications they fit into – instead of providing alternatives to – (...)
The IMF’s IEO Evaluation of the Greek Program: Going beyond a Mea Culpa?

7 September 2016 - by Daniel Munevar

The Independent Evaluation Office (IEO) of the IMF recently published its report on the response of the organization to the European crisis. The analysis focuses on the performance of the IMF in the context of the programs for Greece, Portugal (...)
Open letter to the Egyptian President on the pending agreement with the IMF

30 August 2016 - by Collective

In early September, the IMF is going to give to Egypt a “loan” of 12 billion dollars in exchange for lowering public spending, reducing the number of public employees, the phasing out of subsidies on consumer goods and a new privatisation program. (...)
Why tax havens must go!

23 August 2016 - by Third World Network

Tax havens are drivers of global corruption and hurt developing countries the most. And as more than 300 leading economists from 30 countries affirmed in a letter to the London anti-corruption summit (see text below), they serve ’no useful (...)
Austerity: Greece Braces for New Troika Onslaught on Workers’ Rights

2 August 2016 - by ITUC-CSI

Greek workers are preparing for yet more attacks on their fundamental rights as the IMF/EU/European Central Bank ‘Troika’, at the urging of the IMF, prepares to impose a new round of cuts to minimum wages, weakening of laws protecting workers (...)
Third time a charm? Fund pressured into possible return to Greece

In May Greece reached an agreement with its Eurozone creditors on a new $11.4 billion loan package that will enable it to meet its debt payment obligations in July. While the IMF participated in the meetings that led to the agreement, it has not (...)
Hoping ’something will turn up’

13 June 2016 - by Joseph Hanlon

Mozambique, long touted as an African “success story”, is sinking under debt. International lenders and donors have been angered by revelations of at least $2.3 billion in secret loans taken in 2013-4. Inflation is rising and so is the cost of (...)
Imperialism’s Junior Partners

27 May 2016 - by Patrick Bond

The response to the Brazilian coup shows that the BRICS powers are not a real alternative to US imperialism. On May 12, Brazil’s democratic government, led by the Workers’ Party (PT), was the victim of a coup. What will the other BRICS countries (...)
Too little, too late: an appraisal of the latest Greek deal

26 May 2016 - by Daniel Munevar

A new agreement has been reached between Greece and its creditors regarding the bailout program for the country. Jeroen Dijsselbloem, president of the Eurogroup, described the new deal as “ambitious” and a “major breakthrough”. However, a look at (...)
Why won’t the Bretton Woods institutions take crisis risks seriously?

27 April 2016 - by Eurodad

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 (...)
UN independent expert: “IMF programmes worsen income distribution”

26 April 2016 - by Bretton Woods Project

UN expert report links inequality, financial crises and human rights - Report claims IMF programmes are associated with worsening income distribution and reduction of income of the poor - UN expert calls for human rights-based responses to (...)
The 1994 Rwandan Genocide - The Use of Rwanda’s External Debt (1990-1994)

7 April 2016 - by Michel Chossudovsky, Pierre Galand

Twenty-two years after the 1994 Genocide, the role of financial institutions has to be fully understood. Development aid and foreign loans were channelled towards financing the military and paramilitary. The donors turned a blind eye. This (...)
Bulgaria in the trap of neoliberalism

29 March 2016 - by Daniela Penkova

In 1989 the Berlin Wall fell and the so-called “transition period” for Central and Eastern Europe began. The goal pursued was a radical change of society at economic, political and social level. In relation to this, Bulgaria endorsed a variety of (...)
Summary of the 1 March 2016 session at the European Parliament “Restructuring of debt – reconstruction of democracy”

Video: Cephas Lumina: “The Paris Club has no legitimacy”

17 March 2016 - by Cephas Lumina

Several members of the Greek Debt Truth Committee (GDTC) attended the session on 1st March 2016 at the European Parliament in Brussels on the topic “Restructuring of debt – reconstruction of democracy”. The session was organized by Nikolaos (...)
For Indigenous Peoples, Megadams Are ‘Worse than Colonization’

16 March 2016 - by Philippa de Boissière , Sian Cowman

These mega-projects expropriate land, spoil environments, and pollute democracies. Berta Cáceres gave her life resisting them. Early in the morning of March 3, Berta Cáceres was assassinated. They can displace communities, destroy the local (...)
World Debt Figures 2015

23 February 2016 - by CADTM

The ‘debt system’ involves using public resources to pay creditors instead of meeting the basic rights and needs of people. The relationship between creditors and debtors is strongly biased in favour of the (...)
Debt bubbles “popping” in emerging economies

19 February 2016 - by Bretton Woods Project

Global economic instability has highlighted the vulnerability of developing countries to renewed economic turbulence and even the potential for new debt crises in developing countries, in particular Sub-Saharan Africa. During the summer of 2015 (...)
IMF to add China’s currency to SDR basket

19 February 2016 - by Bretton Woods Project

In late November, the IMF confirmed that China’s currency, the remnimbi or yuan, will be included in the IMF’s calculation (the ‘basket’) of the value of its international reserve asset, the Special Drawing Right (SDR), from October 2016. Created in (...)
Poul Thomsen, Greece and the cynicism of the IMF

15 February 2016 - by Daniel Munevar

For the casual reader, Poul Thomsen’s recent piece [1] on the role of the IMF in the bailout review negotiations currently taking place between Greece and the Troika would seem balanced and reasonable. At the end of the day, as he has argued (...)
IMF rule-change sustains lending to Ukraine

11 February 2016 - by Bretton Woods Project

IMF changes rule on lending to states in arrears to official creditors - Russia to file court proceedings over $3 billion Ukraine debt - Ukraine parliament approves 2016 national budget and tax reforms In late 2015, the IMF’s $17.5 billion loan (...)
IMF contemplates returning to Greece… again

11 February 2016 - by Bretton Woods Project

In January, the IMF confirmed it has been in negotiations for a third loan since 2010 to the Greek government; the details of the Fund’s mission are yet to be confirmed. A third loan programme from the European Central Bank and European (...)
Debt policy update, from Jubilee Debt Campaign

10 February 2016 - by Jubilee Debt Campaign

Highlights 1) Debt risks increase as commodity prices stay low According to the IMF and World Bank, 10 low income countries have seen an increased risk of not being able to pay their debts over the last year as global commodity prices have (...)
BRICS face brewing external capitalist crisis and growing internal strife

5 February 2016 - by Patrick Bond

Behind the current capitalist crisis lies the tendency to over-accumulate and generate gluts. Whereas the BRICS bloc’s elites pretend to be offering an alternative, they in fact are trying very hard to make the world system work for their own (...)
Reform of the IMF lending framework: The IMF bails out from bailouts

3 February 2016 - by Bodo Ellmers

The International Monetary Fund (IMF) has approved a new reform of its exceptional access framework. The key step made on 29 January 2016 is to remove the systemic exemption clause. This is the clause that has made IMF participation in the mega (...)