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FINANCE: IMF Rebuts Critical Report on Lending - IPS ipsnews.net
The IMF responded to the report by the Washington-based Centre for Economic and Policy Research (CEPR) with a lengthy rebuttal asserting that it "reaches seriously misleading conclusions about the pro-cyclicality of policies in IMF-supported programs, relying on faulty analysis and often inaccurate information."
Policy support instrument: Helping hand or more thumb screws? (Bretton Woods Project)
In October, the IMF board approved the establishment of a Policy Support Instrument (PSI), a non-lending programme which will provide policy advice to poor countries and send a signal to donors and markets about the quality of a country's economic policies. Critics suspect the instrument is little more than a new way "to extend Fund domination".
Africa's Unnatural Disaster
The strategies of the World Bank and IMF have successfully applied shock doctrine methods to plunder the globe, causing widespread hardship and suffering, for the benefit of the few and creating millions of victims. They are the embodiment of psychopathy on a global scale, and from that perspective, they are not 'failed', but actually a devastating and horrific success.
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AGRA’s assumptions – and those of the mainstream media – rest on the premise that the Africa’s hunger problem is one of production. While production may be part of the story, it’s far from the complete picture. The heart of the agriculture crisis that Africa and the world are currently experiencing lies in the failed policy paradigm promoted by the World Bank and the International Monetary Fund, institutions that still have enormous control over economic policy in many African countries.
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The second concession that the 2008 WDR makes to reality (as opposed to market fundamentalist ideology) is an allowance for targeted subsidies.
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BIC's new handbook for advocacy on extractive industry revenues | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions
The Handbook is intended as a tool for civil society organizations, journalists and other members of the public interested in learning more about transparency and fiscal management in the natural resource sectors. It distills and builds upon information contained in the IMF’s document, with a focus on areas especially pertinent for civil society groups seeking to better understand how extractive industry (EI) sectors are managed. The Handbook aims to help civil society groups hold governments and private companies accountable for the exploitation of natural resources in their country.[2]
In producing this Handbook, BIC is not endorsing the extractive industries or asserting that improved transparency, alone, would address the myriad social, environmental and economic impacts associated with natural resource exploitation. Rather, this document aims to provide citizens in resource-rich countries with one more tool to strengthen their efforts to hold industry actors and governments accountable.
Halifax Initiative
Our mission is to fundamentally transform the international financial system, and its institutions, namely the World Bank, the International Monetary Fund, and Export Credit Agencies. By doing so, we hope to achieve poverty eradication, environmental sustainability and the full realization of human rights.
Weapons of mass financial destruction, by Gabriel Kolko
Last month a major US hedge fund, Amaranth Advisors, lost more than half its assets in a week, speculating on natural gas prices. The company proved correct the chief worry of such major financial institutions as the World Bank and the International Monetary Fund: that financial reality is now out of control.
Paper: Comment on IMF and World Bank Structural Adjustment Programs and Poverty by William Easterly
As Global Wealth Spreads, the IMF Recedes
Ghana had joined a long list of developing countries in Africa and beyond enjoying record periods of growth, with the robust economy leaving it no longer in need of more IMF cash.
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Ghana had joined a long list of developing countries in Africa and beyond enjoying record periods of growth, with the robust economy leaving it no longer in need of more IMF cash.
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The IMF, founded in 1944 to foster the reconstruction of the global economy in the wake of World War II, is entering its largest period of upheaval since the fall of the Berlin Wall. Over the next year, the Washington institution will slash its 2,900-person workforce by 13 percent through a combination of buyouts and some layoffs, reflecting a loan portfolio shrinking so fast that the IMF is seeking to sell off $6 billion in gold reserves to create a new long-term source of income.
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Food riots hit West and Central Africa | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions
Strauss-Kahn has been criticized for publicly supporting President Bush’s stimulus measures to address potential recession in the U.S. – the opposite of the painful austerity measures the IMF applied during the East Asian financial crisis of 1997-98. But while he has been quick to register the IMF’s concern about a potential food price crisis in Africa, it appears that in this case the IMF will not diverge so radically from past practice: new loans, seldom the best remedy for countries facing humanitarian crises, are the best he has to offer.
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Strauss-Kahn has been criticized for publicly supporting President Bush’s stimulus measures to address potential recession in the U.S. – the opposite of the painful austerity measures the IMF applied during the East Asian financial crisis of 1997-98. But while he has been quick to register the IMF’s concern about a potential food price crisis in Africa, it appears that in this case the IMF will not diverge so radically from past practice: new loans, seldom the best remedy for countries facing humanitarian crises, are the best he has to offer.
Commodities Boom to Sustain Growth in Africa, IMF Forecasts (9-4-08) Bloomberg.com: Africa
Training for nothing? (Bretton Woods Project)
An evaluation of the World Bank’s training for capacity building reveals serious flaws...that undermine country ownership; the same criticism is being levelled at the IMF over...plans to charge for technical assistance [Independent Evaluation Group (IEG
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