WB/IMF annual meeting policy briefings

[BWP Alert] WB/IMF annual meeting policy briefings: IMF governance, climate finance, IMF capital ...

Data: 29/09/10 19:48

Nascondi

With the annual meetings of the World Bank and IMF starting in a week's time, the Bretton Woods Project has released a series of policy briefings about some of the key agenda items for the international financial institutions.

IFI governance reform: Short-changing developing countries?
In the same way as developing countries have often taken the approach that "no deal is better than a bad deal" at the WTO, a strong joint negotiating position would leverage larger gains in the IMF governance reform process due to be concluded by the end of 2010. Possible gains from a tough negotiating position include a rewriting of the IMF quota formula, double majority voting, more developing country seats on the board, and an end to the US veto. Limited change at the Bank highlights potential pitfalls.
http://www.brettonwoodsproject.org/imfgovbrief2010

The World Bank: Access or impediment to climate finance?
Proposals to place climate funds at an institution like the World Bank, over which developing countries have limited ownership, have undermined the process of negotiations through the UNFCCC. However, G77 countries have stood against the World Bank and have firmly supported placing climate finance under the UN, despite a diversity of positions. Lobbying by the World Bank and key donors both in international and bilateral discussions to secure a significant and decisive position for the Bank within international governance of climate finance has been divisive and has polluted other debates such as the scale and additionality of finance.
http://www.brettonwoodsproject.org/WBclimatefinancebrief2010
In PDF format: http://www.brettonwoodsproject.org/doc/env/WBaccessorimpediment.pdf

Rethinking the IMF's capital account mandate
While the intellectual thinking within some parts of the international financial institutions has recognised the usefulness of capital controls, there is yet to be formal acceptance of them within the IMF. While the IMF's Articles of Agreement already contain important provisions about the rights of countries to use capital controls, consensus has not been achieved among the Fund's largest members on capital account management, despite its importance for both large and small developing countries.
http://www.brettonwoodsproject.org/imfcapitalmandate2010
In PDF format: http://www.brettonwoodsproject.org/doc/financedebt/rethinkingcapaccount.pdf

Adjusting foreign investment: Capital account policy for sustainable growth and international development
This briefing explores the impact of capital account policy on international development. The liberalisation of capital accounts in developing countries has been promoted by international economic and financial institutions. However, with evidence showing the damaging economic, social and human consequences of unrestricted capital movement, tools to manage capital flows are increasingly being embraced by policy makers and academics.
http://www.brettonwoodsproject.org/adjustingforeigninvestment
In PDF format: http://www.brettonwoodsproject.org/doc/financedebt/capitalcontrolsMPbriefing.pdf

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As many people may have missed emails because of holidays, we would also like to remind you of two briefings we released over the summer:

Social Insecurity
This report aims to raise awareness of private financial institutions’ influence on healthcare and pensions in developing countries. ‘Financialisation’ – the expanding systemic power and scope of finance and financial markets and actors – has persisted, even through the financial crisis, without adequate debate or scrutiny.The report concludes that private and poorly regulated financial institutions have played a central role in the failures of social security reforms to overcome the challenges of healthcare access and old age poverty in many developing countries.
http://www.brettonwoodsproject.org/socialinsecurity
In PDF format: http://www.brettonwoodsproject.org/doc/private/socialinsecurity.pdf

Update on Climate Investment Funds: July 2010 summary
As pilot countries are selected and funding allocated, concern mounts over poor consultation, the weakness of some country proposals, and failure to address governance issues.
http://www.brettonwoodsproject.org/cifupdatejuly2010
IN PDF format: http://www.brettonwoodsproject.org/doc/env/cifupdatejuly2010.pdf

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