The creditor landscape is rapidly changing. New donor countries such as China, India and Venezuela are stepping forward with offers of rapidly-disbursed and almost condition-fee cash to low-income African and Latin American nations. This relatively new development has the “traditional” international donor community seriously worried. By Gail Hurley.
Until now, the club of European countries with the US, Canada, Japan and Australia, had held a virtual monopoly over official financial flows to developing nations. This monopoly covered not only official bilateral assistance but also multilateral flows via these nations’ control of the governance structures of the World Bank and IMF ... ... this article is for subscribers only. For direct log in click >>> here.If you have no subscription >>> pick an option or >>> buy the article.
Race to a New Bretton Woods + Time for UN to Act + Stiglitz' New Economic Compact + China's Agrarian Reforms + Transparency Deficit of IMF and World Bank
Since the financial meltdown began in mid-September, the bond markets of most of the region have been hit, as well as most of their stock markets and a number of currencies. Can South America escape the wrath of the economic and financial storms that have their epicenter in the United States?
On 11 October 2008, the International Working Group of Sovereign Wealth Funds (IWG) released the Generally Accepted Principles and Practices (GAPP) that would guide the governance and accountability framework of sovereign wealth funds (SWFs).
For years, only a small and enlightened elite and some NGOs looking beyond their tiny projects have been calling for a New Bretton Woods - a global conference to restructure the global economic and financial system. Yet suddenly such demands have become almost mainstream, and developments have accelerated tremendously.
The timing has been perfect: In the middle of October, the Central Committee of the Communist Party of China approved a reform proposal that will allow farmers to lease or transfer their land rights. Called a "historic" decision by some observers, the Chinese government announced it as Chinas contribution to counter the financial crisis.
The 2008 US Presidential election was historic itself owing to the candidates' profile. But the timing of the elections as the U.S. and global economy are in the midst of the worst financial crisis and recession in decades reminds us of the Great Depression era and the 1980s recession.