Weekly roundup: IFIs in the News

16 May 2008

This is a new feature from BIC! This "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week.

African Development Bank (AfDB):

• Mozambique: ADB calls for subsidies for rural workers to buy fertiliser, Macauhub, May 16, 2008 (Macauhub website) - The chairman of the African Development Bank (ADB), Donald Kaberuka, Thursday in Maputo called for the introduction of subsidies for African rural workers to buy fertiliser in order to increase production and thus eradicate hunger.
• Turkey's membership for African Development Bank approved, Hürriyet, May 15, 2008 (Hürriyet website) - Turkey's application to be a member of African Development Bank (AFDB) was approved. Turkish businessmen will be able to join all projects in Africa thanks to the membership.
• Zimbabwe Meets Financial Commitment with AfDB, African Press Organisation, May 11, 2008 (APPO Blog) - In a bid to actively reconnect with international donors, the Zimbabwean government last month paid part of its arrears to the African Development Bank (AfDB) Group.
• African Development Bank warns about food price increases, Agence France-Press, May 11, 2008 (Google News) - The African Development Bank warned that the near doubling of prices of some staple food crops in recent months had serious implications for Africa, particularly the poorest nations.

Asian Development Bank (ADB):

• ADB funds for Colombo new port next week, The Sunday Times, May 11, 2008 (The Sunday Times Online) - The Asian Development Bank will make a first payment of US$ 29 million to Hyundai Engineering Co. next week, which is the Bank’s share of the mobilization fee due to the Korean firm to begin work on the breakwater of the new Colombo South Harbour, a Bank spokesman said.

European Bank for Reconstruction and Development (EBRD):

• A call for consensus, Editorial, Kiev Post, May 15, 2008 (Kiev Post website) - Ukraine is a vastly different country than it was a decade ago, when the European Bank for Reconstruction and Development last hosted its Board of Governors meeting here. Much progress has been made politically and economically.

• Ukraine ready for hosting EBRD Annual Meeting in Kyiv - Turchynov, YHIAH News Agency, May 12, 2008 (YHIAH website) - On Monday May 12, First Vice Prime Minister Oleksandr Turchynov held a meeting on readiness of hosting the EBRD Annual Meeting of the Board of Governors in Kyiv.
• EBRD sets timetable for approval of Turkey application by Carolyn Cohn, Reuters, May 9, 2008 (Guardian website)

Inter-American Development Bank (IDB):

• EU-LAC: European Investment Bank & Inter-American Development Bank To Increase Co-Financing In Latin America, With Special Emphasis On Climate Change Mitigation, Mondevisione, May 15, 2008 (Mondovisione website) - In their meeting in the context of the Lima Summit, IDB President Luis Alberto Moreno and EIB Vice-President Carlos da Silva Costa decided to further engage both Institutions in joining their financial efforts to scale-up projects and support European investments for development throughout the region.

• Haiti MPs reject new PM candidate, BBC News, May 13, 2008 (BBC News website) - The nominee, Ericq Pierre - an official with the Inter-American Development Bank - lost a vote of approval by 51 to 35.

International Monetary Fund (IMF):

• Juncker calls for single IMF seat for eurozone, EU Business, May 15, 2008 (EU Business website) - Eurogroup head Jean-Claude Juncker on Thursday urged French President Nicolas Sarkozy to push for a single eurozone seat to be established at the International Monetary Fund (IMF).

• IMF: Inflation a threat to Iran's economy, PressTV, May 13. 2008 (PressTV website) - The International Monetary Fund sees inflation as the most important challenge facing Iran's economy, which has been robust in recent years.
• Turkey completes its second succesful IMF deal, Hurriyet English, May 10, 2008 (Hurriyet English website) - Turkey has signed 19 stand-by deals with the fund so far, but it could only finalize the last two deals with success, economy bureaucrats said on Sunday.
• IMF okays final Turkey loan review, no word on plans, Reuters, May 9, 2008 (Reuters website)

World Bank:

• World Bank OKs $232-M road program loan by Doris Dumlao, Philippine Daily Inquirer, May 15, 2008 (Philippine Daily Inquirer website) - The World Bank has agreed to proceed with a controversial road funding program for the Philippines after tighter safeguards were put in place to prevent a recurrence of alleged collusion and bid-rigging that jacked up road contract costs by as much as 30 percent during the earlier phase of the project’s implementation.

• World Bank 'Destroyed Basic Grains' in Honduras by Alison Fitzgerald, Jason Gale and Helen Murphy, Bloomberg News, May 14, 2008 (Bloomberg website) - In return for loans from the World Bank, Honduras became one of dozens of developing nations that abandoned policies designed to protect farmers and citizens from volatile food prices.

• World Bank shifts HIV/AIDS focus in Africa by Lesley Wroughton, Reuters, May 14, 2008 (Reuters website) - The World Bank unveiled a four-year strategy to fight HIV/AIDS in Africa that shifts focus from emergency response to long-term developmen

• IFC to advise Maharashtra on infrastructure development, The Economic Times, May 13, 2008 (The Economic Times website) - IFC, a member of the World Bank group, will advise Maharashtra Urban Infrastructure Development Company (MUIDCL) on developing public-private partnership projects in various infrastructure sectors to boost economic growth.
• Lost in Translation: How to Transform Good Intentions into Poor Policy and Ensure a Climate Crisis (A Primer by the World Bank), Center for Global Development blog, May 12, 2008 (CGD website) - Center for Global Development's blog on the World Bank's Climate Investment funds.
• Ecuador wary of World Bank arbitration in Occidental case, Associated Press, May 10, 2008 (Google News)