27 February 2009
Read all the headlines concerning the international financial institutions from the past week.
African Development Bank:
African Development Bank willing to help Zim's recovery, by Bathandwa Mbola, February 26, 2009 (BuoNews) - The African Development Bank is prepared to set up a donor meeting with Zimbabwe to see what support is needed to enable recovery in that country. President of the African Development Bank Donald Kaberuka said this following a meeting of finance ministers from member-states of the Southern African Development Community (SADC) on Wednesday.
Asian Development Bank:
Asian Development Bank offers to double Pakistan's aid, February 26, 2009 (M&C) - The Asian Development Bank (ADB) on thursday offered cash-strapped Pakistan to double its annual assistance to three billion dollars during the incoming fiscal year staring on July 1, a senior official of the bank said.
Asia needs own monetary fund to stem crisis, ADB’s Kawai says, by By Keiko Ujikane and Tatsuo Ito, February 25, 2009 (Bloomberg) - Asia needs its own monetary fund to protect the region’s economies from capital flight as the global financial crisis deepens, according to the head of the Asian Development Bank’s research arm.
ADB chief seeks U.S. funding despite disquiet, by Raju Gopalakrishnan, February 25, 2009 (Reuters India) - The head of the Asian Development Bank was in Washington on Wednesday to seek U.S. support for additional funding, an official said, amid increasing questions from Congress about the functioning of the multilateral institution.
ADB release grant to provide climate change workshop for Asian journalists, February 24, 2009 (AHN) - The Asian Development Bank on Tuesday announced the release of $450,000 grant from its Climate Change Fund, to provide technical training and improve the knowledge of broadcast journalists reporting on climate-related issues.
Asian financial chiefs move to fight crisis, by Tom Johnston, February 23, 2009 (Washington Post) - East Asia over the weekend started flexing its collective muscle in the battle against the global economic slowdown, with the head of the Asian Development Bank saying he was confident his shareholders would triple the bank's capital and regional finance ministers committing an additional $40 billion to a regional liquidity fund.
ADB extends $940-M loans to RP in 2008, February 23, 2009 (ABS CBN) - In a recent report, the ADB said it approved $10.6 billion worth of sovereign and non-sovereign loans for 72 projects in Asia in 2008. The amount included $620 million sovereign loans for three Philippine government programs and $320 million non-sovereign loans for two local companies involved in energy projects.
Inter-American Development Bank:
Nicaragua seeks $300 mln IADB loan due to crisis, by Robert Campbell, February 26, 2009 (Reuters) - The Inter-American Development Bank (IADB) will consider Nicaragua's request for a $300 million loan to help it weather the global economic crisis, Nicaraguan President Daniel Ortega said on Thursday.
Crisis driving up loan demand in Latam - IADB chief, by Lesley Wroughton, February 23, 2009 (Reuters) - Demand by Latin American countries for Inter-American Development Bank loans could reach record levels in 2009 as the global financial crisis and U.S. recession reverberate across the region, the head of the regional lender said on Monday.
IDB approvals up +18% in 2008, by Richard High, February 23, 2009 (KHL news) - The Inter-American Development Bank (IDB) increased its loan and credit guarantee approvals by +18% last year to US$ 11.2 billion. Disbursements reached US$ 7.6 billion, almost US$ 500 million more than in 2007.
International Monetary Fund:
IMF urges agreement to double its resources, by Lesley Wroughton, February 26, 2009 (Forbes, originally Reuters) - The International Monetary Fund Thursday urged its member countries to double the lender's resources as the global economic crisis spreads and it predicts more countries will need financial aid.
Obama budget proposes increasing IMF quota amount by $8 billion, February 26, 2009 (EasyBourse) - The Obama administration will request an $8 billion increase in the U.S. quota to the International Monetary Fund, according to a budget proposal released Thursday.
IMF seeks temporary cash boost for crisis lending, February 26, 2009 (AFP) - The International Monetary Fund announced it will seek a temporary cash injection from members to boost its lending power to countries struggling with the global economic crisis.
IMF wants to "deepen" dialogue with Argentina, by Lesley Wroughton, February 26, 2009 (Reuters) - The International Monetary Fund is interested in resuming dialogue with Argentina, a fund spokesman said on Thursday, indicating ties may be thawing between Buenos Aires and the Washington-based lender.
Costa Rica seeks IMF stand-by facility to ‘bulletproof’ economy, by Jose Enrique Arrioja and Andrew J. Barden, February 26, 2009 (Bloomberg) - Costa Rica is seeking a stand-by facility of as much as $750 million from the International Monetary Fund to shore up confidence in the Central American country’s economy, Francisco de Paula Gutierrez, president of the central bank, said.
Crisis prompts calls to boost IMF reserves, By Annys Shin, February 24, 2009 (Washington Post) - A looming financial crisis in Eastern Europe is fast depleting International Monetary Fund reserves, fueling tensions between the wealthy but cash-strapped countries that have traditionally controlled it and emerging economies that have the resources to shore it up.
World Bank:
World Bank probe “damaged” Albania relations, by Gjergj Erebara, February 27, 2009 (Balkan Insight) - Albania’s Minister of Finance accused the World Bank on Friday of damaging their excellent relations with a probe by an independent investigative panel on a coastal management project that has embarrassed the conservative government of Prime Minister Sali Berisha.
The World Bank: guilty as charged, February 26, 2009 (The Economist) - Investigations have uncovered a sorry tale of incompetence, mismanagement, obfuscation and possibly worse...The imbroglio provides fresh fodder to critics of the bank who argue that it is slow, opaque in its decision-making and not sufficiently accountable to people its work affects.
The World Bank Group: Global Environmental Facility supports Armenia's geothermal energy development, February 26, 2009 (Trading Markets) - The World Bank's Vice President for Europe and Central Asia approved the Armenia Geothermal Energy Development project.
World Bank, EBRD to give East Europe $31 billion aid, by Agnes Lovasz, February 26, 2009 (Bloomberg) - The World Bank, the European Bank for Reconstruction and Development and the European Investment Bank will provide up to 24.5 billion euros ($31 billion) to help central and east European banks and businesses cope with the global financial crisis.
Power Grid seeks to borrow US$2bn from World Bank, February 25, 2009 (India Info Online) - Power Grid Corp is seeking to borrow as much as US$2 bn for its network expansion, according to a report. The grid operator, based in Gurgaon near New Delhi, may sign agreements with the World Bank for a US$1 bn loan by June.
UK attacks American grip on World Bank, February 24, 2009 (The Independent) - The United States’ stewardship of the World Bank should be ended and the institution given a major overhaul, Douglas Alexander, the International Development Secretary, will say today.
Nigeria: miners want disbursement of U.S.$120 million World Bank loan monitored, by Adetutu Folasade-Koyi, February 23, 2009 (All Africa) - Stakeholders in the mining industry under the auspices of Miners Association of Nigeria (MAN) have called on the Federal Government to immediately set up a committee that would monitor projects and disbursements connected with the $120 million World Bank loan sourced by the government for solid minerals sector in 2005.