23 October 2008
Read all the headlines concerning the international financial institutions from the past week.
African Development Bank:
Africa's AfDB bank lends Tunisia $150 million, October 23, 2008 (Reuters website) - The African Development Bank (AfDB) said on Thursday it granted Tunisia a $150 million loan to finance an oil field project.
AfDB Organizes an African High Level Forum on International Financial Crisis, October 20, 2008 (all Africa website) - African Ministers of Finance and Central bank's governors will be gathering in Tunis, on November 12th, 2008, to discuss the international financial crisis and its potential impacts on African economies
AfDB approves 32 million dollars loan for Tema Power Project, October 17, 2008 (Joy Online) - The African Development Bank Group’s Board of Governors on Tuesday in Tunis approved a 32 million dollar private sector loan to Tema Osonor Plant Limited, a special purpose vehicle incorporated in Ghana to finance the country’s Tema Power Project.
Asian Development Bank:
NEDA approves $250-M loan from Asian Devt Bank, October 23, 2008 (ABS CBN News website) - The board of the National Economic and Development Authority (NEDA) has approved a $250 million loan from the Asian Development Bank (ADB) that will partly help plug the government's budget deficit.
ADB help for infra projects, October 21, 2008 (The Statesman website) - Multilateral lending agency Asian Development Bank (ADB) is helping India develop infrastructure projects that can attract private sector investment through the modality of public-private partnerships (PPPs).
Laos, Vietnam plan power line for hydro-electricity: ADB, October 20, 2008 (Thanh Nien News website) - Laos and Vietnam plan to build a cross-border power transmission line so Laos can sell hydro-electricity to its energy hungry neighbor, the Asian Development Bank (ADB) said Friday.
European Bank for Reconstruction and Development:
EBRD allocates $975 mln for Georgia in 2008-2010, October 23, 2008 (RIA Novosti website) - The European Bank for Reconstruction and Development (EBRD) plans to invest $975 million in Georgia in 2008-2010, the bank said on Thursday.
EIB cooperates with other IFIs to support development of Georgia, October 22, 2008 (The Financial website) - On October 22, in the framework of the Brussels Georgia Donors’ Conference, the European Investment Bank (EIB) has reaffirmed its intention to support, in close cooperation with the European Commission and other international financial institutions, investments to promote economic and social progress in Georgia.
EBRD says ready to help stabilise markets from crisis, October 20, 2008 (FX Street website) - The European Bank for Reconstruction and Development (EBRD) has told shareholders it is ready to help multilateral bodies such as the IMF to stabilise financial markets in countries where it operates.
No Pressure on Hire of Woman Tied to Strauss-Kahn, EBRD Says, October 18, 2008 (WSJ website) - The European Bank for Reconstruction and Development said Saturday the procedure under which Piroska Nagy was hired as an economist was normal, and that the International Monetary Fund hadn’t exercised any pressure during the process.
Inter-American Development Bank:
China joins Inter-American Development Bank, By Chris Kraul, October 24, 2008 (LA Times website) -Beijing could increase its profile and influence by financing projects in Latin America and the Caribbean.
Int'l financial institutions attempt to save Latin America,Caribbean from global economic crisis , October 19, 2008 (China View website) - International financial institutions are scrambling to help Latin America and the Caribbean region cushion the impact of the U.S. financial crisis which has already been felt across the region.
International Monetary Fund:
No Strings Attached, The Economist, October 24, 2008 (The Economist website) -- Until last week, the IMF had been embarrassingly absent from the financial turmoil. Instead, it was just embarrassed. Rather than discussing rescue packages for troubled countries, most of the talk had been over the severance package offered to a former lover of its managing director, Dominique Strauss-Kahn.
International Monetary Fund set to offer $1 trillion lifeline to developing world, By Suzy Jagger, October 24, 2008 (The Times Online website) - The International Monetary Fund believes that emerging countries will become the next victims of the credit crisis and is trying to force through a rescue package within a week to allow such economies to swap their own currencies for US dollars.
The Fund is back in town, By Alex Brummer, October 23, 2008 (New Statesman website) - The tough remedies of the IMF won it few friends and, in recent years, countries have found more obliging lenders. But now "the bank of last resort" is back - with its austerity packages.
Ukraine close to IMF deal as parliament stutters, October 21, 2008 (Kyiv Post website) - Ukraine is on the verge of gaining a loan from the International Monetary Fund, its prime minister said on Tuesday, but the ex-Soviet state's fractious parliament failed to debate measures needed to secure the deal.
Pakistan May Seek Bailout From IMF to Avoid Defaulting on Debt, By Khaleeq Ahmed, October 20, 2008 (Bloomberg website) - Pakistan may be forced to seek a loan from the International Monetary Fund to prevent default after foreign-exchange reserves plunged 74 percent, a government official said.
IMF Probes Chief Over Tie to Worker, by Bob Davis, October 18, 2008 (Wall Street Journal website) -- The International Monetary Fund has launched an investigation into whether its chief, Dominique Strauss-Kahn, abused his position in connection with a sexual relationship with a subordinate, in a case that could roil a key global institution at a crucial moment in the world financial crisis.
World Bank:
Nature Conservancy Named to Help Lead World Bank’s Forest Carbon Partnership Facility, October 23, 2008 (The Nature Conservancy website) - Despite global financial crisis, member countries donate more than $100 million to stop deforestation and fight climate change.
World Bank, Zambia agree $75.5 mln power deal, October 21, 2008 (Reuters website) - The World Bank agreed on Tuesday to a $75.5 million facility with Zambia to boost electricity generation and said the mineral-rich country required up to $2 billion to meet growing power demand.
World Bank finds future demand in global CDM market, By Mizri Moralde, October 21, 2008 (Energy Current website) - An official with the World Bank said the organization is looking at future demand for the Clean Development Mechanism (CDM) market in reducing greenhouse gas emissions beyond 2008.
World Bank gives Tanzania $160 million budget support, October 22, 2008 (Reuters website) - The World Bank has approved $160 million to support Tanzania's budget and to boost reforms in the transport and energy sectors, the bank said.
If World Bank Wants To Help Haiti, It Should Cancel Its Debt, October 20, 2008 (Indy Bay website) - Organizations working for healthcare, justice and economic stability in Haiti called on World Bank Group President Robert B. Zoellick to announce the unilateral cancellation of Haiti’s debt during his visit to Haiti on Monday, October 20. Haiti’s cash-strapped government currently sends the World Bank and the Inter-American Development Bank over $1 million per week to repay loans, over half of which were given to Haitian dictatorships.
Pulok Chatterji India’s next ED to World Bank, By Amitav Ranjan, October 20, 2008 (Indian Express website) - Prime Minister Manmohan Singh on Monday approved Pulok Chatterji’s name for India’s next Executive Director to the World Bank. Chatterji, Secretary to the Prime Minister’s Office, would join the Bank in February, just months before the general elections get due.
World Bank’s Climate Investment Funds: Dirty is Clean, By Andrew Burger, October 18, 2008 (Global Warming is Real blog) - A coalition of public watchdog groups earlier this month issued a scathing report criticizing the World Bank’s clean technology investments. The track record laid out in the World Bank Group’s “Climate Investment Funds” reports should immediately disqualify it from managing clean technology transfer and climate adaptation funds, according to “Dirty is the New Clean: A Critique of World Bank’s Strategic Framework for Development and Climate Change.”
Climate Investment Funds: Countries Selected for Governing Bodies, October 17, 2008 (World Bank website) - Representatives from donor and developing countries meeting in Washington have finalized their choice of countries to serve initially on the committees that will oversee decisions about investments and implementation of the newly created multi-billion dollar Climate Investment Funds (CIF).
World Bank's Programme Loans For Indonesia In 2009 To Increase, October 17, 2008 (Bernama.com website) - The World Bank has agreed to raise its programme loans for Indonesia in 2009 to US$1.9 billion from US$1.4 billion to plug a deficit in the 2009 state budget, ANTARA news agency reported quoting a minister as saying here.