http://www.bicusa.org/en/Issue.9.aspx The latest news on Debt from the Bank Information Center 10 http://www.infodev.org/images/infodev.gif http://www.bicusa.org/en/Issue.9.aspx Fidanka Bacheva of CEE Bankwatch Network questions the European Commission's plan to be involved in supporting democracy in the Mediterranean region in light of the recent uprisings in the region. Many of her concerns about who EBRD and EIB's development efforts have tended to benefit in the past and who they will possibly benefit in the future can further be applied to the World Bank, which is also rethinking its engagement in the region. http://www.bicusa.org/en/Article.12395.aspx Tue, 29 Mar 2011 16:12:10 GMT http://www.bicusa.org/en/Article.12395.aspx As the world grapples with the ongoing disaster in Haiti, many are asking what went wrong in the once rich colony to leave it so vulnerable and impoverished. The Nation's Richard Kim looks at how structural adjustment loans from IFIs have exacerbated Haiti's woes, and how a new loan will continue the cycle. http://www.bicusa.org/en/Article.11730.aspx Tue, 19 Jan 2010 11:44:40 GMT http://www.bicusa.org/en/Article.11730.aspx The rich world fails to understand that loans to developing countries are not the answer to climate change. An avalanche of new loans to developing countries who are already repaying debts at a rate of five times what they receive in aid every year solves nothing. Even more troubling, the World Bank will oversee these loans - an institution at the very heart of carbon-fuelled growth and Third World debt. http://www.bicusa.org/en/Article.11632.aspx Mon, 16 Nov 2009 12:36:41 GMT http://www.bicusa.org/en/Article.11632.aspx http://www.bicusa.org/en/Article.11554.aspx Wed, 21 Oct 2009 11:32:15 GMT http://www.bicusa.org/en/Article.11554.aspx It was confirmed yesterday that Mexico will receive 1.504 billion dollars in financing for “encouraging green growth”; the loan will focus on economic strengthening and environmental programs. http://www.bicusa.org/en/Article.11553.aspx Wed, 21 Oct 2009 09:32:04 GMT http://www.bicusa.org/en/Article.11553.aspx The rapid recovery of the Brazilian economy could attract a disproportionate amount of foreign capital and further elevate the value of the real, the IMF warned today, recommending that the Brazilian government consider trimming their stimulus package. http://www.bicusa.org/en/Article.11521.aspx Tue, 06 Oct 2009 11:49:00 GMT http://www.bicusa.org/en/Article.11521.aspx Leading international institutions are working together to increase their collective impact and protect the economic and social gains achieved in the Caribbean over the last five years. http://www.bicusa.org/en/Article.11132.aspx Fri, 01 May 2009 15:15:38 GMT http://www.bicusa.org/en/Article.11132.aspx All the latest news from the IDB Annual Meetings taking place from March 27-31, 2009 http://www.bicusa.org/en/Article.11083.aspx Mon, 23 Mar 2009 14:27:57 GMT http://www.bicusa.org/en/Article.11083.aspx Only a year ago many governments in Latin America expressed their desire to separate themselves from the World Bank and IMF loans. But, because of pressing financial needs, many Latin American governments have been forced to consider accepting funds from multilateral banks. In many ways this change has hindered the creation of the Bank of the South. http://www.bicusa.org/en/Article.11064.aspx Tue, 10 Mar 2009 00:00:00 GMT http://www.bicusa.org/en/Article.11064.aspx In light of the current financial crisis and future needs in Latin America, the Inter-American Development Bank makes plans for capitalization. The proposed amount for the capitalization will be determined according to the recommendations of an IDB advisory group on the issue. http://www.bicusa.org/en/Article.11054.aspx Wed, 25 Feb 2009 00:00:00 GMT http://www.bicusa.org/en/Article.11054.aspx The governments of the United States and Peru have reached an agreement to reduce Peru’s debt payments in exchange for protecting Peru’s tropical forests. http://www.bicusa.org/en/Article.3921.aspx Tue, 21 Oct 2008 12:36:33 GMT http://www.bicusa.org/en/Article.3921.aspx Since the Chinese economy has taken off and it has increasingly looked to Africa to provide raw materials, the World Bank and IMF have been confronted with the question of how to respond. Recent statements by the institutions have shown that these responses are careful and at times contradictory. http://www.bicusa.org/en/Article.3877.aspx Tue, 19 Aug 2008 00:00:00 GMT http://www.bicusa.org/en/Article.3877.aspx On June 24, 2008, the Jubilee Act passed the U.S. Senate Foreign Relations Committee. The bill must now be considered and passed by the full U.S. Senate before it can go to the President and be signed into law. http://www.bicusa.org/en/Article.3831.aspx Wed, 25 Jun 2008 00:00:00 GMT http://www.bicusa.org/en/Article.3831.aspx Jubilee Act for Responsible Lending and Expanded Debt Cancellation Passes House of Representatives with Bi-Partisan Support; Senate Panel to Consider Issue April 24. http://www.bicusa.org/en/Article.3736.aspx Wed, 16 Apr 2008 17:07:56 GMT http://www.bicusa.org/en/Article.3736.aspx Read the special Spring Meetings edition of the Bretton Woods Update, co-produced with Afrodad, Bank Information Center, Choike, and Eurodad. The issue is also available in Spanish. http://www.bicusa.org/en/Article.3724.aspx Mon, 07 Apr 2008 20:18:31 GMT http://www.bicusa.org/en/Article.3724.aspx Jubilee USA Network heralded the passage by voice vote in the House Financial Services Committee of the Jubilee Act for Responsible Lending and Expanded Debt Cancellation (HR 2634). The legislation calls on the US Treasury Department to negotiate at the International Monetary Fund (IMF) and World Bank for an agreement for debt cancellation for up to 24 additional poor countries that need cancellation to meet the Millennium Development Goals (MDGs) but do not currently qualify for the current IMF/World Bank debt relief initiative. http://www.bicusa.org/en/Article.3721.aspx Fri, 04 Apr 2008 11:59:39 GMT http://www.bicusa.org/en/Article.3721.aspx Iraq’s renewed Stand-By Arrangement with the International Monetary Fund (IMF) includes macroeconomic policy reforms that may restrict fiscal space for public spending, particularly on the public wage bill. It also continues the deep involvement of international financial institutions in Iraq’s oil sector. http://www.bicusa.org/en/Article.3671.aspx Wed, 13 Feb 2008 00:00:00 GMT http://www.bicusa.org/en/Article.3671.aspx Size of debt to be repaid will depend on the size of the penalties for early repayment. http://www.bicusa.org/en/Article.3674.aspx Mon, 11 Feb 2008 15:03:39 GMT http://www.bicusa.org/en/Article.3674.aspx The World Bank President also spoke of the need to “speed up the process of clearing the arrears of countries that have fallen behind in payments to multilateral lenders.” http://www.bicusa.org/en/Article.3662.aspx Fri, 01 Feb 2008 10:09:09 GMT http://www.bicusa.org/en/Article.3662.aspx During a recent visit to China, Bank President Robert Zoellick appeared keen to assuage concerns that China’s massive loan packages to Africa could compromise recent efforts to reduce some African countries’ debt burdens. Zoellick also praised China for its decision to contribute for the first time to the World Bank’s International Development Association (IDA). http://www.bicusa.org/en/Article.3650.aspx Fri, 18 Jan 2008 10:11:39 GMT http://www.bicusa.org/en/Article.3650.aspx The International Monetary Fund (IMF) announced yesterday that it will write off Liberia's debt by securing $842 million from its own institutional reserves and donor country pledges. The move comes after the Fund endured heavy criticism in the international media last month for not following through on its commitment to Liberia, eighteen months after the country had met the IMF's stringent policy conditions. http://www.bicusa.org/en/Article.3568.aspx Tue, 13 Nov 2007 00:00:00 GMT http://www.bicusa.org/en/Article.3568.aspx On November 1, Jubilee South and other civil society organizations unveiled an open letter to the presidents of Argentina, Bolivia, Brazil, Paraguay, Uruguay and Venezuela calling for a sovereign, supportive, sustainable and integrated Bank of the South. http://www.bicusa.org/en/Article.3557.aspx Fri, 02 Nov 2007 00:00:00 GMT http://www.bicusa.org/en/Article.3557.aspx Controversial both inside and outside the institution, the International Monetary Fund's (IMF) strategy in low-income countries was debated at a recent panel that questioned whether or not the IMF should exit low-income countries. http://www.bicusa.org/en/Article.3518.aspx Tue, 02 Oct 2007 00:00:00 GMT http://www.bicusa.org/en/Article.3518.aspx The world's first debt audit commission began July 23 in Guayaquil, Ecuador. http://www.bicusa.org/en/Article.3453.aspx Mon, 30 Jul 2007 13:45:06 GMT http://www.bicusa.org/en/Article.3453.aspx The issues discussed at the second replenishment meeting in Maputo included the role of IDA in the global aid architecture and IDA's role in fragile states. http://www.bicusa.org/en/Article.3420.aspx Tue, 03 Jul 2007 17:09:05 GMT http://www.bicusa.org/en/Article.3420.aspx The UK Royal Court of Justice in London ruled that Zambia must pay Donegal International $15.4 million plus an undetermined share of Donegal's legal fees. Donegal purchased Zambia's debt for $4 million, then sued the impoverished nation for over $50 million. http://www.bicusa.org/en/Article.3280.aspx Tue, 24 Apr 2007 17:01:08 GMT http://www.bicusa.org/en/Article.3280.aspx A British court ruled that Donegal International, which paid less than $4m to buy off a Zambian debt valued at over $30m, is owed repayment from Zambia. The exact repayment total is undetermined, but estimated at about $20m – half the amount the country will receive in debt relief this year. Many are outraged at the ‘vulture fund’ for reversing the affects that debt relief should bring the impoverished nation. http://www.bicusa.org/en/Article.3172.aspx Thu, 22 Feb 2007 09:37:01 GMT http://www.bicusa.org/en/Article.3172.aspx Secretary of State Condoleezza Rice made the announcement on Tuesday, February 13, 2007, following civil society calls for the cancellation. http://www.bicusa.org/en/Article.3159.aspx Thu, 15 Feb 2007 12:05:34 GMT http://www.bicusa.org/en/Article.3159.aspx The World Bank President is trying to calm critics and raise money for the next round of International Development Association replenishment. http://www.bicusa.org/en/Article.3042.aspx Fri, 08 Dec 2006 16:25:52 GMT http://www.bicusa.org/en/Article.3042.aspx Debt relief for Bolivia, Guyana, Haiti, Honduras and Nicaragua will total between $2.1 and $3.5 billion. http://www.bicusa.org/en/Article.3026.aspx Tue, 21 Nov 2006 16:37:24 GMT http://www.bicusa.org/en/Article.3026.aspx BIC and partners challenge World Bank and US Government controversial support of Big Oil in November 14 Financial Times advertisement. http://www.bicusa.org/en/Article.3014.aspx Mon, 13 Nov 2006 23:35:29 GMT http://www.bicusa.org/en/Article.3014.aspx The country will cancel $80 million in illegitimate debt owed by Egypt, Ecuador, Peru, Jamaica and Sierra Leone. http://www.bicusa.org/en/Article.2970.aspx Fri, 06 Oct 2006 12:52:21 GMT http://www.bicusa.org/en/Article.2970.aspx On April 21 World Bank president Paul Wolfowitz announced that the institution had secured enough votes to approve the Multilateral Debt Relief Initiative (MDRI) for 17 countries worth $37 billion over the next 40 years. http://www.bicusa.org/en/Article.2746.aspx Mon, 24 Apr 2006 17:43:01 GMT http://www.bicusa.org/en/Article.2746.aspx On March 28 the World Bank's Board of Directors approved the details of the institution's participation in the Multilateral Debt Relief Initiative (MDRI). Scheduled to take effect beginning July 1, the MDRI will cancel the debts of 17 countries to the World Bank's International Development Association (IDA). The cancellations are expected to total more than $37 billion over the next 40 years. http://www.bicusa.org/en/Article.2703.aspx Thu, 30 Mar 2006 10:00:02 GMT http://www.bicusa.org/en/Article.2703.aspx Funding for debt relief, supported by G8 nations, produces questions about the International Development Association’s (IDA) ability to lend money to the world’s poorest nations in the future. http://www.bicusa.org/en/Article.2694.aspx Thu, 23 Mar 2006 13:55:15 GMT http://www.bicusa.org/en/Article.2694.aspx http://www.bicusa.org/en/Article.2480.aspx Wed, 09 Nov 2005 15:57:02 GMT http://www.bicusa.org/en/Article.2480.aspx African Jubilee South demands restitution, an end to debt and conditionalities http://www.bicusa.org/en/Article.2170.aspx Wed, 15 Jun 2005 12:32:02 GMT http://www.bicusa.org/en/Article.2170.aspx http://www.bicusa.org/en/Article.1986.aspx Tue, 15 Mar 2005 22:06:43 GMT http://www.bicusa.org/en/Article.1986.aspx