The World Bank has just finished consultations on a new strategic framework for its climate change work (Development and Climate Change: A Strategic Framework for the World Bank Group), which has one common thread: a massively increased role for the Bank. Yet there is little reflection on the reasons why the Bank's record in this area is so poor, as detailed by a number of recent reports.
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Fiscal space refers to the amount of freedom governments have to control both their revenues and their expenditures. At the mid-way point for achieving the Millenium Development Goals (MDGs), it is clear that meeting them will require governments to undertake social spending that makes use of both domestic revenue and foreign aid. Countries require the space to develop appropriate fiscal frameworks to raise and allocate revenue, but the IMF may be restricting their ability to do this.
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The Bank of the South: An alternative to the IFIs?
The current architecture based on the World Bank and IMF, among other institutions, has been criticised for turning financing into a mechanism for the imposition of economic policies on Southern countries. After much social resistance and the arrival of left-wing governments to power across Latin America, the necessary political momentum was created to launch financial regionalisation. However, differences of opinion over the direction of the Bank of the South may slow progress towards developing an autonomous alternative to the World Bank and IMF.
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The richness of the multistakeholder discussions held at the United Nations in New York under the auspices of Finance for Development office has been a space for discussion of these and other themes with some consensus as to what should change. The Doha challenge will be to have Governments approve the issues and go forward into a new world order rather than holding back to the memory of past power without taking into account existing new actors and trends.
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Economic growth does not necessarily mean development. Most countries in Latin America are considered middle income countries, but this doesn’t at all implies development, nor equality. On the contrary. It is important to fight poverty, but it is also important for us to talk about wealth redistribution. Otherwise development, growth and wealth become empty,
hollow concepts.
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INSouth embodies an understanding, from a South perspective, of the new and emerging issues in the international arena, and the challenges and opportunities they pose for the South.
Economy and Financial Affairs
- Fri Oct 10 2008
Preparations for the Week of Global Action Against Debt and IFIs
Global hunger and the growing impact of climate change are dramatic symptoms of the persistent problem of debt domination. In this sense, the second edition of the Week of Action will place special attention to the following demands: Food and financial sovereignty and climate and economic justice.
Source:
Debt Week
Economy and Financial Affairs
- Wed Oct 08 2008
Casino Crash: Critical radical thinking on the financial crisis
TNI has launched a new blog "Casino Crash" to provide a space for critical analysis of the financial crisis. The blog hopes to answer some of the core questions about the global financial crisis.
Source:
Transnational Institute
