In January, social movement Popular Campaign to Drop Egypt’s Debts (PCDED) spoke out against the country’s military government agreeing to a $3.2 billion IMF loan. Their press release argues: “the current IMF loan for Egypt is an odious one as the current government does not represent the Egyptian people … even the donors realise that the current government is not a legitimate one”. The PCDED added that the IMF’s past involvement in Egypt “led to low living standards, high poverty rates, and deterioration of public services and human resources development”. The movement “insistently rejects getting any IMF loan and finds it necessary to identify better alternatives to cover Egypt’s current budget deficit.” In early February, the Egyptian authorities asked the World Bank for a $1 billion loan.
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In December 2013, the German Development Institute, Friedrich-Ebert-Stiftung and Bretton Woods Project, in collaboration with the G-24, hosted a high-level workshop in Berlin to foster an open exchange on the profound changes in the global economy and the implications for global economic governance and its constituent institutions and members.
Last year BRICS' leaders agreed to launch a BRICS development bank. Whether this is considered positive depends in part what questions are being asked. Sameer Dossani of ActionAid International highlights the flaws in the World Bank and IMF, analyses whether a BRICS Bank could be different from these institutions and proposes what it should do and what it should look like.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).