IFI governance

Background

The impact of the BRICS’ Contingent Reserve Arrangement (CRA) and the New Development Bank (NDB)

11 October 2014

Sponsor: Center for Economic and Policy Research (CEPR)

Panelists: Mark Weisbrot (Co-Director, Center for Economic and Policy Research), Nancy Alexander (Director, Economic Governance Program of Heinrich Boell Foundation), Aldo Caliar (Director, Centre for Concern)

This panel will look at the potential impact of the new BRICS’ (Brazil, Russia, India, China, South Africa) driven institutions.  Can the CRA help prevent balance of payments crises in the coming years?  How can it manage to provide sufficient and timely balance of payments support and still have a low default rate, without imposing harmful conditions?  And how will the NDB choose investment projects that are socially beneficial?  What are the implications of these new institutions for the IMF and World Bank?

Nancy Alexander

  • Changing paradigm of investment, and civil society needs to catch up with that process
  • Many new initiatives, from within the Bank, role of BNDES, Latin American Development Bank (CAF), Asian Infrastructure Bank, and west feeling threatened
  • Interestingly two big new facilities are being launched, the World Bank’s Global Infrastructure Facility announced yesterday with a host of corporations – its intention is to serve the new development bank and thee AIIB and to get their noses into as much business as possible
  • If you read the new newsletter you can read much of these new initiatives
  • NDB (BRICS Bank) will have a one nation one vote system for the BRICS for up to 55% of the shareholding, developed countries 20% and other emerging and developing countries is 25%.
  • What kind of bank will this be? Any single country can have up to 7% leaving perhaps very little for developing countries
  • China will be the location, =India president, Russia as chair
  • South Africa will be the first regional hub
  • Initially the focus will be on regional pipelines of ‘bankable’ projects in Africa
  • This pipeline is representative of energy projects, the so-called PIDA
  • This represents a sweeping global consensus on number of sectors, but much of the clarity needed on what will be ultimate investments is absent
  • Governance rules remain unclear, and risk of little transparency, consultation/participation, and environmental and social safeguards. Best practice approaches on country and regional level remain nevertheless inadequate
  • Final note – the mechanisms by which much of the anticipated funds will be pooled has uncomfortable echoes with the lessons of the financial crisis
  • Notably the Evaluation of the PPPs done by the Bank and IFC – found no additionality from private sector involvement. No results were provided as the evaluations are done at project construction, not of subsequent impacts
    There is also no systemic discussion of contingent liabilities associated with PPPs. Everyone should understand that this is equivalent to external debt. Before the long-term investors and pension funds enter, the term de-risking is cited, e.g. guaranteeing pensioners’ and taxpayers money to the profits of the investors. An article from the Korea Development Institute shows how hundreds of PPPs left a legacy to our children to pay through the nose

Aldo Caliari

  • What are the implications of this nascent stage of significant
  • The statements at the launch of these institutions represent counter-narrative to the Western domination of the last 4 decades
  • What we see emerging is a challenge to that, and though on their own they may not reflect sizable institutions, their statements for example on tax contrast to many exercises still led by developed countries
  • The role of UNCTAD is interesting, having historically provided a counter-balance to the leading global institutions, having noted that a crisis was due to happen and has challenged paradigms on conditionality, on FDI, role for developing country policies, and yet it has been under pressure as its four yearly planning process whereby developed countries sought to reduce its budget, narrow its mandate (including to exclude it from examining sources of the global financial crisis).
  • BRICS cast its lot with UNCTAD
  • Human rights: another narrative monopolized by western countries who present themselves as custodians and champions of human rights, but if you examine what has occurred in the last few years, in terms of human rights negotiations in different for a – last June a proposal to create a treaty establishing human rights obligations on transnational corporations followed a report by Amnesty International it revealed that corporations can violate and continue to violate rights despite judicial processes
    In June a treaty was proposed to codify existing obligations on corporations – the number of western ‘champions’ of human rights voted for this treaty was zero.
  • The impacts of foreign debt on human rights in countries with excessive debt – these western champions voting to reform this system is typically zero.
    Hence these examples show the double standards in an existing hegemonic narrative
  • Regarding the post-2015 agenda – another area where developed countries have been promoting two big things.
    Firstly there is a common but differentiated obligation which they are trying to remove
    Secondly they have promoted that ODA is essentially dead though not in so many terms, arguing for changes to the manner in which ODA occurs and that it should be ‘modernised’ as part of an argument against public funding, and arguing that development objectives be fulfilled by investors, and insisting that developing countries embed frameworks for investment.
    Nancy just described what that means, removing frameworks of protection and so on.
  • The statements from Fortaleza set out the need to defend public assistance in the form of ODA and common but differentiated responsibilities.
  • Hence the BRICS are saying ‘we are here’ and represent a challenge to the norms of how to address questions, which is a very important statement geopolitically.
    The statements have a remarkable number of comments relating to individual countries, countless examples. The G7 communiques have also presumed to discuss concerns of other countries’ situations, and these statements by BRICS indicate their view that they are an alternative pole of power.
  • Though essentially diplomatic about the existing Bretton Woods institutions, the inference of what they have launched such as the CRA reflect a direct rebuke to the BWIs, including the unreformed governance of the IMF that has stalled in US Congress.
    They are ready to consider alternatives if the US does not move forward, though they are not explicit, and have fostered here this week very serious discussions about what that plan b represents. People are thinking very seriously about the current bilateral credit arrangements within the IMF but without requiring US approval, and necessitating a vote in each case of a different system, or perhaps de-linking the quota from the governance structures, which have historically always been together.
  • When discussing the World Bank it is even clearer, that they indicate the Bank’s strategy depends on more “democratic structures” and a host of other longstanding developing country positions
  • These institutions are going to be more open to leaving policy space intact, and move away from conditionalities, and this space will be nevertheless potential to create the necessary frameworks of human rights

Mark Weisbrot

  • Here in Washington there is not this sense that democracy should extend to the world, rather than states, and the acceptance is that in the foreign policy establishment (including the media) and elsewhere that the global governance system should remain a form of dictatorship
  • What has changed since the rules were written to favour rich countries (and their corporations) in 1944, at a time when the US was the only standing industrial power in the world
  • China is already in some measures larger than the US economy and this gap will only widen and in our lifetimes at that.
  • Changes will occur far more rapidly and irrespective of whether Lagarde tells Germany to spend more to end recession – the Germans certainly don’t care
  • IMF notably where it has influence directly still recommends austerity – it is post-modern, and the IMF says one thing and does the other and most of the media does not notice. IT is significant that their rhetoric has changed, but it won’t change the reality of what they do as the governance remains unchanged
  • The latest proposed changes move the vote of developing countries by 4% – the changes are cosmetic. China’s changes – with the largest economy and one sixth of the world’s population – with 3.6 % of the votes, while the UK has 4.3%.
  • The changes will not make a difference – it’s not the voting that matters, it hardly votes
  • Developing countries do not use the voice that they have in the IMF – hence the voting structure changes reflect a future project, but not in the foreseeable future.
    Why does this happen?
  • Look at Latin America – they have achieved independence in the last 15 years, having left IMF agreements and subject to a US-led influence over their economic policy via their institutions and the creditors’ cartel. This is a massive geopolitical change.
  • They fought losing battles within the OAS until they created their own organisation, without the US and Canada (CELAC). Similar press coverage was dismissive, but nevertheless CELAC states coordinate their position within OAS.
  • They’ve changed the structure of international relations so much that even US-sympathetic states taking collective positions antagonistic to the United States, such as Colombia has done
  • Change will probably not happen gradually and in a structured way
  • As Aldo said, it’s a germinal project and a possible moment of changes
  • In my opinion the CRA is the most important aspect of this set of institutions, as crises are often forgotten about until they re-occur. Will states in future be like Ukraine going to the IMF or have the freedom to suffer only a 1.5 year recession as the US was able to do by enjoying ownership of its own policy.
  • The BRICS are indicating that the US will no longer be in charge of crises states, if it is staffed by capable people and enjoys political
  • Note that CRA currently has a 30% provision limit requiring an IMF programme, which is disturbing – and reveals the problem of politics within those five states and whether to adopt a neoliberal or alternative path.

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IFI governance

Background

11 October 2010 | Minutes

Global economic governance

Notes of the seminar of annual meetings 2010

Conditionality

Background

8 October 2010 | Minutes

Civil Society Townhall Meeting with Robert Zoellick and Dominique Strauss-Kahn

Notes of the seminar of annual meetings 2010

Knowledge

Background

7 October 2010 | Minutes

Meeting between the UK IMF Executive Director Alex Gibbs , HM Treasury and UK civil society organisa

Notes of the seminar of annual meetings 2010

IFI governance

Background

29 April 2010 | Minutes

Future of the World Bank: major reforms or a series of minor adjustments?

Civil society event at the World Bank spring meetings 2010, 24 April

Infrastructure

Background

26 April 2010 | Minutes

Launch of Bank Information Center's (BIC's) model energy strategy

Civil society event at the World Bank spring meetings 2010, 24 April

IFI governance

Background

26 April 2010 | Minutes

A sustainable World Bank energy strategy: perspectives from various stakeholders

Civil society event at the World Bank spring meetings 2010, 23 April

IFI governance

Background

26 April 2010 | Minutes

Evaluation as a critical tool for accountability

Civil society event at the World Bank spring meetings 2010, 23 April

IFI governance

Background

23 April 2010 | Minutes

An IMF for the 21st century - the low-income country perspective

Civil society event at the World Bank spring meetings 2010, 22 April

Environment

Background

23 April 2010 | Minutes

Financing the response to climate change: special drawing rights (SDRs) for climate finance

Civil society event at the World Bank spring meetings 2010, 22 April

Infrastructure

Background

23 April 2010 | Minutes

Governance challenges in financing green and sustainable energy policies

Freidrich-Ebert-Stiftung event at the World Bank spring meetings 2010, 22 April

Infrastructure

Background

23 April 2010 | Minutes

Roundtable on post-crisis economic recovery

World Bank event at the World Bank spring meetings 2010, 22 April

Environment

Background

23 April 2010 | Minutes

World Bank, climate change and climate finance

Civil society event at the World Bank spring meetings 2010, 22 April

IFI governance

Background

9 October 2009 | Minutes

The IMF and protectionist trade policies: What does the record of the past 15 years tell us?

Seminar on the IEo evluation of IMF trade policy advice in Istanbul, 2 October 2009.

IFI governance

Background

8 October 2009 | Minutes

Financial sector policies in the crisis

Programme of Seminars session in Istanbul on 3 October 2009 with Zeti Aziz, Andrew Crockett, Christine Cummings, Sayed Sadeeq, and John Laker.

Environment

Background

8 October 2009 | Minutes

CSO Townhall meeting

Notes from the CSO townhall meeting with Dominique Strauss-Kahn and Robert Zoellick

IFI governance

Background

8 October 2009 | Minutes

IMF governance - CSO meeting with the IMF managing director

Minutes of a meeting between civil society organisations, IMF managing director Dominique Strauss-Kahn and IMF deputy managing director John Lipsky

Environment

Background

6 October 2009 | Minutes

Consultation meeting on World Bank environmental strategy

Summary of the first consultation on their new environment strategy, which they will develop next year.

IFI governance

Background

5 October 2009 | Minutes

The impact of financial regulation on developing countries

The impact of financial regulation on developing countries, World Bank Programme of Seminars, with Mingkang Liu, Joseph Stiglitz, and Alvir Hoffman.

Conditionality

Background

5 October 2009 | Minutes

The IMF: Change we can believe in?

The IMF: Change we can believe in? Notes of a civil society meeting in Istanbul. Speakers include Joseph Stiglitz, Andrew Kumbatira, Caroline Atkinson, and Bhumika Muchhala.

IFI governance

Background

5 October 2009 | Minutes

Future of the Global Financial System

Notes of part of a panel debate chaired by Martin Wolf of the Financial Times, Istanbul, 4 October 2009.

Finance

Background

4 October 2009 | Minutes

Report launch: Post-crisis growth in developing countries

Growth commission event in Istanbul.

IFI governance

Background

4 October 2009 | Minutes

The UN conference and the G20 summit

Minutes from The UN conference and the G20 summit, civil society policy forum discussion on 3 October 2009. Istanbul, Turkey

IFI governance

Background

4 October 2009 | Minutes

Critical debate on the World Bank and IMF

Summary of a presentation made by Professor Anwar Shaikh, the New School for Social Research, on "Monetary Policy and the Global Crisis"

IFI governance

Background

4 October 2009 | Minutes

Global economic governance roundtable

Summary of a discussion with German government representatives, Jomo KS of the UN and civil society organisations.

Environment

Background

27 April 2009 | Minutes

The World Bank's programs on forests and climate change

A civil society event organised by World Resources Institute (WRI) at the World Bank spring meetings 2009

IFI governance

Background

27 April 2009 | Minutes

Compliance Advisory Ombudsman review of standards for Bank’s private sector lending

Notes of a session with the CAO at the World Bank spring meetings, Washington, DC, April 22, 2009.

IFI governance

Background

25 April 2009 | Minutes

IMF crisis response- discussion

Notes of a meeting between the IMF and civil society organisations

Environment

Background

13 April 2008 | Minutes

Dialogue with NGOs and Lars Thunell, Executive Vice President and CEO, IFC

Dialogue with NGOs and Lars Thunell, Executive Vice President and CEO, IFC

Environment

Background

11 April 2008 | Minutes

Macroeconomic and fiscal implications of climate change and the policies to address it

A briefing by IMF economists at the spring meetings 2008.

IFI governance

Background

11 April 2008 | Minutes

Briefing on the World Bank's Six Strategic Themes

Minutes of a briefing by World Bank staff on the WBG's six strategic themese

Conditionality

Background

11 April 2008 | Minutes

IMF consultation in advance of the PSI review

Notes of a consultation between IMF staff and NGOs in advance of the PSI review

Social services

Background

10 April 2008 | Minutes

Structural conditionalities in the IMF: A discussion between the IMF, IEO, and CSOs

An upcoming civil society report demonstrates that IMF structural conditionality did not decline in the five years after the approval of the Fund's conditionality guidelines in September 2002, which were based on the principles of ownership and criticality in its application of structural conditionality, as well as to streamlining the number of conditions. Going on seven years, it seems that these guidelines have been more honoured in principle than in practice. A recent Independent Evaluation O

Finance

Background

26 October 2007 | Minutes

Macroeconomic aspects of aid scaling up and the role of the Fund

Highlights of a 21 October discussion on the macroeconomics of aid scaling up at the World Bank-IMF annual meetings 2007.

Conditionality

Background

26 October 2007 | Minutes

Wage bill ceilings, fiscal and monetary policies and absorbing aid inflows - updates and next steps

Highlights of a 20 October discussion on the the IMF's fiscal and monetary policy advice and conditionality for low-income countries at the World Bank-IMF annual meetings 2007.

IFI governance

Background

26 October 2007 | Minutes

Rethinking the governance of the IMF

Highlights of a 19 October discussion on the reform of IMF governance at the World Bank-IMF annual meetings 2007.

IFI governance

Background

26 October 2007 | Minutes

The role of low-income countries in IFI governance

Highlights of a 19 October discussion on the role of low-income countries in IMF governance at the World Bank-IMF annual meetings 2007.

Conditionality

Background

26 October 2007 | Minutes

The IMF's Policy Support Instrument: more flexibility or continued belt tightening

Highlights of a 21 October discussion on the IMF's Policy Support Instrument (PSI) at the World Bank-IMF annual meetings 2007.

Environment

Background

23 October 2007 | Minutes

Townhall meeting and reception with World Bank and IMF presidents and civil society representatives

Highlights of an 18 October 'town hall' meeting between WB-IMF heads and CSOs.

Environment

Background

23 October 2007 | Minutes

The agenda of the Development Committee and the provision of Global Public Goods

Highlights of a 20 October meeting hosted by the FES Foundation on global public goods, at the World Bank-IMF annual meetings 2007.

Infrastructure

Background

23 October 2007 | Minutes

Climate change and clean energy challenges and opportunities in addressing Africa's growing energy n

Highlights of a meeting at the World Bank-IMF annual meetings 2007.

Infrastructure

Background

23 October 2007 | Minutes

Low carbon, high hopes: making climate action work for development

Highlights of a 19 October meeting at the World Bank-IMF annual meetings 2007.

Environment

Background

5 October 2007 | Minutes

Highlights of BWI-UK network meeting with Douglas Alexander

Highlights of a 4 October meeting between NGOs in the BWI-UK network and secretary of state for international development, Douglas Alexander, addressing IFI strategic reviews, aid effectiveness, clean energy/climate change and a number of other issues.

Conditionality

Background

27 April 2007 | Minutes

IMF macroeconomic policies and the impacts on education budgets and teacher wages

IMF civil society dialogue, spring meetings 2007 (14 April 2007)

Conditionality

Background

27 April 2007 | Minutes

IEO Evaluation of the IMF and Aid to Sub-Saharan Africa

Civil society dialogue, spring meetings 2007 (12 April 2007) on the IEO Evaluation of the IMF and Aid to Sub-Saharan Africa

IFI governance

Background

27 April 2007 | Minutes

European CSO meeting with European IMF EDs

Incomplete minutes of European CSO meeting with European IMF EDs, 13 April 2007

Conditionality

Background

20 April 2007 | Minutes

Fiscal space and fiscal priorities: Infrastructure, trade and poverty

This panel discussion addressed the pros and cons of fiscal space for infrastructure when infrastructure is trade-related, what they mean for current proposals by the World Bank and IMF on fiscal space, and the importance of an assessment that looks jointly at the trade and financial aspects on the grounds of poverty reduction, development and environment goals.

Conditionality

Background

19 April 2007 | Minutes

Sub-Saharan Africa: Outlook and Challenges

Sub-Saharan Africa: Outlook and Challenges; IMF-civil society dialogue, 13 April 2007

IFI governance

Background

26 October 2006 | Minutes

Highlights of Hilary Benn meeting with UK NGOs

Highlights of semi-annual meeting between UK Secretary of State for International Development and UK NGOs. Topics covered include CSO access to annual meetings, conditionality, anti-corruption, odious debt, clean energy, education in LICUS, bank internal governance, IFC safeguards

IFI governance

Background

26 September 2006 | Minutes

Highlights of Tom Scholar meeting with UK NGOs

Highlights of quarterly meeting between UK executive director to the World Bank and IMF and UK NGOs. Topics covered include CSO access to annual meetings, IMF strategic review, conditionality, anti-corruption and education.

IFI governance

Background

28 June 2006 | Minutes

Highlights of Tom Scholar meeting with UK NGOs, Monday 26 June 2006

Highlights of Tom Scholar meeting with UK NGOs, Monday 26 June 2006

IFI governance

Background

9 May 2006 | Minutes

Policy issues in scaling up of aid flows

Highlights of a spring meetings dialogue hosted by the IMF on scaling-up aid, where senior Fund staff Peter Heller walked out.

Social services

Background

28 April 2006 | Minutes

Evaluating the impact of the PRGF: The cases of Ethiopia, Malawi, Tanzania and Zambia

Highlights of a civil society dialogue on the IMF Poverty Reduction and Growth Facility, at the World Bank spring meetings in Washington, 20 April 2006.

Infrastructure

Background

27 April 2006 | Minutes

World Bank dialogue on the clean energy investment framework

Highlights of a World Bank-organised dialogue on its new clean energy investment framework at the spring meetings in Washington, 24 April 2006.

IFI governance

Background

25 April 2006 | Minutes

Briefing on the implementation of new IFC performance standards

Briefing on the implementation of new IFC performance standards at the World Bank-IMF spring meetings in Washington, 20 April 2006.

Conditionality

Background

25 April 2006 | Minutes

Dialogue on national development strategies and the Millennium Development Goals

Dialogue on national development strategies and the Millennium Development Goals at the World Bank-IMF spring meetings in Washington, 20 April 2006.

Finance

Background

25 April 2006 | Minutes

Dialogue on Fund role in middle-income countries

Dialogue on Fund role in middle-income countries at the World Bank-IMF spring meetings in Washington, Thursday 20 April.

IFI governance

Background

6 October 2004 | Minutes

Grants or Loans? The Full Debate

The session considered the arguments surrounding the provision of grants or loans by IDA. It considered the recent call by President Bush for the World Bank and other development banks to provide more of their funds to the poorest countries as grants, in recognition of the pivotal role that grants play in providing prudent financing for pressing development needs.

IFI governance

Background

4 October 2004 | Minutes

CSO meeting with European Executive Directors

Note from meeting in Washington between European IFI network and European EDs as part of the civil society programme of the World Bank and IMF Annual Meetings 04.

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Analysis

Civil society still waiting for ‘IMF Spring’ to blossom

Civil society was out in full force during annual meetings challenging the IMF’s claims that it is reducing economic and gender inequality.

7 December 2017

IFI governance

Analysis

Annual Meetings wrap-up: Kim turns to bankrupt ideas, while IMF tries to undo inequality it doesn't admit it helped cause

BWP's analysis of this year's IMF and World Bank annual meetings; hopeful growth forecasts tampered by medium-term concerns, with US anti-multilateralism finally hitting Bank and Fund.

18 October 2017

IFI governance

Analysis

Development Committee communiqué analysis: Embracing the cascade in response to turbulent times

BWP analysis of the Development Committee Communiqué issued on 14 October, as part of this year's World Bank and IMF Annual Meetings.

18 October 2017

IFI governance

Analysis

IMFC communiqué analysis: Carpe diem, or else…

Analysis of the IMFC communiqué, issued on 14 October, from the 2017 World Bank-IMF annual meetings, Washington DC.

18 October 2017

IFI governance

Analysis

G24 communiqué analysis: “managing the impact of developments in the global economy”

BWP analysis of the G24 communiqué, issued on 12 October, from the 2017 World Bank-IMF annual meetings, Washington DC.

17 October 2017

IFI governance

Background

Great expectations: Is the IMF turning words into action on inequality?

Notes from the 2017 World Bank and IMF Annual Meetings session on the IMF's approach to inequality, 13 October.

13 October 2017 | Minutes

IFI governance

Background

Diagnosing governance challenges in the extractive sector: The Resource Governance Index and beyond

Notes from the 2017 World Bank and IMF Annual Meetings Civil Society Policy Forum session on the challenges of effective governance of the oil, gas and mining sectors in resource-rich countries.

12 October 2017 | Minutes

IFI governance

Background

Civil Society Townhall 2017

Notes and video from the 2017 World Bank and IMF Annual Meetings session of the Civil Society Town Hall, 11 October.

11 October 2017 | Minutes

IFI governance

Background

The challenges of financing infrastructure in developing countries through PPPs: A focus on contracts and laws

Notes from the 2017 World Bank and IMF Annual Meetings session on financing infrastruure in Latin America through PPPs. This session aims to discuss the main challenges pose by the widespread promotion of PPPs and its impacts in particular Latin American cases.

11 October 2017 | Minutes

IFI governance

Background

Funding energy access for the poor: Can the Bank meet the Challenge?

Notes from the 2017 World Bank and IMF Annual Meeting Civil Society Policy Forum session on energy access, 11 October.

11 October 2017 | Minutes