Asian countries may be blocked from setting up an independent regional currency swap mechanism. This was intended to allow countries facing financial crisis to draw US dollars from one another’s foreign exchange reserves without involving the IMF. But the US government is now insisting that the IMF be allowed to set and supervise the conditions for the operation of this facility. A Third World Network statement says the move “would reduce the proposed facility to an appendage of the IMF” and called on Asian governments to ensure its independence.
World Bank & IMF in the news
This briefing explains how the IMF and World Bank have driven the financialisation of MENA states, and the pervasive negative effects this has had on the region’s societies and economies.
Joint civil society briefing paper highlights concerns with the World Bank’s Evolution Roadmap, and provides a series of recommendations for a Roadmap that prioritises people, participation and the planet over profit and economic growth.