IFI governance

Background

Sovereign debt restructuring: options, obstacles and opportunities

11 October 2014

Sponsor: Jubilee USA, Uganda Debt Network, Centre for International Governance Innovation (CIGI), New Rules for Global Finance

Panelists: Eric LeCompte (Executive Director, Jubilee USA), Ezra Sumura (Chairman, Uganda Debt Network), Richard Gitlin (Researcher, CIGI), CHAIR: Jo Marie Griesgraber (Executive Director, New Rules), Sergio Chodos, IMF Alternate Executive Director (Argentina), Miranda Xafa, Senior Fellow, CIGI

The goal of this session is to share, discuss, and debate a variety of proposals and ideas for addressing sovereign debt crises. This session does not seek to promote any particular position or approach, but aims to stimulate, broaden and deepen the dialogue on sovereign debt.

Eric LeCompte

  • IMF has released 2 major papers and a minor paper at issues relating to global debt restructuring
  • One of the most exciting things about paper last year has been admission that debt restructuring approaches have been too little too late
  • Most recently on Monday a new paper reflects some lessons of the recent Argentina legislation to deter predatory behavior, though the focus was exclusively on contract based solutions.
  • Though a statutory approach was suggested by the IMF in the possibility of continued problems
  • G20 has now endorsed the market approach
  • This leaves $9 billion in outstanding unprotected debt stocks
  • Global policy makers are demonstrating a degree of urgency, also reflected in the UN General Assembly resolution which demands a need for ongoing work to address this question

Miranda Zafa

  • 2012 Greek debt restructuring – largest debt restructuring in history of sovereign defaults
  • €205 bn package, was too little too late for debt sustainability
  • 2 unique aspects, firstly thanks to its euro membership it may have been able to impose disorderly default or restructuring
  • Greece chose not to impose debt restructuring and instead retrofitted CACs to bond contracts, thereby triggering credit default swaps
  • The trigger to this massive restructuring was the revelation in October 2009 that the fiscal deficit was actually double what had been reported previously, the new government announced it would be 12.5% of GDP rather than 6% which the prior government had claimed
  • This triggered a cascade of credit downgrades all the way to junk by May 2010.
  • Greece’s first debt package in 2010 did not include a debt restructuring, which then was a requirement of the second package.
  • There was a heated debate as to whether restructuring should have come sooner, but it is true that a deep haircut that was on imposed on private bondholders (53.5%) would have been seen as unnecessary and coercive.
  • The delay, by Spring 2011, it was clear that the debt was unsustainable, but the discussion dragged on until 2012, which allowed the private sector debt to reduce and led to a higher public debt than would otherwise have been the case
  • The fear was contagion – hence the IMF provided a large bailout despite lack of high probability of debt sustainability.
  • The fear proved exaggerated – the key to addressing concerns is not delay, but a credible solution
  • Bailouts that do not address sustainability will fail to limit contagion – the reason why the IMF is proposing maturity expansions (essentially a standstill on payments)
  • The Greek experience demonstrated that an orderly default is possible in a monetary union with necessary firewalls
  • The two instances where credit spreads surged were not triggered by debt restructuring, but the failure of European leaders to agree a backstop of sufficient size (in the ESM), and the second time upon fears of Greek exit when the radical left wing party, Syriza, was considered likely to win the general election
  • Without a common backstop to keep borrowing costs low
  • Paper for CIGI on the dynamics of the Greek bailout and how private sector creditors benefitted from the delays in eventual restructuring, published in June.
  • The delay of a further year appears to me to be unjustified

Ezra Suruma

  • African countries have been subject to more debt restructurings than any other region, and many states went repeatedly to the Paris club of creditors, and in our case in Uganda it did not permit us to exit from the problem
  • Debt dynamics risk of hitting a 10 year high in 2014, and there is renewed concern about debt risks in African countries
  • On the demand side, there are vast needs for infrastructure and poverty reduction. External debt is necessary to meet these legitimate needs
  • Multilateral borrowing is insufficient and unattractive due to conditionality, pushing states to source borrowing needs from China and capital markets, therefore new bilateral creditors exist
  • The implications of this new type of structure of debt is that it is not clear what kind of restructuring we can look forward to in the coming years, especially as the debt situation is growing rapidly
  • Uganda’s rate of growth is thus extremely high
  • The conference discussed what we could do to prepare ourselves in the future
  • There is a great deal of concern about costly, protracted and uncoordinated restructuring if the coming years for this continent threaten to take us back to very painful experiences of the 1980s and 1990s.
  • The novelty is the entrance into international capital markets
  • Many states have been issuing Eurobonds in international capital markets, a new phenomenon that is happening in Africa. The cost was initially low, but interest rates are beginning to raise, which raises the likelihood of default due to higher interest rates
  • Ghana’s rate has grown to 10% from 7.5%
  • It’s not clear what arrangement Africa will have to face, I think we need help to enter this debate so that we are prepared, perhaps some pre-emptive action should be taken to stop them falling into severe crisis

Sergio Chodos

  • A distinctive aspect of Argentina’s case is that default occurred
  • A key factor of the subsequent solutions, such as the GDP kicker and growth resumption, is that solutions following default are distinct from efforts to avoid default
  • Restructurings are as the Fund agrees too little too late as a result of the efforts to avoid default  – the argument of countries welcoming and seeking to default opportunistically
  • The key of the issue in this case is the question of privileged treatment
  • The sanctity of contract in this case is on Argentina’s side
  • The consequence of this system is the socialization of losses
  • There is no relationship – as capitalism claims to sustain – between risk and yield

Richard Gitlin

  • There is no question we wait too long to fix a country, and when we do so, the job is inadequate
  • Solving the holdout problem wont’ solve that – it’ll simply ease the situation slightly when it’s already too late
  • The solution is to ensure the ability to impact a sovereign before this situation occurs
  • The effect of not addressing problems early the penalty is not imposed on markets but on people, who suffer
  • How can we create a system where we start early and effectively.
  • In 2002 I proposed a sovereign debt forum in Monterrey in 2002, given that the powers that be would hardly ever suggest a statutory system – as Anne Kreguers’ 2002 suggestion’s failure suggested
  • By having an independent organisation that is independent and not sovereign which comprises all the players, and we have it continuously available
  • The ambitious programme for a statutory approach was killed by the US Treasury
  • We at CIGI, Brett House and I, reviewed the sovereign debt forum proposal
  • This is an independent non-profit inclusive membership organisation so that weak or strong sovereigns, IMF, other players participate actively in order to fix countries that are in trouble or distress, and putting systems in place to do that.
  • There is nothing like that today, the IMF can’t, the IIF nor Paris Club shouldn’t. No independent organisation can say ‘we are just here to help’ currently, that is designed exclusively to focus on this issue
  • Why is too little too late always happening?
  • It’s political suicide to go to the IMF, to start a dialogue
  • Another reason is that a person, or CEO, would be selected that all parties would respect
  • Via discretion and informal dialogue most corporate scenarios are resolved and achieve far greater progress
  • Committees can be quite helpful, including in bringing people to the table
  • The third benefit is this: the IMF’s recent revamp of the DSA remains confrontational and controversial – an organisation such as this could provide an alternative review, given the high number of questions of interpretation
  • We need to build on our positive experiences, not just our negative ones, by having a permanent staff, though limited, would allow us to work to squeeze out of situations positive lessons
  • What we would like to do this year is to form the sovereign debt forum within the next 12 months
  • We’d like to see if we could get a board, get people, and get it started.

More background on this issue

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12 April 2022

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IFI governance

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11 April 2022 | Minutes

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IFI governance

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8 April 2022 | Minutes

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IFI governance

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7 April 2022 | Minutes

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IFI governance

Analysis

19 October 2021

Development Committee communiqué analysis - Annual Meetings 2021

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IFI governance

Background

19 October 2021 | Minutes

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IFI governance

Analysis

19 October 2021

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IFI governance

Background

19 October 2021 | Minutes

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IFI governance

Background

8 October 2021 | Minutes

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IFI governance

Background

6 October 2021 | Minutes

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IFI governance

Background

6 October 2021 | Minutes

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IFI governance

Background

4 October 2021 | Minutes

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IFI governance

Background

29 September 2021 | Minutes

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IFI governance

Background

25 March 2021 | Minutes

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IFI governance

Background

20 April 2018 | Minutes

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IFI governance

Background

19 April 2018 | Minutes

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IFI governance

Background

19 April 2018 | Minutes

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IFI governance

Background

19 April 2018 | Minutes

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IFI governance

Background

18 April 2018 | Minutes

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IFI governance

Background

18 April 2018 | Minutes

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IFI governance

Background

13 October 2017 | Minutes

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

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IFI governance

Background

12 October 2017 | Minutes

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

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IFI governance

Background

11 October 2017 | Minutes

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IFI governance

Background

11 October 2017 | Minutes

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

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IFI governance

Background

11 October 2017 | Minutes

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.

IFI governance

Background

10 October 2017 | Minutes

Measuring impact – an overview of IFC’s new approach to measuring development impact

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IFI governance

Background

7 October 2016 | Minutes

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IFI governance

Background

7 October 2016 | Minutes

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Notes from a side event at the IMF/World Bank 2016 annual meetings launching a new report on bonds issuance in Nigeria, Zambia and Ghana, followed by a panel discussion on government bonds as a debt issue.

IFI governance

Background

6 October 2016 | Minutes

The role of IFIs in assessing the impact of tax incentives and tax competition on inequality

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IFI governance

Background

6 October 2016 | Minutes

Stopping vulture funds through national anti-vulture laws

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IFI governance

Background

4 October 2016 | Minutes

Emerging Lessons from Indigenous Peoples’ Cases

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IFI governance

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6 October 2016 | Minutes

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IFI governance

Background

6 October 2016 | Minutes

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IFI governance

Background

4 October 2016 | Minutes

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IFI governance

Background

17 April 2016 | Minutes

IMF Fiscal Forum - International Taxation: Opportunities & Risks

IFI governance

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17 April 2015 | Minutes

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IFI governance

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17 April 2015 | Minutes

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IFI governance

Background

17 April 2015 | Minutes

Ebola debt relief – Implications and next steps

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IFI governance

Background

16 April 2015 | Minutes

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IFI governance

Background

16 April 2015 | Minutes

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IFI governance

Background

11 October 2014

Sovereign debt restructuring: options, obstacles and opportunities

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IFI governance

Background

11 October 2014

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

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IFI governance

Background

10 October 2014 | Minutes

UK civil society meeting with UK World Bank Executive Director Gwen Hines

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IFI governance

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10 October 2014

IFC Update on Dinant financing

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IFI governance

Background

10 October 2014

Discussion with the IFC/MIGA Compliance Advisor Ombudsman (CAO)

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IFI governance

Background

10 October 2014

From interim strategy to full country partnership: lessons from Myanmar

Notes of a meeting on Myanmar's transition to full country partnership at the World Bank/IMF annual meetings 2014

IFI governance

Background

9 October 2014

Financing for development: What actions are needed on debt and illicit capital flows?

Notes of a meeting on financing for development at the World Bank-IMF annual meetings 2014

IFI governance

Background

9 October 2014

Matching money and expertise: ensuring conflict sensitivity is top of the agenda for the bank's fragile state financing

Notes of a meeting on matching money and expertise at the World Bank-IMF annual meetings 2014

IFI governance

Background

9 October 2014

After SCOTUS: Next steps in sovereign debt restructuring

Notes of a meeting on sovereign debt restructuring after SCOTUS at the World Bank-IMF annual meetings 2014

IFI governance

Background

9 October 2014

IFC lending through financial intermediaries - a year on from the action plan, what have we learned?

Notes of a meeting on IFC lending through financial intermediaries at the World Bank-IMF annual meetings 2014

IFI governance

Background

8 October 2014

Governance and impact report 2014

Notes of a meeting on governance and impact report 2014 at the World Bank-IMF annual meetings 2014

IFI governance

Background

8 October 2014

Comparative analysis of social and environmental safeguards in IFIs

Notes of a meeting on comparative analysis of social and environmental safeguards in IFIs at the World Bank-IMF annual meetings 2014

IFI governance

Background

8 October 2014

Emerging markets in transition: growth prospects and challenges

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IFI governance

Background

8 October 2014

Making PPPs work

Notes of a meeting on how to make PPPs work at the World Bank-IMF annual meetings 2014

IFI governance

Background

7 October 2014

CSO roundtable with Executive Directors

Notes of CSO roundtable with Executive Directors at the World Bank-IMF annual meetings 2014

IFI governance

Background

7 October 2014

CSO land rights and resettlement

Notes of a meeting with CSOs on land rights and resettlement at the World Bank-IMF annual meetings 2014

Conditionality

Background

22 April 2014 | Minutes

Reforming IMF conditionality. Where do we stand?

IFI governance

Background

12 April 2014

An overview of the World Bank Group's new country engagement model

Conditionality

Background

12 April 2014

IMF recommendations to Arab countries in transition: Challenges & prospects

Finance

Background

11 April 2014

Financial tremors in developing countries: is another earthquake on the way?

IFI governance

Background

11 April 2014

What does real accountability mean in practice?

IFI governance

Background

9 April 2014

Mega-project mania?

IFI governance

Background

23 January 2014 | Resource

Recommended resources on the World Bank and IMF 2013

The best papers, books and electronic resources on the World Bank and IMF from 2013.

Rights

Background

14 October 2013 | Minutes

Review and update of the World Bank’s safeguard policies

Minutes from a side event with the World Bank safeguards team presenting an update on the review process during the World Bank/IMF annual meetings 2013.

IFI governance

Background

13 October 2013 | Minutes

Meeting president Kim’s pledge of “no dilution” for safeguards

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IFI governance

Background

13 October 2013 | Minutes

Continuing conversations with CAO

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IFI governance

Background

13 October 2013 | Minutes

World Bank Group strategy and reform process

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IFI governance

Background

13 October 2013 | Minutes

Why the Bank and Fund provide too little debt relief too late – and what can be done about it

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IFI governance

Background

13 October 2013 | Minutes

Is the European recovery finally under way?

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IFI governance

Background

13 October 2013 | Minutes

Subsidy reform in Arab countries: Reflection on IMF recommendations

New America Foundation civil society event on subsidy reform in Arab countries, held in the civil society forum of the 2013 IMF/World Bank annual meetings

IFI governance

Background

12 October 2013 | Minutes

Austerity and Inequality in Europe

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IFI governance

Background

10 October 2013 | Minutes

IMF consultation: CSO views on fiscal transparency policy

Minutes of an IMF consultation on fiscal transparency policy

IFI governance

Background

25 April 2013 | Minutes

Doing Business at the crossroads: ten years

Spring meetings side event hosted by the Center for Strategic and International Studies on 19 April 2013

Infrastructure

Background

23 April 2013 | Minutes

Colombia case study: results measurement and poverty eradication

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IFI governance

Background

23 April 2013 | Minutes

The private sector and poverty eradication

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Accountability

Background

22 April 2013 | Minutes

Bending the arc of poverty

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Accountability

Background

22 April 2013 | Minutes

Financial and housing crises, the Bank's safeguards and the right to adequate housing

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Accountability

Background

22 April 2013 | Minutes

The challenges of advancing sustainability at the World Bank

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IFI governance

Background

22 April 2013 | Minutes

From the Arab revolutions to global austerity trends

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IFI governance

Background

18 April 2013 | Minutes

After recent court decisions: how can sovereign debt workouts become fair, comprehensive and account

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Knowledge

Background

18 April 2013 | Minutes

Frameworks to support IMF policy advice to low-income countries

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Accountability

Background

18 February 2013 | Minutes

UK Civil Society Meeting with Minister of State Rt Hon Alan Duncan MP

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IFI governance

Background

13 October 2012 | Minutes

World Bank Inspection Panel at 19: Some Lessons for Safeguard Policy

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IFI governance

Background

13 October 2012 | Minutes

Think tanks: promoting local solutions, influencing global thinking

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Infrastructure

Background

13 October 2012 | Minutes

Post Fukushima: The Role of the Financial Sector in Energy Future

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Accountability

Background

12 October 2012 | Minutes

Doing business report rankings

This session will bring together experts from labour, development and business organizations to highlight issues and perspectives that need to be part of the review of these influential rankings.

Accountability

Background

12 October 2012 | Minutes

IMF consultation meeting on engagement with civil society: review and way forward

This session sought to gather CSO views, suggestions, and concerns on how to improve the current guidelines, including IMF consultation processes on policies, strategies, and Article. IV consultations

IFI governance

Background

12 October 2012 | Minutes

Citizen-Led Accountability at the World Bank Group: experiences of independent recourse mechanisms

This session aimed to gather CSO views, suggestions, and concerns on how to improve the current guidelines, including IMF consultation processes on policies, strategies, and Art. IV consultations.

IFI governance

Background

12 October 2012 | Minutes

Facilitating international adjustment through timely debt resolution

This session highlighted the perspectives of finance ministers, policy makers, and academics on the need to ensure timely, effective international adjustment in a manner consistent with sustained global growth and continued adherence to the system of open, dynamic international trade and payments constructed over the past 65 years.

Rights

Background

12 October 2012 | Minutes

World Bank safeguard review and CSOs approaches in their engagement

Interaction between the Bank and CSOs on the approach paper through this panel provided an opportunity for the Bank and CSOs to highlight areas of importance and provide input about the direction of the safeguard review.

IFI governance

Background

11 October 2012 | Minutes

The Role of the Independent Evaluation Group (IEG)

This session provided CSOs with the opportunity to have an exchange with IEG's Director-General and Senior Vice President on the role of the IEG.

Accountability

Background

11 October 2012 | Minutes

Global financial regulations and their Impact on major campaigns

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IFI governance

Background

11 October 2012 | Minutes

CSO Townhall with Jim Yong Kim and Christine Lagarde

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IFI governance

Background

11 October 2012 | Minutes

From country systems to DPLs: understanding the World Bank's approach to social and environmental ri

This session will discuss the strengths and weaknesses of the Bank’s approaches with respect to different financial instruments and evaluate the challenges of ensuring coherence in environmental and social sustainability outcomes across instruments.

IFI governance

Background

10 October 2012 | Minutes

Making global governance accountable: civil society experiences with 13 Institutions

This session discussed the conclusions reached on the global governance role of civil society by the Civil Society and Accountable Global Governance project.

Accountability

Background

3 August 2012 | Minutes

IFI re-engagement in Burma

Minutes of Burma and IFIs meeting, Washington DC, 18 April 2012

Accountability

Background

23 April 2012 | Minutes

EIR + 10

Minutes of afternoon sessions of extractives conference, Washington DC, 23 April 2012

IFI governance

Background

23 April 2012 | Minutes

2012 Tokyo Annual Meeting Planning Session

2012 Tokyo Annual Meeting Planning Session held on Saturday, 21 April.

Accountability

Background

21 April 2012 | Minutes

Lessons from IEG's Cluster Review of IFC-supported Extractive Industries Projects

Minutes of IFC and extractives meeting, Washington DC, 21 April 2012

Accountability

Background

21 April 2012 | Minutes

Safeguards in a Changing Landscape

Minutes of safeguards meeting, Washington DC, 21 April 2012

Finance

Background

20 April 2012 | Minutes

How can the IMF enhance its focus on growth and poverty reduction in LICS?

A civil society meeting held at the World Bank and the IMF hold their 2012 spring meetings in Washington DC on Friday 20th April.

IFI governance

Background

20 April 2012 | Minutes

Seminar - Time for a New Consensus: Regulating Financial Flows for Stability and Development

As the World Bank and the IMF hold their 2012 spring meetings in Washington DC this week, Latindadd and the Bretton Woods Project organised a seminar about regulating financial flows on Thursday 19 April.

IFI governance

Background

20 April 2012 | Minutes

Austerity in the Eurozone

Seminar at the Spring meetings 2012, 19 April 12

Infrastructure

Background

20 April 2012 | Minutes

Kosovo's options for a sustainable energy future

Minutes of presentation and discussion on Kosovo's options to develop a sustainable energy future, Washington DC, 20 April 2012.

Infrastructure

Background

20 April 2012 | Minutes

World Bank's Climate Investment Funds 4 years later

Minutes of meeting on the World Bank-housed Climate Investment Funds and the Green Climate Fund, Washington DC, 19 April 2012

Land

Background

20 April 2012 | Minutes

Agriculture and Food Security

Minutes of agriculture and food security meeting, Washington DC, 19 April 2012

Infrastructure

Background

20 April 2012 | Minutes

Climate change, energy access and sustainable development

Minutes of climate change and energy access meeting, Washington DC, 18 April 2012

Accountability

Background

19 April 2012 | Minutes

Supporting Social Accountability for Better Results

Minutes of World Bank Social accountability plenary, Washington DC, 19 April 2012

Accountability

Background

19 April 2012 | Minutes

Development Policy Lending (DPL) Retrospective consultation

Minutes meeting, Washington DC, 18 April 2012

Environment

Background

19 April 2012 | Minutes

IMF Consultation on Natural Resources Management and Taxation

Notes of meeting, Spring meetings 2012, Washington DC

Infrastructure

Background

26 September 2011 | Minutes

India's energy future: Consequences of India's coal rush and alternative energy scenarios

Notes of a panel discussion, Washington DC, 20 September 2011

Infrastructure

Background

26 September 2011 | Minutes

India's energy future: What role for the Bank?

Notes of meeting, Washington DC, September 21, 2011

Knowledge

Background

26 September 2011 | Minutes

Civil Society Strategy Meeting on the Doing Business rankings

Notes of a meeting, Washington DC, 21 September 2011

Environment

Background

26 September 2011 | Minutes

CSO Roundtable with Lars Thunel

Notes of a meeting, Washington DC, 21 September 2011

Environment

Background

26 September 2011 | Minutes

Safeguards and climate finance in Indonesia in the context of REDD+

Notes of meeting, Washington DC, September 23, 2011

Social services

Background

23 September 2011 | Minutes

Seminar - Gender Equality Matters: The Way Forward

Notes of meeting, Washington DC, September 21, 2011

Accountability

Background

23 September 2011 | Minutes

CSO Townhall with Robert Zoellick and Christine Lagarde

Notes of meeting, Washington DC, September 22, 2011

Infrastructure

Background

23 September 2011 | Minutes

Scaling up Climate Finance

Notes of meeting, Washington DC, September 22, 2011

IFI governance

Background

23 September 2011 | Minutes

Financial Transaction Tax implementation

Notes of a meeting, Washington DC, 22 September 2011

Finance

Background

23 September 2011 | Minutes

Real Aid

Notes of a panel discussion, Washington DC, 21 September 2011

Environment

Background

23 September 2011 | Minutes

Plundered nations?

Notes of a meeting, Washington DC, 21 September 2011

Accountability

Background

18 April 2011 | Minutes

Consultation on Program for Results (P4R)

Notes of meeting, Washington DC, April 16, 2011

Rights

Background

18 April 2011 | Minutes

Safeguards consultation, World Bank, 16 April 2011

Summary of consultation held at the World Bank in Washington, 16 April 2011

Accountability

Background

18 April 2011 | Minutes

IFC and Financial Intermediary Lending

Notes of meeting, Washington DC, April 15, 2011

IFI governance

Background

15 April 2011 | Minutes

How the Financial Stability Board Affects Development Prospects: Opening the Black Box

Notes of a meeting held in Washington DC, 15 April 2011

Finance

Background

14 April 2011 | Minutes

IFC's international development goals

IFC staff member discusses plans for goals to guide future work in private sector development.

Land

Background

14 April 2011 | Minutes

The regulation of excessive speculation in commodity markets: what's at stake

Financial experts critically discuss commodity speculation.

IFI governance

Background

13 April 2011 | Minutes

IMF triennial surveillance review

Notes of meeting, Washington DC, April 13, 2011

Finance

Background

13 April 2011 | Minutes

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

Notes of the seminar of spring meetings 2011

Environment

Background

12 October 2010 | Minutes

Energy, Poverty, Sustainability and Climate Change

Minutes of a seminar at the 2010 annual meetings, 8 October 2010

IFI governance

Background

12 October 2010 | Minutes

Held in reserve: can a new approach to monetary policy transform the global economic outlook?

Minutes of an experts seminar held on the sidelines of the 2010 Annual Meetings of the IMF, 7 October 2010

IFI governance

Background

12 October 2010 | Minutes

Investment lending reform

A briefing by World Bank staff on the investment lending reform, 9 October 2010

Knowledge

Background

11 October 2010 | Minutes

Post MDG Summit

Notes of the seminar of annual meetings 2010

IFI governance

Background

11 October 2010 | Minutes

Future of the global financial and monetary system

Notes of the seminar of annual meetings 2010

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

Accountability

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

Accountability

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

Accountability

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.

Accountability

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.

Accountability

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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IFI governance

Analysis

Spring Meetings 2022 Wrap-Up: Progress on key issues side-tracked by Ukraine invasion and BWIs’ own sense of drift

Spring Meetings conclude with frantic calls for stronger multilateralism, but few advances in key issues such as Covid-19 unequal recovery, debt, inequality and climate crises, while Russia participation prevents G20, G24 and Development Committee from releasing a communique.

26 April 2022

IFI governance

Analysis

G20 press briefing analysis – Spring Meetings 2022

The G20 released a press briefing focused on the effects of Russia's war in Ukraine and the increasing need for multilateralism amidst walkouts, rising debt levels around the world, a new World Bank pandemic preparedness model, and the approval of RST and other sustainable finance models.

26 April 2022

IFI governance

Analysis

IMFC chair statement analysis – Spring Meetings 2022

The IMFC issued a chair statement in place of a communiqué. It discussed a long list of challenges with focus on fallout from Ukraine invasion and climate change.

26 April 2022

IFI governance

Analysis

V20 calls for more equitable international financial system to tackle risks posed to climate vulnerable developing countries

The communiqué for the V20 highlighted multitude of crises facing climate-vulnerable developing countries, with continuing challenges posed by the Covid-19 pandemic and unequally felt climate change impacts now being exacerbated by the spillover effects from the Ukraine war.

26 April 2022

IFI governance

Analysis

G24 communiqué analysis – Spring Meetings 2022

G24 finance ministers called for urgent global action to mitigate the effects of rising debt levels in emerging economies, and rising global food, energy and commodity prices.

25 April 2022

IFI governance

Background

The IMF’s Resilience and Sustainability Trust: Can an IMF-managed SDRs trust deliver inclusive & sustainable recoveries?

Notes from the 11 April Civil Society Policy Forum - The IMF’s Resilience and Sustainability Trust: Can an IMF-managed SDRs trust deliver inclusive & sustainable recoveries?

14 April 2022 | Minutes

IFI governance

Analysis

Spring Meetings 2022 Preamble: War in Ukraine risks deepening divergent recovery as World Bank and IMF prepare for Spring Meetings

War in Ukraine will have significant spillover effects as Global South continues to carry the burden of vaccine inequity. Debt, austerity and evolving food crisis key talking points of Meetings while unequal recovery, gender, RST and surcharges key issues at CSPF.

14 April 2022

IFI governance

Background

Are we heading towards an austerity-based recovery?

Notes from Civil Society Policy Forum event on April 13, 2022 on "Are We Heading Towards and Austerity-Based Recovery?"

13 April 2022 | Minutes

IFI governance

Background

Towards a World Bank Private Sector Development Strategy that Puts People and Planet before Profit

Notes from Civil Society Policy Forum event on 13 April 2022 titled 'Towards a World Bank Private Sector Development Strategy that Puts People and Planet before Profit'

13 April 2022 | Minutes

IFI governance

Background

The IMF Gender Strategy - Making the Economy Work for Women?

Notes from Civil Society Policy Forum event on 13 April 2022 titled 'The IMF Gender Strategy - Making the Economy Work for Women?'

13 April 2022 | Minutes