There is danger that the aims and scope of the social principles (formerly the Social Code), which was proposed by Gordon Brown as a fourth pillar of the new international architecure, will be watered down to become simply a framework for the Bank’s social policy.
International Monetary Fund (IMF)
IFI governance
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Financial Stability Forum agreed
The G7 will establish a Financial Stability Forum (FSF) to improve the monitoring and regulation of financial markets.
IFI governance
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IMF social staff appointed
The UK Department for International Development is funding 2 social advisors to join the IMF’s Africa department to advise on the social implications of the IMF’s ESAF programmes.
Conditionality
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Brazilians protest spending cuts
Brazilian NGOs, trade unions, students and opposition parties protested outside the World Bank’s office in Brasilia against the government’s agreement with the International Monetary Fund (IMF) and the Bank’s decision to suspend loans to two state governments.
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Surveys show tough views on Bank and Fund
Respondents to two recent surveys revealed widespread continuing mistrust of Bank and Fund approaches.
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IMF “serious” about improving NGOs relations
Useful Contacts
Conditionality
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Brazil stabilisation means cuts for key donor projects
The IMF with multilateral banks and other donors has agreed a $41bn package to help Brazil fend off international currency speculators.
WB/IMF roles
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Bank is “not the IMF”
Bank President James Wolfensohn spent much of the Bank Annual Meeting distancing his institution from its sibling, insisting that it is not a “second level IMF” and does not provide bail-out funds.
Conditionality
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WB/IMF collaboration plans
In response to the external ESAF Review, the World Bank is to collaborate with the IMF in pilot projects in Nicaragua, Vietnam, Tajikistan, Ethiopia, Cameroon and Zimbabwe over the next 12-18 months.
IFI governance
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Transparency
The G7 has agreed to the G22 Working Group on Transparency and Accountability’s recommendation to establish a formal mechanism to evaluate IMF policies and programmes, but it is not clear what form this will take.
Finance
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Scaffolding for global architecture
In late October the G7 took limited steps to strengthen the international financial architecture, after the World Bank-IMF annual meetings ended with a plethora of proposals but no substantive agreement.
Finance
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ESAF-HIPC Link Attacked
Mr Jagdeo, Guayanese Finance Minister, has attacked the IMF for its lack of commitment to debt reduction and using the HIPC Initiative as a means of forcing countries to comply with ESAF programmes.
