US debt campaigners are siding with the Bush administration against European leaders and other NGOs over a key source of finance for the world’s 79 poorest countries. Discussions on the pros and cons of providing grants instead of loans through IDA appear deadlocked (March 2002).
Gordon Brown’s recent speeches on a “New Deal” for the global economy have been generally welcomed, especially for their suggestions that aid budgets should be increased.
Disagreements between donors about how much grant money the Bank should give to the poorest countries has held up replenishment of the International Development Association (IDA), Bank’s soft-lending arm.
A new report compiled from workshops organised by Jubilee South, Focus on the Global South and other southern civil society groups claims structural adjustment logic and policies essentially remain unchanged in PRSPs.
The World Bank and anti-globalisation activists have now traded three rounds of demands and counter-demands since September this year.
This report by Jubilee Plus aims to raise debate on “the legal mechanisms” for making debt standstill mechanisms work.
18 December 2001 - In a surprise anouncement in late November the new number two at the IMF, Ann Krueger, has proposed that the IMF should support temporary debt standstills for indebted countries.
In late November the new number two at the IMF, Ann Krueger, proposed that the IMF should support temporary debt standstills for indebted countries.
Many eyes are now looking to see how Argentina will manage its financial and political crises.
An alternative proposal to debt standstill is to create larger bailout funds.