Bretton Woods Institutions

Briefing Note - Poverty Reduction Strategy Papers

To receive debt reduction through the World Bank and International Monetary Fund (IMF), low- income countries must prepare of a Poverty Reduction Strategy Paper (PRSP) to show how money freed up from debt servicing will be used to alleviate poverty. PRSPs describe the country's macroeconomic, structural and social policies and programmes to promote growth and reduce poverty, as well as outline associated external financing needs and major sources of financing. The World Bank and the IMF Board of Directors approve the PRSP produced in each country.

Monthly Issue Update - April 30, 2005

Halifax Initiative Analysis of Finance Canada Report to Parliament on Bretton Woods institutions
On the eve of the annual spring meetings of the World Bank (WB) and International Monetary Fund (IMF) in Washington, DC, the Halifax Initiative Coalition (HI) released a new report critical of how the federal government publicly reports to Canadians about its relations with the WB and IMF. The federal government is required, by an act of Parliament, to report to Parliament on the operations of the Bretton Woods institutions (BWI) annually. The government report for 2004 was released on March 22, 2005.

Report - Analysis of the Finance Report on BWIs - April 14, 2005

PDF of Full Report available here

Version Francaise PDF


Executive Summary
At the end of March annually, the Department of Finance releases its report to Parliament on the operations of the Bretton Woods institutions[1] and their relationship to Canadian priorities, commitments and interests. Canada is one of only a handful of countries that report to their legislative bodies on its activities at these institutions.

The 2004 report provides some good background information on the history, mandate and operations of the institutions. It falls short, however, of providing the qualitative and quantitative information necessary to provide Canadians with an adequate picture of Canada's relations with them. As this report is, effectively, the only means by which Parliament and the public is officially informed of Canada's relations with these institutions, the lack of information creates a serious gap in public accountability and awareness.

Press release - April 14, 2005

New Report to Parliament on Relations between Canada and the Bretton Woods Institutions Comes up Short

Ottawa - On the eve of the annual spring meetings of the World Bank and International Monetary Fund in Washington, DC, the Halifax Initiative Coalition released a new report analyzing how the federal government publicly accounts to Canadians on its relations with these powerful multilateral institutions.

Parliament is informed of the activities and operations of the Bretton Woods Institutions through the tabling of the annual report entitled the Report on the Operations Under the Bretton Woods and Related Agreements Act, which is released annually at the end of March.

Monthly Issue Update - March 31, 2005

Wolfowitz Nomination - Who's Afraid of the Big Bad Wolf?
On March 31, the World Bank's Board unanimously appointed Paul Wolfowitz as the next President of the Bank. Mr. Wolfowitz is the US Deputy Secretary of Defense, and is often cited as the key architect and advocate behind the invasion of Iraq in 2003. Citing his role as Ambassador to the US Embassy in Indonesia, the State Department, and the Pentagon, US President George Bush said Wolfowitz would bring experience to the position of President both as a "skilled diplomat" and experienced manager.

Monthly Issue Update - January 2005

Chirac Proposes International Taxes to Fight Poverty
French President Jacques Chirac, speaking at the World Economic Forum in Davos, Switzerland, called on all developed countries to substantially increase aid budgets to meet the Millennium Development Goals (MDGs). Taxes designed to skim some of the wealth generated by globalization include levies on crossborder financial transactions, taxing aviation and shipping fuel, environmental taxes and air travel charges.

Who's Minding the Store? - October 19, 2004

Executive Summary available here in pdf

Full Report available here in pdf

Halifax Initiative's new paper, "Who's Minding the Store? Legislator Oversight of the Bretton Woods Institutions" examines to what extent national legislatures maintain democratic oversight of the World Bank and IMF. The survey reveals that legislators are inadequately aware, unevenly informed and largely not consulted on issues related to the institutions. The democratic link to bind citizens and institutional decision-makers is therefore fragile, at best.

 

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