KANANASKIS G7 SUMMIT ISSUE BRIEFS (June 2002): Extractive Industries and the Role of the World Bank
One of the most controversial areas of World Bank involvement is the financing of oil, gas and mining projects in developing nations. This brief describes World Bank involvement in these extractive industries, specifically the devastating effects of these projects on local people and the environment and the solutions put forward by nongovernmental organizations (NGOs) to correct these problems.
An information kit containing 11 factsheets discussing different issues related to the G8, including what is the G8 and he New Partnership for Africa's Development.
- Who we are [ 555 Kb ]
- Key Messages on NEPAD from Africa Canada Forum [ 1.9 Mb ]
- New Strategies, Old Loan Conditions: The Case of Uganda [ 1.4 Mb ]
- G7 Response to Financial Crises - Another Band-Aid [ 1.4 Mb ]
- What's shutout of the G7? - The Tobin tax and Mountains of Money for Development [ 2.6 Mb ]
The G7 drives the engine of neo-liberal globalization and controls the most powerful institutions of global finance and trade. It is impossible to speak of the impact of the G7 without discussing the impact of the Bretton Woods financial institutions: the World Bank and the International Monetary Fund (IMF).
KANANASKIS G7 SUMMIT ISSUE BRIEFS (June 2002):
What’s Shutout of the G7? – The Tobin tax and Mountains of Money for Development
Export credit agencies (ECAs) are public agencies that provide government backed loans and insurance to corporations.
A growing chorus of critics from around the world have increasingly questioned the efficacy of World Bank and International Monetary Fund (IMF)-promoted economic policy reforms. As a result, the two institutions renewed vows to fight poverty at their annual meetings in Prague 2000. Uganda is viewed as pivotal to the success of much-publicized efforts to reform the institutions and their policies. Over 41 countries are in the pipeline for the adoption of similar policies, but is Uganda a success?
Wealthy countries and the World Bank are forcing the privatization of public services and natural resources in Africa and elsewhere as a condition for development assistance. Impoverished countries are required to turn their public services and natural resources over to private owners. If they want the aid money, they have to sell off their oil, gas, mining, electricity, telecommunications, transportation and water companies. Investors say privitization brings efficiency; opponents say it hurts the poor.
The on-going debt crisis of developing countries is integral to the perpetuation of an unjust economic system, one that concentrates wealth and power in the hands of a few. EVERY SINGLE DAY in 1999, $128 million was transferred from the poorest countries to the richest in debt repayments. For every one dollar in aid to developing countries, more than seven dollars comes back to rich countries in the form of debt servicing.
Proposals for Bailing In the Private Sector: A briefing note