The Bank of the South: An Alternative to the IFIs?
In early June, the Bank of the South moved a step closer to becoming a reality as the Ministers of Finance of Venezuela, Argentina, Paraguay, Brazil, Ecuador and Bolivia met in Buenos Aires to discuss its founding constitution. In addition to functioning as a development bank and a source of stabilization funds, the Bank is seen as a precursor to a regional monetary system. Just as significant is the Bank of the South’s role as an alternative to the World Bank and IMF, whose policies in Latin America have faced substantial regional criticism. In this respect, the Bank is seen as a valuable mechanism for re-asserting Latin America’s economic independence and political sovereignty.

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September 10, 2007

Ms. Karyn Keenan and Mr. Denis Tougas
c/o The Halifax Initiative
153 Chapel Street
Ottawa Ontario
K1N 1H5

Dear Ms. Keenan and Mr. Tougas:

Thank you for your recent letter, dated June 8, which was faxed to us and posted on the Halifax Initiative Web site.

December 20 2007

Mr. John Mihevc
Chair, Halifax Initiative Coalition
153 Chapel Street
Ottawa, ON KIN 1H5

Dear Mr. Mihevc:

Thank you for your correspondence of January 31, 2007 outlining recommendations for our Annual Report to Parliament on Bretton Woods Institutions. Your feedback helps maintain the Department of Finance’s high standard for accountability in managing Canada’s relationship with the International Monetary Fund and the World Bank.

May 22, 2007

May 15, 2007

FOR IMMEDIATE RELEASE

Urgent Recommendation to World Bank and IMF Executive Directors on the Leadership Selection Reform at the World Bank and the International Monetary Fund is backed by 170 signatures!

Contact: Jo Marie Griesgraber ♦ (202) 277-9390 ♦ jgriesgraber@new-rules.org

Colin Bradford ♦ (301) 580-9132 ♦ CBRADFORD@brookings.edu

Wolfowitz & World Bank in the spotlight over scandal
While the World Bank's executive directors have yet to make a decision on the future of president Paul Wolfowitz, calls for the former U.S. deputy defence secretary’s resignation are gaining momentum. The Bank’s Independent Evaluation Group (IEG), which assesses the degree to which the Bank's work meets its stated objectives, issued a formal statement described by the Financial Times as a “searing indictment of Paul Wolfowitz's leadership.”

On April 26th, NSI President, Roy Culpeper, and KAIROS Canada's Global Economic Justice Coordinator, presented their views on the issues raised by the Government’s annual report on the Bretton Woods Organizations (the International Monetary Fund and the World Bank) before members of the Standing Committee on Foreign Affairs and International Development (SFAIT).  The meeting was called by the Standing Committee in response to a request by the Halifax Initiative Coalition. 

PDF of full Report Card available here | Microsoft word available here

The Canadian Government, the World Bank and the International Monetary Fund:
A REPORT CARD on FINANCE CANADA’S 2006 ANNUAL REPORT to PARLIAMENT

Introduction
Every year at the end of March, the Minister of Finance tables the “Report on Operations under the Bretton Woods and Related Agreements Act”. The Bretton Woods Conference in 1944 established the World Bank and International Monetary Fund (IMF), and this report details Canadian priorities, commitments and interests over the past fiscal year at these institutions. The annual reports to Parliament are important tools for assessing the government’s actions within these institutions relative to its foreign policy and development objectives, and for informing Parliament and the Canadian public about Canadian priorities at these important multilateral fora. Canada is among a number of countries that report to Parliament on their activities at these institutions.