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FINANCE: NGOs Call for Radical Reforms as IMF Offers New Loans
By Jim Lobe

New undemocratic “Washington Consensus” won’t fix global crisis, state over 630 groups from 104 countries
International, October 29th, 2008 – The day before the United Nations (UN) meets to discuss its new high-level taskforce on the global financial crisis, chaired by Nobel Laureate Joseph Stiglitz, and two weeks before the US hosts members of the Group of 20 to address the same issue, a coalition of 630 organizations from 104 countries have issued a statement demanding a truly global response to the global crisis and laying out a set of principles for doing so.

For pdf, click here.

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The Hon. David Emerson
Minister of Foreign Affairs
Foreign Affairs and International Trade Canada
125 Sussex Drive
Ottawa, ON  K1A OG2  

October 10, 2008

Re.: Canadian priorities leading up to the Doha Financing for Development Review.  

Dear Minister Emerson:   

Bank pulls out of disastrous Chad-Cameroon pipeline

In early September, in a rare move, the World Bank pulled out of the $4.2 billion Chad-Cameroon pipeline due to ongoing tensions with Chad over oil profits the government had promised to spend on social programs. The exit was finalized when Chad prepaid the outstanding $65.7 m balance of its $140 m loan.

Déja vu on preferred options for Bank governance reform
Despite internal and external criticism about the superficial nature of governance reforms recently concluded at the IMF (see IU April and June 2008), the World Bank looks set to follow suit at the October Annual meetings with a series of disappointing proposals for increasing the voice of developing and transition countries (DTC) at the Bank.

August 28, 2008

Mr. Robert B. Zoellick, President
World Bank Headquarters
1818 H Street, NW
Washington, DC 20433

Dear Mr. Zoellick,

Re.: World Bank governance

That the world is at an historical crossroads is evidenced by the rise of powerful new global economies, financial crises in the US and Europe, the high prices for commodities most notably food and fuel, and the overwhelming climate change crisis. This reality has been recognized in numerous fora such as the recent Commonwealth Heads of State conference, which agreed that in the context of these global crises it is more important than ever to have ambitious reform of the international financial institutions.

Business and human rights - protect, respect and remedy
Last month, members of the United Nations (UN) Human Rights Council unanimously endorsed the policy framework identified in April by John Ruggie, the Special Representative of the Secretary-General (SRSG) on human rights and transnational corporations. The Council also extended Mr. Ruggie’s mandate for three years.

EDC Gives Nod to Human Rights Considerations
But the Jury is still out on whether the Crown Corporation has gone far enough.

By Lee Berthiaume

Introduction
In 1944, the Bretton Woods Conference established the World Bank and International Monetary Fund (IMF). Every year at the end of March, the Minister of Finance tables a “Report on Operations under the Bretton Woods and Related Agreements Act”. As of 2008, these annual reports provide a comprehensive introduction to the institutions and Canada’s place within them, an overview of Canadian priorities and actions in 2007, and Canadian medium- term priorities looking forward.

Since 1995, the Halifax Initiative Coalition (HI) has produced report cards on these annual reports to Parliament. These report cards drew attention to the perfunctory nature of the reports and the absence of any substantive content with respect to Canadian priorities, policies and positions on the various issues before the Bank and Fund. They evaluate the transparency and accountability of Finance Canada to parliamentarians for Canadian activities at the institutions, and propose a model, based on best practice, for enhancing the report.

EDC in the spotlight – beyond responsible to accountable
A statutorily-mandated review of the Export Development Act, the legislation that governs operations at Export Development Canada (EDC), is currently being conducted by the Minister of International Trade (see Just the Facts).