IMF back in business, but still politically bankrupt
Even before US President George Bush announced plans for next month’s G-20 Summit on the financial crisis (see “Just the Facts”), International Monetary Fund (IMF) Managing Director Strauss Khan has been pushing for the IMF to be front and center in addressing the crisis. In a complete about-face from one year ago, Strauss Khan now sees the IMF not just fighting fires through new flexible emergency loan arrangements to address food, fuel and finance crises, but as a “global regulatory coordinator” or world central bank.

http://www.ipsnews.net/news.asp?idnews=44504

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.

The changing face of global development finance
In 2007 Brazil’s Development Bank issued loans worth more than double the entire World Bank portfolio. More than half of the increase in aid since 2002 comes from debt relief, rather than new funding commitments. What’s more, from 1995-2005, Africa saw no net increase in its development aid despite a 35% increase in commitments to global aid over that period. In 2007, China financed more infrastructure projects in Africa than all multilateral and bilateral donors combined. The Gates Foundation provides more funding for neglected developing country diseases than all of the Group of Seven. These were some of the facts that emerged at an HI conference on “The Changing Face of Global Development Finance - Impacts and implications for aid, development, the South and the Bretton Woods Institutions.”

February 29, 2008
The Honorable Ban Ki-Moon
Secretary General
United Nations
New York, NY

Dear Secretary General:

At the end of this year, governments of the world will meet in Doha, Qatar to evaluate progress in implementing the Monterrey Consensus. One of the critical elements of this consensus is the issue of external debt and its role in financing for development.

G8 Debt Proposal gains support at World Bank/IMF Annual Meetings
The World Bank and International Monetary Fund (IMF) have advanced a plan for cancelling debts owed by 18 low-income countries, at their September 23-25, 2005 annual meetings. The plan, first proposed by the Group of 7 (G7) Finance Ministers last June and then ratified by G8 (G7 plus Russia) heads of government at their July Summit in Gleneagles, Scotland, applies only to those countries that have graduated from the Heavily Indebted Poor Countries (HIPC) Initiative (See Issue Updates July and August 2005, respectively, for more). It would cover 100 % of their debts owed to the World Bank's International Development Association (IDA), the IMF and the African Development Bank's African Development Fund (AfDF).

TABLE OF CONTENTS
Submission

Appendix A

“Addressing Unsustainable and Illegitimate Debt—Strategic Options for Civil Society”

Ottawa Premiere of the award-winning documentary "Life and Debt"
A scathing indictment of economic globalization

Ottawa - Life and Debt, winner of the Critics Award at the Los Angeles Film Festival 2001, will be shown on the same day as the World Bank and the IMF meetings in Ottawa. Life and Debt offers a clear analysis of globalization and its negative impacts, focusing on the impacts of the World Bank and the IMF on Jamaica. Canada represents the World Bank and the IMF on the Board of Directors of both of these institutions.

This film is being shown by World Inter-Action Mondiale and Halifax Initiative following the November 17th Day of Action for Peace and Justice calling attention to the failures of economic globalization.

Roger Ebert, in a review of this film for the Chicago Sun-Times, wrote: "If you're curious about why the demonstrators are so angry, this is why they're so angry."

What: Human rights abuse, debt and mega-projects - The impact of corporate globalization and the Wor