imf

The IMF's Misguided New Mission

Rescued from a state of near-irrelevance by the world recession and an infusion of hundreds of billions of dollars (mostly from the US, Europe and Japan), the International Monetary Fund (IMF) is now thinking of expanding its role into previously uncharted territory.

In Istanbul for the annual meeting of the IMF, Dominique Strauss-Kahn, the managing director, said: "Given the

Posted in Economy/Trade, imf

Turkish Police Battle IMF Protesters in Istanbul

ISTANBUL - Turkish police used water cannon, tear gas and pepper spray today to disperse hundreds of demonstrators protesting against the annual meetings of the International Monetary Fund and World Bank.

Masked protesters shattered the windows of a McDonald's restaurant and banks and damaged vehicles as they ran into the streets behind Istanbul's landmark Taksim Square, which is less than half a mile from the complex where the financiers are meeting.

Posted in imf, protest

Student Reporter Whips Shoe at IMF Head

ISTANBUL - A student journalist threw a shoe at IMF Director Dominique Strauss-Kahn on Thursday and ran toward the stage shouting "IMF get out!" as the finance official answered questions at a university in Istanbul.

The white sports shoe missed the IMF chief and landed on the platform. Strauss-Kahn moved to the side but was not in any danger of being hit, and a security guard rushed to protect him.

Posted in imf, protest

Casino Capitalism as Usual

Last week's Group of 20 (G20) meeting in Pittsburgh brought together leaders from the most significant players in the global economy and charged them with renovating the financial system at the heart of the economic crisis. Change was on the agenda, and the heads of state claimed to deliver. As the summit concluded, The New York Times hailed the meeting's final statement as a momentous shift, reporting that "Leaders of G20 Vow to Reshape Global Economy."

Posted in Economy/Trade, G20, imf

G20 to Become Forum for Global Economic Cooperation

The Group of 20 is set to become the premier coordinating body on global economic issues, reflecting a new world economic order in which emerging market countries like China are much more relevant, according to a draft communique.

Leaders of the G20 developed and developing nations also agreed to make the International Monetary Fund more representative by increasing the voting power of countries that have long been under-represented in the world financial body, said the draft G20 communique obtained by Reuters.

Posted in G20, imf

IMF: Stop Funding Honduras

The IMF is undergoing an unprecedented expansion of its access to resources, possibly reaching a trillion dollars. This week the EU committed $175bn, $67bn more than even the $108bn that Washington agreed to fork over after a tense stand-off between the US Congress and the Obama administration earlier this summer.

Posted in imf, honduras

World Bank Loan Withdrawn From Brazilian Cattle Corporation

THE INTERNATIONAL Finance Corporation (IFC), private lending arm of the World Bank, has withdrawn a $90 million (€57 million) loan to Brazilian cattle industry giant Bertin, following complaints that it was using the money to expand further into the Amazon region.

"It is good news that the World Bank is withdrawing these funds, yet scandalous that it was feeding a company that causes Amazon deforestation and climate change in the first place," said Paulo Adario, Greenpeace Brazil's Amazon campaign director.

Posted in climate change, deforestation, imf, Brazil

Stealth Move in Washington Aims to Get $100 Billion for IMF Without Congressional Debate

"You don't have to do this." Those are the near-last words of several victims in the Coen brothers' classic film No Country for Old Men, as they try to convince the movie's unrelenting assassin that he should spare them. The assassin, played by Javier Bardem, finds this annoying, because in his mind these murders are pre-determined.

Posted in congress, imf, poverty

FOR IMMEDIATE RELEASE
April 23, 2009
1:18 PM

CONTACT: Institute for Public Accuracy (IPA)
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167

IMF and World Bank Meetings in Washington

WASHINGTON - April 23 - Finance ministers and central bankers from around the world are in Washington this week for semiannual meetings of the International Monetary Fund and World Bank.

DR. PETER BUJARI, via Blair Hinderliter

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A nationwide consortium, the Institute for Public Accuracy (IPA) represents an unprecedented effort to bring other voices to the mass-media table often dominated by a few major think tanks. IPA works to broaden public discourse in mainstream media, while building communication with alternative media outlets and grassroots activists.

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Posted in imf, inequality

FOR IMMEDIATE RELEASE
April 21, 2009
12:08 PM

CONTACT: Center for Economic and Policy Research (CEPR)
Dan Beeton, 202-239-1460

New Paper Finds IMF Lending Still Requires Harmful and Inappropriate Economic Conditions

WASHINGTON - April 21 - The Center for Economic and Policy Research (CEPR) released a new paper today that finds that the International Monetary Fund (IMF) is still prescribing inappropriate policies that could unnecessarily worsen economic downturns in a number of countries.

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The Center for Economic and Policy Research (CEPR) was established in 1999 to promote democratic debate on the most important economic and social issues that affect people's lives. In order for citizens to effectively exercise their voices in a democracy, they should be informed about the problems and choices that they face. CEPR is committed to presenting issues in an accurate and understandable manner, so that the public is better prepared to choose among the various policy options.

Center for Economic and Policy Research (CEPR) Links:

Posted in imf