Development Finance Watch - Issue 71

Eurodad Newsletter April 7, 2011 - Issue# 71   European Network on Debt and Development DEVELOPMENT FINANCE WATCH

 

Top Story » Official Development Assistance 2010: Crash at the end of the tunnel Recently released figures from the Organization for Economic Cooperation and Development show that donor countries are way off track on delivering development aid. The European Union has collectively broken the promise it has given to the poor five years ago to provide 0.56% of Gross National Income as official development assistance (ODA). This milestone missed, a new era begins for aid campaigning. read more News » PRESS RELEASE: Civil society organisations sound alarm over World Bank plan to set up $1 billion private equity fund International civil society organisations are sounding the alarm over plans by the World Bank and other institutions to pour $200 million dollars earmarked for development projects into an opaque private equity fund without proper controls on how the money will be used. read more   News » PRESS RELEASE: IMF gold windfall should serve the poor The International Monetary Fund (IMF) board will meet this week to discuss how to use an extra $2.8 billion in windfall profits from selling 403.3 tons of gold. Fifty-eight leading global civil society networks are calling on the governments that control the IMF to direct the billions in windfall to cancel the debts of poor countries facing crises outside their control. read more News » Heading for the right choice? A professional approach to selecting the IMF boss In 2009, the IMF agreed to “adopt an open, merit-based and transparent process for the selection of IMF management”. However, the Fund has been publicly silent since the 2009 commitment. The impression that the rich governments which have run the IMF have dragged their heels on this enormously important issue is hard to avoid. read more News or Report» AFRODAD launches Responsible Borrowing Charter Just weeks before Eurodad launches its 2011 version of the Eurodad Charter for responsible financing, AFRODAD has published a Borrowing Charter seeking to guide and inform sovereign borrowers to improve the current weak administrative, institutional and legal procedures for loan contraction and public debt management systems.  read more Blog » Hooray! Permanent law against vulture funds in the UK! The UK Government has recently announced that it will make the Vulture Funds law permanent.   Vulture funds are speculative investors that seek to make profit by buying up 'bad' debt at a cheap price, then try to demand the full amount, often through courts. The law means that never again will these investors be able to make massive profits from developing countries’ debts in British courts – at least not the 40 most impoverished countries. read more News » Little progress achieved in G20 fight against tax evasion A report from Spanish observatory on foreign affairs from the  Fundación Alternativas, reveals that measures adopted by the G20 to fight against tax havens and tax evasion have not been implemented yet. The report entitled “The fight against tax havens and tax evasion. Progress since the London G20 summit and the challenges ahead”, proposes ways to put measures that have already been adopted into practice. read more Report » Driving the Getaway Car? Ireland, Tax and Development Six Ireland-based organisations, including three Eurodad members, have launched a report showing how p oor countries are being robbed of tax revenue, and Ireland is not doing enough to stop the theft. read more

What's New   Issue #71    April 7, 2011 ACTION ALERT Demand IMF profits go to the poorest The IMF board discusses how to spend $2.8 bn in extra profits from gold sales. A global campaign demands the profits are used for debt cancellation for poor countries. Take part, add your signature! Take action: Stop your governments from sinking money into private equity funds! Send a letter to your IFC Executive Director and ask them to stop IFC plans to channel $200 billion to a private equity fund. FEATURED MEMBER Plate-forme Dette & Développement Founded in March 2001 following the campaign “for the year 2000: let’s cancel the debt!” Plate-forme Dette & Développement brings together around twenty French organizations and trade unions. QUOTE OF THE WEEK “Vasts amounts of tax evaded and corrupt money is sitting in rich countries’ banks. Until the global community clamps down on tax havens, India won’t be able to recover much needed resources to fight against poverty”, Justice Venkatachaliah, India's former Chief Justice. EURODAD IN ACTION Øygunn Sundsbø Brynildsen spoke at the seminar “Perspectives from North and South on responsible financing” organised by SLUG and other Nordic NGOs in Oslo 6 April. Nuria Molina, Eurodad director, spoke on tax evasion and avoidance at a conference on governance and accountability in Delhi.    FACTS AND FIGURES  The IFC is proposing to invest $200 million into a private equity fund without proper controls on how the money will be used. EVENTS What: International conference on debt crisis and the IMF in Europe Organised by The Greek Initiative for a Debt Audit (ELE), Eurodad, Bretton Woods Project, CADTM and Jubilee Debt Campaign. When: 6-8 May Where: Athens Law School, Athens, Greece Invitations will be circulated shortly. Registration: debtcrisisconference@gmail.com What: Civil society events at the Spring Meetings of the World Bank and IMF When: 12-16 April Where: Washington DC, USA JOB VACANCIES WaterAid: There are currently many vacancies open at WaterAid's UK and regional offices. FYI Read the pdf version of this newsletter. If you have feedback on articles, suggestions of content for future issues or other thoughts, please write to: assistant@eurodad.org   FOLLOW EURODAD ON TWITTER!

 

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