Development Finance Watch - Issue 72

Eurodad Newsletter April 28, 2011 - Issue# 72   European Network on Debt and Development DEVELOPMENT FINANCE WATCH

 

Top Story » After the crisis: The state of EU development finance   This week the European Commission released the “EU Accountability report on Financing for Development” – an EC staff working document informally known as the “April Package.” Formerly entitled the “Monterrey Survey” – its original aim was to monitor the commitments made at the at the 2002 UN conference on Financing for Development in Monterrey – the report  analyses the progress made by the EU and its Member States to fulfil their commitments for more and better financing for development. read more      News» The World Bank and IMF wish you a (bumpy) global economic recovery at the Spring Meetings   The Spring Meetings of the International Monetary Fund (IMF) and World Bank (WB) took place against a backdrop of the global economic recovery, with the North African democratic revolutions and the Japanese nuclear crises at the forefront of everyone’s minds. Despite official optimism, the Communiqués from the Development Committee (DC) and the   International Monetary and Financial Committee ( IMFC) recognised ongoing “challenges to financial stability and sovereign debt sustainability (as well as) risks from higher commodity prices.”   Yet the Communiqués do not address key challenges to a smooth economic recovery.   read more   Report» Procurement, tied aid and country systems in Nicaragua    Procurement is a key activity of governments and aid agencies. Besides being a simple act of purchase, it is a development tool, translating development finance into developmental outcomes. Research by Eurodad has identified shortcomings in procurement practices of both developing countries and aid agencies as key constraints to making aid more effective.     read more    News» EU development funds doing more harm than good: EIB supports company that dodges taxes in Zambia   The EU must prove itself as a promoter of development, by ensuring that more funds flow from the North to the South rather than vice versa. The case of tax-dodging Zambian copper mining company Mopani, shows that money from the ‘EU bank’ – The European Investment Bank (EIB) – continues to find its way into tax havens.    read more   Blog» The shoe on the other foot: When Greece cancelled Germany's debt...   By Jürgen Kaiser, erlassjahr.de   Most Europeans agree that Greece’s only chance of regaining its fiscal and external sustainability is to enforce a "haircut" on its creditors, i.e. have its debt reduced by a substantial margin. Yet still, the German and other eurozone member governments insist that debt relief is not an option for Greece. The collapse of the common currency and the deterioration of behaviour on capital markets are just two of the horror scenarios given as reasons why creditors should be paid in full.   read more Blog» Letter from America   By David McNair, Christian Aid   Extreme turbulence and black clouds were the order of the day as I flew through a storm into Washington, DC. Ironic, then, that I was on my way to the institution tasked with picking up the pieces of the financial crisis and managing these turbulent economic times.   read more

What's New   Issue #72    April 28, 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! The deadline for civil society organisations wishing to attend the Fourth High Level Forum on Aid Effectiveness in November, in Busan, Korea, is May 8th. Click here for more information.  Ask the EU donors to scale-up budget support for poor countries Injecting development aid directly to government budgets is often more effective in pulling people out of poverty than funding a myriad of projects. But budget support is under threat. Send a letter to your minister and parliament asking them to scale-up budget support! QUOTE OF THE WEEK “Open and transparent public debate must be part of tax reforms discussions in developing countries. Too much is at stake for the poor to be locked out of the closed-door discussions that the IMF usually has with our Finance ministries.” Geoffrey Chongo, Jesuit Center for Theological Reflection (JCTR), Zambia. EURODAD IN ACTION María José Romero participated at the “Revenue Mobilisation and Development” Conference organised by the International Monetary Fund in Washington DC 17-19 April. Nuria Molina, and Jeroen Kwakkenbos attended the spring meetings of the IMF and the World Bank. During these meetings they engaged in advocacy and policy discussions with civil society and members of the IFIs.      FEATURED RESOURCE Development funds for the private interest? 10 Frequently Asked Questions, a briefing by Eurodad published in March 2011 is now available in Spanish.     FEATURED MEMBER The Berne Declaration is a Swiss non-governmental organization with 19,000 members. Through research, public education and advocacy work, it has promoted more equitable, sustainable and democratic North-South relations since 1968. EVENTS What: Global Gathering on "Debt and Austerity: From the Global South to Europe" When: 6th-8th May 2011 Where: Athens, Greece Follow link for programme and registration FACTS AND FIGURES In 1953, 22 creditor governments and institutions including Greece cancelled roughly half of Germany's 29.7 billion Deutsch Mark debt. Today, Greece is heavily indebted to Germany, but to date any write-off of the Greek debt seems unlikely. JOB VACANCIES WaterAid: There are currently many vacancies open at WaterAid's UK and regional offices. FYI - Link to PDF version available at the end of this email. 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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