Development Finance Watch, Issue 120

This email is not displaying correctly? View it in your browser. Issue 120, 13 June 2013 Top Story IMF acknowledges failure of recent debt restructurings and proposes new reforms As the United Nations moves rapidly towards alternative proposals to sovereign debt work-out, it seems that the International Monetary Fund (IMF) does not want to be sidelined on the issue. A ground-breaking new IMF study acknowledges the failure of debt crisis management as we know it. Among the proposed solutions is a Fair and Transparent Arbitration Process, which Eurodad and our members have been campaigning for over many years. Read more  News Eurodad-Glopolis international conference closes on a very inspiring note  Eurodad’s biennial conference “Debt, finance and economic crisis: consequences and solutions” has been a very inspiring event. Co-organised with Eurodad member organisation Glopolis, last week’s Prague conference brought together leading civil society thinkers from around the globe working on issues ranging from debt, tax justice, aid, private finance, the International Financial Institutions (IFIs) and global monetary reform. Read more Blog Brazil’s ‘debt cancellation’ for Africa leaves more questions than it answers On 25 May Brazil announced the “cancellation or restructuring of up to $900 million of debt owed by 12 African countries though the details remain extremely unclear, including what this may actually be worth to African countries, and crucially what Brazil expects in return. Read more News European Parliament examines aid, but debate remains focused on the wrong issues  On 30 May, Eurodad gave evidence to a European Parliament hearing nominally on how the EU can deliver better aid, but in reality focused on the controversial trend towards ‘blending’ aid to subsidise or support private sector investments in developing countries. Read more  Lots of interesting resources   CNCD's report exposes tax injustice Debt and Development Coalition's WorldBank-IMF Watch 2013 SOMO's new research report : Should the Netherlands sign tax treaties with developing countries?  ÖFSE's report on Private sector development with a Eurodad contribution on the role of development finance institutions Briefing paper by Eurodad' s South Korean partner PSPD: The role of a financial transaction tax in sustainable finance Featured Member  Welcome to our new Eurodad member SOMO -Centre for Research on Multinational Corporations- based in the Netherlands. Quote "Most of the growth in GDP has been accruing to capital while the amount of GDP going to labour and wages is declining in 70-80% of the countries. This implies more debts and loans to maintain the population's consumption levels while excess wealth and savings is being invested in speculative financial activities which give super profits. To create a more stable economy you need a more equitable distribution of wealth". Mah Hui Lim's presentation at the Eurodad-Glopolis Conference Facts & Figures 119 countries are implementing austerity measures this year - of these, 89 are developing countries. Over the next two years, one out of every four countries is expected to cut their public expenditure to below pre-crisis levels. Average public spending cuts are deeper in developing countries than in developed countries. From Isabel Ortiz's presentation at the Eurodad-Glopolis conference based on a Review of Public Expenditures and Adjustment Measures in 181 Countries Eurodad in Action  Eurodad's Director Jesse Griffiths gave a presentation at a European Parliament Joint Hearing on How can the EU deliver Better Aid   Events What: IDAY conference on Education for all in Africa When: 20 June 2013 Where: ACP Secretariat, Brussels, Belgium What: Summer University of the Committee for the Cancellation of the Third World Debt When: 28-30 June 2013  Where: La Marlagne (near Namur), Belgium Vacancies Eurodad staff Eurodad seeks a Senior Research Analyst, a Communications and Funding Manager and a Research, Events and Communications Assistant. Check those vacancies WDM is looking for a Head of campaigns and policy ActionAid is looking for a Governance & Tax Justice Advisor based in Bangladesh Eurodad staff Maria Kozlowska is joining Eurodad on Friday 14 June as Research assistant, Events and Communications Assistant.   If you have any feedback on articles, content suggestions  for future issues or other thoughts, please write to: assistant@eurodad.org Eurodad is a non-profit organisation based in Belgium. For a list of Eurodad member groups across Europe, or to join, visit our website  Follow us on Twitter | Like us on Facebook | Forward to a friend  Copyright © 2013 Eurodad, All rights reserved.  Articles are available for re-use in other publications, as long as reference is made to the original source.  Mailing address: Rue d’Edimbourg, 18-26. Brussels 1050. Belgium  Unsubscribe from this list | Update your profile information