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Tag International Monetary Fund

Remittances under Threat

For poor countries, the value of remittances is enormous. Since 1996, remittances have been worth more than all overseas development aid (ODA), and for most of the past decade more than private debt and portfolio equity inflows.

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IMF says no money for Zimbabwe

The International Monetary Fund says that even if the Zimbabwean government makes economic reforms it will take at least three years before it can expect loans from international lenders.

The head of an IMF mission which has just visited Zimbabwe, Domenico Fanizza, said there were no quick and easy fixes to Zimbabwe’s economic problems and spoke of the need to deepen reforms. The IMF made it clear that Zimbabwe needed to create a friendly investment climate and mentioned in particular the need for clarity on the indigenisation policy. It added that the top priority was to reduce public sector employment costs.

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BRICS bankers confirm they will undergird – not undermine – Western financial decadence

Will the bloc’s policies and structures be deployed to fight the poverty, ecological destruction and climate change, privatisation and corruption, illicit financial flows and Resource Cursing associated with current global lending, or will they amplify these features?

The main point of the summit of leaders from Brazil, Russia, India, China and South Africa last week was host Vladimir Putin’s demonstration of economic autonomy, given how much Western sanctions and low oil prices keep biting Russia. In part this sense of autonomy comes from nominal progress made on finally launching the bloc’s two new financial institutions.

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Africa to benefit from China’s push for yuan as global reserve currency

China’s push for the International Monetary Fund to endorse its currency, the yuan or the renmibi as a global reserve currency to reflect the country’s growing share in world trade, could help shield Africa from inordinate exposure to the dollar.

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Will the New BRICS Bank Break with Traditional Development Models, or Replicate Them?

United Nations – Just days ahead of a summit of the BRICS group of emerging economies (Brazil, Russia, India, China and South Africa) in which the five countries are expected to formally launch their New Development Bank (NDB), 40 NGOs and civil society groups have penned an open letter to their respective governments urging transparency and accountability in the proposed banking process.

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Rejected ideas ‘could have aided developing countries’

Nairobi – Developing countries missed out on a chance to use novel 20th century development ideas to move their economies forward, says a distinguished African scholar.

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