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Eurodad Annual Conference 2007

Limiting the roles of the World Bank and IMF: towards alternative institutions for channelling finance
Drawing source: Global Policy Forum
Drawing source: Global Policy Forum

Project at a glance

Dates and Place

28 - 30 October 2007, Oslo, Norway

Organizers

Eurodad

Project details

The European Network on Debt & Development (Eurodad) is holding it's annual congress in Oslo this year. Eurodad is a network of European development NGOs working to change economic policies and ensure that poorer people have their say in decisions that affect their lives.

The theme of this year's meeting: "Limiting the roles of the World Bank and IMF: towards alternative institutions for channelling finance". There is again much discussion of the roles of multilateral organizations such as the World Bank and International Monetary Fund. They are criticised for being dominated by Northern governments, for imposing harmful economic policy conditions, for environmental devastation and for failing to respect local peoples' rights.

Proposals for alternative institutional arrangements have been advanced by civil society organisations, by thinktanks and by governments. These range from cutting or dramatically changing the roles of the International Financial Institutions to withdrawing from them and building up new ones such as the Banco del Sur (Bank of the South).

The International Financial Institutions (IFIs) have been weakened. Several Southern governments have recently pre-paid, withdrawn from or turned down lending from the institutions. They can do this partly because alternative sources of finance are now available to them. But other governments, particularly in Sub-Saharan Africa, do not have this option open to them at the moment. The Multilateral Debt Relief Initiative, agreed in 2005, also means that IDA's resources will be depleted and the future of the fund dependent on the willingness of donors to replenish it and to compensate the World Bank for lost debt service payments.

Volunteering Opportunities

Interpretation from and to English, French and Spanish; all expenses covered, including travel and accommodation.



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