Global financial organisations look to evolve
Published: 06 October, 2009, 10:34
Edited: 19 October, 2009, 09:26
TAGS: Investment, Regional development, Russia and the global economy, Finance
G8 finance ministers in Istanbul have agreed to give a bigger role to developing countries in the International Monetary Fund. But opinions are still divided over how to share influence at the World Bank.
The International Monetary Fund may become a global central bank with at least $1 trillion to support countries in crisis. That, at least, is the goal of its Managing Director, Dominique Strauss-Kahn, who said the organization has been given a new mandate to serve as global lender of last resort, while pointing to the need for funding for the World Bank.
“The question of the resources are solved for IMF at least for a while, and now the question which is at stake is to find enough resources for the world bank.”
But the IMF could also evolve in a different direction – as an arm of the Group of 20 industrialised and developing nations. Its twice-yearly meeting agreed a stronger voice for G20 countries in Fund decisions. Russian Finance Minister, Aleksey Kudrin, says it’s a step in the right direction
“It's a continuation of the G20 meeting. We talked about reforming the IMF – the key question was the increase in the share of the IMF capital for developing countries, as many think organizations like the IMF and World Bank represent only the interests of developed countries. But the developing markets which are a huge part of the global economy are not presented enough in top management and the capital of these institutions.”
The IMF gave a generally positive outlook for the world economy, forecasting growth next year of 3.1%. However it warned that rising unemployment and a weak banking sector could still threaten that recovery.
With that in mind, Russia may borrow, from the World Bank, between 2 and 4 billion dollars, and it is ready to make loans to smaller countries. Russian representatives held meetings with crisis-hit Serbia, Bulgaria, Ukraine and Iceland.
The agenda of the IMF and the World Bank in Istanbul reflects tension between the growing voice of developing nations – and the traditional role of global lenders. The head of the World Bank Robert Zoelick took a middle view – saying that as the US economy loses influence, the financial institutions may take on its leading role.
05.10.2009, 19:09
IMF upbeat on world economy as Russia holds up wellRussian delegations to major economic gatherings in Istanbul have taken the opportunity to sound out the World Bank on credit, while the IMF says Russia’s economy is well placed. |
06.10.2009, 11:34
Telenor and Alfa Group take the long road to a joint ventureOne of Russia’s longest corporate battles came to an end on Monday, with Norway’s Telenor set to merge its stakes in Vimpelcom and Kyivstar with those of Alfa Group’s telecoms arm, Altimo. |
Here’s a voice from a developing country, would one of you wonderful G8 leaders tell the bankers to stop milking South Africa so hard. It seems now that Russia and China are freeing themselves from central bank tyranny, these bankers are squeezing everythingl out of the Anglo American colonies. Whilst prices seem to be falling all over Europe and the world is generally experiencing deflation, we are experiencing massive inflation as the world banking thieves now milk us dry to compensate for Russia and China’s new found freedom. Food is up 30%, petrol just jumped another 40c, and we have just had a single massive hike of 30% on the electrical bill. They are raping us! South African Republic of Russia sounds about right to me, anything that will kill sharks is welcome.
I just have to follow this up, only possible because RT is the only free open and honest news station out there… The South African government, which owns our electrical supply, has just announced a tariff increase of, wait for it! Hold your breath… FIVE HUNDRED PERCENT They claim its because it’s a sudden amazing shortage of electricity in a country that has always been renowned for one of the best electrical systems in the world, but its really an evil Rothschild central banking scam coming through our PRIVATE central bank that pays our colonial PUPPET leaders to rape South Africa. Get this, the Aluminum mines are getting a 37% percent DECREASE. So our PRIVATE central bank that controls mines like De Beers, and Anglo American, are really just siphoning profits by raping the country’s people. There is no way South Africa will survive this puppet government… good bye South Africa… the European bankers have stabbed you in the back. Country for sale… help us get rid of these banking thieves, and the gold, aluminum and diamonds are yours, may as well have a civil war, it better than what these banking creeps are doing to us. Its actually amazing how the total mismanagement of Europe and the USA by these evil bankers of is now killing us too. The world needs to get rid of these evil bankers for good. South Africa wants its CENTRAL BANK back… the Yuan and Ruble will be a whole lot better than this criminal Dollar and Euro.