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MARCH.09 REPORT Shielding the Poorest from the Global Crisis: How IMF Gold Sales Could Generate $10 Billion for Poor Country Debt Relief By Hayley Hathaway & Neil Watkins
Last year, the IMF's Board approved a plan to sell some of the Fund's gold to finance its administrative budget. This brief argues that in light of the unfolding global crisis, the IMF’s gold sales plan should be revised to reflect the new global reality and need. We propose that the IMF sell an additional, equivalent amount of gold to the amount already agreed by the Board for use for administrative costs, and devote the proceeds to a new “Debt Relief and MDG Trust Fund” for expanded debt cancellation. DOWNLOAD
MARCH.09 BRIEFING NOTE
The London G-20 Summit: The Global New Deal We Need By Neil Watkins
As G-20 leaders prepare to gather in London on April 2 for a major economic summit, they must place the impacts of the global crisis on the world’s poor firmly on their agenda. As they respond, they should act justly and avoid repeating mistakes of the past. This briefing note addresses concerns with proposals put forward by G-20 leaders and offers recommendations for alternatives. DOWNLOAD
OCTOBER.08 The Credit Crunch & the Debt Crisis
Jubilee Debt Campaign's timely report on the links between the credit crunch today and the debt crisis of the past. They write: "What's the difference between a credit crunch and a debt crisis? About $2 trillion worth of political will. Jubilee Debt Campaign's new briefing compares today's financial crisis with the developing country one that is still unresolved." DOWNLOAD
JUNE.08 BRIEFING NOTE SIX
World Bank Group Resources & Debt Cancellation
The World Bank notes in a recent report that the International Bank of Reconstruction and Development (IBRD) branch has a 'capital buffer' of $10 billion. The Bank assumes a 3% annual loan growth rate through 2028, an unfounded based on the steady decline in lending in recent years. Based on a more reasonable assumption of 0% loan growth, we estimate that the Bank could mobilize up to $11 billion from IBRD reserves, as well as an additional $500 million per year from its net income for a total of $17.5 billion from the IBRD that could be used for debt cancellation. An additional $5.9 billion could be mobilized from the International Finance Corporation (IFC) reserves and income transfers. In the paper, we outline the way that the Bank could mobilize up to $23.4 billion total of its additional resources by 2020 which could be used to cover the cost of expanded World Bank debt cancellation without compromising the Bank's operational capacity or financial strength. DOWNLOAD
APRIL.08 BRIEFING NOTE FIVE
Recent Developments On Odious & Illegitimate Debt
There is growing legal and political interest in the concepts of odious and illegitimate debt. Papers published by UNCTAD and the World Bank in 2007 highlight and discuss these concepts in depth. The U.S. government led a push for cancellation of Iraq’s debt, which highlighted the odiousness of the Saddam Hussein regime. Norway recently became the first government to unilaterally cancel specific debt claims on the grounds that the loans represented “failed development policy,” and Ecuador convened an official debt audit commission last year. This briefing note explores the latest developments on the issue of odious and illegitimate debt. DOWNLOAD
APRIL.08 BRIEFING NOTE FOUR
Vulture Funds & Poor Country Debt: Recent Developments & Policy Responses
The Jubilee USA Network, along with other groups worldwide, is monitoring the activity of vulture funds and working to publicize and curtail their activity. Vulture funds profit in sovereign debt by purchasing poor country debt in default at deeply discounted prices and suing for full repayment, undermining debt cancellation and aid efforts. This brief defines vulture activity, identifies countries at-risk, and names policy changes that could be made on the domestic and international levels to address the issue. DOWNLOAD
FEB.08 BRIEFING NOTE THREE
Are IMF/World Bank Economic Policy Conditions Undermining the Impact of Debt Cancellation?
Twelve years since the inception of the Heavily Indebted Poor Countries Initiative (HIPC) in 1996, the World Bank and IMF’s main debt relief program, the initiative suffers from serious flaws. Among these flaws are harmful economic policy requirements attached to both debt relief and lending. Given the growing international consensus on the need for greater policy space for impoverished nations and documented harmful impacts of specific economic policy conditions, Jubilee USA recommends that specific economic policy conditions should be removed from debt relief and new lending from the IMF and World Bank. DOWNLOAD
FEB.08 BRIEFING NOTE TWO
Recent Developments on IMF Gold Sales & Debt Cancellation
The IMF’s gold reserves are the third largest in the world after the United States and Germany. However, the IMF faces an annual deficit of $400 million in 2010 and needs new sources of income as the IMF’s traditional means of generating income has disappeared with many countries repaying their loans to the institution. The latest news is just the most recent in an ongoing discussion of whether and how the IMF’s gold reserves should be used, and for what purpose. DOWNLOAD
JAN.08 BRIEFING NOTE ONE
Expanded Debt Cancellation: A Key Tool to Fight Global Poverty
Debt relief works. But the reality is that even after the debt cancellation provided to date, the world’s most impoverished nations continue to send $100 million each day to the United States government, other wealthy nations, the IMF, the World Bank, and other creditors. It's time to extend the promise of debt cancellation to additional countries that require it to fight extreme poverty, provided these nations can demonstrate their ability to utilize released funds well. DOWNLOAD
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