Posts Tagged: financial flows
For most of the worlds poorest countries, multilateral debt looms larger than other debts because of the IFIs status as "preferred creditors," as providers of core development and balance-of-payment loans.
The Overseas Private Investment Corporation (OPIC), a wholly owned government corporation established in 1971, provides taxpayer-backed loans, loan guarantees, and insurance to U.S. businesses for investments in "politically risky" countries.
The Export-Import Bank (Eximbank) is an independent U.S. government agency established in 1934 to create jobs through exports.
An alternative package of architectural reforms: Bretton Woods Light
As neoliberal policies foster greater privatization of the international financial system, countries must rely almost entirely on private financial flows to finance trade, to settle international accounts, even to meet domestic credit needs.
For the past decade, through both Republican and Democratic administrations, the U.S. government has promoted a model of free-market global capitalism that it claimed would benefit the great majority of people both at home and abroad. This model has failed.
Environmental concerns have been at the leading edge of a movement to reform the World Bank over the past 15 years.
After a decade of rapid growth, the international financial system is now plagued with extreme volatility and crisis.
Consistent with U.S. political interests to promote a private sector agenda, the World Bank has accentuated the private sector in its operations and highlighted financial support for the private sector in its own agenda in the last few years.
The agenda of the WTO, the implementation of its agreements, and the much-praised dispute settlement system all serve to advance the interests of developed countries, sidelining those of the developing countries.