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From Poverty to Power Green, Oxfam 2008 - weman

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NOTESFramework Paper drawn up between the government of Zambia and the IMFin 1990 and the two related Enhanced Structural Adjustment Facilities in 1991and 1995. The sequence of adjustment for Malawi is detailed in S. Devereux(1997). The first key commitment was in the second Structural AdjustmentLoan in the 1980s. In 1994 the country’s currency was devalued, leading <strong>to</strong> amassive increase in fertiliser prices, and all fertiliser subsidies were removed ayear later as a result of World Bank and IMF lending conditions. In bothcountries, the influence and responsibility of the major bilateral donors onthis issue was also very relevant, and particularly ‘the shortsighted and erraticactivities which characterise…what the major donors term as policy’(M. Blackie, personal communication).11 <strong>Oxfam</strong> International (2002) ‘Death on the Doorstep of the Summit’.12 <strong>Oxfam</strong> International (2007) ‘Blind Spot: The Continued Failure of the WorldBank and IMF <strong>to</strong> Fully Assess the Impact of their Advice on Poor People’.13 <strong>Oxfam</strong> International (2004) ‘<strong>From</strong> ‘Donorship <strong>to</strong> Ownership?’.14 Ibid.15 World Bank (2005) ‘Review Of World Bank Conditionality’.16 Seventeen of the 42 countries with IMF-supported programmes during2003–05 included a wage ceiling (D. Goldsbrough 2007). The IMF has nowintroduced a new policy that wage bill ceilings will only be used in ‘exceptionalcircumstances’, although it has failed <strong>to</strong> specify what such circumstanceswould be.17 J. Stiglitz (2006) op. cit.18 IMF, IMF Survey Magazine, 20 July 2007.19 See, for example, World Bank (2005) ‘Economic Growth in the 1990s:Learning from a Decade of Reform’, and R. Chambers et al. (2000) op. cit.20 N. Woods (2006) op. cit.21 Bret<strong>to</strong>n Woods Project,‘Just Say No: Vocal Rejection of Bank, FundIncreasing’, 2 July 2007.22 N. Birdsall and D. Kapur (2005).23 A. Banerjee et al. (2006).24 Y. Akyüz (2006).25 N. Birdsall and D. Kapur (2005) op. cit.26 D. <strong>Green</strong> (2003).27 Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral DebtRelief Initiative (MDRI) – Status of Implementation Report, September 2007.28 www.jubileedebtcampaign.org.uk/?lid=110329 ‘Nestlé And Ethiopian Government Reach Settlement’, Nestlé press release,24 January 2003.30 Jubilee Debt Coalition (undated) ‘Vulture Funds and Zambia’; C.F. Gueye et al.(2007).31 Full details from the Norwegian Development Ministry at:www.odin.dep.no/ud/english/news/news/032171-070886/dok-bn.html32 M.F. de Castro, University of Brasilia, author interview, 1998.33 Calculated from WTO (2006). The daily trade in more obscure financialproducts, such as derivatives, s<strong>to</strong>od at a further $1.2 trillion. Source:Bank of International Settlements, www.bis.org/publ/rpfx07.htm463

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