Just eight weeks after IMF Managing Director Dominique Strauss-Kahn ventured the expertise of his organization to help the international community to “think outside of the box” on climate financing, the IMF staff has delivered: Print-fresh from Washington’s 19th Street comes a short, but content-heavy paper by two IMF economists on how an international Green Fund partially financed by climate-SDRs could be set-up with the goal of generating some US$ 100 billion per year by 2010. By Liane Schalatek
The good news: the IMF says it does not want to create, finance or manage the Green Fund — unless, of course, a G20 decision might force the institution to do it anyway… Alas, this seems at present quite unlikely, since apparently the IMF’s Board of Directors already rejected the proposal in a formal board meeting a few weeks ago ... ... this article will come up in WDEV 2/Mar-Apr 2010 and is for subscribers only. For direct log in >>> click here.If you have no subscription >>> pick your option or >>>
This week, the UN General Assembly (GA) will assess the Millennium Development Goals (MDGs) - their progress and gaps - and officially launch the intergovernmental discussion on a new, sustainable development agenda - perhaps to be encapsulated as sustainable development goals (SDGs).
Adjusting to the structural shifts in the world economy makes far-reaching changes in development strategies necessary. Against the background of a prolonged period of slow growth in developed countries, export-led development in the South is no longer viable, UNCTAD says.
The emerging economies in the BRICS group - Brazil, Russia, India, China and South Africa - urged the G20 to boost global demand and ensure that any changes in monetary policy are well flagged to minimize any disruptive "spillovers" that may result. The appeal reflected the concerns among developing nations over the prospect that the Fed will scale back its ultra-loose monetary policy, and a view that Europe is not doing enough to promote a demand-driven recovery. The BRICS also agreed to contribute $100 billion to a joint currency reserve pool.
The Economic Development in Africa Report 2013, subtitled "Intra-African Trade: Unlocking Private Sector Dynamism", says that efforts to date to spur jointly reinforcing economic growth on the continent have relied on a "textbook" and "linear" approach to regional cooperation that does not fit with Africa's situation.
The media attention for this tiny tax has been amazing, e.g. in the Wall Street Journal and in the Financial Times nearly every day last week. Those opposed to a financial transaction tax, or Tobin tax, have been pushing myths about in an attempt to discredit the tax.