International Financial Institutions

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ITUC/Global Unions’ Response to “Building Resilience and Opportunity: The World Bank’s Social Protection and Labor Strategy 2012-2022 – Concept Note” Introduction The World Bank’s decision to engage in external consultations for its new Social Protection and Labour Strategy, which it intends to adopt in 2012, is a positive development and differs substantially from the closed…

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INTERNATIONAL TRADE UNION CONFEDERATION ITUC OnLine 006/180111 (Washington D.C., 18 January 2011): A delegation of over 60 trade union leaders from all parts of the world is beginning a 3-day series of meetings in Washington D.C. with the Managing Director of the IMF, the President of the World Bank and other senior officials, as well…

WASHINGTON (Reuters) – The International Monetary Fund said on Thursday that its board of governors had approved reforms that will shift more voting power to emerging-market countries like China.

The World Bank and the regional development banks (ADB, AfDB, EBRD, IDB), collectively know as the multilateral development bank (MDBs), have agreed on harmonized mandatory labour standards requirements for construction projects they finance above a certain value. The specific language that the MDBs adopted is based on proposals made by BWI and the ITUC and…

THE WORLD Bank will implement starting this Thursday a new policy that will allow the public to access its reports as part of the agency’s efforts to promote transparency and accountability.

Multilateral banks signed last Friday a landmark agreement that would honor firms and individuals that each had placed in a blacklist for irregularities involving projects financed by multilateral aid.

MULTILATERAL and private institutions will be pledging billions of dollars to finance various initiatives of the Philippines to mitigate climate change, the Asian Development Bank (ADB) said on Thursday.

MANILA, Philippines—The Asian Development Bank (ADB) on Monday unveiled new safeguards for whistleblowers in a crackdown on corruption.

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Final_-_Statement-WTO-19-11-09

MANILA, Philippines – Malacañang downplayed yesterday the reported concerns raised by the International Monetary Fund on the country’s budget deficit, which has already breached the government’s full-year target as of October.

TUCP  Statement at the Meeting with International Monetary Fund (IMF) held on 23 November 2009 at the IMF Conference Room, BSP, Pasay City, PHILIPPINES We thank IMF for inviting the TUCP to this meeting. We note the Communiqué of the International Monetary and Financial Committee of the Board of Governors of the IMF released on…

With much awaited climate talks in Copenhagen in December, the World Bank and its supporters are positioning the institution to play a significant, if not dominant, role in future climate finance.

WASHINGTON, D.C.: The International Monetary Fund (IMF), rising from villain to savior through the fires of the global economic crisis, faces steep hurdles in trying to transform into the champion of the new world order. The IMF’s annual meetings with the World Bank in Istanbul last week showcased the newfound punching weight of the major…

German President Horst Koehler has voiced concern that current efforts to reform world financial systems do not go far enough. He says that trade unions need to get involved.

Pro-cyclical Fiscal and/or Monetary Conditions Have Been Attached to IMF Agreements During the World Recession Washington, D.C. – A new discussion paper from the Center for Economic and Policy Research finds that 31 of 41 of countries with current International Monetary Fund (IMF) agreements have been subjected to pro-cyclical macroeconomic policies that, during the current…

Brussels, 5 October : In a statement prepared by the ITUC, Global Unions Federations and TUAC for the annual meetings of the International onetary Fund and the World Bank (Istanbul, 6-7 October), the international trade union movement urged the international financial institutions (IFIs) to put job creation at the centre of their countrystrategies and programmes,…

TO SUPPORT RP ECONOMY, FINANCES The Asian Development Bank (ADB) on Tuesday said it will extend a multimillion-dollar loan for the Philippines to improve its fiscal discipline and investment climate. In a statement, the Manila-based lender said its board of directors approved a $250-million loan to finance the Development Policy Support Program (DPSP) Subprogram 3.

Brussels: Even though the World Bank has endorsed improved social safety nets to protect the millions of workers who have lost their jobs due to the global economic crisis, the latest edition of the Bank’s highest circulation publication discourages countries from adopting social protection schemes by designating governments that do so as anti-business. Doing Business…

The World Bank Group recently admitted that crucial assumptions of its Doing Business report were misguided, and faces a fundamental critique of its knowledge role.

Brussels, (ITUC OnLine): The ITUC welcomed the decision of the World Bank to instruct its staff to stop using the “Employing Workers Indicator” (EWI) of its highest-circulation publication, “Doing Business”.  The ITUC has long criticized the EWI because it gives the best ratings to countries with the lowest level of workers’ protection and has been…

Brussels, (ITUC OnLine): The international trade union movement has called on the World Bank and IMF to use the opportunity of their spring meetings in Washington to accelerate efforts to stem the global collapse in employment and economic prospects.  In a statement released today by the ITUC and its Global Unions partners, trade unions warn…

WASHINGTON: From the ashes of global prosperity the International Monetary Fund emerged this week as the bulwark against the economic crisis, its  role and finances heavily bolstered by world leaders.

Global Slowdown Damages Progress in Low-Income Countries. Slowdown will compound earlier problems caused by high food, energy prices. Local food prices remain high, hitting the poor the hardest IMF, World Bank, labor unions share goal of strengthening social safety nets Low-income countries, already weakened by the high food and energy prices observed during 2008, are…

During the week of January 12, 2009 the World Bank Group (WBG) and International Monetary Fund (IMF) hosted a week-long series of meetings with global unions to discuss the global financial crisis, governance reform, and gender equality.   Some 80 leaders from the International Trade Union Confederation (ITUC) and 10 Global Union Confederations were present representing…

MANILA, Philippines – Electrification of the rural areas will be one of the priorities in the granting of loans by the World Bank, Senate Majority Leader Juan Miguel Zubiri said.

MANILA, Philippines – The World Bank is putting greater emphasis on poverty alleviation and good governance in its assistance to the Philippines, and is ready to commit from $700 million to $1 billion in aid annually.

WASHINGTON (Reuters) – The IMF gave itself a scathing review for its mistakes in spotting the roots of the global crisis and acknowledged it fell short in its job as the world’s global financial overseer.