International Monetary Fund Reports and Analysis

Policy Brief: Canada at the World Bank and IMF – Watching from the sidelines? - July 2008

In 2007, Finance Canada substantially improved both the content and format of its annual "Report on Operations under the Bretton Woods and Related Agreements Act". Now that the government has finally disclosed its positions on issues, and its priorities looking forward, HI is finally in a position to critique some of the issues covered in these reports. This policy brief addresses some of the most important issues covered in the report, most of which have been a traditional focus of our work.

Report Card on Finance Canada's 2007 Annual Report to Parliament on the BWIs (April 2008)

For the past four years the Halifax Initiative Coalition has produced report cards on the annual reports to Parliament on the World Bank and IMF. In general, the 2007 Annual Report marks a substantial improvement over the 2005 and 2006 annual reports, both in format and in particular, in content. In all, the new medium term framework does a much better job of articulating a more coherent and consistent government strategy for the Bank and Fund, and providing benchmarks against which to evaluate the government’s performance in the coming years. Next year’s annual report would do well to include indicators against which to measure, more clearly, success in meeting these goals.
Grade: B+

Policy Brief: G8 and IMF Hinder Aid for Zambia While Vultures Attack (September 2007) - KAIROS

This policy briefing from KAIROS - Canadian Ecumenical Justice Initiatives, a member of the Halifax Initiative Coalition, looks at the case of Zambia, and how it represents a prime example of an impoverished country betrayed by the failure of the Group of Eight to deliver promises of more aid and effective debt relief. This report chronicles how G8 promises of debt cancellation have been of little benefit to the poor due to a decline in Official Development Assistance and the International Monetary Fund’s obsession with low inflation and restrictive fiscal policies.

Report Card on Finance Canada's 2006 Annual Report to Parliament on the BWIs (April 2007)

For the past three years the Halifax Initiative Coalition has produced report cards on the annual reports to Parliament on the World Bank and IMF. In general, we are encouraged by the enhanced content and format of this year’s annual report. It is a step in the right direction and Finance Canada should be commended for taking this “good faith” initiative. However, the failure to include any clear and systematic indication of goals, objectives and actions for the coming year is still a major shortcoming. As a result, the report provides no benchmarks against which to evaluate the Government of Canada’s performance in next year’s report or to register changing objectives.

Grade: B-

Mind the (Growing) Gap – Debt, Aid, and Trade (July 2006)

This is a short opinion piece written in July 2006 by Fraser Reilly-King , the Coordinator of the Halifax Initiative Coalition, one year on from the Group of Eight's "Historic" meeting in Gleneagles, Scotland.

Report - Analysis of the Finance Report on BWIs - 2005 (June 2006)

Since 2005, the Halifax Initiative Coalition has produced an annual Report Card on the Department of Finance's Annual Report to Parliament on the Bretton Woods and Related Agreements Act - namely on the World Bank and International Monetary Fund (IMF). Past Report Cards have found that Finance's Reports provide some good background information on the history, mandate and operations of the institutions. However, they fall short on providing the qualitative and quantitative information necessary to provide Canadians with an adequate picture of Canada's relations with the Bank and the Fund, and how our participation within these institutions is achieving our development and foreign policy goals. As this report is, effectively, the only means by which Parliament and the public is officially informed of Canada's relations with these institutions, the lack of information creates a serious gap in public accountability and awareness.

Grade: D

Two Reports - Driving under World Bank and IMF Influence (October 2005)

Two reports, prepared in 2005 by the Social Justice Committee, look at the role of the World Bank and the IMF in Guyana and Senegal, highlighting how excessive control of the institutions over development plans undermines democracy and the programs themselves.

Report - Analysis of the Finance Report on BWIs - 2004 (April 2005)

The 2004 report provides some good background information on the history, mandate and operations of the institutions. It falls short, however, of providing the qualitative and quantitative information necessary to provide Canadians with an adequate picture of Canada's relations with them. As this report is, effectively, the only means by which Parliament and the public is officially informed of Canada's relations with these institutions, the lack of information creates a serious gap in public accountability and awareness.

Who's Minding the Store? (October 2004)

Halifax Initiative's new paper, "Who's Minding the Store? Legislator Oversight of the Bretton Woods Institutions" examines to what extent national legislatures maintain democratic oversight of the World Bank and IMF. The survey reveals that legislators are inadequately aware, unevenly informed and largely not consulted on issues related to the institutions. The democratic link to bind citizens and institutional decision-makers is therefore fragile, at best.

At the Table or in the Kitchen? (September 2004)

The Halifax Initiative Coalition and the Canadian Council for International Co-operation have co-authored the report "At the Table or in the Kitchen? CIDA's New Aid Strategies, Developing Country Ownership and Donor Conditionality," which seeks to understand the implications of three converging elements in CIDA's implementation of its 2002 policy the agency's reliance on PRSPs to define country priorities for poverty reduction, its support for program based approaches to deliver increasing aid budgets for poverty reduction, and its increased coordination with the World Bank and other major donors in these PBAs.

Impoverishing a Continent: The World Bank and the IMF in Africa (July 2004)

The World Bank and the International Monetary Fund (IMF) are the two most powerful institutions in global trade and finance. Since 1980, the United States government which dominates both bodies has used them to economically subjugate the developing world. The World Bank and the IMF have forced Third World countries to open their economies to Western penetration and increase exports of primary goods to wealthy nations. These steps amongst others have multiplied profits for Western multinational corporations while subjecting Third World countries to horrendous levels of poverty, unemployment, malnutrition, illiteracy and economic decline. The region worst affected has been Africa.

Reality Bites: A Rebuttal of the IMF's 'Common Criticisms: Some Responses.' (September 2003)

The IMF often seems to think its lack of popularity is due to misunderstandings or misrepresentation of its role. A recent IMF promotional publication ("Common Criticisms: Some Responses"), using a question and answer format, attempts to present its actions in a more favorable light. Questions include: "Do IMF-supported programs favor bankers and elites?" and "Is the IMF dominated by the G-7 (especially the U.S. Treasury)?" The answers to those questions, which could most accurately be a simple "yes," are, for the IMF, an opportunity to do a little spinning. Our rebuttal tries to unwind the spin, and give the straight story on the IMF.

Water, Land, Labour: The Impacts of Forced Privatization in Vulnerable Communities (June 2003)

"Water, Land, and Labour: The Impacts of Forced Privatization in Vulnerable Communities" The World Bank and the IMF have used their considerable power to force countries to privatize natural and public resources. This report documents some of the impacts, ranging from reduced access to essential services, loss of jobs and increased corruption.

Going beyond HIPC (June 2003)

Going Beyond the HIPC Initiative: Another Pathway to Achieving Freedom from the Burden of Debt (June 2003).

Issue Brief: IMF - Bad Medicine and Blind Faith (May 1998)

The International Monetary Fund's (IMF) mishandling of the Southeast Asian financial crisis has enraged mainstream economists, government officials and citizens alike. The "global economic doctor" ignored the early warning symptoms, misdiagnosed the problem, prescribed the wrong medicine and nearly killed the patient. [ PDF file ]

Finding Real Solutions to Unsustainable Debt (February 2003)

Report - Finding Real Solutions to Unsustainable Debt [PDF format]

PRSP Review Submission (June 2000)

The Halifax Initiative Coalition members include development, human rights, environment and church organizations. In Canada, it is the main voice for reform of the international financial institutions so that they better serve the poor. Like many others, the Halifax Initiative Coalition initially extended a tentative welcome to the Poverty Reduction Strategy Process, hoping that the language of "country ownership" and "civil society participation" would, in time, result in some level of empowerment of people affected by IFI policies and programs.

HIPC review submission (June 1999)

Halifax Initiative coalition submission to the 1999 Heavily Indebted Poor Country (HIPC) Debt Initiative Review and Consultation.

Creating ‘Common Wealth’ - Conference (September 1998)

Public Event, Round Table on the eve of the Commonwealth Finance Ministers meeting in Ottawa.

Calling the IFIs to Account (October 1997)

In October 1997, the Halifax Initiative joined with organizations in Vancouver and Edmonton to host two public roundtables to discuss how the IFIs had responded to the calls for renewal. Over two hundred individuals participated in the discussions. Final Report

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