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Views from the Center

CGD experts offer ideas and analysis to improve international development policy. Also check out our Global Health blog and US Development Policy blog.

 

IMF Gold Sales Should Fund Low-Interest Loans for Poor Countries

On April 29, U.S. House of Representatives Democrat, Rep. Barney Frank, said that he supports authorization by the U.S. Congress of gold sales by the International Monetary Fund, on the condition that $4 billion of the proceeds go to poor countries. He also said that the U.S. Treasury backs his position. This is all good news regarding the IMF’s sale of 1/8th of its gold reserves, approximately 403 tons.

G-20 And IMF Rhythms: The Problem Is Not the Direction but the Speed

If the commitments made last week by the heads of state at the G-20 meeting materialize quickly, this is good news indeed. The increase in available IMF and MDB resources for middle- and low-income countries, along with IMF’s announcement of a Flexible Credit Line which will allow countries to borrow amounts without pre-determined limits or conditionality, are crucial for helping these countries cope with the impact of the financial crisis.

At The G-20 Summit, Nothing for Africa

Five years after Africa was centerstage at a meeting of the G7 heads of state in Gleneagles, it has all but vanished from the priorities of policymakers from the rich and emerging economies. At the G20 Summit in London this week, heads of state will debate new resources for the IMF, in the range of $250 billion. But these resources will likely be deposited in the New Arrangements to Borrow (NAB) facility, which will be far too expensive and out of reach of most African countries.

Spain, the G-20, and the Need for Reform of Global Governance Systems

The Spanish press reports that Spain's prime minister, Jose Luis Rodriguez Zapatero, has been officially invited to the G-20 summit in London in April as well as the preparatory meeting in Berlin. Spain was invited by UK Prime Minister Gordon Brown and German Chancellor Angela Merkel (El Mundo (Spain)/Factiva). The Spanish government has campaigned vigorously to be included in the G-20, despite the fact the European Union is already represented.

Obama on the Global Common Good

President Obama Delivering His Inaugural AddressFrom Barack Obama’s Inaugural Address:

“To the people of poor nations, we pledge to work alongside you. . . . And to those nations like ours that enjoy relative plenty, we say we can no longer afford indifference to the suffering outside our borders, nor can we consume the world’s resources without regard to effect.”

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