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Initiative for Policy Dialogue and the South Centre Working Paper, March 2013 This paper: (i) examines the latest IMF government spending projections for 181 countries by comparing the four distinct periods of 2005-07 (pre-crisis), 2008-09 (crisis phase I: fiscal expansion), 2010-12 (crisis phase II: onset of fiscal contraction) and 2013-15 (crisis phase III: intensification of fiscal contraction); (ii) reviews 314 IMF country reports in 174 countries to identify the main adjustment measures considered in high-income and developing countries; (iv) discusses the threats of austerity to development goals and social progress; and (v) calls for urgent action by governments to adopt alternative and equitable policies for socio-economic recovery.El creciente número de países que hacen frente a crisis de la deuda es señal de que el mundo necesita con urgencia un sistema internacional de arbitraje y reestructuración de la deuda. Resulta cada vez más evidente que las operaciones de rescate, en las que los países endeudados obtienen nuevos préstamos que les permitan mantenerse al día con el pago de la totalidad de sus préstamos anteriores, no son suficientes y pueden ser contraproducentes cuando los países hacen frente a problemas de insolvencia y no simplemente a una falta temporal de liquidez. Informe sobre políticas número 13, octubre de 2012 La falta de un sistema jurídico acordado multilateralmente hace que la renegociación de las deudas tienda a ser puntual y desordenada y que en general, favorezca a los acreedores. El Fondo Monetario Internacional (FMI) participa con frecuencia en la coordinación de las soluciones de dificultades para asegurar el servicio de la deuda ocasionadas por problemas de solvencia o por problemas de liquidez, con base en un programa de ajuste acordado con el país deudor. Artículo publicado en el South Bulletin: Reflections and Foresights, Número 38, 7 de julio de 2009 Por Martin Khor 5 April 2009 Although the G20 Summit in London was publicised as providing $1 trillion for developing countries, in fact the extra funds are much less. Moreover, the IMF is to get more resources but without undergoing the necessary reforms. South Centre's Executive Director, Martin Khor, commented on the G20 Summit in London on 2 April.
South Centre Analytical Note - September 2002 SUMMARYThe existence of a relationship between trade and debt is a contentious issue. In fact, a clear divide exists between developed and developing countries regarding the subject, a division which has necessitated the formation of the Working Group on Trade, Debt, and Finance (WGTDF) within the World Trade Organization (WTO). This paper is of the opinion that such a relationship does exist and that it has been and continues to be of a particularly negative nature. The problem of large debt overhangs in developing countries is unequivocally a result of the particular circumstances of their terms of trade within the international economic system. For this reason, the objective of this paper is to examine the impact of world trade conditions on the increasing debt burden, and the effect of external indebtedness on the trade performance of developing countries with a view to providing remedial measures and flexibilities within WTO provisions. |