Friday, September 30, 2011

IMF/WB Development Committee communiqué devoid of concrete actions.

The watchdog Bretton Woods Project critiqued recent communication at the conclusion of recent G20/24 and IMFC meetings. Full commentary here

Extract below. 

The Development Committee is a joint committee of the boards of the International Monetary Fund (IMF) and the World Bank (Bank), which is meant to advise the Bank and the IMF on critical development issues and the resources needed to promote economic development.

The Development Committee communiqué name-checks various critical issues, but is almost completely devoid of concrete agreements or actions. Job creation, economic instability, agriculture all get mentions, but no new proposals or agreements are detailed. Instead, the role of the private sector is highlighted several times, implying that solutions will need to be found outside of government action. For example while noting that "We must put agriculture and food security at the top of our development priorities," the solution is "to harness the creativity and resources of the private sector." See full details here.

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