Cold Autumn of Development Finance
(Bonn, 18.12.2009) In 2007, even the poorest countries in Africa were on a path of economic growth. They then fell victim to the financial crisis. This paper looks back to the meetings of these global actors in the field of global finances and macro economy, the G20 the World Bank and the International Monetary Fund in 2009.
The author asks among others: Are sufficient finances available for the economic recovery of developing countries? Can the problem of debt be managed? Will the civil society eventually see coordinated action against tax evasion and capital flight? Will developing countries achieve more influence in the World Bank and the IMF and are the perils of a new financial crisis really over? It discovers hopeful tendencies a greater stability of the financial architecture for e.g. through the debates about a fair debt work-out system for insolvent national economies or about a financial transaction tax and tax evasion or a more stable global currency reserves system. The financial crisis has brought it to light rather conspicuously: the privileges of the rich countries governing the structures of the world finances, the International Financial Institutions and the global markets slowly wear out. The future will see more sharing. That is good news. 1.4 billion People live in absolute poverty. They demand their rights; they can’t be ignored any longer.



