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The IMF and PPPs: A master class in double-speak

María José Romero and Gino Brunswijck of Eurodad say the International Monetary Fund (IMF) is simultaneously warning about the fiscal effects of ‘public-private partnerships’ and promoting them. “The advice of the IMF seems to lack coherence when it comes to PPPs. On the one hand the IMF recognises the fiscal risks associated with PPPs in its policy advice, while on the other there is a continued push for fiscal austerity measures, which has paved the way for the introduction of PPPs in many countries.”consolidation.

Source: Bretton Woods Project

"Financing for Development: Progress and Prospects 2018"

Major report released in advance of the G20 and World Bank/IMF Spring Meetings. There is an increasing interest in socially responsible investing, but that is no substitute for a broader transformation in the financial system. The report states that the current system rewards investors, financiers and project managers that prioritize short-term profits. Similarly, policy makers are excessively focused on short-term considerations. But there is a price to pay. Infrastructure projects are shelved in favour of short term priorities. Small businesses and women remain excluded from the financial system.

Source: developmentfinance.un.org

World Economic Outlook, October 2017: Seeking Sustainable Growth: Short-Term Recovery, Long-Term Challenges

The global upswing in economic activity is strengthening, with global growth projected to rise to 3.6 percent in 2017 and 3.7 percent in 2018. Broad-based upward revisions in the euro area, Japan, emerging Asia, emerging Europe, and Russia more than offset downward revisions for the United States and the United Kingdom. But the recovery is not complete: while the baseline outlook is strengthening, growth remains weak in many countries, and inflation is below target in most advanced economies.

Source: IMF

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Public development banks: towards a better model

Development banks have become a critical component of the effort to build up poorer economies, but their ways of working are flawed. As a result, their contributions can do more harm than good. many governments are calling on them to expand their contribution in key areas such as sustainable infrastructure, agriculture or industrialisation. In recent years some national Public Development Banks (PDBs) – particularly from BRICS countries (Brazil, Russia, India, China and South Africa) – have emerged as international actors by expanding their remit to financing projects in other developing countries. Not all PDBs succeed, and even the successful ones carry the risk of major negative impacts on development – sometimes due to external factors beyond their control, but more often because of flaws in their design and operation. As a new Eurodad report – published this week as the IMF and World Bank gather for their Spring Meetings in Washington DC – shows, inconsistent performance is partly down to the diverse mandates, roles and operational strategies of the institutions themselves. Eurodad believes some PDBs are failing because they have lost sight of why they were created.