Monterrey, MARCH 16, 2002 (CIMAC)- Specialists from developing countries have come to the conclusion that an effective boost for the economy requires the regulation of both foreign and internal investment as well as the promotion of small sectors of/in the economy.
Each individual country must draw their own policies regarding the encouragement of foreign investment, instead of having it determined by foreign institutions argued Goh Chien Yen, representative of the Third World Network organization of Malaysia and Kavajit Singh, of the Public Interest Research Center, of New Delhi, India.
In front of activists gathered at the Global forum: Financing the Right for Sustainable and Equitable Development, Prakash Loungani, International Monetary Fund (IMF) foreign relations official and Jaime Bilderman, of the World Bank (WB) admitted that their institutions need to be more transparent and less interventionist when designing their politics.
The representatives of the IMF and the WB said, these institutions are committed to listening to society and taking into account their perspective, as they do with governments.
They stated that the origin of problems in developing countries come from internal decisions and not from the impositions of these organizations. At being questioned on the guarantees countries give the IMF and WB in order to obtain loans, the representatives of the multilaterals assured that the natural resources of the nations (like for example Mexico’s oil) are not offered as an exchange for new financing.
People gathered at the table on Foreign Direct Investment and Trade diputed the arguments of the officials pointing out that these financial institutions have not taken into account the society’s perspective until now.
Translated by Livia Olvera Snyder and Sarah Stuteville
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