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Bretton Woods Conference

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Main page The Bretton Woods Conference, formally known as the United Nations Monetary and Financial
Contents
Foreign exchange
Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel,
Current events Exchange rates
situated in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial
Random article Currency band · Exchange rate ·
order after the conclusion of World War II.[1] Exchange rate regime ·
About Wikipedia
Exchange-rate flexibility · Dollarization ·
Contact us The conference was held from July 1 to 22, 1944. Agreements were signed that, after legislative ratification by Fixed exchange rate · Floating exchange rate ·
Donate member governments, established the International Bank for Reconstruction and Development (IBRD, later part Linked exchange rate · Managed float regime ·
of the World Bank group) and the International Monetary Fund (IMF). This led to what was called the Bretton Dual exchange rate
Contribute
Woods system for international commercial and financial relations. Markets
Help Foreign exchange market · Futures exchange
Learn to edit Contents [hide] · Retail foreign exchange trading
Community portal Assets
1 Background
Recent changes Currency · Currency future · Currency forward
Upload file 2 The agreements · Non-deliverable forward ·
3 Encouraging open markets Foreign exchange swap · Currency swap ·
Tools Foreign exchange option
4 Structure of the conference
What links here 5 The Bank for International Settlements controversy Historical agreements
Related changes Bretton Woods Conference ·
6 Monetary order in a post-war world
Special pages Smithsonian Agreement · Plaza Accord ·
Permanent link
7 Failed proposals Louvre Accord
Page information 7.1 International Trade Organization See also
Cite this page 7.2 International Clearing Union Bureau de change · Hard currency ·
Wikidata item 8 Negotiators Currency pair · Foreign exchange fraud ·
Currency intervention
9 Ratification of Bretton Woods Final Act and Savannah Conference
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10 Influence
Download as PDF
11 See also
Printable version
12 References
In other projects 13 Bibliography
Wikimedia Commons 14 Further reading
15 External links
Languages
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Background [ edit ]
Bahasa Indonesia
Bahasa Melayu Multilateral economic cooperation among countries was crucial for the post-war world economies.
‫ﭘﻨﺠﺎﺑﯽ‬ Countries sought to establish an international monetary and financial system that fostered cooperation
Русский
and growth among the participating countries.[2] They wanted to avoid the complications faced during the
‫اردو‬
interwar period, due to leaving the gold standard, the great depression, and trade wars that spread the
中文
depression globally.[3] There would be a need for an entity that fostered equilibrium in exchange rates
12 more and prevented competitive devaluations while ensuring domestic policy autonomy for high employment
Edit links and real income.[4]
Additionally, countries were concerned with crises like the one suffered by Germany in the 1920s. The
Versailles treaty left Germany on its own to pay for the reparations of World War I. Paying for the
reparations of World War I left the German economy in ruins. For example, hyperinflation affected greatly Mount Washington Hotel
the German economy. Prices rose 41 percent per day.[5] In the autumn
of 1923, 1 Dollar was worth about 4 trillion Marks, forcing the population
to barter.[6] Germany's economic turmoil led to their financial collapse
and eventually to the rise of the Nazism and World War II, aligning with
John Maynard Keynes's concerns in The Economic Consequences of
the Peace published in 1919. Thus, to prevent a new crisis in the post-
war world, the world economies deemed it imperative to establish a
system that fostered international economic cooperation.[7] However, the Bretton Woods Conference room
U.S and the U.K, the most influential parties in the conference, had yet
to decide their system proposals aligned with their interests.
Early in the Second World War, John Maynard Keynes of the British Treasury and Harry Dexter White of the United States Treasury Department
independently began to develop ideas about the financial order of the postwar world. (See below on Keynes's proposal for an International Clearing Union.)
After negotiation between officials of the United States and United Kingdom, and consultation with some other Allies, a "Joint Statement by Experts on the
Establishment of an International Monetary Fund," was published simultaneously in a number of Allied countries on April 21, 1944.[8] On May 25, 1944, the
U.S. government invited the Allied countries to send representatives to an international monetary conference, "for the purpose of formulating definite
proposals for an International Monetary Fund and possibly a Bank for Reconstruction and Development.IBRD."[9] (The word "International" was added to the
Bank's title late in the Bretton Woods Conference.) The United States also invited a smaller group of countries to send experts to a preliminary conference in
Atlantic City, New Jersey, to develop draft proposals for the Bretton Woods conference. The Atlantic City conference was held from June 15–30, 1944.
The agreements [ edit ]
The Bretton Woods Conference had three main results: (1) Articles of Agreement to create the IMF, whose purpose was to promote stability of exchange rates
and financial flows. (2) Articles of Agreement to create the IBRD, whose purpose was to speed reconstruction after the Second World War and to foster
economic development, especially through lending to build infrastructure. (3) Other recommendations for international economic cooperation. The Final Act of
the conference incorporated these agreements and recommendations.
Within the Final Act, the most important part in the eyes of the conference participants and for the later operation of the world economy was the IMF
agreement. Its major features were:
An adjustably pegged foreign exchange market rate system: Exchange rates were pegged to gold. Governments were only supposed to alter exchange
rates to correct a "fundamental disequilibrium."[10]
Member countries pledged to make their currencies convertible for trade-related and other current account transactions. There were, however, transitional
provisions that allowed for indefinite delay in accepting that obligation, and the IMF agreement explicitly allowed member countries to regulate capital
flows.[11] The goal of widespread current account convertibility did not become operative until December 1958, when the currencies of the IMF's Western
European members and their colonies became convertible.
As it was possible that exchange rates thus established might not be favourable to a country's balance of payments position, governments had the power
to revise them by up to 10% from the initially agreed level ("par value") without objection by the IMF. The IMF could concur in or object to changes beyond
that level. The IMF could not force a member to undo a change, but could deny the member access to the resources of the IMF.[12]
All member countries were required to subscribe to the IMF's capital. Membership in the IBRD was conditioned on being a member of the IMF. Voting in
both institutions was apportioned according to formulas giving greater weight to countries contributing more capital ("quotas").
Encouraging open markets [ edit ]
The seminal idea behind the Bretton Woods Conference was the notion of open markets. In his closing remarks at the conference, its president, U.S. Treasury
Secretary Henry Morgenthau, stated that the establishment of the IMF and the IBRD marked the end of economic nationalism. This meant countries would
maintain their national interest, but trade blocs and economic spheres of influence would no longer be their means. The second idea behind the Bretton
Woods Conference was joint management of the Western political-economic order, meaning that the foremost industrial democratic nations must lower
barriers to trade and the movement of capital, in addition to their responsibility to govern the system.
Structure of the conference [ edit ]
The highest body of the Bretton Woods Conference was the plenary session, which met only in the first and last days of the conference and existed mainly to
confirm decisions reached by the lower bodies.[13]
The conference conducted its major work through three "commissions." Commission I dealt with the IMF and was chaired by Harry Dexter White, Assistant to
the Secretary of the U.S. Treasury and the chief American negotiator at the conference. Commission II dealt with the IBRD and was chaired by John Maynard
Keynes, economic adviser to the British Chancellor of the Exchequer and the chief British negotiator at the conference. Commission III dealt with "other
means of international financial cooperation" and was chaired by Eduardo Suárez, Mexico's Minister of Finance and the leader of the Mexican delegation. It
was a venue for ideas that did not fall under the other two commissions.
Each commission had a number of committees, and some committees had subcommittees. Every country at the conference was entitled to send delegates to
all meetings of the commissions and the "standing committees," but other committees and subcommittees had restricted membership, to allow them to work
more efficiently. Except when registering final approval or disapproval of proposals, the work of the conference generally proceeded by negotiation and
informal consensus rather than by formal voting. When voting occurred, each country had one vote.
The main goal of the conference was to achieve an agreement on the IMF. Enough consensus existed that the conference was also able to achieve an
agreement on the IBRD. Doing so required extending the conference from its original closing date of July 19, 1944 to July 22.
Because the United States was the world's largest economy at the time, and the main prospective source of funds for the IMF and IBRD, the U.S. delegation
had the largest influence on the proposals agreed to at Bretton Woods.
The Bank for International Settlements controversy [ edit ]
The Bank for International Settlements (BIS) became an object of scrutiny when the Norwegian delegation put forth evidence that the BIS was involved in war
crimes.
The BIS, formed in 1930, was originally primarily intended to facilitate settling financial obligations arising from the peace treaties that concluded the First
World War. During the Second World War, it helped the Germans transfer assets from occupied countries. Moreover, now that IMF was to be established, the
BIS seemed to be superfluous. Commission III of the Bretton Woods Conference therefore considered Norway's proposal for "liquidation of the Bank for
International Settlements at the earliest possible moment."[14] The proposal passed Commission III without objection[15] and was adopted as part of the Final
Act of the conference.
Momentum for dissolving the BIS faded after U.S. President Franklin Roosevelt died in April 1945. Under his successor, Harry S. Truman, the top U.S. officials
most critical of the BIS left office, and by 1948 the liquidation had been put aside.[16]
Monetary order in a post-war world [ edit ]
The need for post-war Western economic order was resolved with the agreements made on monetary order and open system of trade at the 1944 Bretton
Woods Conference. These allowed for the synthesis of Britain's desire for full employment and economic stability and the United States' desire for free trade.
The Bretton Woods system of pegged exchange rates lasted into the early 1970s.
Failed proposals [ edit ]
International Trade Organization [ edit ]
The Bretton Woods Conference recommended that participating governments reach agreement to reduce obstacles to international trade.[17] The
recommendation was later embodied in the proposed International Trade Organization (ITO) to establish rules and regulations for international trade. The ITO
would have complemented the IMF and IBRD. The ITO charter was agreed on at the U.N. Conference on Trade and Employment (held in Havana, Cuba, in
March 1948), but the charter was not ratified by the U.S. Senate. As a result, the ITO never came into existence. The less ambitious General Agreement on
Tariffs and Trade (GATT) was adopted in its place. However, in 1995, the Uruguay Round of GATT negotiations established the World Trade Organization
(WTO) as the replacement body for GATT. The GATT principles and agreements were adopted by the WTO, which was charged with administering and
extending them.
International Clearing Union [ edit ]

Main article: International Clearing Union
John Maynard Keynes first proposed the ICU in 1941, as a way to regulate the balance of trade. His concern was that countries with a trade deficit would be
unable to climb out of it, paying ever more interest to service their ever-greater debt, and therefore stifling global growth. The ICU would effectively be a bank
with its own currency (the "bancor"), exchangeable with national currencies at a fixed rate. It would be the unit for accounting between nations, so their trade
deficits or surpluses could be measured by it.
On top of that, each country would have an overdraft facility in its "bancor" account with the ICU. Keynes proposed having a maximum overdraft of half the
average trade size over five years. If a country went over that, it would be charged interest, obliging a country to reduce its currency value and prevent capital
exports. But countries with trade surpluses would also be charged interest at 10% if their surplus was more than half the size of their permitted overdraft,
obliging them to increase their currency values and export more capital. If, at the year's end, their credit exceeded the maximum (half the size of the overdraft
in surplus), the surplus would be confiscated.
Lionel Robbins reported that "it would be difficult to exaggerate the electrifying effect on thought throughout the whole relevant apparatus of government ...
nothing so imaginative and so ambitious had ever been discussed". However, Harry Dexter White, representing the United States, which was the world's
biggest creditor, said "We have been perfectly adamant on that point. We have taken the position of absolutely no."
Instead, White proposed an International Stabilization Fund, which would place the burden of maintaining the balance of trade on the deficit nations, and
impose no limit on the surplus that rich countries could accumulate. White also proposed creation of the IBRD (now part of the World Bank) which would
provide capital for economic reconstruction after the war. The IMF as agreed to at Bretton Woods was much closer to White's proposal than to Keynes's.
Negotiators [ edit ]
State Delegation members[18]

Australia Leslie Melville, Frederick Wheeler, Arthur Tange
Belgium Camille Gutt, Georges Theunis, René Boël
Bolivia René Ballivián Calderón
Bretton Woods Conference
Brazil Artur de Sousa Costa, Francisco Alves dos Santos Filho, Roberto de Oliveira Campos Participating Nations Flag Display
Case located within the Gold Room at
India Jeremy Raisman, C. D. Deshmukh, R. K. Shanmukham Chetty
the Mount Washington Hotel
Canada James Lorimer Ilsley, Louis St Laurent, Douglas Abbott and Lionel Chevrier
Chile Luis Álamos Barros
China H.H. Kung, Tsiang Tingfu, Kuo Ping-Wen,
Colombia Carlos Lleras Restrepo, Miguel López Pumarejo
Costa Rica Francisco de Paula Gutiérrez Ross
Cuba Eduardo I. Montoulieu
Czechoslovakia Ladislav Feierabend (cs)
Dominican Republic Anselmo Copello
Ecuador Esteban F. Carbo
Egypt Sany Lackany Bey
El Salvador Agustín Alfaro Morán
Ethiopia Ephrem Tewelde Medhen
France Pierre Mendès France
Greece Kyriakos Varvaressos
Guatemala Manuel Noriega Morales
Haiti André Liautaud
Honduras Julián R. Cáceres
Iceland Magnús Sigurðsson
Iran Abol Hassan Ebtehaj
Iraq Ibrahim Kamal
Liberia William E. Dennis Sr.
Luxembourg Hugues Le Gallais
Mexico Eduardo Suárez, Víctor Urquidi
Netherlands Johan Willem Beyen
New Zealand Walter Nash, Edward Coldham Fussell
Nicaragua Guillermo Sevilla Sacasa
Norway Wilhelm Keilhau
Panama Augusto Guillermo Arango
Paraguay Celso R. Velázquez
Peru Pedro Beltrán Espantoso
Philippines Andrés Soriano
Poland Ludwik Grosfeld
South Africa S. Frank N. Gie
Soviet Union Mikhail Stepanovich Stepanov
United Kingdom John Maynard Keynes
United States Henry Morgenthau Jr., Fred Vinson, Dean Acheson, Harry Dexter White
Uruguay Mario La Gamma Acevedo
Venezuela Rodolfo Rojas
Yugoslavia Vladimir Rybar
Ratification of Bretton Woods Final Act and Savannah Conference [ edit ]

The Articles of Agreement for the IMF and IBRD signed at Bretton Woods did not come into force until ratified by countries with at least 80 percent of the
capital subscriptions ("quotas"). The threshold was reached on December 27, 1945.
The institutions were formally organized at an inaugural meeting in Savannah, Georgia, on March 8–18, 1946.[19] Notably absent from Savannah was the
USSR, which had signed the Bretton Woods Final Act but had then decided not to ratify it, rejecting the inclusion of the dollar alongside gold and ciiting that
the institutions they had created were "branches of Wall Street".[20] The USSR never joined the IMF and IBRD, though its successor the Russian Federation
did in 1992. Australia and New Zealand were likewise absent from formal participation at Savannah (Australia sent observers), though they joined the IMF and
IBRD later.
Influence [ edit ]
Because of its success in founding two international organizations that have had long and influential lives, the Bretton Woods Conference is sometimes cited
as an example worthy of imitation.[by whom?] In particular, since the collapse in the early 1970s of the system of pegged exchange rates agreed to at Bretton
Woods there have been a number of Calls for a "New Bretton Woods".
See also [ edit ]
Bretton Woods system International monetary systems including: International Trade Organization (Proposed at
Bretton Woods Committee The Bretton Woods Era: 1945–1971 Conference but not ratified by U.S. Senate;
Atlantic Charter, 1941 (pre UN) The post Bretton Woods system: 1971 – later revived in the WTO).
Exchange rates present List of World War II conferences
Fixed exchange rate The "Revived Bretton Woods system" Marshall Plan
Gold standard identified in 2003 Nixon Shock, 1971
International Clearing Union (Proposed by Calls for a "New Bretton Woods" Protectionism
Keynes at Conference) Franklin D. Roosevelt
World War II
References [ edit ]
1. ^ Markwell 2006. 6. ^ Taylor, Fred (2013). The downfall of money : Germany's hyperinflation and
2. ^ "Creation of the Bretton Woods System" . Federal Reserve History. the destruction of the middle class (First U.S. ed.). New York. ISBN 978-1-
Retrieved 2021-04-17. 62040-236-8. OCLC 827256847 .
3. ^ Benn, Steil. The battle of Bretton Woods John Maynard Keynes, Harry 7. ^ "Creation of the Bretton Woods System" . Federal Reserve History.
Dexter, and the making of a new world order. ISBN 978-0-691-16237-9. Retrieved 2021-04-17.
OCLC 876136552 . 8. ^ https://fraser.stlouisfed.org/title/430/item/7569?start_page=506 Archived
4. ^ Blume, Lawrence; Steven N. Durlauf, eds. (2008). The new Palgrave 2018-08-10 at the Wayback Machine, pp. 1629–36.
dictionary of economics (2nd ed.). Basingstoke, Hampshire: Palgrave 9. ^ "Invitation of the United States of America to the
Macmillan. pp. 544–546. ISBN 978-0-333-78676-5. Conference,"https://fraser.stlouisfed.org/title/430/item/7570?start_page=12
OCLC 181424188 . [clarification needed] Archived 2018-08-10 at the Wayback Machine, pp. 3–5.
5. ^ "Hyperinflation" . Econlib. Retrieved 2021-04-17.
10. ^ IMF Articles of Agreement, Article IV, 16. ^ "A brief history of the BIS, 1930–2005" (PDF). bis.org.
https://fraser.stlouisfed.org/title/430/item/7570?start_page=954 , pp. 945–48. 17. ^ Bretton Woods Final Act, Section VII, "International Economic
11. ^ IMF Articles of Agreement, Articles VI, VIII, and XIV, Problems,"https://fraser.stlouisfed.org/title/430/item/7570?start_page=950 , p.
https://fraser.stlouisfed.org/title/430/item/7570?start_page=960 , pp. 951–52, 941.
954–57, 965–66. 18. ^ A full list of conference attendees is in Kurt Schuler and Mark Bernkopf, "Who
12. ^ IMF Articles of Agreement, Article IV, Sections 5–6, Was at Bretton Woods?," Center for Financial Stability Paper in Financial
https://fraser.stlouisfed.org/title/430/item/7570?start_page=960 , pp. 946–47. History, July 1, 2014,
13. ^ On the points discussed in this section, see Kurt Schuler and Andrew http://www.centerforfinancialstability.org/bw/Who_Was_at_Bretton_Woods.p
Rosenberg, The Bretton Woods Transcripts, pp. 7–9 (New York: Center for df .
Financial Stability, 2013), ISBN 978-1-941801-01-7. 19. ^ IMF, "IMF Chronology," https://www.imf.org/external/np/exr/chron/chron.asp
14. ^ United Nations Monetary and Financial Conference, Final Act (London et al., 20. ^ Edward S. Mason and Robert E. Asher, "The World Bank Since Bretton
1944), Article IV. Woods: The Origins, Policies, Operations and Impact of the International Bank
15. ^ Schuler and Rosenberg, The Bretton Woods Transcripts, p. 566. for Reconstruction". (Washington DC: Brookings Institution, 1973), 29.
Bibliography [ edit ]
Markwell, Donald (2006). John Maynard Keynes and International Relations: Economic Paths to War and Peace. Oxford: Oxford University Press. ISBN 978-0-198-29236-4.
Mikesell, R. F. (1994). The Bretton Woods Debates: A Memoir . Essays in International Finance 192. Princeton: International Finance Section, Dept. of Economics,
Princeton University. ISBN 978-0-881-65099-0.
Van Dormael, Armand (1978). Bretton Woods: Birth of a Monetary System. New York: Holmes & Meier. ISBN 978-0333233696.
Further reading [ edit ]
Steil, Benn (2013). The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order. Princeton, NJ: Princeton University
Press. ISBN 978-0-691-14909-7.
External links [ edit ]
Proceedings and Documents of the United Nations Monetary and Financial Conference, Bretton Woods, New Wikimedia Commons has
Hampshire, July 1–22, 1944 media related to Bretton
Woods Conference.
Documents relating to the Bretton Woods Conference and Bretton Woods Agreement Act , on FRASER
Transcripts and other resources for the conference hosted at the Center for Financial Stability
Authority control [hide]
General VIAF (1 ) · WorldCat
National libraries United States · Czech Republic
Other Faceted Application of Subject Terminology · Social Networks and Archival Context
Categories: Foreign exchange market World Bank International Monetary Fund Global economic conferences Gold standard
United Nations conferences Diplomatic conferences in the United States 20th-century diplomatic conferences 1944 conferences
1944 in international relations 1944 in New Hampshire World War II conferences 1944 in economics July 1944 events
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New International Economic Order

Main page The New International Economic Order (NIEO) is a set of proposals advocated by developing countries to end economic colonialism and dependency
Contents through a new interdependent economy.[1][2] The main NIEO document recognized that the current international economic order "was established at a time
Current events when most of the developing countries did not even exist as independent states and which perpetuates inequality."[3] In the spirit of "trade not aid," the NIEO
Random article
called for changes in trade, industrialization, agricultural production, finance, and transfer of technology.[4] The United Nations General Assembly adopted the
About Wikipedia
Contact us
Declaration for the Establishment of a New International Economic Order and its accompanying program of action on 1 May 1974.[5]
Donate
Contents [hide]
Contribute 1 History
Help 2 Main Principles and Reforms
Learn to edit 3 Legacy
Community portal 4 See also
Recent changes
5 References
Upload file
6 Further reading
Tools 7 External links
What links here
Related changes
Special pages History [ edit ]
Permanent link
The idea of a new international economic order emerged from the experiences of decolonization after the Second World War. Newly decolonized countries
Page information
Cite this page gained political sovereignty but "felt that their de jure political colonization ended only to be replaced by a de facto economic colonization."[6] This mission to
Wikidata item achieve a more equitable international system was motivated also by increasing inequality in the share of global national income between developed and
underdeveloped countries, which more than doubled between 1938 and 1966.[7] From its beginnings in 1964, the United Nations Conference on Trade and
Print/export
Development (UNCTAD), along with the associated Group of 77 and the Non-Aligned Movement, was the central forum for discussions of the NIEO. Key
Download as PDF themes of the NIEO included both sovereign equality and the right of self-determination, especially when it comes to sovereignty over natural resources.[7]
Printable version
Another key theme was the need for a new commodity order through international commodity agreements and a common fund for commodity price
Languages stabilization. Restructuring international trade was also central as a means to improve developing countries' terms of trade, such as by diversifying developing
Deutsch economies through industrialization, integrating developing countries economies into regional free trade blocs like the Caribbean Community, reducing
Español developed-country tariffs and other obstacles to free trade, expanding generalized trade preferences, and designing other agreements to reduce trade
Français barriers.[8][9] These proposals to restructure the international economic system also sought to reform the Bretton Woods system, which had benefited the
한국어 leading states that had created it – especially the United States. This set of proposals proclaimed that facilitating the rate of economic development and
Bahasa Indonesia
Polski market share among developing countries will fight global issues such as hunger and despair more effectively than the current focus on philanthropy and
Português development aid.[10] This advocacy among nations of the Non-Aligned Movement can also be understood as an extension of the decolonization movement
Suomi
that was present in many developing countries during that time.[7] In this perspective, political and economic equity were perceived as a metric to measure the
Edit links
success of independence movements and completing the decolonization process.
In 1974, the United Nations General Assembly adopted the Declaration for the Establishment of a New International Economic Order along with its
accompanying program of action and formalized this sentiment among nation states.[11] A few months later the UN General Assembly adopted the Charter of
Economic Rights and Duties of States. [12] Since then, there have been many meetings to realize the NIEO. In 2018, the United Nations General Assembly
adopted the resolution "Towards a New International Economic Order," which reaffirmed "the need to continue working towards a new international economic
order based on the principles of equity, sovereign equality, interdependence, common interest, cooperation and solidarity among all States."[13]
Main Principles and Reforms [ edit ]
The main principles of the NIEO are:
1. The sovereign equality of all States, with non-interference in their internal affairs, their effective participation in solving world problems and the right to
adopt their own economic and social systems;
2. Full sovereignty of each State over its natural resources and other economic activities necessary for development, as well as regulation of
transnational corporations;
3. Just and equitable relationship between the price of raw materials and other goods exported by developing countries, and the prices of raw materials
and other goods exported by the developed countries;
4. Strengthening of bilateral and multilateral international assistance to promote industrialization in the developing countries through, in particular, the
provisioning of sufficient financial resources and opportunities for transfer of appropriate techniques and technologies.[14]
The main reforms required by the NIEO are:
1. An overhaul of the rules of international trade, especially those concerning raw materials, food, the system of preferences and reciprocity, commodity
agreements, transportation, and insurance;
2. A reform of the international monetary system and other financing mechanisms to bring them into line with development needs;
3. Both financial and technology transfer incentives and assistance for industrialization projects in developing countries;
1. This industrialization is understood as essential for the diversification of economies, which during colonization focused on a very restricted
range of raw materials.
4. Promotion of cooperation among the countries of the South, with a view to greater individual and collective autonomy, broader participation and
enhanced involvement in international trade.[15]
1. This cooperation is called Economic Cooperation among Development Countries, which replaces colonial dependence with new
interrelationships among developing countries based on trade, production, and markets and builds collective self-reliance.
Legacy [ edit ]
The legacy of the NIEO is mixed. Parts of the NIEO were realized, such as the non-legal, non-binding Restrictive Business Practice Code adopted in 1980
and the Common Fund for Commodities, which came in force in 1989. In addition, in World Trade Organization, Matsushita et al. state, "The realization of the
New International Economic Order was an impetus for developing country support for the Tokyo Round of trade negotiations. Critics of the WTO continue to
state that little of substance for developing countries came out of either the Tokyo or Uruguay Rounds.[16] The adoption of the 1974 Declaration and the much
more recent resolution "Towards a New International Economic Order" keeps the ideas of the NIEO visible in the policy arena.[17]
Some judge the NIEO as a failure. For example, the failure of NIEO proposals contributed to the formulation of the "Right to Development" in 1986.[7] From
the 1980s onward, the Bretton Woods framework would be replaced with the Washington Consensus and economic globalization on terms often described as
neoliberal. The economic reach of multinational corporations, rather than being circumscribed, would be expanded significantly. Trade in commodities would
shift away from state-dominated cartels towards increasingly financialized markets. The formation of the World Trade Organization and the proliferation of free
trade agreements would compel the reduction of barriers to trade, generally on strictly reciprocal terms.
The United States government rejected the NIEO almost immediately.[18] Neoconservatives and libertarians criticized the NIEO and became influential in US
foreign policy circles.[19][20] They understood this egalitarianism as requiring authoritarian central planning to reallocate resources, which would actively
threaten US global power. Regarding resource allocation mechanisms, Haggard and Simmons claimed that:
Regimes can endorse different social mechanisms for resource allocation. A market-oriented regime supports the private allocation of resources,
discourages national controls, guarantees property rights, and facilitates private contracting....At the other extreme, authoritative allocation involves the
direct control of resources by regime authorities, and will demand more extensive, and potentially autonomous, organizational structures. The IMF's role in
the balance-of-payments financing regime provides an example....Virtually all of the NIEO debates centered on allocation mechanisms, with the South
generally favoring authoritative ones.[21]
Economist Harry Johnson criticized the NIEO for using central planning and monopolistic power to extort transfers of income and wealth from the developed
countries.[22] In his view, commanding prices for raw materials above their natural level usually reduces consumption and thus causes unemployment among
producers, and price regulation typically gives the extra income to those in control of who is allowed to produce, e.g., to governments or land-owners.[23]
Newly elected President Ronald Reagan took these calls for market-led foreign policy to the North–South Summit in Cancun in 1981, where, according to
historian Michael Franczak, "Reagan promised the attending heads of state that private investment and free markets were the surest path to development,
prosperity, and, yes, democracy."[24]
See also [ edit ]
Group of 77
New World Information and Communication Order (New International Information Order, NIIO)
Non-Aligned Movement
Trade justice
Trade Justice Movement
United Nations Conference on Trade and Development (UNCTAD)
Washington Consensus
References [ edit ]
1. ^ Laszlo, Ervin; Baker, Jr., Robert; Eisenberg, Elliott; Raman, Venkata (1978). Pergamon Press.
The Objectives of the New International Economic Order. New York, NY:
2. ^ Getachew, Adom (2019). Worldmaking after Empire: The Rise and Fall of 14. ^ Mahiou, Ahmed. "Introductory Note, Declaration of the Establishment of a
Self-Determination . Princeton University Press. ISBN 978-0-691-17915-5. New International Economic Order" . UN Audiovisual Library of International
3. ^ "Declaration on the Establishment of a New International Economic Order" . Law. Retrieved 17 December 2020.
United Nations Digital Library. Retrieved 17 December 2020. 15. ^ Mahiou, Ahmed. "Introductory Note, Declaration of the Establishment of a
4. ^ Laszlo, Ervin; Baker, Jr., Robert; Eisenberg, Elliott; Raman, Venkata (1978). New International Economic Order" . UN Audiovisual Library of International
The Objectives of the New International Economic Order. New York, NY: Law. Retrieved 17 December 2020.
Pergamon Press. 16. ^ Matsushita, Mitsuo; Schoenbaum, Thomas J.; Mavroidis, Petros C. (2003).
5. ^ "Declaration on the Establishment of a New International Economic Order" . The World Trade Organization: Law, Practice, and Policy. Oxford University
United Nations Digital Library. Retrieved 16 December 2020. Press. pp. 388–389. ISBN 0-19-927425-8.
6. ^ Laszlo, Ervin; Baker, Jr., Robert; Eisenberg, Elliott; Raman, Venkata (1978). 17. ^ "Towards a New International Economic Order, 73/240" . UN Docs.
The Objectives of the New International Economic Order. New York, NY: Retrieved 24 December 2020.
Pergamon Press. 18. ^ Mazower, Mark (2012). Governing the World: The History of an Idea . New
7. ^ abcd Anghie, Antony (2019). "Inequality, Human Rights, and the New York City: Penguin Press. p. 310. ISBN 9780143123941.
International Economic Order". Humanity. 10 (3): 429–442. 19. ^ Bair, Jennifer (2009). "Taking Aim at the New International Economic Order".
doi:10.1353/hum.2019.0016 . ISSN 2151-4372 . The Road from Mont Pelerin: the Making of the Neoliberal Thought Collective:
8. ^ Cox, R.W. (1979). Ideologies and the new international economic order : 347–385.
reflections on some recent literature. OCLC 769979274 . 20. ^ Franczak, Michael (2019). "Losing the Battle, Winning the War:
9. ^ "Chapter 4. Commodity Bargaining", Global Bargaining: UNCTAD and the Neoconservatives versus the New International Economic Order, 1974–82" .
Quest for a New International Economic Order, Princeton University Press, Diplmatic History. 43 (5): 867–889.
pp. 103–166, 31 December 2015, doi:10.1515/9781400868544-007 , 21. ^ Haggard, Stephen; Simmons, Beth A. (1987). "Theories of international
ISBN 978-1-4008-6854-4 regimes". International organization. 41 (3): 498.
10. ^ Horn, Norbert. "Normative problems of a new international economic order." 22. ^ The New International Economic Order , Harry G. Johnson, professor of
Journal of World Trade 16.4 (1982): 338-351. economics, Woodward Court Lecture, 5 Oct 1976, pp. 6–7
11. ^ Declaration for the Establishment of a New International Economic Order : 23. ^ The New International Economic Order , Harry G. Johnson, professor of
United Nations General Assembly document A/RES/S-6/3201 of 1 May 1974 economics, Woodward Court Lecture, 5 Oct 1976, pp. 11–12
12. ^ Charter of Economic Rights and Duties of States : United Nations General 24. ^ Franczak, Michael (2019). "Losing the Battle, Winning the War:
Assembly document A/RES/29/3281 of 12 December 1974 Neoconservatives versus the New International Economic Order, 1974–82" .
13. ^ "Towards a New International Economic Order, 73/240" . UN Docs. Diplmatic History. 43 (5): 867–889.
Retrieved 24 December 2020.
Bhagwati, Jagdish N. (editor) (1977) The New International Economic Order: The North-South Debate . ISBN 9780262021265.
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Murphy, Craig. (1984) Emergence of the NIEO Ideology . Boulder, Colorado: Westview. ISBN 0-86531-664-3
Pavlič, Breda and Cees J. Hamelink (1985) The New International Economic Order: Links between Economics and Communications. UNESCO.
ISBN 92-3-102311-X
Prashad, Vijay. The Darker Nations: A People's History of the Third World. New York and London: The New Press, 2007.
Rao, M. P. (2004) The "New International Economic Order"
Rist, Gilbert: Le développement, Histoire d'une croyance occidentale, Presses de Sciences Po, Paris, 1996. (English version: The History of Development:
From Western Origins to Global Faith. London: Zed Books, 2008, Chapter 9).
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Ruiz-Diaz, Hugo. (September 2005) Une tribune pour les pays du Sud. Le Monde diplomatique. Pages 20 and 21.
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V ·T ·E South–South cooperation and Third Worldism [show]
Categories: History of international development History of international trade Global policy organizations
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Washington Consensus
Main page The Washington Consensus is a set of ten economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-
Contents wracked developing countries by Washington, D.C.-based institutions such as the International Monetary Fund (IMF), World Bank and United States
Current events Department of the Treasury.[1] The term was first used in 1989 by English economist John Williamson.[2] The prescriptions encompassed free-market
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promoting policies[3] in such areas as macroeconomic stabilization, economic opening with respect to both trade and investment, and the expansion of market
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forces within the domestic economy.
Donate Subsequent to Williamson's use of the terminology, and despite his emphatic opposition, the phrase Washington Consensus has come to be used fairly widely
in a second, broader sense, to refer to a more general orientation towards a strongly market-based approach (sometimes described as market
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fundamentalism or neoliberalism). In emphasizing the magnitude of the difference between the two alternative definitions, Williamson has argued (see
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§ Origins of policy agenda and § Broad sense below) that his ten original, narrowly defined prescriptions have largely acquired the status of "motherhood and
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Community portal apple pie" (i.e., are broadly taken for granted), whereas the subsequent broader definition, representing a form of neoliberal manifesto, "never enjoyed a
Recent changes consensus [in Washington] or anywhere much else" and can reasonably be said to be dead.
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Discussion of the Washington Consensus has long been contentious. Partly this reflects a lack of agreement over what is meant by the term, but there are
Tools also substantive differences over the merits and consequences of the policy prescriptions involved. Some critics take issue with the original Consensus's
What links here emphasis on the opening of developing countries to global markets, and/or with what they see as an excessive focus on strengthening the influence of
Related changes domestic market forces, arguably at the expense of key functions of the state. For other commentators, the issue is more what is missing, including such
Special pages areas as institution-building and targeted efforts to improve opportunities for the weakest in society.
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Cite this page 1 History
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1.1 Original sense: Williamson's Ten Points
Print/export 1.1.1 Origins of policy agenda

1.2 Broad sense
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Printable version 2 Context
3 Effects
In other projects 3.1 Argentina
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4 Criticism
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4.1 Anti-globalization movement
4.2 Proponents of the "European model" and the "Asian way"
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বাংলা 5 Subsidies for agriculture
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9.2 Secondary sources
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History [ edit ]
Hrvatski
Bahasa Indonesia Original sense: Williamson's Ten Points [ edit ]
Íslenska
The concept and name of the Washington Consensus were first presented in 1989 by John Williamson, an economist from the Institute for International
Italiano
Economics, an international economic think tank based in Washington, D.C.[4] Williamson used the term to summarize commonly shared themes among
‫עברית‬
Nederlands
policy advice by Washington-based institutions at the time, such as the International Monetary Fund, World Bank, and U.S. Treasury Department, which were
日本語 believed to be necessary for the recovery of countries in Latin America from the economic and financial crises of the 1980s.[citation needed]
Norsk bokmål
The consensus as originally stated by Williamson included ten broad sets of relatively specific policy recommendations:[1][3]
Polski
Português 1. Fiscal policy discipline, with avoidance of large fiscal deficits relative to GDP;
Русский 2. Redirection of public spending from subsidies ("especially indiscriminate subsidies") toward broad-based provision of key pro-growth, pro-poor services
Српски / srpski
like primary education, primary health care and infrastructure investment;
Srpskohrvatski /
српскохрватски 3. Tax reform, broadening the tax base and adopting moderate marginal tax rates;
Svenska 4. Interest rates that are market determined and positive (but moderate) in real terms;
Türkçe
5. Competitive exchange rates;
Українська
6. Trade liberalization: liberalization of imports, with particular emphasis on elimination of quantitative restrictions (licensing, etc.); any trade protection to
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be provided by low and relatively uniform tariffs;
Edit links 7. Liberalization of inward foreign direct investment;
8. Privatization of state enterprises;
9. Deregulation: abolition of regulations that impede market entry or restrict competition, except for those justified on safety, environmental and consumer
protection grounds, and prudential oversight of financial institutions;
10. Legal security for property rights.
Origins of policy agenda [ edit ]
Although Williamson's label of the Washington Consensus draws attention to the role of the Washington-based agencies in promoting the above agenda, a
number of authors have stressed that Latin American policy-makers arrived at their own packages of policy reforms primarily based on their own analysis of
their countries' situations. Thus, according to Joseph Stanislaw and Daniel Yergin, authors of The Commanding Heights, the policy prescriptions described in
the Washington Consensus were "developed in Latin America, by Latin Americans, in response to what was happening both within and outside the region."[5]
Joseph Stiglitz has written that "the Washington Consensus policies were designed to respond to the very real problems in Latin America and made
considerable sense" (though Stiglitz has at times been an outspoken critic of IMF policies as applied to developing nations).[6] In view of the implication
conveyed by the term Washington Consensus that the policies were largely external in origin, Stanislaw and Yergin report that the term's creator, John
Williamson, has "regretted the term ever since", stating "it is difficult to think of a less diplomatic label."[5]
Kate Geohegan of Harvard University's Davis Center for Russian and Eurasian Studies credited Peruvian neoliberal economist Hernando de Soto for inspiring
the Washington Consensus.[7] Williamson partly credited de Soto himself for the prescriptions, saying his work was "the outcome of the worldwide intellectual
trends to which Latin America provided" and said that de Soto was directly responsible for the recommendation on legal security for property rights.[7]
A 2010 paper by Nancy Birdsall, Augusto de la Torre, and Felipe Valencia Caicedo likewise suggests that the policies in the original consensus were largely a
creation of Latin American politicians and technocrats, with Williamson's role having been to gather the ten points in one place for the first time, rather than to
"create" the package of policies.[8]
In Williamson's own words from 2002:
It is difficult even for the creator of the term to deny that the phrase "Washington Consensus" is a damaged brand name (Naím 2002). Audiences
the world over seem to believe that this signifies a set of neoliberal policies that have been imposed on hapless countries by the Washington-
based international financial institutions and have led them to crisis and misery. There are people who cannot utter the term without foaming at
the mouth.
My own view is of course quite different. The basic ideas that I attempted to summarize in the Washington Consensus have continued to gain
wider acceptance over the past decade, to the point where Lula has had to endorse most of them in order to be electable. For the most part they
are motherhood and apple pie, which is why they commanded a consensus.[9]
Broad sense [ edit ]
Williamson recognizes that the term has commonly been used with a different meaning from his original prescription; he opposes the alternative use of the
term, which became common after his initial formulation, to cover a broader market fundamentalism or "neoliberal" agenda.[10]
I of course never intended my term to imply policies like capital account liberalization (...I quite consciously excluded that), monetarism, supply-
side economics, or a minimal state (getting the state out of welfare provision and income redistribution), which I think of as the quintessentially
neoliberal ideas. If that is how the term is interpreted, then we can all enjoy its wake, although let us at least have the decency to recognize that
these ideas have rarely dominated thought in Washington and certainly never commanded a consensus there or anywhere much else...[9]
More specifically, Williamson argues that the first three of his ten prescriptions are uncontroversial in the economic community, while recognizing that the
others have evoked some controversy. He argues that one of the least controversial prescriptions, the redirection of spending to infrastructure, health care,
and education, has often been neglected. He also argues that, while the prescriptions were focused on reducing certain functions of government (e.g., as an
owner of productive enterprises), they would also strengthen government's ability to undertake other actions such as supporting education and health.
Williamson says that he does not endorse market fundamentalism, and believes that the Consensus prescriptions, if implemented correctly, would benefit the
poor.[11] In a book edited with Pedro-Pablo Kuczynski in 2003, Williamson laid out an expanded reform agenda, emphasizing crisis-proofing of economies,
"second-generation" reforms, and policies addressing inequality and social issues.[12]
As noted, in spite of Williamson's reservations, the term Washington Consensus has been used more broadly to describe the general shift towards free market
policies that followed the displacement of Keynesianism in the 1970s. In this broad sense the Washington Consensus is sometimes considered to have begun
at about 1980.[13][14] Many commentators see the consensus, especially if interpreted in the broader sense of the term, as having been at its strongest during
the 1990s. Some have argued that the consensus in this sense ended at the turn of the century, or at least that it became less influential after about the year
2000.[8][15] More commonly, commentators have suggested that the Consensus in its broader sense survived until the time of the 2008 global financial
crisis.[14] Following the strong intervention undertaken by governments in response to market failures, a number of journalists, politicians and senior officials
from global institutions such as the World Bank began saying that the Washington Consensus was dead.[16][17] These included former British Prime Minister
Gordon Brown, who following the 2009 G-20 London summit, declared "the old Washington Consensus is over".[18] Williamson was asked by The Washington
Post in April 2009 whether he agreed with Gordon Brown that the Washington Consensus was dead. He responded:
It depends on what one means by the Washington Consensus. If one means the ten points that I tried to outline, then clearly it's not right. If one
uses the interpretation that a number of people—including Joe Stiglitz, most prominently—have foisted on it, that it is a neoliberal tract, then I
think it is right.[19]
After the 2010 G-20 Seoul summit announced that it had achieved agreement on a Seoul Development Consensus, the Financial Times editorialized that "Its
pragmatic and pluralistic view of development is appealing enough. But the document will do little more than drive another nail into the coffin of a long-
deceased Washington consensus."[20]
Context [ edit ]
The widespread adoption by governments of the Washington Consensus was to a large degree a reaction to the macroeconomic crisis that hit much of Latin
America, and some other developing regions, during the 1980s. The crisis had multiple origins: the drastic rise in the price of imported oil following the
emergence of OPEC, mounting levels of external debt, the rise in US (and hence international) interest rates, and—consequent to the foregoing problems—
loss of access to additional foreign credit. The import-substitution policies that had been pursued by many developing country governments in Latin America
and elsewhere for several decades had left their economies ill-equipped to expand exports at all quickly to pay for the additional cost of imported oil (by
contrast, many countries in East Asia, which had followed more export-oriented strategies, found it comparatively easy to expand exports still further, and as
such managed to accommodate the external shocks with much less economic and social disruption). Unable either to expand external borrowing further or to
ramp up export earnings easily, many Latin American countries faced no obvious sustainable alternatives to reducing overall domestic demand via greater
fiscal discipline, while in parallel adopting policies to reduce protectionism and increase their economies' export orientation.[21]
Many countries have endeavored to implement varying components of the reform packages, with implementation sometimes imposed as a condition for
receiving loans from the IMF and World Bank.[13]
Effects [ edit ]
The Washington Consensus would result in socioeconomic exclusion and weakened trade unions in Latin America, resulting with unrest in the region.[22][23]
Countries who followed the consensus initially alleviated high inflation and excessive regulation, though economic growth and poverty relief was
insignificant.[24] The consensus resulted with a shrinking middle class in Latin America that prompted dissatisfaction of neoliberalism, a turn to the political left
and populist leaders by the late-1990s, with economists saying that the failure of the consensus established support for Hugo Chávez in Venezuela, Evo
Morales in Bolivia and Rafael Correa in Ecuador.[23][24]
Williamson has summarized the overall results on growth, employment and poverty reduction in many countries as "disappointing, to say the least". He
attributes this limited impact to three factors: (a) the Consensus per se placed no special emphasis on mechanisms for avoiding economic crises, which have
proved very damaging; (b) the reforms—both those listed in his article and, a fortiori, those actually implemented—were incomplete; and (c) the reforms cited
were insufficiently ambitious with respect to targeting improvements in income distribution, and need to be complemented by stronger efforts in this direction.
Rather than an argument for abandoning the original ten prescriptions, though, Williamson concludes that they are "motherhood and apple pie" and "not worth
debating".[9] Both Williamson and other analysts have pointed to longer term improvements in economic performance in a number of countries that have
adopted the relevant policy changes consistently, such as Chile (below).
Speaking at a fundraiser for the James A. Baker III Institute for Public Policy in November 2018, Barack Obama acknowledged that globalization and the
policies associated with the Washington Consensus exacerbated economic inequality which helped fuel the rise of the alt-right.[25] According to a 2020 study,
the implementation of policies associated with the Washington Consensus significantly raised real GDP per capita over a 5- to 10-year horizon.[26]
Argentina [ edit ]
See also: 1998–2002 Argentine great depression and Argentine debt restructuring
The Argentine economic crisis of 1999–2002 is often held out as an example of the economic devastation said by
some to have been wrought by application of the Washington Consensus. Argentina's former Deputy Foreign Minister
Jorge Taiana, in an interview with the state news agency Télam on August 16, 2005, attacked the Washington
Consensus. There never was a real consensus for such policies, he said, and today "a good number of governments
of the hemisphere are reviewing the assumptions with which they applied those policies in the 1990s", adding that
governments are looking for a development model to guarantee productive employment and the generation of real
wealth.[27]
Many economists, however, challenge the view that Argentina's failure can be attributed to close adherence to the Police responding to the December
Washington Consensus. The country's adoption of an idiosyncratic fixed exchange rate regime (the convertibility 2001 riots in Argentina
plan), which became increasingly uncompetitive, together with its failure to achieve effective control over its fiscal
accounts, both ran counter to central provisions of the Consensus, and paved the way directly for the ultimate macroeconomic collapse. The market-oriented
policies of the early Menem-Cavallo years, meanwhile, soon petered out in the face of domestic political constraints (including Menem's preoccupation with
securing re-election).[28]
In October 1998, the IMF invited Argentine President Carlos Menem, to talk about the successful Argentine experience, at the Annual Meeting of the Board of
Governors.[29] President Menem's Minister of Economy (1991–1996), Domingo Cavallo, the architect of the Menem administration's economic policies,
specifically including "convertibility", made the claim that Argentina was at that moment, "considered as the best pupil of the IMF, the World Bank and the USA
government":
On the second semester of 1998 Argentina was considered in Washington the most successful economy among the ones that had restructured
its debt within the Brady's Plan framework. None of the Washington Consensus' sponsors were interested in pointing out that the Argentine
economic reforms had differences with its 10 recommendations. On the contrary, Argentina was considered the best pupil of the IMF, the World
Bank and the USA government.[30]
The problems which arise with reliance on a fixed exchange rate mechanism (above) are discussed in the World Bank report Economic Growth in the 1990s:
Learning from a Decade of Reform, which questions whether expectations can be "positively affected by tying a government's hands". In the early 1990s there
was a point of view that countries should move to either fixed or completely flexible exchange rates to reassure market participants of the complete removal of
government discretion in foreign exchange matters. After the Argentina collapse, some observers believe that removing government discretion by creating
mechanisms that impose large penalties may, on the contrary, actually itself undermine expectations. Velasco and Neut (2003)[31] "argue that if the world is
uncertain and there are situations in which the lack of discretion will cause large losses, a precommitment device can actually make things worse".[32] In
chapter 7 of its report (Financial Liberalization: What Went Right, What Went Wrong?) the World Bank analyses what went wrong in Argentina, summarizes
the lessons from the experience, and draws suggestions for its future policy.[33]
The IMF's Independent Evaluation Office has issued a review of the lessons of Argentina for the institution, summarized in the following quotation:
The Argentine crisis yields a number of lessons for the IMF, some of which have already been learned and incorporated into revised policies and
procedures. This evaluation suggests ten lessons, in the areas of surveillance and program design, crisis management, and the decision-making
process.[34]
Mark Weisbrot says that, in more recent years, Argentina under former President Néstor Kirchner made a break with the Consensus and that this led to a
significant improvement in its economy; some add that Ecuador may soon follow suit.[35] However, while Kirchner's reliance on price controls and similar
administrative measures (often aimed primarily at foreign-invested firms such as utilities) clearly ran counter to the spirit of the Consensus, his administration
in fact ran an extremely tight fiscal ship and maintained a highly competitive floating exchange rate; Argentina's immediate bounce-back from crisis, further
aided by abrogating its debts and a fortuitous boom in prices of primary commodities, leaves open issues of longer-term sustainability.[36] The Economist has
argued that the Néstor Kirchner administration will end up as one more in Argentina's long history of populist governments.[37] In October 2008, Kirchner's wife
and successor as President, Cristina Kirchner, announced her government's intention to nationalize pension funds from the privatized system implemented by
Menem-Cavallo.[38] Accusations have emerged of the manipulation of official statistics under the Kirchners (most notoriously, for inflation) to create an
inaccurately positive picture of economic performance.[39] The Economist removed Argentina's inflation measure from its official indicators, saying that they
were no longer reliable.[40]
In 2003, Argentina's and Brazil's presidents, Néstor Kirchner and Luiz Inacio Lula da Silva signed the "Buenos Aires Consensus", a manifesto opposing the
Washington Consensus' policies.[41] Skeptical political observers note, however, that Lula's rhetoric on such public occasions should be distinguished from the
policies actually implemented by his administration.[42] This said, Lula da Silva paid the whole of Brazil's debt with the IMF two years in advance, freeing his
government from IMF tutelage, as did Néstor Kirchner's government in 2005.[citation needed]
Venezuela [ edit ]
One notable instance of unrest against the consensus was the Caracazo in Venezuela in 1989.[23][43] Carlos Andrés Pérez stated while campaigning for the
1988 Venezuelan general election that the IMF was a "neutron bomb that killed people but left buildings standing".[44] However after being elected into the
presidency, President Andrés Pérez immediately implemented Washington consensus reforms.[43][44] On the weekend of 25–26 February 1989, gasoline
prices doubled while public transportation fares increased thirty percent.[45] The price hikes, along with Andrés Pérez's opulent spending and corruption, led to
widespread looting in Venezuela's capital Caracas.[43][44] President Andrés Pérez orders a military crackdown and according to his government, 275 are
killed, though the Venezuelan media reports at least 3,000 killed.[43] Shortages of coffins were reported and many Venezuelans had to line up at government
food distribution centers since markets were destroyed by rioters.[46] Insurance estimates of damage caused during the rioting were $90 million USD
($120 million CAD) in 1989.[46]
The Caracazo and previous inequality in Venezuela leads to the rise of Hugo Chávez's Revolutionary Bolivarian
Movement-200 and the subsequent 1992 Venezuelan coup d'état attempts.[47] Once elected, Chávez began to
withdraw Venezuela from the prescriptions of the Washington consensus.[24]
Criticism [ edit ]
As of the 2000s, several Latin American countries were led by socialist or other left wing governments, some of
which—including Argentina and Venezuela—have campaigned for (and to some degree adopted) policies
contrary to the Washington Consensus policies. Other Latin American countries with governments of the left,
including Brazil, Chile and Peru, in practice adopted the bulk of the policies included in Williamson's list, even Military response during the Caracazo
though they criticized the market fundamentalism that these are often associated with.
General criticism of the economics of the consensus is now more widely established, such as that outlined by US scholar Dani Rodrik, Professor of
International Political Economy at Harvard University, in his paper Goodbye Washington Consensus, Hello Washington Confusion?.[48]
As Williamson has pointed out, the term has come to be used in a broader sense to its original intention, as a synonym for market fundamentalism or neo-
liberalism. In this broader sense, Williamson states, it has been criticized by people such as George Soros and Nobel Laureate Joseph E. Stiglitz.[11] The
Washington Consensus is also criticized by others such as some Latin American politicians and heterodox economists such as Erik Reinert.[49] The term has
become associated with neoliberal policies in general and drawn into the broader debate over the expanding role of the free market, constraints upon the
state, and the influence of the United States, and globalization more broadly, on countries' national sovereignty.[citation needed]
"Stabilize, privatize, and liberalize" became the mantra of a generation of technocrats who cut their teeth in the developing world and of the
political leaders they counseled.[48]
— Dani Rodrik, Professor of International Political Economy, Harvard University in JEL on December 2006
Some US economists, such as Joseph Stiglitz and Dani Rodrik, have challenged what are sometimes described as the 'fundamentalist' policies of the IMF and
the US Treasury for what Stiglitz calls a 'one size fits all' treatment of individual economies. According to Stiglitz the treatment suggested by the IMF is too
simple: one dose, and fast—stabilize, liberalize and privatize, without prioritizing or watching for side effects.[50]
The reforms did not always work out the way they were intended. While growth generally improved across much of Latin America, it was in most
countries less than the reformers had originally hoped for (and the "transition crisis", as noted above deeper and more sustained than hoped for
in some of the former socialist economies). Success stories in Sub-Saharan Africa during the 1990s were relatively few and far in between, and
market-oriented reforms by themselves offered no formula to deal with the growing public health emergency in which the continent became
embroiled. The critics, meanwhile, argue that the disappointing outcomes have vindicated their concerns about the inappropriateness of the
standard reform agenda.[51]
Besides the excessive belief in market fundamentalism and international economic institutions in attributing the failure of the Washington consensus, Stiglitz
provided a further explanation about why it failed. In his article "The Post Washington Consensus Consensus",[52] he claims that the Washington consensus
policies failed to efficiently handle the economic structures within developing countries. The cases of East Asian countries such as Korea and Taiwan are
known as a success story in which their remarkable economic growth was attributed to a larger role of the government by undertaking industrial policies and
increasing domestic savings within their territory. From the cases, the role for government was proven to be critical at the beginning stage of the dynamic
process of development, at least until the markets by themselves can produce efficient outcomes.[citation needed]
The policies pursued by the international financial institutions which came to be called the Washington consensus policies or neoliberalism
entailed a much more circumscribed role for the state than were embraced by most of the East Asian countries, a set of policies which (in another
simplification) came to be called the development state.[52]
The critique laid out in the World Bank's study Economic Growth in the 1990s: Learning from a Decade of Reform (2005)[53] shows how far discussion has
come from the original ideas of the Washington Consensus. Gobind Nankani, a former vice-president for Africa at the World Bank, wrote in the preface: "there
is no unique universal set of rules.... [W]e need to get away from formulae and the search for elusive 'best practices'...." (p. xiii). The World Bank's new
emphasis is on the need for humility, for policy diversity, for selective and modest reforms, and for experimentation.[54]
The World Bank's report Learning from Reform shows some of the developments of the 1990s. There was a deep and prolonged collapse in output in some
(though by no means all) countries making the transition from communism to market economies (many of the Central and East European countries, by
contrast, made the adjustment relatively rapidly). Academic studies show that more than two decades into the transition, some of the former communist
countries, especially parts of the former Soviet Union, had still not caught up to their levels of output before 1989.[55][56] A 2001 study by economist Steven
Rosefielde posits that there were 3.4 million premature deaths in Russia from 1990 to 1998, which he party blames on the shock therapy imposed by the
Washington Consensus.[57] Neoliberal policies associated with the Washington Consensus, including pension privatization, the imposition of a flat tax,
monetarism, cutting of corporate taxes, and central bank independence, continued into the 2000s.[58] Many Sub-Saharan African's economies failed to take off
during the 1990s, in spite of efforts at policy reform, changes in the political and external environments, and continued heavy influx of foreign aid. Uganda,
Tanzania, and Mozambique were among countries that showed some success, but they remained fragile. There were several successive and painful financial
crises in Latin America, East Asia, Russia, and Turkey. The Latin American recovery in the first half of the 1990s was interrupted by crises later in the decade.
There was less growth in per capita GDP in Latin America than in the period of rapid post-War expansion and opening in the world economy, 1950–80.
Argentina, described by some as "the poster boy of the Latin American economic revolution",[59] came crashing down in 2002.[54]
A significant body of economists and policy-makers argues that what was wrong with the Washington Consensus as originally formulated by Williamson had
less to do with what was included than with what was missing.[60] This view asserts that countries such as Brazil, Chile, Peru and Uruguay, largely governed
by parties of the left in recent years, did not—whatever their rhetoric—in practice abandon most of the substantive elements of the Consensus. Countries that
have achieved macroeconomic stability through fiscal and monetary discipline have been loath to abandon it: Lula, the former President of Brazil (and former
leader of the Workers' Party of Brazil), has stated explicitly that the defeat of hyperinflation[61] was among the most important positive contributions of the
years of his presidency to the welfare of the country's poor, although the remaining influence of his policies on tackling poverty and maintaining a steady low
rate of inflation are being discussed and doubted in the wake of the Brazilian Economic Crisis currently occurring in Brazil.[62]
These economists and policy-makers would, however, overwhelmingly agree that the Washington Consensus was incomplete, and that countries in Latin
America and elsewhere need to move beyond "first generation" macroeconomic and trade reforms to a stronger focus on productivity-boosting reforms and
direct programs to support the poor.[63] This includes improving the investment climate and eliminating red tape (especially for smaller firms), strengthening
institutions (in areas like justice systems), fighting poverty directly via the types of Conditional Cash Transfer programs adopted by countries like Mexico and
Brazil, improving the quality of primary and secondary education, boosting countries' effectiveness at developing and absorbing technology, and addressing
the special needs of historically disadvantaged groups including indigenous peoples and Afro-descendant populations across Latin America.[citation needed]
In a book edited with future president of Peru, Pedro Pablo Kuczynski in 2003, John Williamson laid out an expanded reform agenda, emphasizing crisis-
proofing of economies, "second-generation" reforms, and policies addressing inequality and social issues.[12]
Anti-globalization movement [ edit ]
Many critics of trade liberalization, such as Noam Chomsky, Tariq Ali, Susan George, and Naomi Klein, see the Washington Consensus as a way to open the
labor market of underdeveloped economies to exploitation by companies from more developed economies. The prescribed reductions in tariffs and other trade
barriers allow the free movement of goods across borders according to market forces, but labor is not permitted to move freely due to the requirements of a
visa or a work permit. This creates an economic climate where goods are manufactured using cheap labor in underdeveloped economies and then exported to
rich First World economies for sale at what the critics argue are huge markups, with the balance of the markup said to accrue to large multinational
corporations. The criticism is that workers in the Third World economy nevertheless remain poor, as any pay raises they may have received over what they
made before trade liberalization are said to be offset by inflation, whereas workers in the First World country become unemployed, while the wealthy owners of
the multinational grow even more wealthy.[64]
Despite macroeconomic advances, poverty and inequality remain at high levels in Latin America. About one of every three people—165 million in total—still
live on less than $2 a day. Roughly a third of the population has no access to electricity or basic sanitation, and an estimated 10 million children suffer from
malnutrition. These problems are not, however, new: Latin America was the most economically unequal region in the world in 1950, and has continued to be
so ever since, during periods both of state-directed import-substitution and (subsequently) of market-oriented liberalization.[65]
Some socialist political leaders in Latin America have been vocal and well-known critics of the Washington Consensus, such as the late Venezuelan President
Hugo Chávez, Cuban ex-President Fidel Castro, Bolivian President Evo Morales, and Rafael Correa, President of Ecuador. In Argentina, too, the recent
Justicialist Party government of Néstor Kirchner and Cristina Fernández de Kirchner undertook policy measures which represented a repudiation of at least
some Consensus policies.[66]
Proponents of the "European model" and the "Asian way" [ edit ]
Some European and Asian economists suggest that "infrastructure-savvy economies" such as Norway, Singapore, and China have partially rejected the
underlying Neoclassical "financial orthodoxy" that characterizes the Washington Consensus, instead initiating a pragmatist development path of their own[67]
based on sustained, large-scale, government-funded investments in strategic infrastructure projects: "Successful countries such as Singapore, Indonesia, and
South Korea still remember the harsh adjustment mechanisms imposed abruptly upon them by the IMF and World Bank during the 1997–1998 'Asian Crisis'
[…] What they have achieved in the past 10 years is all the more remarkable: they have quietly abandoned the Washington Consensus by investing massively
in infrastructure projects […] this pragmatic approach proved to be very successful".[68]
While opinion varies among economists, Rodrik pointed out what he claimed was a factual paradox: while China and India increased their economies' reliance
on free market forces to a limited extent, their general economic policies remained the exact opposite to the Washington Consensus' main recommendations.
Both had high levels of protectionism, no privatization, extensive industrial policies planning, and lax fiscal and financial policies through the 1990s. Had they
been dismal failures they would have presented strong evidence in support of the recommended Washington Consensus policies. However they turned out to
be successes.[69] According to Rodrik: "While the lessons drawn by proponents and skeptics differ, it is fair to say that nobody really believes in the
Washington Consensus anymore. The question now is not whether the Washington Consensus is dead or alive; it is what will replace it".[48]
Rodrik's account of Chinese or Indian policies during the period is not universally accepted. Among other things those policies involved major turns in the
direction of greater reliance upon market forces, both domestically and internationally.[70]
Subsidies for agriculture [ edit ]
The Washington Consensus as formulated by Williamson includes provision for the redirection of public spending from subsidies ("especially indiscriminate
subsidies") toward broad-based provision of key pro-growth, pro-poor services like primary education, primary health care and infrastructure investment. This
definition leaves some room for debate over specific public spending programs. One area of public controversy has focused on the issues of subsidies to
farmers for fertilizers and other modern farm inputs: on the one hand, these can be criticized as subsidies, on the other, it may be argued that they generate
positive externalities that might justify the subsidy involved.[citation needed]
Some critics of the Washington Consensus cite Malawi's experience with agricultural subsidies, for example, as exemplifying perceived flaws in the package's
prescriptions. For decades, the World Bank and donor nations pressed Malawi, a predominantly rural country in Africa, to cut back or eliminate government
fertilizer subsidies to farmers. World Bank experts also urged the country to have Malawi farmers shift to growing cash crops for export and to use foreign
exchange earnings to import food.[71] For years, Malawi hovered on the brink of famine; after a particularly disastrous corn harvest in 2005, almost five million
of its 13 million people needed emergency food aid. Malawi's newly elected president Bingu wa Mutharika then decided to reverse policy. Introduction of deep
fertilizer subsidies (and lesser ones for seed), abetted by good rains, helped farmers produce record-breaking corn harvests in 2006 and 2007; according to
government reports, corn production leapt from 1.2 million metric tons in 2005 to 2.7 million in 2006 and 3.4 million in 2007. The prevalence of acute child
hunger has fallen sharply and Malawi recently turned away emergency food aid.[citation needed]
In a commentary on the Malawi experience prepared for the Center for Global Development,[72] development economists Vijaya Ramachandran and Peter
Timmer argue that fertilizer subsidies in parts of Africa (and Indonesia) can have benefits that substantially exceed their costs. They caution, however, that
how the subsidy is operated is crucial to its long-term success, and warn against allowing fertilizer distribution to become a monopoly. Ramachandran and
Timmer also stress that African farmers need more than just input subsidies—they need better research to develop new inputs and new seeds, as well as
better transport and energy infrastructure. The World Bank reportedly now sometimes supports the temporary use of fertilizer subsidies aimed at the poor and
carried out in a way that fosters private markets: "In Malawi, Bank officials say they generally support Malawi's policy, though they criticize the government for
not having a strategy to eventually end the subsidies, question whether its 2007 corn production estimates are inflated and say there is still a lot of room for
improvement in how the subsidy is carried out".[71]
Alternative usage vis-à-vis foreign policy [ edit ]
In early 2008, the term "Washington Consensus" was used in a different sense as a metric for analyzing American mainstream media coverage of U.S. foreign
policy generally and Middle East policy specifically. Marda Dunsky writes, "Time and again, with exceedingly rare exceptions, the media repeat without
question, and fail to challenge the "Washington consensus"—the official mind-set of US governments on Middle East peacemaking over time."[73] According to
syndicated columnist William Pfaff, Beltway centrism in American mainstream media coverage of foreign affairs is the rule rather than the exception:
"Coverage of international affairs in the US is almost entirely Washington-driven. That is, the questions asked about foreign affairs are Washington's
questions, framed in terms of domestic politics and established policy positions. This invites uninformative answers and discourages unwanted or unpleasant
views."[74]
See also [ edit ]
American imperialism Bretton Woods system Business and

Beijing Consensus Central America Free Trade Agreement (CAFTA) economics portal
Political science
portal
Democratic capitalism Macroeconomics
Economic growth Mumbai Consensus United States portal
The End of History and the Last Man North American Free Trade Agreement (NAFTA) Argentina portal
Andre Gunder Frank Poverty Reduction Strategy Paper
Gross domestic product Structural adjustment
Hyperinflation World Systems Theory
Immanuel Wallerstein
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deficits, inflation and incentives" Wall Street Journal April 7, 2021
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aimed at developing countries, was misinterpreted by free-market ideologues and anti-globalization activists." New York Times April 15, 2021
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guises: 30 years later, global financial institutions still condition loans on policies like 'structural reforms’" Washington Post April 16, 2021
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Categories: International macroeconomics Latin America Commercial policy Economic globalization Trade blocs 1989 neologisms
Neoliberalism Neocolonialism
This page was last edited on 17 May 2021, at 16:23 (UTC).

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2. To achieve universal primary education
3. To promote gender equality and empower women
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4. To reduce child mortality
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5. To improve maternal health
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6. To combat HIV/AIDS, malaria, and other diseases
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Permanent link 7. To ensure environmental sustainability[1]
Page information 8. To develop a global partnership for development[2]
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Each goal had specific targets, and dates for achieving those targets. The eight goals were measured by 21 targets. To accelerate progress, the G8 finance
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ministers agreed in June 2005 to provide enough funds to the World Bank, the International Monetary Fund (IMF) and the African Development Bank (AfDB)
Print/export to cancel $40 to $55 billion in debt owed by members of the heavily indebted poor countries (HIPC) to allow them to redirect resources to programs for
Download as PDF improving health and education and for alleviating poverty.
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Interventions evaluated include (1) improvements required to meet the millennium development goals (MDG) for water supply (by halving by 2015 the
In other projects proportion of those without access to safe drinking water), (2) meet the water MDG plus halving by 2015 the proportion of those without access to adequate
Wikimedia Commons sanitation, (3) increasing access to improved water and sanitation for everyone, (4) providing disinfection at point-of-use over and above increasing access to
improved water supply and sanitation (5) providing regulated piped water supply in house and sewage connection with partial sewerage for everyone (Hutton,
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G. Evaluation of the Cost and Benefits of Water and Sanitation Improvements at the Global Level, 2004 WHO-Geneva)
Deutsch
Español
Français Critics of the MDGs complained of a lack of analysis and justification behind the chosen objectives, and the difficulty or lack of measurements for some goals
한국어 and uneven progress, among others. Although developed countries' aid for achieving the MDGs rose during the challenge period, more than half went for debt
Italiano
relief and much of the remainder going towards natural disaster relief and military aid, rather than further development.
Русский
Tagalog As of 2013, progress towards the goals was uneven. Some countries achieved many goals, while others were not on track to realize any. A UN conference in
Tiếng Việt September 2010 reviewed progress to date and adopted a global plan to achieve the eight goals by their target date. New commitments targeted women's
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and children's health, and new initiatives in the worldwide battle against poverty, hunger and disease.
43 more Among the non-governmental organizations assisting were the United Nations Millennium Campaign, the Millennium Promise Alliance, Inc., the Global
Edit links Poverty Project, the Micah Challenge, The Youth in Action EU Programme, "Cartoons in Action" video project and the 8 Visions of Hope global art project.
Contents [hide]
1 Background
1.1 Origins
1.2 Human capital, infrastructure and human rights
1.3 Partnership
2 Goals
2.1 Goal 1: Eradicate extreme poverty and hunger
2.2 Goal 2: Achieve universal primary education
2.3 Goal 3: Promote gender equality and empower women
2.4 Goal 4: Reduce child mortality rates
2.5 Goal 5: Improve maternal health
2.6 Goal 6: Combat HIV/AIDS, malaria, and other diseases
2.7 Goal 7: Ensure environmental sustainability
2.8 Goal 8: Develop a global partnership for development
3 Criticism
3.1 General
3.2 Alleged lack of legitimacy
3.3 Human rights
3.4 Human capital
3.5 Equity
3.6 Women's issues
4 Progress
4.1 Multilateral debt reduction
4.2 Sub-Saharan Africa
4.3 Funding commitment
4.4 Review Summit 2010
4.5 MDG3
5 Improvements
6 Post 2015 development agenda
7 Related activities/organisations
7.1 Education
7.2 UN Goals
7.3 Libraries and the Millennium Development Goals
8 See also
9 References
10 Bibliography
11 External links
Background [ edit ]
Origins [ edit ]
Following the end of the Cold War, a series of UN‑led conferences in the 1990s had focused on issues such as children, nutrition, human rights and women,
producing commitments for combined international action on those matters. The 1995 World Summit on Social Development produced a Copenhagen
Declaration on Social Development with a long and complex list of commitments by global leaders, including many adapted from the outcomes of previous
conferences.[3] But international aid levels were falling and, in that same year, the Development Assistance Committee of the OECD set up a reflection
process to review the future of development aid.[4] The resulting 1996 report, "Shaping the 21st Century", turned some of the Copenhagen commitments
into six monitorable "International Development Goals", which had similar content and form to the eventual MDGs: halving poverty by 2015; universal primary
education by 2015; eliminating gender disparity in schools by 2005; reductions in infant, child and maternal mortality by 2015, universal access to reproductive
health services by 2015 and adequate national strategies for sustainable development in place everywhere by 2015.[5]
In late 1997, the UN General Assembly envisaged a special Millennium Assembly and forum as a focus for efforts to reform the UN system.[6] A year later, it
specifically resolved to hold not only the Millennium Assembly but also a Millennium Summit, and mandated the Secretary-General, Kofi Annan, to come up
with proposals for "a number of forward-looking and widely relevant topics", thus opening the possibility of going beyond the institutional questions of UN
reform.[7] Annan's report, when published in April 2000 under the title "We the Peoples: The Role of the United Nations in the 21st Century", framed the
questions of UN reform within the larger challenges facing the world, the chief of which was identified as "to ensure that globalization becomes a positive force
for all the world’s people, instead of leaving billions of them behind in squalor".[8] In the report Annan urged the forthcoming Millennium Summit to adopt
certain key goals and objectives on many of the issues raised in the Copenhagen summit, other conferences of the 1990s, and the recently-published Brahimi
Report on international peace and security.[8]
The Millennium Summit and the General Assembly in September 2000 issued a Millennium Declaration echoing the agenda that Annan had set out.[9] This
declaration did not specifically mention "Millennium Development Goals", but it does contain the substance – and much of the same wording – as the eventual
goals. A process of selecting and refining the Goals from the content of the Declaration continued for some time. A crucial moment here was unification
between discussions under the auspices of the United Nations and approaches being followed by the OECD based on "Shaping the 21st Century"; this
unification was agreed at a meeting convened by the World Bank in March 2001.[4] In September 2001, Annan presented to the General Assembly a "Road
map towards the implementation of the United Nations Millennium Declaration" which did contain a section specifically about "the Millennium
Development Goals", enunciating some of them in their eventual wording, and indicating the remaining issues in formulating a definitive set.[10]
David Hulme and James Scott note that the process of creating the MDGs was diffuse, having no single architect and "no clear start or end". They also
comment that the process was driven by rich states rather than the countries that would be more the subject of MDG interventions.[4]
Human capital, infrastructure and human rights [ edit ]
The MDGs emphasized three areas: human capital, infrastructure and human rights (social, economic and political), with the intent of increasing living
standards.[11] Human capital objectives include nutrition, healthcare (including child mortality, HIV/AIDS, tuberculosis and malaria, and reproductive health)
and education. Infrastructure objectives include access to safe drinking water, energy and modern information/communication technology; increased farm
outputs using sustainable practices; transportation; and environment. Human rights objectives include empowering women, reducing violence, increasing
political voice, ensuring equal access to public services and increasing security of property rights. The goals were intended to increase an individual's human
capabilities and "advance the means to a productive life". The MDGs emphasize that each nation's policies should be tailored to that country's needs;
therefore most policy suggestions are general.
Partnership [ edit ]
MDGs emphasize the role of developed countries in aiding developing countries, as outlined in Goal Eight, which sets objectives and targets for developed
countries to achieve a "global partnership for development" by supporting fair trade, debt relief, increasing aid, access to affordable essential medicines and
encouraging technology transfer. Thus developing nations ostensibly became partners with developed nations in the struggle to reduce world poverty.(GOAL 8
TO DEVELOP A GLOBAL PARTNERSHIP FOR DEVELOPMENT)
Goals [ edit ]
The MDGs were developed out of several commitments set forth in the Millennium Declaration, signed in September
2000. There are eight goals with 21 targets,[12] and a series of measurable health indicators and economic indicators
for each target.[13][14]
Goal 1: Eradicate extreme poverty and hunger [ edit ]
Target 1A: Halve, between 1990 and 2015, the proportion of people living on less than $1.25 a day[15]
Poverty gap ratio [incidence x depth of poverty]
Share of poorest quintile in national consumption
Target 1B: Achieve Decent Employment for Women, Men, and Young People
GDP Growth per Employed Person
Employment Rate
Proportion of employed population below $1.25 per day (PPP values)
Proportion of family-based workers in employed population
Target 1C: Halve, between 1990 and 2015, the proportion of people who suffer from hunger A poster at the United Nations
Headquarters in New York City, New
Prevalence of underweight children under five years of age
York, United States, showing the
Proportion of population below minimum level of dietary energy consumption[16] Millennium Development Goals
Goal 2: Achieve universal primary education [ edit ]
Target 2A: By 2015, all children can complete a full course of Primary education/primary schooling, girls and boys
Enrollment in primary education
Completion of primary education[17]
Goal 3: Promote gender equality and empower women [ edit ]
Target 3A: Eliminate gender disparity in primary and secondary education preferably by 2005, and at all levels by 2015
Ratios of girls to boys in primary, secondary and tertiary education
Share of women in wage employment in the non-agricultural sector
Proportion of seats held by women in national parliament[18]
Goal 4: Reduce child mortality rates [ edit ]
Target 4A: Reduce by two-thirds, between 1990 and 2015, the under-five mortality rate
Under-five mortality rate
Infant (under 1) mortality rate
Proportion of 1-year-old children immunized against measles[19]
Goal 5: Improve maternal health [ edit ]
Target 5A: Reduce by three-quarters, between 1990 and 2015, the maternal mortality ratio
Maternal mortality ratio
Proportion of births attended by skilled health personnel
Target 5B: Achieve, by 2015, universal access to reproductive health
Contraceptive prevalence rate
Adolescent birth rate
Antenatal care coverage
Unmet need for family planning[20]
Goal 6: Combat HIV/AIDS, malaria, and other diseases [ edit ]
Target 6A: Have halted by 2015 and begun to reverse the spread of HIV/AIDS
HIV prevalence among population aged 15–24 years
Condom use at last high-risk sex
Proportion of population aged 15–24 years with comprehensive correct knowledge of HIV/AIDS
Target 6B: Achieve, by 2010, universal access to treatment for HIV/AIDS for all those who need it
Proportion of population with advanced HIV infection with access to anti-retroviral drugs
Target 6C: Have halted by 2015 and begun to reverse the incidence of malaria and other major diseases
Prevalence and death rates associated with malaria
Proportion of children under 5 sleeping under insecticide-treated bednets
Proportion of children under 5 with fever who are treated with appropriate anti-malarial drugs
Incidence, prevalence and death rates associated with tuberculosis
Proportion of tuberculosis cases detected and cured under DOTS (Directly Observed Treatment Short Course)[21]
Goal 7: Ensure environmental sustainability [ edit ]
Target 7A: Integrate the principles of sustainable development into country policies and programs; reverse loss of environmental resources
Target 7B: Reduce biodiversity loss, achieving, by 2010, a significant reduction in the rate of loss
Proportion of land area covered by forest
CO2 emissions, total, per capita and per $1 GDP (PPP)
Consumption of ozone-depleting substances
Proportion of fish stocks within safe biological limits
Proportion of total water resources used
Proportion of terrestrial and marine areas protected
Proportion of species threatened with extinction
Target 7C: Halve, by 2015, the proportion of the population without sustainable access to safe drinking water and basic sanitation
Proportion of population with sustainable access to an improved water source, urban and rural
Proportion of urban population with access to improved sanitation
Target 7D: By 2020, to have achieved a significant improvement in the lives of at least 100 million slum-dwellers
Proportion of urban population living in slums[22]
Goal 8: Develop a global partnership for development [ edit ]
Target 8A: Develop further an open, rule-based, predictable, non-discriminatory trading and financial system
Includes a commitment to good governance, development, and poverty reduction – both nationally and internationally
Target 8B: Address the Special Needs of the Least Developed Countries (LDCs)
Includes: tariff and quota-free access for LDC exports; enhanced programme of debt relief for HIPC and cancellation of official bilateral debt; and more
generous ODA (Official Development Assistance) for countries committed to poverty reduction
Target 8C: Address the special needs of landlocked developing countries and small island developing States
Through the Programme of Action for the sustainable Development of Small Island Developing States and the outcome of the twenty-second special
session of the General Assembly
Target 8D: Deal comprehensively with the debt problems of developing countries through national and international measures in order to make
debt sustainable in the long term
Some of the indicators listed below are monitored separately for the least developed countries (LDCs), Africa, landlocked developing countries and
small island developing States.
Official development assistance (ODA):
Net ODA, total and to LDCs, as percentage of OECD/DAC donors' GNI
Proportion of total sector-allocable ODA of OECD/DAC donors to basic social services (basic education, primary health care, nutrition, safe water
and sanitation)
Proportion of bilateral ODA of OECD/DAC donors that is untied
ODA received in landlocked countries as proportion of their GNIs
ODA received in small island developing States as proportion of their GNIs
Market access:
Proportion of total developed country imports (by value and excluding arms) from developing countries and from LDCs, admitted free of duty
Average tariffs imposed by developed countries on agricultural products and textiles and clothing from developing countries
Agricultural support estimate for OECD countries as percentage of their GDP
Proportion of ODA provided to help build trade capacity
Debt sustainability:
Total number of countries that have reached their HIPC decision points and number that have reached their HIPC completion points (cumulative)
Debt relief committed under HIPC initiative, US$
Debt service as a percentage of exports of goods and services
Target 8E: In co-operation with pharmaceutical companies, provide access to affordable, essential drugs in developing countries
Proportion of population with access to affordable essential drugs on a sustainable basis
Target 8F: In co-operation with the private sector, make available the benefits of new technologies, especially information and communications
Telephone lines and cellular subscribers per 100 population
Personal computers in use per 100 population
Internet users per 100 Population[23]
Criticism [ edit ]
General [ edit ]
General criticisms include a perceived lack of analytical power and justification behind the chosen objectives.[24] Some of the indicator definitions, baselines
and targets were changed after their first adoption, to suggest that progress had been better than was really the case.[25]
The MDGs lack strong objectives and indicators for within-country equality, despite significant disparities in many developing nations.[24][26]
Iterations of proven local successes should be scaled up to address the larger need through human energy and existing resources using methodologies such
as participatory rural appraisal, asset-based community development, or SEED-SCALE.[27]
MDG 8 uniquely focuses on donor achievements, rather than development successes. The Commitment to Development Index, published annually by the
Center for Global Development in Washington, D.C., is considered the best numerical indicator for MDG 8.[28] It is a more comprehensive measure of donor
progress than official development assistance, as it takes into account policies on a number of indicators that affect developing countries such as trade,
migration and investment.
The MDGs were attacked for insufficient emphasis on environmental sustainability.[24] Thus, they do not capture all elements needed to achieve the ideals set
out in the Millennium Declaration.[26]
Agriculture was not specifically mentioned in the MDGs even though most of the world's poor are farmers.[citation needed]
Alleged lack of legitimacy [ edit ]
The entire MDG process has been accused of lacking legitimacy as a result of failure to include, often, the voices of the very participants that the MDGs seek
to assist. The International Planning Committee for Food Sovereignty, in its post 2015 thematic consultation document on MDG 69 states "The major limitation
of the MDGs by 2015 was the lack of political will to implement due to the lack of ownership of the MDGs by the most affected constituencies".[29]
Human rights [ edit ]
The MDGs may under-emphasize local participation and empowerment (other than women's empowerment).[24] FIAN International, a human rights
organization focusing on the right to adequate food, contributed to the Post 2015 process by pointing out a lack of: "primacy of human rights; qualifying policy
coherence; and of human rights based monitoring and accountability. Without such accountability, no substantial change in national and international policies
can be expected."[30]
Human capital [ edit ]
MDG 2 focuses on primary education and emphasizes enrollment and completion. In some countries, primary enrollment increased at the expense of
achievement levels. In some cases, the emphasis on primary education has negatively affected secondary and post-secondary education.[31]
A publication from 2005 argued that goals related to maternal mortality, malaria and tuberculosis are impossible to measure and that current UN estimates
lack scientific validity or are missing.[32] Household surveys are the primary measure for the health MDGs but may be poor and duplicative measurements that
consume limited resources. Furthermore, countries with the highest levels of these conditions typically have the least reliable data collection. The study also
argued that without accurate measures, it is impossible to determine the amount of progress, leaving MDGs as little more than a rhetorical call to arms.[32]
MDG proponents such as McArthur and Sachs countered that setting goals is still valid despite measurement difficulties, as they provide a political and
operational framework to efforts. With an increase in the quantity and quality of healthcare systems in developing countries, more data could be collected.[33]
They asserted that non-health related MDGs were often well measured, and that not all MDGs were made moot by lack of data.
The attention to well being other than income helps bring funding to achieving MDGs.[24] Further MDGs prioritize interventions, establish obtainable objectives
with useful measurements of progress despite measurement issues and increased the developed world's involvement in worldwide poverty reduction.[34]
MDGs include gender and reproductive rights, environmental sustainability, and spread of technology. Prioritizing interventions helps developing countries with
limited resources make decisions about allocating their resources. MDGs also strengthen the commitment of developed countries and encourage aid and
information sharing.[24] The global commitment to the goals likely increases the likelihood of their success. They note that MDGs are the most broadly
supported poverty reduction targets in world history.[35]
Achieving the MDGs does not depend on economic growth alone. In the case of MDG 4, developing countries such as Bangladesh have shown that it is
possible to reduce child mortality with only modest growth with inexpensive yet effective interventions, such as measles immunization.[36] Still, government
expenditure in many countries is not enough to meet the agreed spending targets.[37] Research on health systems suggests that a "one size fits all" model will
not sufficiently respond to the individual healthcare profiles of developing countries; however, the study found a common set of constraints in scaling up
international health, including the lack of absorptive capacity, weak health systems, human resource limitations, and high costs. The study argued that the
emphasis on coverage obscures the measures required for expanding health care. These measures include political, organizational, and functional
dimensions of scaling up, and the need to nurture local organizations.[38]
Fundamental issues such as gender, the divide between the humanitarian and development agendas and economic growth will determine whether or not the
MDGs are achieved, according to researchers at the Overseas Development Institute (ODI).[39][40][41]
The International Health Partnership (IHP+) aimed to accelerate MDG progress by applying international principles for effective aid and development in the
health sector. In developing countries, significant funding for health came from external sources requiring governments to coordinate with international
development partners. As partner numbers increased variations in funding streams and bureaucratic demands followed. By encouraging support for a single
national health strategy, a single monitoring and evaluation framework, and mutual accountability, IHP+ attempted to build confidence between government,
civil society, development partners and other health stakeholders.[42]
Equity [ edit ]
Further developments in rethinking strategies and approaches to achieving the MDGs include research by the Overseas Development Institute into the role of
equity.[43] Researchers at the ODI argued that progress could be accelerated due to recent breakthroughs in the role equity plays in creating a virtuous circle
where rising equity ensures the poor participate in their country's development and creates reductions in poverty and financial stability.[43] Yet equity should
not be understood purely as economic, but also as political. Examples abound, including Brazil's cash transfers, Uganda's eliminations of user fees and the
subsequent huge increase in visits from the very poorest or else Mauritius's dual-track approach to liberalization (inclusive growth and inclusive development)
aiding it on its road into the World Trade Organization.[43] Researchers at the ODI thus propose equity be measured in league tables in order to provide a
clearer insight into how MDGs can be achieved more quickly; the ODI is working with partners to put forward league tables at the 2010 MDG review
meeting.[43]
The effects of increasing drug use were noted by the International Journal of Drug Policy as a deterrent to the goal of the MDGs.[44]
Women's issues [ edit ]
Increased focus on gender issues could accelerate MDG progress, e.g. empowering women through access to paid
work could help reduce child mortality.[45] In South Asian countries babies often suffered from low birth weight and
high mortality due to limited access to healthcare and maternal malnutrition. Paid work could increase women's
access to health care and better nutrition, reducing child mortality. Increasing female education and workforce
participation increased these effects. Improved economic opportunities for women also decreased participation in the
sex market, which decreased the spread of AIDS, MDG 6A.[45] Another way in which women can be empowered is
through access to paid work. Kabeer states that this access increases women's agency in their households, it does so
in the economic and political spheres as well. A study of women in rural Mexico found that those of them engaged in The Hollywood actress Geena
Davis in a speech at the MDG
industrial work were able to negotiate and obtain a greater degree of respect in their households. Additionally, another
Countdown event at the Ford
study from Tanzania found that increased access to paid work led to a long-term reduction in domestic violence. Foundation in New York, addressing
Lastly, Women's employment and access to financial resources increased their political participation. Data from gender roles and issues in film such as
her organisation's work in combating
Bangladesh indicates that longer membership in microfinance organizations have many positive effects including inequality in Hollywood (24 September
2013)
higher levels of political participation and improved access to government programs.[46]
Although the resources, technology and knowledge exist to decrease poverty through improving gender equality, the
political will is often missing.[47] If donor and developing countries focused on seven "priority areas", great progress could be made towards the MDG. These
seven priority areas include: increasing girls' completion of secondary school, guaranteeing sexual and reproductive health rights, improving infrastructure to
ease women's and girl's time burdens, guaranteeing women's property rights, reducing gender inequalities in employment, increasing seats held by women in
government, and combating violence against women.[47]
It is thought[by whom?] that the current MDGs targets do not place enough emphasis on tracking gender inequalities in poverty reduction and employment as
there are only gender goals relating to health, education, and political representation.[45][48] To encourage women's empowerment and progress towards the
MDGs, increased emphasis should be placed on gender mainstreaming development policies and collecting data based on gender. [according to whom?]
Progress [ edit ]
Progress towards reaching the goals has been uneven across countries. Brazil achieved many of the goals,[49] while
others, such as Benin, are not on track to realize any.[50] The major successful countries include China (whose
poverty population declined from 452 million to 278 million) and India.[51] The World Bank estimated that MDG 1A
(halving the proportion of people living on less than $1 a day) was achieved in 2008 mainly due to the results from
these two countries and East Asia.[52]
In the early 1990s Nepal was one of the world's poorest countries and remains South Asia's poorest country. Doubling
health spending and concentrating on its poorest areas halved maternal mortality between 1998 and 2006. Its
Multidimensional Poverty Index has seen the largest decreases of any tracked country. Bangladesh has made some
of the greatest improvements in infant and maternal mortality ever seen, despite modest income growth.[53]
Between 1990 and 2010 the population living on less than $1.25 a day in developing countries halved to 21%, or 1.2
billion people, achieving MDG1A before the target date, although the biggest decline was in China, which took no Graph of global population living on
under 1, 1.25 and 2 equivalent of 2005
notice of the goal. However, the child mortality and maternal mortality are down by less than half. Sanitation and
US dollars a day (red) and as a
education targets will also be missed.[53] proportion of world population (blue)
from 1981 to 2008 based on data from
Multilateral debt reduction [ edit ] The World Bank
G‑8 Finance Ministers met in London in June 2005 in preparation for the Gleneagles Summit in July and agreed to
provide enough funds to the World Bank, IMF and the African Development Bank (AfDB) to cancel the remaining HIPC multilateral debt ($40 to $55 billion).
Recipients would theoretically re-channel debt payments to health and education.[54]
The Gleaneagles plan became the Multilateral Debt Relief Initiative (MDRI). Countries became eligible once their lending agency confirmed that the countries
had continued to maintain the reforms they had implemented.[54]
While the World Bank and AfDB limited MDRI to countries that complete the HIPC program, the IMF's eligibility criteria were slightly less restrictive so as to
comply with the IMF's unique "uniform treatment" requirement. Instead of limiting eligibility to HIPC countries, any country with per capita income of $380 or
less qualified for debt cancellation. The IMF adopted the $380 threshold because it closely approximated the HIPC threshold.[54]
Sub-Saharan Africa [ edit ]
See also: The Earth Institute
One success was to strengthen rice production in Sub-Saharan Africa. By the mid‑1990s, rice imports reached nearly $1 billion annually. Farmers had not
found suitable rice varieties that produce high yields. New Rice for Africa (NERICA), a high-yielding and well adapted strain, was developed and introduced in
areas including Congo Brazzaville, Côte d'Ivoire, the Democratic Republic of the Congo, Guinea, Kenya, Mali, Nigeria, Togo and Uganda. Some 18 varieties
of this strain became available, enabling African farmers to produce enough rice to feed their families and have extra to sell.[55]
The region also showed progress towards MDG 2. School fees that included Parent-Teacher Association and community contributions, textbook fees,
compulsory uniforms and other charges took up nearly a quarter of a poor family's income and led countries including Burundi, the Democratic Republic of the
Congo, Ethiopia, Ghana, Kenya, Malawi, Mozambique, Tanzania, and Uganda to eliminate such fees, increasing enrollment. For instance, in Ghana, public
school enrollment in the most deprived districts rose from 4.2 million to 5.4 million between 2004 and 2005. In Kenya, primary school enrollment added
1.2 million in 2003 and by 2004, the number had climbed to 7.2 million.[56]
Following the adoption of the Millennium Development Goals (MDGs), in 2000, Jeffrey Sachs of The Earth Institute at Columbia University was among the
leading academic scholars and practitioners on the MDGs. He chaired the WHO Commission on Macroeconomics and Health (2000–01), which played a
pivotal role in scaling up the financing of health care and disease control in the low-income countries to support MDGs 4, 5, and 6. He worked with UN
Secretary-General Kofi Annan in 2000–2001 to design and launch The Global Fund to Fight AIDS, Tuberculosis and Malaria.[57] He also worked with senior
officials of the George W. Bush administration to develop the PEPFAR program to fight HIV/AIDS, and the PMI to fight malaria. On behalf of Annan, from 2002
to 2006 he chaired the UN Millennium Project, which was tasked with developing a concrete action plan to achieve the MDGs. The UN General Assembly
adopted the key recommendations of the UN Millennium Project at a special session in September 2005. The recommendations for rural Africa are currently
being implemented and documented in the Millennium Villages, and in several national scale-up efforts such as in Nigeria.
The Millennium Villages Project, which Sachs directs, operates in more than a dozen African countries and covers more than 500,000 people. The MVP has
engendered considerable controversy associated as critics have questioned both the design of the project and claims made for its success. In 2012 The
Economist reviewed the project and concluded "the evidence does not yet support the claim that the millennium villages project is making a decisive
impact."[58] Critics have pointed to the failure to include suitable controls that would allow an accurate determination of whether the Projects methods were
responsible for any observed gains in economic development. A 2012 Lancet paper claiming a 3-fold increase in the rate of decline in childhood mortality was
criticized for flawed methodology, and the authors later admitted that the claim was "unwarranted and misleading".[59]
Graphs from the Millennium Development Goals Report 2010
Malaria deaths declined by more than one-third, saving millions of lives.[60]
Although developed countries' financial aid rose during the Millennium Challenge, more than half went towards debt relief. Much of the remainder aid money
went towards disaster relief and military aid. According to the United Nations Department of Economic and Social Affairs (2006), the 50 least developed
countries received about one third of all aid that flows from developed countries.[44]
Funding commitment [ edit ]
Over the past 35 years, UN members have repeatedly "commit[ted] 0.7% of rich-countries' gross national income (GNI) to Official Development
Assistance".[61] The commitment was first made in 1970 by the UN General Assembly.
The text of the commitment was:
Each economically advanced country will progressively increase its official development assistance to the developing countries and will exert its
best efforts to reach a minimum net amount of 0.7 percent of its gross national product at market prices by the middle of the decade.[62]
European Union [ edit ]
In 2005 the European Union reaffirmed its commitment to the 0.7% aid targets, noting that "four out of the five countries, which exceed the UN target for ODA
of 0.7%, of GNI are member states of the European Union".[63] Further, the UN "believe[s] that donors should commit to reaching the long-standing target of
0.7 percent of GNI by 2015".[62]
United States [ edit ]
However, the United States as well as other nations disputed the Monterrey Consensus that urged "developed countries that have not done so to make
concrete efforts towards the target of 0.7% of gross national product (GNP) as ODA to developing countries".[64][65]
The US consistently opposed setting specific foreign-aid targets since the UN General Assembly first endorsed the 0.7% goal in 1970.[66]
OECD [ edit ]
Many Organisation for Economic Co-operation and Development (OECD) nations, did not donate 0.7% of their GNI. Some nations' contributions fell far short
of 0.7%.[67]
The Australian government committed to providing 0.5% of GNI in International Development Assistance by 2015–2016.[68]
Review Summit 2010 [ edit ]
A major conference was held at UN headquarters in New York on 20–22 September 2010 to review progress. The conference concluded with the adoption of
a global action plan to accelerate progress towards the eight anti-poverty goals. Major new commitments on women's and children's health, poverty, hunger
and disease ensued.
MDG3 [ edit ]
According to MDG Monitor, the target under MDG 3 "To eliminate gender disparity in primary and secondary education by 2005, and in all levels of education
by 2015" was met.[69]
However MDG monitor points out that while parity has been achieved across the developing world, there are regional and national differences favouring girls
in some cases and boys in others. In secondary education in "Western Asia, Oceania, and sub-Saharan Africa, girls are still at a disadvantage, while the
opposite is true in Latin America and the Caribbean – boys are at a disadvantage." Similarly in tertiary education there are disparities "at the expense of men
in Northern Africa, Eastern Asia, and Latin America and the Caribbean" while conversely they are "at the expense of women in Southern Asia and sub-
Saharan Africa."[69]
Improvements [ edit ]
Improving living conditions in developing countries may encourage healthy workers not to move to other places that offer a better lifestyle for their
countries.[70]
Cuba, itself a developing country, played a significant role in providing medical personnel to other developing nations; it has trained more than 14,500 medical
students from 30 different countries at its Latin American School of Medicine in Havana since 1999. Moreover, some 36,000 Cuban physicians worked in 72
countries, from Europe to Southeast Asia, including 31 African countries, and 29 countries in the Americas. Countries such as Honduras, Guatemala, and
Nicaragua benefit from Cuban assistance.[71]
Post 2015 development agenda [ edit ]
Although there have been major advancements and improvements achieving some of the MDGs even before the deadline of 2015, the progress has been
uneven between the countries. In 2012 the UN Secretary-General established the "UN System Task Team on the Post-2015 UN Development Agenda",
bringing together more than 60 UN agencies and international organizations to focus and work on sustainable development.[72]
At the MDG Summit, UN Member States discussed the Post-2015 Development Agenda and initiated a process of consultations. Civil society organizations
also engaged in the post-2015 process, along with academia and other research institutions, including think tanks.[73]
The Sustainable Development Goals (SDGs) have been proposed as targets relating to future international development once the MDGs expire at the end of
2015.
On 31 July 2012, Secretary-General Ban Ki-moon appointed 26 public and private leaders to advise him on the post-MDG agenda.[74]
In 2014, the UN's Commission on the Status of Women agreed on a document that called for the acceleration of progress towards achieving the millennium
development goals, and confirmed the need for a stand-alone goal on gender equality and women's empowerment in post-2015 goals, and for gender equality
to underpin all of the post-2015 goals.[75]
The UN's Commission on the Status of Women electing to have created a goal dedicated to gender equality and the empowerment of women further
demonstrated how the United Nations's Millennium Development Goals did not make much progress on gender equality. The goal of achieving gender equity
is still a prominent issue and factor to in global development due to its ties to the rest of the SDGs.
Related activities/organisations [ edit ]
The United Nations Millennium Campaign was launched to increase support for the Millennium Development Goals.[25][76] The Millennium Campaign targets
intergovernmental, government, civil society organizations and media at global and regional levels.
The Millennium Promise Alliance, Inc. (or simply the "Millennium Promise") is a U.S.-based non-profit organization founded in 2005 by Jeffrey Sachs and Ray
Chambers.[77] Millennium Promise coordinated the Millennium Villages Project in partnership with Columbia's Earth Institute and UNDP; it aimed to
demonstrate MDG feasibility through an integrated, community-led approach. The project ran from 2005 to 2015, operating in 15 sites across 11 countries in
sub-Saharan Africa.[78]
The Global Poverty Project, later rebranded as Global Citizen, supported the MDGs.[79]
The Micah Challenge was an international campaign that encourages Christians to support the Millennium Development Goals. Their aim was to "encourage
our leaders to halve global poverty by 2015".[80]
The Youth in Action EU Programme "Cartoons in Action" project[81] created animated videos about MDGs,[82] and videos about MDG targets using Arcade
C64 videogames.[82][83]
The World We Want 2015 was a platform and joint venture between the United Nations and Civil Society Organizations that supported citizen participation in
defining a new global development framework to replace the Millennium Development Goals.
Education [ edit ]
The Teach MDGs, and Accessing Development Education European projects, coordinated by Future Worlds Center aim to increase MDG awareness and
public support by engaging teacher training institutes, teachers and pupils in developing local teaching resources that promote the MDGs with a focus on sub-
Saharan Africa.[84]
Global Education Magazine[85] is an initiative launched by the teaching team that formulated the proposal most voted in the group "Sustainable Development
for the Eradication of Poverty in Rio+20".[86] It is supported by UNESCO and UNHCR and aims to create a common place to disseminate transcultural,
transpolitical, transnational and transhumanist knowledge.
UN Goals [ edit ]
UN Goals is a global project dedicated to spreading knowledge of MDG through various internet and offline awareness campaigns.
Libraries and the Millennium Development Goals [ edit ]
Librarians and others in the information professions are in a unique position to help achieve the Millennium Development Goals. It is often the dissemination of
key information, e.g., about health, that changes daily life and can affect an entire community.
Millennium Development Goals are not only for the developing world. Maret (2011) specifically addresses how U.S. public libraries can help the United States
meet the goals.[87] The work of U.S. librarians has evolved in a manner that incorporates human rights values and precepts without having generally used the
language that characterizes the philosophical and ethical goals of human rights and human development.[88] Librarians are able to further the Millennium
Development Goals and contribute by providing information and services to all people in varying formats and languages.
Albright and Kwooya (2007) report that cultural and financial barriers in Sub-Saharan Africa impede LIS education programs. As a result, MDG goals for
poverty, healthcare, and education fall short. High rates of HIV/AIDS, and escalating child and maternal mortality are the direct result of poverty and
substandard medical care. Limited instruction in information access and exchange contributes to this ongoing dilemma.[89]
See also [ edit ]
8 (2008), a series of eight short films about the eight MDGs

Debt relief
Declaration of Human Duties and Responsibilities
International development
Official development assistance (ODA)
Precaria (country)
Seoul Development Consensus
United Nations Development Programme (UNDP)
Post-2015 Development Agenda
Development Cooperation Issues
Development Cooperation Stories
Development Cooperation Testimonials
Sustainable Development Goals
References [ edit ]
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Medicine. 2 (10): 318. doi:10.1371/journal.pmed.0020318 . PMC 1201695 . 47. ^ ab Grown, Caren (2005). "Answering the Skeptics: Achieving Gender
PMID 16156696 . Equality and the Millennium Development Goals". Development. 48 (3): 82–86.
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Attaran" . PLOS Medicine. 2 (11): e379. 48. ^ Noeleen Heyzer. 2005. "Making the Links: Women's Rights and
doi:10.1371/journal.pmed.0020379 . PMC 1297542 . PMID 16288557 . Empowerment Are Key to Achieving the Millennium Development Goals".
34. ^ Andy Haines and Andrew Cassels. 2004. "Can The Millennium Development Gender and Development, Vol. 13, No. 1, Millennium Development Goals
Goals Be Attained?" BMJ: British Medical Journal, Vol. 329, No. 7462 (14 (March 2005), pp. 9–12
August 2004), pp. 394–397 49. ^ "Brazil: Quick Facts" . MDG Monitor. Archived from the original on 3 June
35. ^ United Nations. 2006. "The Millennium Development Goals Report: 2006." 2013. Retrieved 14 October 2012.
United Nations Development Programme, 50. ^ "Benin: Quick Facts" . MDG Monitor. Archived from the original on 16
www.undp.org/publications/MDGReport2006.pdf (accessed 2 January 2008). December 2012. Retrieved 14 October 2012.
36. ^ [2] Archived 2 September 2010 at the Wayback Machine 51. ^ "Halving Global Poverty" (PDF). Retrieved 14 October 2012.
37. ^ "The Feasibility of Financing Sectoral Development Targets" . Retrieved 52. ^ Chen, Shaohua and Martin Ravallion, (29 February 2012) "An Update to the
6 February 2014. World Bank’s Estimates of Consumption Poverty in the Developing World "
38. ^ Subramanian, Savitha; Joseph Naimoli; Toru Matsubayashi; David Peters Development Research Group, World Bank, Retrieved 14 August 2012.
(2011). "Do We Have the Right Models for Scaling Up Health Services to 53. ^ a b "Poverty: Growth or safety net?" . The Economist. 21 September 2013.
Achieve the Millennium Development Goals?" . BMC Health Services Retrieved 4 October 2013.
Research. 11 (336): 336. doi:10.1186/1472-6963-11-336 . PMC 3260120 . 54. ^ a b c E. Carrasco, C. McClellan, & J. Ro (2007) "Foreign Debt: Forgiveness
PMID 22168915 . and Repudiation" University of Iowa Center for International Finance and
39. ^ "Gender and the MDGs" . ODI Briefing Paper. Overseas Development Development E-Book Archived 31 July 2008 at the Wayback Machine
Institute. Retrieved 7 July 2011. 55. ^ "Goal :: Tracking the Millennium Development Goals" . Mdg Monitor. 1
40. ^ "MDGs and the humanitarian-development divide" . ODI Briefing Paper. November 2007. Archived from the original on 30 January 2012. Retrieved
Overseas Development Institute. Retrieved 7 July 2011. 14 October 2012.
41. ^ "Economic Growth and the MDGs" . ODI Briefing Paper. Overseas 56. ^ "Goal: Tracking the Millennium Development Goals" . MDG Monitor. 1
Development Institute. Retrieved 7 July 2011. November 2007. Retrieved 14 October 2012.
57. ^ Kidder, Tracy (2003). Mountains Beyond Mountains . New York: Random 75. ^ Ford, Liz (23 March 2014). "Campaigners Welcome 'Milestone' Agreement at
House. p. 257 . UN Gender Equality Talks." The Guardian. Retrieved from TheGuardian.com,
58. ^ "Jeffrey Sachs and the millennium villages: Millennium bugs" . The 8 February 2019.
Economist. 14 May 2012. Retrieved 10 September 2015. 76. ^ "Kofi Annan and the Transition to Sustainable Development Goals" . IISD. 6
59. ^ "Does It Take a Village?" . 24 June 2013. December 2018. Retrieved 13 May 2021.
60. ^ "Free exchange: The next frontier" . The Economist. 21 September 2013. 77. ^ "Overview" . Millennium Promise. Retrieved 18 October 2012.
Retrieved 4 October 2013. 78. ^ "Millennium villages" . Millennium Promise Alliance. Retrieved 13 May
61. ^ "Press Archive" . UN Millennium Project. Archived from the original on 18 2021.
February 2015. Retrieved 14 October 2012. 79. ^ "At Global Citizen Festival, Ban tells crowd 'a better world is around the
62. ^ a b "Publications" . UN Millennium Project. 1 January 2007. Retrieved corner' " . United Nations. 28 September 2014. Retrieved 13 May 2021.
14 October 2012. 80. ^ "Home" . Micah Challenge. 9 October 2012. Retrieved 14 October 2012.
63. ^ "External Relations Council, Brussels 24 May 2005" (PDF). 81. ^ "Cartoons in action Progetto Gioventù in Azione finanziato dallANG –
Unmillenniumproject.org. Retrieved 18 October 2012. Agenzia Nazionale per i Giovani Youth in Action EU Programme. Il presente
64. ^ "United Nations Report of the International Conference on Financing for progetto è finanziato con il sostegno della Commissione europea. |
Development" (PDF). Retrieved 14 October 2012. Wix.com" . Socialab.wix.com. Retrieved 14 October 2012.
82. ^ ab R.I.P. giovane e dolce Melissa. "Cartoons inAction" . YouTube. Retrieved
65. ^ [3] Archived 8 May 2009 at the Wayback Machine
66. ^ Engardio, Pete (2 September 2005). "Bush Balks at Pact to Fight Poverty" 14 October 2012.
(PDF). BusinessWeek online. Retrieved 13 May 2021. 83. ^ "MDGs" . YouTube. Retrieved 14 October 2012.
67. ^ "Poverty Can Be Halved If Efforts Are Coupled with Better Governance, says 84. ^ "Welcome to the Development Education online Depository!" .
TI" (PDF). UN Millennium Project. Retrieved 18 October 2012. Developmenteducation.info. Retrieved 18 October 2012.
68. ^ [4] Archived 1 April 2012 at the Wayback Machine 85. ^ "(2012). The Humanist Quantum Interference: Towards the "Homo
69. ^ ab "MDG 3: Promote gender equality and empower women" . 15 November Conscienciatus". Javier Collado Ruano, October 17th: International Day for the
2016. Retrieved 1 December 2016. "Gender disparity has reduced dramatically Eradication of Poverty" . Global Education Magazine. 17 October 2012.
at all levels of education in the developing regions since 2000, hitting the MDG ISSN 2255-033X . Retrieved 6 February 2014.
target." 86. ^ "NGO Educar para Vivir (2012)" . Globaleducationmagazine.com. 16 June
70. ^ Haines, Andy; Andrew Cassels (August 2004). "Can the Millennium 2012. Retrieved 6 February 2014.
Development Goals Be Attained?" . British Medical Journal. 329 (7462): 394– 87. ^ Maret, S. (2011). True community: connecting the Millennium Development
7. doi:10.1136/bmj.329.7462.394 . PMC 509351 . PMID 15310610 . Goals to public library services in the United States. Information, Society and
71. ^ Huish, Robert (2009). "Canadian Foreign Aid for Global Health: Human Justice, 4(2), 29–55.
Security Opportunity Lost". Can Foreign Policy (1192–6422): 60. 88. ^ "Librarians and Human Rights | Offices of the American Library
72. ^ "Millennium Development Goals and post-2015 Development Agenda" . Association" . www.ala.org. 21 January 2011.
The United Nations. Retrieved 18 September 2014. 89. ^ Albright, K., & Kawooya, D. (2007). Libraries in the time of AIDS: African
73. ^ "United Nations Millennium Development Goals" . Un.org. Retrieved perspectives and recommendations for a revised model of LIS education.
14 October 2012. International Information And Library Review, 39 (Library and Information
74. ^ "UN Secretary-General Appoints High-Level Panel on Post-2015 Science Education in Developing Countries), 109–120.
Development Agenda" (PDF). Un.org. Retrieved 18 October 2012.
Rosenfield, Allan; Maine, Deborah; Freedman, Lynn (September 2006). "Meeting MDG-5: an impossible dream?". The Lancet. 368 (9542): 1133–1135. doi:10.1016/S0140-
6736(06)69386-0 . PMID 17011925 . S2CID 12109602 .
Official website Wikimedia Commons has

One page chart of the status of the MDGs at 2013 media related to Millennium
Development Goals.
Eradicate Extreme Poverty and Hunger by 2015 | UN Millennium Development Goal curated by the Center for
Latin American and Caribbean Studies at Michigan State University
Ensure Environmental Sustainability by 2015 | UN Millennium Development Goal curated by the Center for Latin American and Caribbean Studies at
Michigan State University
Gillian Sorensen, Senior Advisor to the United Nations Foundation, discusses UN Millennium Development Goals
"The Vrinda Project" – YouTube channel on the work in progress for the achievement of the MDGs connected to the Wikibook Development
Cooperation Handbook
The Millennium Development Goals in Asia and the Pacific: 12 Things to Know Asian Development Bank.
V ·T ·E United Nations [show]
Authority control [show]
Categories: Millennium Development Goals Librarianship and human rights
This page was last edited on 9 July 2021, at 02:12 (UTC).
Sustainable Development Goals

Main page "SDG" redirects here. For other uses, see SDG (disambiguation).
Contents
The Sustainable Development Goals (SDGs) or Global Goals are a collection of 17 interlinked global goals
Current events Sustainable Development Goals
Random article designed to be a "blueprint to achieve a better and more sustainable future for all".[1] The SDGs were set up in
About Wikipedia 2015 by the United Nations General Assembly and are intended to be achieved by the year 2030. They are
Contact us included in a UN Resolution called the 2030 Agenda or what is colloquially known as Agenda 2030.[2] The
Donate SDGs were developed in the Post-2015 Development Agenda as the future global development framework to
succeed the Millennium Development Goals which ended in 2015.
Contribute
Help The 17 SDGs are: (1) No Poverty, (2) Zero Hunger, (3) Good Health and Well-being, (4) Quality Education, (5)
Learn to edit Gender Equality, (6) Clean Water and Sanitation, (7) Affordable and Clean Energy, (8) Decent Work and
Community portal Economic Growth, (9) Industry, Innovation and Infrastructure, (10) Reducing Inequality, (11) Sustainable Cities
Recent changes and Communities, (12) Responsible Consumption and Production, (13) Climate Action, (14) Life Below Water,
Upload file Mission "A blueprint to achieve a better
(15) Life On Land, (16) Peace, Justice, and Strong Institutions, (17) Partnerships for the Goals. statement and more sustainable future for
Tools Though the goals are broad and interdependent, two years later (6 July 2017) the SDGs were made more all people and the world by 2030"
What links here "actionable" by a UN Resolution adopted by the General Assembly. The resolution identifies specific targets for Type of Non-Profit
Related changes project
each goal, along with indicators that are being used to measure progress toward each target.[3] The year by
Special pages Location Global
which the target is meant to be achieved is usually between 2020 and 2030.[4] For some of the targets, no end
Permanent link Owner Supported by United Nation &
date is given.
Page information Owned by community
Cite this page To facilitate monitoring, a variety of tools exist to track and visualize progress towards the goals. All intention is Founder United Nations
Wikidata item to make data more available and easily understood.[5] For example, the online publication SDG-Tracker, Established 2015
Print/export
launched in June 2018, presents available data across all indicators.[5] The SDGs pay attention to multiple Website sdgs.un.org
cross-cutting issues, like gender equity, education, and culture cut across all of the SDGs. There were serious
Download as PDF
Printable version impacts and implications of the COVID-19 pandemic on all 17 SDGs in the year 2020.[6]
In other projects Contents [hide]
Wikimedia Commons 1 Overview

Wikisource 1.1 Targets and indicators
Wikiversity 1.2 Reviews of indicators
1.3 The 17 individual goals
Languages
Afrikaans 1.4 Monitoring
አማርኛ 2 Cross-cutting issues
‫اﻟﻌﺮﺑﯿﺔ‬ 2.1 Gender equality
Արեւմտահայերէն 2.2 Education
অসমীয়া
2.3 Culture
Azərbaycanca
2.4 Health
বাংলা
Беларуская 3 Implementation and support
Български 3.1 Allocation
Bosanski 3.2 Challenges
Català 4 Costs and sources of finance
Čeština
4.1 Costs
Dansk
4.2 Financing
Deutsch
Eesti 4.3 SDG-driven investment
Ελληνικά 5 Communication and advocacy
Español 5.1 Advocates
Esperanto 5.2 Events
Euskara
6 History
6.1 Background
Français
6.2 Ratification
Gaeilge
Galego 7 Reception
한국어 7.1 Competing and too many goals
Հայերեն 7.2 Weak on environmental sustainability
हद 7.3 Importance of technology and connectivity
Hrvatski
8 Country examples
Bahasa Indonesia
8.1 Asia and Pacific
Íslenska
Italiano 8.2 Africa
‫עברית‬ 8.3 Europe and Middle East
ქართული 8.4 Americas
Kiswahili 9 See also
Latina
10 Notes
Latviešu
11 Sources
Lietuvių
Magyar 12 References
Македонски 13 External links
മലയാളം
मराठ
Bahasa Melayu Overview [ edit ]
Монгол
Nederlands Targets and indicators [ edit ]
नेपाली
日本語 Each goal typically has 8–12 targets, and each target has between 1 and 4 indicators used to measure progress
Norsk bokmål toward reaching the targets. The targets are either "outcome" targets (circumstances to be attained) or "means of
ਪੰਜਾਬੀ
implementation" targets.[7] The latter targets were introduced late in the process of negotiating the SDGs to address
‫ﭘﻨﺠﺎﺑﯽ‬
the concern of some Member States about how the SDGs were to be achieved. Goal 17 is wholly about how the
ភាសាែខរ
Polski
SDGs will be achieved.[7]
Português The numbering system of targets is as follows: "Outcome targets" use numbers, whereas "means of implementation
Română
targets" use lower case letters.[7] For example, SDG 6 has a total of 8 targets. The first six are outcome targets and
Русский
are labeled Targets 6.1 to 6.6. The final two targets are "means of implementation targets" and are labeled as Targets
Simple English
Slovenščina
6.a and 6.b.
Српски / srpski
Suomi Reviews of indicators [ edit ]
Svenska
As planned, the indicator framework was comprehensively reviewed at the 51st session of the United Nations
தமி
Statistical Commission in 2020. It will be reviewed again in 2025.[8] At the 51st session of the Statistical Commission
లుగు
ไทย
(held in New York City from 3–6 March 2020) a total of 36 changes to the global indicator framework were proposed Work of the Statistical Commission
for the Commission’s consideration. Some indicators were replaced, revised or deleted.[8] Between 15 October 2018 pertaining to the 2030 Agenda for
Тоҷикӣ
Sustainable Development containing
Türkçe and 17 April 2020, other changes were made to the indicators.[9] Yet their measurement continues to be fraught with the targets and indicators, July 2017
Українська difficulties.[10] (UN resolution A/RES/71/313)
Tiếng Việt
吴语
The United Nations Statistics Division (UNSD) website provides a current official indicator list which includes all
中文 updates until the 51st session Statistical Commission in March 2020.[4]
Edit links
The indicators were classified into three tiers based on their level of methodological development and the availability of data at the global level.[11] Tier 1 and
Tier 2 are indicators that are conceptually clear, have an internationally established methodology, and data are regularly produced by at least some countries.
Tier 3 indicators had no internationally established methodology or standards. The global indicator framework was adjusted so that Tier 3 indicators were
either abandoned, replaced or refined.[11] As of 17 July 2020, there were 231 unique indicators.[11]
The 17 individual goals [ edit ]

Further information: List of Sustainable Development Goal targets and indicators
Goal 1: No poverty [ edit ]

Main article: Sustainable Development Goal 1
SDG 1 is to: "End poverty in all its forms everywhere".[12] Achieving SDG 1 would end extreme poverty globally by
2030.
This section is an excerpt from Sustainable Development Goal 1 [ edit ]
The goal has seven targets and 13 indicators to measure progress. The five "outcome targets" are: eradication of
extreme poverty; reduction of all poverty by half; implementation of social protection systems; ensuring equal rights to
ownership, basic services, technology and economic resources; and the building of resilience to environmental,
economic and social disasters. The two targets related to "means of achieving" SDG 1 are mobilization of resources Homeless man living on the streets
to end poverty; and the establishment of poverty eradication policy frameworks at all levels.[13][14] of Tokyo, 2008
Despite the ongoing progress, 10 percent of the world's population live in poverty and struggle to meet basic needs
such as health, education, and access to water and sanitation.[15] Extreme poverty remains prevalent in low-income countries particularly those affected by
conflict and political upheaval.[16] In 2015, more than half of the world's 736 million people living in extreme poverty lived in Sub-Saharan Africa. Without a
significant shift in social policy, extreme poverty will dramatically increase by 2030.[17] The rural poverty rate stands at 17.2 percent and 5.3 percent in urban
areas (in 2016).[18] Nearly half are children.[18]
A study published in September 2020 found that poverty increased by 7 per cent in just a few months due to the COVID-19 pandemic, even though it had
been steadily decreasing for the last 20 years.[19]:9
Goal 2: Zero hunger (No hunger) [ edit ]

SDG 2 is to: "End hunger, achieve food security and improved nutrition, and promote sustainable agriculture".[20]
SDG 2 has eight targets and 14 indicators to measure progress.[21] The five "outcome targets" are: ending hunger
and improving access to food; ending all forms of malnutrition; agricultural productivity; sustainable food production
systems and resilient agricultural practices; and genetic diversity of seeds, cultivated plants and farmed and
domesticated animals; investments, research and technology. The three "means of achieving" targets include:
addressing trade restrictions and distortions in world agricultural markets and food commodity markets and their
derivatives.[21]
Sufficient and healthy foods should
be made available to everyone Globally, 1 in 9 people are undernourished, the vast majority of whom live in developing countries. Under nutrition
causes wasting or severe wasting of 52 million children worldwide.[22] It contributes to nearly half (45%) of deaths in
children under five – 3.1 million children per year.[23]
Goal 3: Good health and well-being [ edit ]

SDG 3 is to: "Ensure healthy lives and promote well-being for all at all ages".[24]
SDG 3 has 13 targets and 28 indicators to measure progress toward targets. The first nine targets are "outcome targets". Those are: reduction of maternal
mortality; ending all preventable deaths under 5 years of age; fight communicable diseases; ensure reduction of mortality from non-communicable diseases
and promote mental health; prevent and treat substance abuse; reduce road injuries and deaths; grant universal access to sexual and reproductive care,
family planning and education; achieve universal health coverage; and reduce illnesses and deaths from hazardous chemicals and pollution. The four "means
to achieving" SDG 3 targets are: implement the WHO Framework Convention on Tobacco Control; support research, development and universal access to
affordable vaccines and medicines; increase health financing and support health workforce in developing countries; and improve early warning systems for
global health risks.[25]
Significant strides have been made in increasing life expectancy and reducing some of the common causes of child
and maternal mortality. Between 2000 and 2016, the worldwide under-five mortality rate decreased by 47 percent
(from 78 deaths per 1,000 live births to 41 deaths per 1,000 live births).[22] Still, the number of children dying under
age five is very high: 5.6 million in 2016.[22]
Goal 4: Quality education [ edit ]

SDG 4 is to: "Ensure inclusive and equitable quality education and

promote lifelong learning opportunities for all".[26]
SDG 4 has ten targets which are measured by 11 indicators. The seven
"outcome-oriented targets" are: free primary and secondary education;
School children in Kakuma refugee
equal access to quality pre-primary education; affordable technical, camp, Kenya
vocational and higher education; increased number of people with
relevant skills for financial success; elimination of all discrimination in
education; universal literacy and numeracy; and education for sustainable development and global citizenship. The
three "means of achieving targets" are: build and upgrade inclusive and safe schools; expand higher education
Mothers with healthy children in
rural India scholarships for developing countries; and increase the supply of qualified teachers in developing countries.
Major progress has been made in access to education, specifically at the primary school level, for both boys and girls.
The number of out-of-school children has almost halved from 112 million in 1997 to 60 million in 2014.[27] In terms of the progress made, global participation in
tertiary education reached 224 million in 2018, equivalent[disambiguation needed] to a gross enrollment ratio of 38%.[28]
Goal 5: Gender equality [ edit ]

SDG 5 is to: "Achieve gender equality and empower all women and girls".[29]
Through the pledge to "Leave No One Behind", countries have committed to fast-track progress for those furthest behind, first.[30]:54 SDG 5 aims to grant
women and girls equal rights, opportunities to live free without discrimination including workplace discrimination or any violence. This is to achieve gender
equality and empower all women and girls.
In 2020, representation by women in single or lower houses of national parliament reached 25 per cent, up slightly from 22 per cent in 2015.[6] Women now
have better access to decision-making positions at the local level, holding 36 per cent of elected seats in local deliberative bodies, based on data from 133
countries and areas. Whilst female genital mutilation and cutting (FGM/C) is becoming less common, at least 200 million girls and women have been
subjected to this harmful practice.[31][6]
Goal 6: Clean water and sanitation [ edit ]

SDG 6 is to: "Ensure availability and sustainable management of water and sanitation for all".[32] The eight targets are
measured by 11 indicators.
The six "outcome-oriented targets" include: Safe and affordable drinking water; end open defecation and provide
access to sanitation and hygiene, improve water quality, wastewater treatment and safe reuse, increase water-use
efficiency and ensure freshwater supplies, implement IWRM, protect and restore water-related ecosystems. The two
"means of achieving" targets are to expand water and sanitation support to developing countries, and to support local
engagement in water and sanitation management.[33] Example of sanitation for all: School
toilet (IPH school and college,
The Joint Monitoring Programme (JMP) of World Health Organisation WHO And United Nations International Mohakhali, Dhaka, Bangladesh)
Children's Emergency fund UNICEF reported in 2017 that 4.5 billion people currently do not have safely managed
sanitation.[34] Also in 2017, only 71 per cent of the global population used safely managed drinking water, and 2.2
billion persons were still without safely managed drinking water. With regards to water stress: "In 2017, Central and Southern Asia and Northern Africa
registered very high water stress – defined as the ratio of fresh water withdrawn to total renewable freshwater resources – of more than 70 per cent".[6] Official
development assistance (ODA) disbursements to the water sector increased to $9 billion in 2018.[6]
Goal 7: Affordable and clean energy [ edit ]

SDG 7 is to: "Ensure access to affordable, reliable, sustainable and modern energy for all".[35]
The goal has five targets to be achieved by 2030.[36] Progress towards the targets is measured by six indicators.[36] Three out of the five targets are "outcome
targets": Universal access to modern energy; increase global percentage of renewable energy; double the improvement in energy efficiency. The remaining
two targets are "means of achieving targets": to promote access to research, technology and investments in clean energy; and expand and upgrade energy
services for developing countries. In other words, these targets include access to affordable and reliable energy while increasing the share of renewable
energy in the global energy mix. This would involve improving energy efficiency and enhancing international cooperation to facilitate more open access to
clean energy technology and more investment in clean energy infrastructure. Plans call for particular attention to infrastructure support for the least developed
countries, small islands and land-locked developing countries.[37]
Progress in expanding access to electricity has been made in several countries, notably India, Bangladesh, and Kenya.[38] The global population without
access to electricity decreased to about 840 million in 2017 from 1.2 billion in 2010 (sub-Saharan Africa remains the region with the largest access deficit).[38]
Renewable energy accounted for 17.5% of global total energy consumption in 2016.[38] Of the three end uses of renewables (electricity, heat, and transport)
the use of renewables grew fastest with respect to electricity. Between 2018 and 2030, the annual average investment will need to reach approximately $55
billion to expand energy access, about $700 billion to increase renewable energy and $600 billion to improve energy efficiency.[38]
Goal 8: Decent work and economic growth [ edit ]

SDG 8 is to: "Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all".[39]

SDG 8 has twelve targets in total to be achieved by 2030. Some targets are for 2030; others are for 2020. The first
ten are "outcome targets". These are: sustainable economic growth; diversify, innovate and upgrade for economic
productivity; promote policies to support job creation and growing enterprises; improve resource efficiency in
consumption and production; full employment and decent work with equal pay; promote youth employment, education
and training; end modern slavery, trafficking, and child labour; protect labour rights and promote safe working
environments; promote beneficial and sustainable tourism; universal access to banking, insurance and financial
services. In addition there are also two targets for "means of achieving": Increase aid for trade support; develop a
global youth employment strategy. Solar panels on house roof
Over the past five years, economic growth in least developed countries has been increasing at an average rate of 4.3
per cent.[40] In 2018, the global growth rate of real GDP per capita was 2 per cent. In addition, the rate for least
developed countries was 4.5 per cent in 2018 and 4.8 per cent in 2019, less than the 7 per cent growth rate targeted in SDG 8.[41] In 2019, 22 per cent of the
world's young people were not in employment, education or training, a figure that has hardly changed since 2005.[40] Addressing youth employment means
finding solutions with and for young people who are seeking a decent and productive job. Such solutions should address both supply, i.e. education, skills
development and training, and demand.[42] In 2018, the number of women engaged in the labor force was put at 48 per cent while that of men was 75 per
cent.[39]
Goal 9: Industry, Innovation and Infrastructure [ edit ]

SDG 9 is to: "Build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation".[43]
SDG 9 has eight targets, and progress is measured by twelve indicators. The first five targets are "outcome targets": Develop sustainable, resilient and
inclusive infrastructures; promote inclusive and sustainable industrialization; increase access to financial services and markets; upgrade all industries and
infrastructures for sustainability; enhance research and upgrade industrial technologies. The remaining three targets are "means of achieving" targets:
Facilitate sustainable infrastructure development for developing countries; support domestic technology development and industrial diversification; universal
access to information and communications technology.
In 2019, 14% of the world's workers were employed in manufacturing activities. This percentage has not changed much since 2000. The share of
manufacturing employment was the largest in Eastern and South-Eastern Asia (18 percent) and the smallest in sub-Saharan Africa (6 percent).[6] The
intensity of global carbon dioxide emissions has declined by nearly one quarter since 2000, showing a general decoupling of carbon dioxide emissions from
GDP growth.[6] As at 2020, nearly the entire world population lives in an area covered by a mobile network.[6] Millions of people are still unable to access the
internet due to cost, coverage, and other reasons.[44] It is estimated that just 53% of the world's population are currently internet users.[45]
Goal 10: Reduced inequality [ edit ]

SDG 10 is to: "Reduce income inequality within and among countries".[46]

The Goal has ten targets to be achieved by 2030. Progress towards targets will be measured by indicators. The first seven targets are "outcome targets":
Reduce income inequalities; promote universal social, economic and political inclusion; ensure equal opportunities and end discrimination; adopt fiscal and
social policies that promotes equality; improved regulation of global financial markets and institutions; enhanced representation for developing countries in
financial institutions; responsible and well-managed migration policies. The other three targets are "means of achievement" targets: Special and differential
treatment for developing countries; encourage development assistance and investment in least developed countries; reduce transaction costs for migrant
remittances.[47]
In 73 countries during the period 2012–2017, the bottom 40 per cent of the population saw its incomes grow. Still, in all countries with data, the bottom 40 per
cent of the population received less than 25 per cent of the overall income or consumption.[6]:12 Women are more likely to be victims of discrimination than
men. Among those with disabilities, 3 in 10 personally experienced discrimination, with higher levels still among women with disabilities. The main grounds of
discrimination mentioned by these women was not the disability itself, but religion, ethnicity and sex, pointing to the urgent need for measures to tackle
multiple and intersecting forms of discrimination.[48] In 2019, 54 per cent of countries have a comprehensive set of policy measures to facilitate orderly, safe,
regular and responsible migration and mobility of people.[48]
Goal 11: Sustainable cities and communities [ edit ]

SDG 11 is to: "Make cities and human settlements inclusive, safe, resilient, and sustainable".[49]
SDG 11 has 10 targets to be achieved, and this is being measured with 15 indicators. The seven "outcome targets" include: Safe and affordable housing,
affordable and sustainable transport systems; inclusive and sustainable urbanization; protect the world's cultural and natural heritage; reduce the adverse
effects of natural disasters; reduce the environmental impacts of cities; provide access to safe and inclusive green and public spaces. The three "means of
achieving" targets include: Strong national and regional development planning; implement policies for inclusion, resource efficiency and disaster risk reduction;
support least developed countries in sustainable and resilient building.[50][51]
The number of slum dwellers reached more than 1 billion in 2018, or 24 per cent of the urban population.[6] The number of people living in urban slums is
highest in Eastern and South-Eastern Asia, sub-Saharan Africa and Central and Southern Asia. In 2019, only half of the world's urban population had
convenient access to public transport, defined as living within 500 metres' walking distance from a low-capacity transport system (such as a bus stop) and
within 1 km of a high-capacity transport system (such as a railway).[6] In the period 1990–2015, most urban areas recorded a general increase in the extent of
built-up area per person.[6]
Goal 12: Responsible consumption and production [ edit ]

SDG 12 is to: "Ensure sustainable consumption and production patterns".[52]
The 11 targets of the goal are: implement the 10‑Year Framework of Programs on Sustainable Consumption and Production Patterns; achieve the sustainable
management and efficient use of natural resources; reducing by half the per capita global food waste at the retail and consumer levels and the reduction of
food losses along production and supply chains, including post-harvest losses;[53] achieving the environmentally sound management of chemicals and all
wastes throughout their life cycle; reducing waste generation through prevention, reduction, recycling and reuse; encourage companies to adopt sustainable
practices; promote public procurement practices that are sustainable; and ensure that people everywhere have the relevant information and awareness for
sustainable development. The three "means of achieving" targets are: support developing countries to strengthen their scientific and technological capacity;
develop and implement tools to monitor sustainable development impacts; and remove market distortions, like fossil fuel subsidies, that encourage wasteful
consumption.[54]
By 2019, 79 countries and the European Union have reported on at least one national policy instrument to promote sustainable consumption and production
patterns.[6]:14 This was done to work towards the implementation of the "10-Year Framework of Programmes on Sustainable Consumption and Production
Patterns".[6]:14 Global fossil fuel subsidies in 2018 were $400 billion.[6]:14 This was double the estimated subsidies for renewables and is detrimental to the
task of reducing global carbon dioxide emissions.[6]:14
To ensure that plastic products are more sustainable, thus reducing plastic waste, changes such as decreasing usage and increasing the circularity of the
plastic economy are expected to be required. An increase in domestic recycling and a reduced reliance on the global plastic waste trade are other actions that
might help meet the goal.[55]
Goal 13: Climate action [ edit ]

SDG 13 is to: "Take urgent action to combat climate change and its impacts by regulating emissions and promoting developments in renewable energy".[56]
The targets cover a wide range of issues surrounding climate action. There are five targets in total. The first three targets are "output targets": Strengthen
resilience and adaptive capacity to climate-related disasters; integrate climate change measures into policies and planning; build knowledge and capacity to
meet climate change. The remaining two targets are "means of achieving" targets: To implement the UN Framework Convention on Climate Change; and to
promote mechanisms to raise capacity for planning and management.[57] The United Nations Framework Convention on Climate Change (UNFCCC) is the
primary international, intergovernmental forum for negotiating the global response to climate change.
The decade between 2010 - 2019 was the warmest decade recorded in history. Currently climate change is affecting the global community in each country of
the world. Its impact affects not only national economies, but also lives and livelihoods, especially those in vulnerable conditions.[58] By 2018, climate change
continued exacerbating the frequency of natural disasters, such as massive wildfires, droughts, hurricanes and floods, affecting more than 39 million of
people.[59] Over the period 2000–2018, green house emissions of developed countries and economies in transitions have declined by 6.5%. The emissions of
the developing countries are up by 43% in the period between 2000 and 2013.[60] In 2019, at least 120 of 153 developing countries had undertaken activities
to formulate and implement national adaptation plans.
Goal 14: Life below water [ edit ]

SDG 14 is to: "Conserve and sustainably use the oceans, seas and marine resources for sustainable development".[61]
The first seven targets are "outcome targets": Reduce marine pollution; protect and restore ecosystems; reduce ocean acidification; sustainable fishing;
conserve coastal and marine areas; end subsidies contributing to overfishing; increase the economic benefits from sustainable use of marine resources. The
last three targets are "means of achieving" targets: To increase scientific knowledge, research and technology for ocean health; support small scale fishers;
implement and enforce international sea law.[62]
Oceans and fisheries support the global population’s economic, social and environmental needs.[63] Oceans are the source of life of the planet and the global
climate system regulator. They are the world’s largest ecosystem, home to nearly a million known species.[63] Oceans cover more than two-thirds of the
earth’s surface and contain 97% of the planet’s water.[64] They are essential for making the planet livable. Rainwater, drinking water and climate are all
regulated by ocean temperatures and currents. Over 3 billion people depend on marine life for their livelihood. However, there has been a 26 percent increase
in acidification since the industrial revolution. Effective strategies to mitigate adverse effects of increased ocean acidification are needed to advance the
sustainable use of oceans.
The current efforts to protect oceans, marine environments and small-scale fishers are not meeting the need to protect the resources.[6] One of the key drivers
of global overfishing is illegal fishing. It threatens marine ecosystems, puts food security and regional stability at risk, and is linked to major human rights
violations and even organized crime.[65] Increased ocean temperatures and oxygen loss act concurrently with ocean acidification and constitute the "deadly
trio" of climate change pressures on the marine environment.[66]
One indicator (14.1.1b) under Goal 14 specifically relates to reducing impacts from marine plastic pollution.[55]
Goal 15: Life on land [ edit ]

SDG 15 is to: "Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests,
combat desertification, and halt and reverse land degradation and halt biodiversity loss".[67]
The nine "outcome targets" include: Conserve and restore terrestrial and freshwater ecosystems; end deforestation
Nusa Lembongan Reef
and restore degraded forests; end desertification and restore degraded land; ensure conservation of mountain
ecosystems, protect biodiversity and natural habitats; protect access to genetic resources and fair sharing of the
benefits; eliminate poaching and trafficking of protected species; prevent invasive alien species on land and in water ecosystems; and integrate ecosystem
and biodiversity in governmental planning. The three "means of achieving targets" include: Increase financial resources to conserve and sustainably use
ecosystem and biodiversity; finance and incentivize sustainable forest management; combat global poaching and trafficking.
Humans depend on earth and the ocean to live. This goal aims at securing sustainable livelihoods that will be enjoyed for generations to come. The human
diet is composed 80% of plant life, which makes agriculture a very important economic resource.[68] Plant life provides 80 percent of the human diet, and we
rely on agriculture as an important economic resources. Forests cover 30 percent of the Earth's surface, provide vital habitats for millions of species, and
important sources for clean air and water, as well as being crucial for combating climate change.
The proportion of forest area fell, from 31.9 per cent of total land area in 2000 to 31.2 per cent in 2020, representing a net loss of nearly 100 million ha of the
world's forests.[6] This was due to decreasing forest area decreased in Latin America, sub-Saharan Africa and South-Eastern Asia, driven by deforestation for
agriculture.[69] Desertification affects as much as one-sixth of the world's population, 70% of all drylands, and one-quarter of the total land area of the world. It
also leads to spreading poverty and the degradation of billion hectares of cropland.[70] A report in 2020 stated that globally, the species extinction risk has
worsened by about 10 per cent over the past three decades.[6]
Goal 16: Peace, justice and strong institutions [ edit ]

SDG 16 is to: "Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and
inclusive institutions at all levels".[71]
The goal has ten "outcome targets": Reduce violence; protect children from abuse, exploitation, trafficking and violence; promote the rule of law and ensure
equal access to justice; combat organized crime and illicit financial and arms flows, substantially reduce corruption and bribery; develop effective, accountable
and transparent institutions; ensure responsive, inclusive and representative decision-making; strengthen the participation in global governance; provide
universal legal identity; ensure public access to information and protect fundamental freedoms. There are also two "means of achieving targets": Strengthen
national institutions to prevent violence and combat crime and terrorism; promote and enforce non-discriminatory laws and policies.[72]
Reducing violent crime, sex trafficking, forced labor, and child abuse are clear global goals. The International Community values peace and justice and calls
for stronger judicial systems that will enforce laws and work toward a more peaceful and just society.[73]
With more than a quarter of children under 5 unregistered worldwide as of 2015, about 1 in 5 countries will need to accelerate progress to achieve universal
birth registration by 2030.[74] Data from 38 countries over the past decade suggest that high-income countries have the lowest prevalence of bribery (an
average of 3.7 per cent), while lower-income countries have high levels of bribery when accessing public services (22.3 per cent).[6]
Goal 17: Partnership for the goals [ edit ]

SDG 17 is to: "Strengthen the means of implementation and revitalize the global partnership for sustainable development".[75] This goal has 19 outcome
targets and 24 indicators. Increasing international cooperation is seen as vital to achieving each of the 16 previous goals.[76] Goal 17 is included to assure that
countries and organizations cooperate instead of compete. Developing multi-stakeholder partnerships to share knowledge, expertise, technology, and
financial support is seen as critical to overall success of the SDGs. The goal encompasses improving north–south and South-South cooperation, and public-
private partnerships which involve civil societies are specifically mentioned.[77]
With US$5 trillion to $7 trillion in annual investment required to achieve the SDGs, total official development assistance reached US$147.2 billion in 2017.
This, although steady, is below the set target.[78] In 2016, six countries met the international target to keep official development assistance at or above 0.7
percent of gross national income.[78] Humanitarian crises brought on by conflict or natural disasters have continued to demand more financial resources and
aid. Even so, many countries also require official development assistance to encourage growth and trade.[78]
Monitoring [ edit ]
The UN High-Level Political Forum on Sustainable Development (HLPF) is the annual space for global monitoring of the SDGs, under the auspices of the
United Nations economic and Social Council. In July 2020 the meeting took place online for the first time due to the COVID-19 pandemic. The theme was
"Accelerated action and transformative pathways: realizing the decade of action and delivery for sustainable development" and a ministerial declaration was
adopted.[6]
High-level progress reports for all the SDGs are published in the form of reports by the United Nations Secretary General. The most recent one is from April
2020.[6]
The online publication SDG-Tracker was launched in June 2018 and presents data across all available indicators.[5] It relies on the Our World in Data
database and is also based at the University of Oxford.[80][81] The publication has global coverage and tracks whether the world is making progress towards
the SDGs.[82] It aims to make the data on the 17 goals available and
understandable to a wide audience.[83]
The website "allows people around the world to hold their governments
accountable to achieving the agreed goals".[80] The SDG-Tracker highlights that
the world is currently (early 2019) very far away from achieving the goals.
The Global "SDG Index and Dashboards Report" is the first publication to track
countries' performance on all 17 Sustainable Development Goals.[84] The annual
publication, co-produced by Bertelsmann Stiftung and SDSN, includes a ranking
and dashboards that show key challenges for each country in terms of
implementing the SDGs. The publication features trend analysis to show how
countries performing on key SDG metrics have changed over recent years in World map showing countries that are closest to meeting the SDGs (in dark
blue) and those with the greatest remaining challenges (in the lightest shade of
addition to an analysis of government efforts to implement the SDGs.
blue) in 2018.[79]
Cross-cutting issues [ edit ]
To achieve sustainable development, the three sectors need to come together. The economic, socio-political, and
environmental sectors are all critically important and interdependent.[85] Progress will require multidisciplinary and
trans-disciplinary research across all three sectors. This proves difficult when major governments fail to support
it.[85]
According to the UN, the target is to reach the community farthest behind. Commitments should be transformed
into effective actions requiring a correct perception of target populations. However, numerical and non-numerical
data or information must address all vulnerable groups such as children, elderly folks, persons with disabilities,
refugees, indigenous peoples, migrants, and internally-displaced persons.[86]
Young people holding SDG banners in
Lima, Peru
Gender equality [ edit ]
The widespread consensus is that progress on all of the SDGs will be stalled if women's empowerment and
gender equality are not prioritized, and treated holistically. The SDGs look to policy makers as well as private sector executives and board members to work
toward gender equality.[87][88] Statements from diverse sources, such as the Organisation for Economic Cooperation and Development (OECD), UN Women
and the World Pensions Forum, have noted that investments in women and girls have positive impacts on economies. National and global development
investments in women and girls often exceed their initial scope.[89]
Gender equality is mainstreamed throughout the SDG framework by ensuring that as much sex-disaggregated data as possible are collected.[90]:11
Education [ edit ]
Main article: Education for sustainable development
Education for sustainable development (ESD) is explicitly recognized in the SDGs as part of Target 4.7 of the SDG on education. UNESCO promotes the
Global Citizenship Education (GCED) as a complementary approach.[91] At the same time, it is important to emphasize ESD's importance for all the other 16
SDGs. With its overall aim to develop cross-cutting sustainability competencies in learners, ESD is an essential
contribution to all efforts to achieve the SDGs. This would enable individuals to contribute to sustainable development
by promoting societal, economic and political change as well as by transforming their own behavior.[92]
Culture [ edit ]
Culture is explicitly referenced in SDG 11 Target 4 ("Strengthen efforts to protect and safeguard the world’s cultural
and natural heritage"). However, culture is seen as a cross-cutting theme because it impacts several SDGs.[90] For
example, culture plays a role in SDGs related to:[90]:2
Training on Education for
environment and resilience (Targets 11.4 Cultural & natural heritage, 11.7 Inclusive public spaces, 12.b
sustainable development workshop in
Sustainable tourism management, 16.4 Recovery of stolen assets), Kasese district Uganda
prosperity and livelihoods (Targets 8.3 Jobs, entrepreneurship & innovation; 8.9 Policies for sustainable tourism),
knowledge and skills,
inclusion and participation (Targets 11.7 Inclusive public spaces, 16.7 Participatory decision-making).
Health [ edit ]
SDGs 1 to 6 directly address health disparities, primarily in developing countries.[93] These six goals address key issues in Global Public Health, Poverty,
Hunger and Food security, Health, Education, Gender equality and women's empowerment, and water and sanitation.[93] Public health officials can use these
goals to set their own agenda and plan for smaller scale initiatives for their organizations. These goals are designed to lessen the burden of disease and
inequality faced by developing countries and lead to a healthier future.
The links between the various sustainable development goals and public health are numerous and well established:
Living below the poverty line is attributed to poorer health outcomes and can be even worse for persons living in developing countries where extreme
poverty is more common.[94] A child born into poverty is twice as likely to die before the age of five compared to a child from a wealthier family.[95]
The detrimental effects of hunger and malnutrition that can arise from systemic challenges with food security are enormous. The World Health
Organization estimates that 12.9 percent of the population in developing countries is undernourished.[96]
Health challenges in the developing world are enormous, with "only half of the women in developing nations receiving the recommended amount of
healthcare they need.[95]
Educational equity has yet to be reached in the world. Public health efforts are impeded by this, as a lack of education can lead to poorer health outcomes.
This is shown by children of mothers who have no education having a lower survival rate compared to children born to mothers with primary or greater
levels of education.[95] Cultural differences in the role of women vary by country, many gender inequalities are found in developing nations. Combating
these inequalities has shown to also lead to a better public health outcome.
In studies done by the World Bank on populations in developing countries, it was found that when women had more control over household resources, the
children benefit through better access to food, healthcare, and education.[97]
Basic sanitation resources and access to clean sources of water are a basic human right. However, 1.8 billion people globally use a source of drinking
water that is contaminated by feces, and 2.4 billion people lack access to basic sanitation facilities like toilets or pit latrines.[98] A lack of these resources is
what causes approximately 1000 children a day to die from diarrheal diseases that could have been prevented from better water and sanitation
infrastructure.[98]
Implementation and support [ edit ]
Implementation of the SDGs started worldwide in 2016. This process can also be called "Localizing the SDGs".
Individual people, universities, governments, institutions and organizations of all kinds work are working separately
but one or more goals at the same time.[99] Individual governments must translate the goals into national legislation,
develop a plan of action, and establish their own budget. However, at the same time, they must be open to and
actively searching for partners. Coordination at the international level is crucial, making partnerships valuable. The
SDGs note that countries with less access to financial resources need partnerships with more well-to-do
countries.[100]
Boeing 787 of XiamenAir uses a
The co-chairs of the SDG negotiations each produced a book to help people to understand the Sustainable GEnx engine which reduces carbon
Development Goals and how they evolved. The books are: "Negotiating the Sustainable Development Goals: A emissions and noise pollution.
transformational agenda for an insecure world" by Ambassador David Donoghue, Felix Dodds and Jimena Leiva and
"Transforming Multilateral Diplomacy: The Inside Story of the Sustainable Development Goals" by Macharia Kamau,
David O'Connor and Pamela Chasek.
A 2018 study in the journal Nature found that while "nearly all African countries demonstrated improvements for children under 5 years old for stunting,
wasting, and underweight... much, if not all of the continent will fail to meet the Sustainable Development Goal target—to end malnutrition by 2030".[101]
Allocation [ edit ]
In 2019 five progress reports on the 17 SDGs were published. Three came from the United Nations Department of Economic and Social Affairs
(UNDESA),[102][103] one from the Bertelsmann Foundation and one from the European Union.[104][105] According to a review of the five reports in a
synopsis[disambiguation needed], the allocation of the Goals and themes by the Basel Institute of Commons and Economics, the allocation was the following:[106]
Allocation of the Goals and their major themes in five leading SDG
reports 2019[106]
SDG Topic Rank Average Rank Mentions[Note 1]
Health 1 3.2 1814
Energy 1328
Climate 2 4.0 1328
Water 1784
Education 3 4.6 1351
Poverty 4 6.2 1095
Food 5 7.6 693
Economic Growth 6 8.6 387
Technology 7 8.8 855
Inequality 8 9.2 296
Gender Equality 9 10.0 338
Hunger 10 10.6 670
Justice 11 10.8 328
Governance 12 11.6 232
Decent Work 13 12.2 277
Peace 14 12.4 282
Clean Energy 15 12.6 272
Life on Land 16 14.4 250
Life below Water 17 15.0 248
Social Inclusion 18 16.4 22
In explanation of the findings, the Basel Institute of Commons and Economics said Biodiversity, Peace and Social Inclusion were "left behind" by quoting the
official SDGs motto "Leaving no one behind".[106]
Challenges [ edit ]
Impacts of COVID-19 pandemic [ edit ]
The COVID-19 pandemic in 2020 has offered countries an opportunity to build recovery plans that will change current trends and also change consumption
and production patterns towards achieving a more sustainable future.[6]:14 The pandemic has proved that weaknesses emerge from our systems, and to meet
sustainable development goals, responsibility should begin from our governments down to other civil servants.[107]
Costs and sources of finance [ edit ]
Costs [ edit ]
The Economist estimated that alleviating poverty and achieving the other sustainable development goals will
require about US$2–3 trillion per year for the next 15 years which they called "pure fantasy".[108] Estimates for
providing clean water and sanitation for the whole population of all continents have been as high as US$200
billion.[109] The World Bank says that estimates need to be made country by country, and reevaluated frequently
over time.[109]
Cost comparison for UN Goals
In 2014, UNCTAD estimated the annual costs to achieving the UN Goals at US$2.5 trillion per year.[110] Another
estimate from 2018 (by the Basel Institute of Commons and Economics, that conducts the World Social Capital
Monitor) found that to reach all of the SDGs this would require between US$2.5 and $5.0 trillion per year.[111]
Financing [ edit ]
The Rockefeller Foundation asserts that "The key to financing and achieving the SDGs lies in mobilizing a greater share of the $200+ trillion in annual private
capital investment flows toward development efforts, and philanthropy has a critical role to play in catalyzing this shift."[112] Large-scale funders participating in
a Rockefeller Foundation-hosted design thinking workshop concluded that "while there is a moral imperative to achieve the SDGs, failure is inevitable if there
aren't drastic changes to how we go about financing large scale change".[113]
In 2017 the UN launched the Inter-agency Task Force on Financing for Development (UN IATF on FfD) that invited to a public dialogue.[114] The top-5 sources
of financing for development were estimated in 2018 to be: Real new sovereign debt OECD countries, military expenditures, official increase sovereign debt
OECD countries, remittances from expats to developing countries, official development assistance (ODA).[111]
SDG-driven investment [ edit ]
Capital stewardship is expected to play a crucial part in the progressive advancement of the SDG agenda:
"No longer absentee landlords', pension fund trustees have started to exercise more forcefully their governance prerogatives across the boardrooms of
Britain, Benelux and America: coming together through the establishment of engaged pressure groups [...] to shift the [whole economic] system towards
sustainable investment"[115] by using the SDG framework across all asset classes.[88]
In 2017, 2018 and early 2019, the World Pensions Council (WPC) held a series of ESG-focused discussions with pension board members (trustees) and
senior investment executives from across G20 nations in Toronto, London (with the UK Association of Member-Nominated Trustees, AMNT), Paris and New
York – notably on the sidelines of the 73rd session of the United Nations General Assembly. Many pension investment executives and board members
confirmed they were in the process of adopting or developing SDG-informed investment processes, with more ambitious investment governance requirements
– notably when it comes to Climate Action, Gender Equity and Social Fairness: “they straddle key Sustainable Development Goals (SDGs), including, of
course, Gender Equality (SDG 5) and Reduced Inequality (SDG 10) […] Many pension trustees are now playing for keeps”.[116]
The notion of "SDG Driven Investment" gained further ground amongst institutional investors in the second semester of 2019, notably at the WPC-led G7
Pensions Roundtable held in Biarritz, 26 August 2019,[117] and the Business Roundtable held in Washington, DC, on 19 August 2019.[118]
Communication and advocacy [ edit ]
UN agencies which are part of the United Nations Development Group decided to support an independent campaign to communicate the new SDGs to a
wider audience. This campaign, "Project Everyone," had the support of corporate institutions and other international organizations.[119]
Using the text drafted by diplomats at the UN level, a team of communication specialists developed icons for every goal.[120] They also shortened the title "The
17 Sustainable Development Goals" to "Global Goals/17#GlobalGoals," then ran workshops and conferences to communicate the Global Goals to a global
audience.[121][122][123]
An early concern was that 17 goals would be too much for people to grasp and that therefore the SDGs would fail to get a wider recognition.[when?] Without
wider recognition the necessary momentum to achieve them by 2030 would not be achieved. Concerned with this, British film-maker Richard Curtis started the
organization in 2015 called Project Everyone with the aim to bring the goals to everyone on the planet.[124][125][126] Curtis approached Swedish designer
Jakob Trollbäck who rebranded them as The Global Goals and created the 17 iconic visuals with clear short names as well as a logotype for the whole
initiative. The communication system is available for free.[127] In 2018, Jakob Trollbäck and his company (The New Division), went on to extend the
communication system to also include the 169 targets that describe how the goals can be achieved.[128]
The benefits of engaging the affected public in decision making that affects their livelihoods, communities, and
environment have been widely recognized.[129] The Aarhus Convention is a United Nations convention passed in
2001, explicitly to encourage and promote effective public engagement in environmental decision making. Information
transparency related to social media and the engagement of youth are two issues related to the Sustainable
Development Goals that the convention has addressed.[130][131]
Advocates [ edit ]
In 2019, United Nations Secretary-General António Guterres appointed new SDG advocates.[132] The role of these 17
public figures is to raise awareness, inspire greater ambition, and push for faster action on the SDGs. They are:
Co-Chairs
Nana Addo Dankwa Akufo-Addo, President of Ghana.

Erna Solberg, Prime Minister of Norway.
Members
Queen Mathilde of the Belgians

Muhammadu Sanusi II, Emir of Kano. Katherine Maher, Executive
Sheikha Moza bint Nasser, founder of the Education Above All Foundation. Director of the Wikimedia Foundation,
talks about "The role of free knowledge
Richard Curtis, screenwriter, producer and film director.
in advancing the SDGs" in Stockholm,
Hindou Oumarou Ibrahim, environmental and indigenous rights activist. 2019
Jack Ma, founder and executive chairman of the Alibaba Group.
Graça Machel, founder of Graça Machel Trust.
Dia Mirza, actress, film producer, and UN Environment Program Goodwill Ambassador for India.
Alaa Murabit, founder of The Voice of Libyan Women.
Nadia Murad, Nobel Laureate, chair and president of Nadia’s Initiative, UN Office on Drugs and Crime Goodwill
Ambassador.
Edward Ndopu, founder of Global Strategies on Inclusive Education.
Paul Polman, chair of the International Chamber of Commerce, vice-chair of the board of United Nations Global A proposal to visualize the 17 SDGs
in a thematic pyramid.
Compact.
Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University.
Marta Vieira da Silva, footballer for Orlando Pride and UN Women Goodwill Ambassador.
Forest Whitaker, actor, founder and CEO of Whitaker Peace & Development Initiative.
Events [ edit ]
Global Goals Week [ edit ]
Global Goals Week is an annual week-long event in September for action, awareness, and accountability for the Sustainable Development Goals.[133] Its a
shared commitment for over 100 partners to ensure quick action on the SDGs by sharing ideas and transformative solutions to global problems.[134] It first
took place in 2016. It is often held concurrently with Climate Week NYC.[135]
Film festivals [ edit ]
The annual "Le Temps Presse" festival in Paris utilizes cinema to sensitize the public, especially young people, to the
Sustainable Development Goals. The origin of the festival was in 2010 when eight directors produced a film titled "8,"
which included eight short films, each featuring one of the Millennium Development Goals. After 2.5 million viewers
saw "8" on YouTube, the festival was created. It now showcases young directors whose work promotes social,
environmental and human commitment. The festival now focuses on the Sustainable Development Goals.[136] Global Goals Week logo
The Arctic Film Festival is an annual film festival organized by HF Productions and supported by the SDGs'
Partnership Platform. Held for the first time in 2019, the festival is expected to take place every year in September in Longyearbyen, Svalbard,
Norway.[137][138]
History [ edit ]
Background [ edit ]
Further information: Post-2015 Development Agenda and Millennium Development Goals
In 1972, governments met in Stockholm, Sweden for the United Nations Conference on the Human Environment, to
consider the rights of the family to a healthy and productive environment.[139] In 1983, the United Nations created the
World Commission on Environment and Development (later known as the Brundtland Commission), which defined
sustainable development as "meeting the needs of the present without compromising the ability of future generations
to meet their own needs".[140] In 1992, the first United Nations Conference on Environment and Development
(UNCED) or Earth Summit was held in Rio de Janeiro, where the first agenda for Environment and Development, also
known as Agenda 21, was developed and adopted. The sustainable development goals
are a UN initiative.
In 2012, the United Nations Conference on Sustainable Development (UNCSD), also known as Rio+20, was held as a
20-year follow up to UNCED.[141][142] Colombia proposed the idea of the SDGs at a preparation event for Rio+20 held
in Indonesia in July 2011.[143] In September 2011, this idea was picked up by the United Nations Department of Public
Information 64th NGO Conference in Bonn, Germany. The outcome document proposed 17 sustainable development
goals and associated targets. In the run-up to Rio+20 there was much discussion about the idea of the SDGs. At the
Rio+20 Conference, a resolution known as "The Future We Want" was reached by member states.[144] Among the
key themes agreed on were poverty eradication, energy, water and sanitation, health, and human settlement.
The Rio+20 outcome document mentioned that "at the outset, the OWG [Open Working Group] will decide on its
methods of work, including developing modalities to ensure the full involvement of relevant stakeholders and
UN SDG consultations in Mariupol,
expertise from civil society, Indigenous Peoples, the scientific community and the United Nations system in its work, in Ukraine
order to provide a diversity of perspectives and experience".[144]
In January 2013, the 30-member UN General Assembly Open Working Group on Sustainable Development Goals was established to identify specific goals
for the SDGs. The Open Working Group (OWG) was tasked with preparing a proposal on the SDGs for consideration during the 68th session of the General
Assembly, September 2013 – September 2014.[145] On 19 July 2014, the OWG forwarded a proposal for the SDGs to the Assembly. After 13 sessions, the
OWG submitted their proposal of 8 SDGs and 169 targets to the 68th session of the General Assembly in September 2014.[146] On 5 December 2014, the UN
General Assembly accepted the Secretary General's Synthesis Report, which stated that the agenda for the post-2015 SDG process would be based on the
OWG proposals.[147]
Ban Ki-moon, the United Nations Secretary-General from 2007 to 2016, has stated in a November 2016 press conference that: "We don’t have plan B
because there is no planet B."[148] This thought has guided the development of the Sustainable Development Goals (SDGs).[citation needed]
The Post-2015 Development Agenda was a process from 2012 to 2015 led by the United Nations to define the future global development framework that
would succeed the Millennium Development Goals. The SDGs were developed to succeed the Millennium Development Goals (MDGs) which ended in 2015.
The gaps and shortcomings of MDG Goal 8 (To develop a global partnership for development) led to identifying a problematic "donor-recipient"
relationship.[149] Instead, the new SDGs favor collective action by all countries.[149]
The UN-led process involved its 193 Member States and global civil society. The resolution is a broad intergovernmental agreement that acts as the Post-
2015 Development Agenda. The SDGs build on the principles agreed upon in Resolution A/RES/66/288, entitled "The Future We Want".[150] This was a non-
binding document released as a result of Rio+20 Conference held in 2012.[150]
The lists of targets and indicators for each of the 17 SDGs was published in a UN resolution in July 2017.[3]
Ratification [ edit ]
Negotiations on the Post-2015 Development Agenda began in January 2015 and ended in August 2015. The
negotiations ran in parallel to United Nations negotiations on financing for development, which determined the
financial means of implementing the Post-2015 Development Agenda; those negotiations resulted in adoption of the
Addis Ababa Action Agenda in July 2015. A final document was adopted at the UN Sustainable Development Summit
in September 2015 in New York.[151]
On 25 September 2015, the 193 countries of the UN General Assembly adopted the 2030 Development Agenda titled
"Transforming our world: the 2030 Agenda for Sustainable Development".[152][153] This agenda has 92 paragraphs.
Paragraph 59 outlines the 17 Sustainable Development Goals and the associated 169 targets and 232 indicators.
Reception [ edit ]
The SDGs have been criticized for setting contradictory goals and for trying to do everything first, instead of focusing
on the most urgent or fundamental priorities. The SDGs were an outcome from a UN conference that was not
criticized by any major non-governmental organization (NGO). Instead, the SDGs received broad support from many
Transforming our world: the 2030
NGOs.[154] Agenda for Sustainable Development
(UN Resolution A/RES/70/1),
A commentary in The Economist in 2015 said that the SDGs are "a mess" compared to the eight Millennium
containing the goals (October 2015)
Development Goals (MDGs) used previously.[108] Others have pointed out that the SDGs mark a shift from the MDGs
and emphasise the interconnected environmental, social and economic aspects of development, by putting
sustainability at their centre.[155]
The SDGs may simply maintain the status quo and fall short of delivering on the ambitious development agenda. The current status quo has been described
as "separating human wellbeing and environmental sustainability, failing to change governance and to pay attention to trade-offs, root causes of poverty and
environmental degradation, and social justice issues".[155]
Regarding the targets of the SDGs, there is generally weak evidence linking the "means of implementation" to outcomes.[7] The targets about "means of
implementation" (those denoted with a letter, for example, Target 6.a) are imperfectly conceptualized and inconsistently formulated, and tracking their largely
qualitative indicators will be difficult.[7]
Competing and too many goals [ edit ]
Some of the goals compete with each other. For example, seeking high levels of quantitative GDP growth can make it difficult to attain ecological, inequality
reduction, and sustainability objectives. Similarly, increasing employment and wages can work against reducing the cost of living.[156]
A commentary in The Economist in 2015 argued that 169 targets for the SDGs is too many, describing them as "sprawling, misconceived" and "a mess".[108]
The goals are said to ignore local context. All other 16 goals might be contingent on achieving SDG 1, ending poverty, which should have been at the top of a
very short list of goals.
On the other hand, nearly all stakeholders engaged in negotiations to develop the SDGs agreed that the high number of 17 goals was justified because the
agenda they address is all-encompassing.[citation needed]
Weak on environmental sustainability [ edit ]
Continued global economic growth of 3 percent (Goal 8) may not be reconcilable with ecological sustainability goals, because the required rate of absolute
global eco-economic decoupling is far higher than any country has achieved in the past.[157] Anthropologists have suggested that, instead of targeting
aggregate GDP growth, the goals could target resource use per capita, with "substantial reductions in high‐income nations."[157]
Environmental constraints and planetary boundaries are underrepresented within the SDGs. For instance, the paper "Making the Sustainable Development
Goals Consistent with Sustainability"[158] points out that the way the current SDGs are structured leads to a negative correlation between environmental
sustainability and SDGs. This means, as the environmental sustainability side of the SDGs is underrepresented, the resource security for all, particularly for
lower-income populations, is put at risk. This is not a criticism of the SDGs per se, but a recognition that their environmental conditions are still weak.[157]
The SDGs have been criticized for their inability to protect biodiversity. They could unintentionally promote environmental destruction in the name of
sustainable development.[159][160]
Scientists have proposed several ways to address the weaknesses regarding environmental sustainability in the SDGs:
The monitoring of essential variables to better capture the essence of coupled environmental and social systems that underpin sustainable development,
helping to guide coordination and systems transformation.[161]
More attention to the context of the biophysical systems in different places (e.g., coastal river deltas, mountain areas)[162][163]
Better understanding of feedbacks across scales in space (e.g., through globalization) and time (e.g., affecting future generations) that could ultimately
determine the success or failure of the SDGs.[164]
Importance of technology and connectivity [ edit ]

Several years after the launch of the SDGs, growing voices called for more emphasis on the need for technology and internet connectivity within the goals. In
September 2020, the UN Broadband Commission for Sustainable Development called for digital connectivity to be established as a “foundational pillar” for
achieving all the SDGs. In a document titled “Global Goal of Universal Connectivity Manifesto”, the Broadband Commission said: “As we define the ‘new
normal’ for our post-COVID world, leaving no one behind means leaving no one offline.”[165]
Country examples [ edit ]
Asia and Pacific [ edit ]
Australia [ edit ]
Main article: Sustainable Development Goals and Australia
The Commonwealth of Australia was one of the 193 countries that adopted the 2030 Agenda in September 2015. Implementation of the agenda is led by the
Department of Foreign Affairs and Trade (DFAT) and the Department of the Prime Minister and Cabinet (PM&C) with different federal government agencies
responsible for each of the goals.[166] Australia is not on-track to achieve the SDGs by 2030.[167] Four modelled scenarios based on different development
approaches found that the 'Sustainability Transition' scenario could deliver "rapid and balanced progress of 70% towards SDG targets by 2020, well ahead of
the business-as-usual scenario (40%)".[167] In 2020, Australia's overall performance in the SDG Index is ranked 37th out of 166 countries (down from 18th out
of 34 countries in 2015).[168][169]
Bangladesh [ edit ]
Bangladesh, as an active participant in the global process of preparing the Agenda 2030, started its implementation from the very beginning through the
integration of SDGs into the national development agenda. The SDGs were integrated with the country’s 7th Five Year Plan (7FYP, 2016- 2020) and these
were given emphasis while setting the priority areas of the 7FYP such that the achievement of Plan objectives and targets also can contribute towards the
achievement of the SDGs. All the 17 goals were integrated into the 7FYP. A Development Results Framework (DRF)- -a robust and rigorous result based
monitoring and evaluation framework—was also embedded in the Plan for monitoring the 7FYP. The outcomes and targets in the DRF were aligned with the
SDGs focus on macroeconomic development, poverty reduction, employment, education, health, water and sanitation, transport and communication, power,
energy and mineral resources, gender and inequality, environment, climate change and disaster management, ICT, urban development, governance, and
international cooperation and partnership.[170]
Bhutan [ edit ]
The Sustainable development process in Bhutan has a more meaningful purpose than economic growth alone. The nation's holistic goal is the pursuit of
Gross National Happiness (GNH),[171] a term coined in 1972 by the Fourth King of Bhutan, Jigme Singye Wangchuck, which has the principal guiding
philosophy for the long term journey as a nation. Therefore, the SDGs find a natural place within the framework of GNH sharing a common vision of prosperity,
peace, and harmony where no one is left behind. Just as GNH is both an ideal to be pursued and a practical tool so too the SDGs inspire and guide
sustainable action. Guided by the development paradigm of GNH, Bhutan is committed to achieving the goals of SDGs by 2030 since its implementation in
September 2015. In line with Bhutan's commitment to the implementation of the SDGs and sustainable development, Bhutan has participated in the Voluntary
National Review in the 2018 High-Level Political Forum.[172] As the country has progressed in its 12th five-year plan (2019–2023), the national goals have
been aligned with the SDGs and every agency plays a vital role in its own ways to collectively achieving the committed goals of SDGs.
India [ edit ]
The Government of India established the NITI Aayog to attain sustainable development goals.[173] In March 2018 Haryana became the first state in India to
have its annual budget focused on the attainment of SDG with a 3-year action plan and a 7-year strategy plan to implement sustainable development goals
when Captain Abhimanyu, Finance Minister of Government of Haryana, unveiled a ₹1,151,980 lakh (equivalent to ₹120 billion, US$1.7 billion or €1.6 billion in
2019) annual 2018-19 budget.[174] Also, NITI Aayog starts the exercise of measuring India and its States’ progress towards the SDGs for 2030, culminating in
the development of the first SDG India Index - Baseline Report 2018[175]
Africa [ edit ]
Countries in Africa such as Ethiopia, Angola and South Africa worked with UN Country Teams and the United Nations Development Programme (UNDP) to
provide support to create awareness about SDGs among government officers, private sector workers, MPs and the civil society.[176]
In Cape Verde, the government received support from the UNDP to convene an international conference on SDGs in June 2015. This contributed to the
worldly discussions on the specific needs of Small Island Developing States in the view of the new global agenda on sustainable development. In the UN
country team context, the government received support from UNDP to develop a roadmap (a plan) to place SDGs at the middle of its national development
planning processes.[176]
In Liberia, the government received support from UNDP to develop a roadmap to domesticate the AU Agenda 2063 and 2030 Agenda into the country's next
national development plan. Outlines from the roadmap are steps to translate the Agenda 2063 and the SDGs into policies, plans and programs whiles
considering the country is a Fragile State and applies the New Deal Principles.[176]
Uganda was also claimed to be one of the first countries to develop its 2015/16-2019/20 national development plan in line with SDGs. It was estimated by its
government that about 76% of the SDGs targets were reflected in the plan and was adapted to the national context. The UN Country Team was claimed to
have supported the government to integrate the SDGs.[176]
In Mauritania, the Ministry for the Economy and Finances received support from the UNDP to convene partners such as NGOs, government agencies, other
ministries and the private sector in the discussion for implementing of the SDGs in the country, in the context of the UN Country Team. A national workshop
was also supported by the UNDP to provide the methodology and tools for mainstreaming the SDGs into the country's new strategy.[176]
The government of countries such as Togo, Sierra Leone, Madagascar and Uganda were claimed to have volunteered to conduct national reviews of their
implementation of the 2030 Agenda. Support from UNDP was received to prepare their respective reports presented at the UN High-Level Political Forum. It
was held during 11–20 July 2016 in New York in the United States. This forum was the UN global platform to review and follow up the SDGs and 2030
Agenda. It is said to provide guidance on policy to countries for implementing the goals.[176]
Nigeria [ edit ]
Main article: Sustainable Development Goals and Nigeria
Nigeria is one of the countries that presented its Voluntary National Review (VNR) in 2017 & 2020 on the implementation of the SDGs at the High-Level
Political Forum on Sustainable Development (HLPF). In 2020, Nigeria ranked 160 on the 2020 world's SDG Index.[177] The government affirmed that Nigeria’s
current development priorities and objectives are focused on achieving the SDGs.[178]
Ghana [ edit ]
Main article: Sustainable Development Goals and Ghana
Ghana aims to align its development priorities in partnership with CSOs and the private sector to achieve the SDGs in Ghana together.[179]
Europe and Middle East [ edit ]
Baltic nations, via the Council of the Baltic Sea States, have created the Baltic 2030 Action Plan.[180]
The World Pensions Forum has observed that the UK and European Union pension investors have been at the forefront of ESG-driven (Environmental, Social
and Governance) asset allocation at home and abroad and early adopters of "SDG-centric" investment practices.[88]
Iran [ edit ]
Main article: Sustainable Development Goals and Iran
In December 2016 the Government of the Islamic Republic of Iran held a special ceremony announcing a national education initiative that was arranged by
the UNESCO office in Iran to implement the educational objectives of this global program. The announcement created a stir among politicians and Marja' in
the country.[181]
Lebanon [ edit ]
Main article: Sustainable Development Goals and Lebanon
Lebanon adopted the Sustainable Development Goals in 2015. It presented its first Voluntary National Review VNR in 2018 at the High Level Political Forum
in New York. A national committee chaired by the Lebanese Prime Minister is leading the work on the SDGs in the country.[182] In 2019, Lebanon's overall
performance in the SDG Index ranked 6th out of 21 countries in the Arab region.[183]
United Kingdom [ edit ]
The UK's approach to delivering the Global SDGs is outlined in Agenda 2030: Delivering the Global Goals, developed by the Department for International
Development.[184] In 2019, the Bond network analyzed the UK's global progress on the Sustainable Development Goals (SDGs).[185] The Bond report
highlights crucial gaps where attention and investment are most needed. The report was compiled by 49 organizations and 14 networks and working groups.
Americas [ edit ]
193 governments including the United States ratified the SDGs. However, the UN reported minimal progress after three years within the 15-year timetable of
this project. Funding remains trillions of dollars short. The United States stand last among the G20 nations to attain these Sustainable Development Goals and
36th worldwide.[186]
See also [ edit ]
Education 2030 Agenda

Politics portal
Planetary management
Social Progress Index Environment portal
Belt and Road Initiative International Green Development Coalition

Wikisource has original text
related to this article:
Notes [ edit ] Sustainable
1. ^ While the total ranking results on the average ranking in five different reports, the number of mentions is not identical with Development Goals
the average ranking.
Sources [ edit ]
This article incorporates text from a free content work. Licensed under CC BY-SA 3.0 License statement/permission on Wikimedia Commons . Text taken
from The State of Food and Agriculture 2019. Moving forward on food loss and waste reduction, In brief , 24, FAO, FAO. To learn how to add open license
text to Wikipedia articles, please see this how-to page. For information on reusing text from Wikipedia, please see the terms of use.
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V ·T ·E Sustainable Development Goals [hide]
(1) No Poverty · (2) Zero Hunger · (3) Good Health and Well-being · (4) Quality Education · (5) Gender Equality ·
(6) Clean Water and Sanitation · (7) Affordable and Clean Energy · (8) Decent Work and Economic Growth ·
Individual goals (9) Industry, Innovation and Infrastructure · (10) Reducing Inequality · (11) Sustainable Cities and Communities ·
(12) Responsible Consumption and Production · (13) Climate Action · (14) Life Below Water · (15) Life On Land ·
(16) Peace, Justice, and Strong Institutions · (17) Partnerships for the Goals
Related Education 2030 Agenda · Global Goals Week · List of Sustainable Development Goal targets and indicators
By country Australia · Ghana · Iran · Lebanon · Nigeria
V ·T ·E Sustainability [show]
V ·T ·E Poverty [hide]
Other aspects Measuring poverty · Diseases of poverty · Cycle of poverty · Poverty reduction · Sustainable Development Goals
Homeless Vulnerability Index · Misery index (economics) · Gini coefficient · Genuine progress indicator · Legatum Prosperity Index · Poverty gap index ·
Metrics
Human Poverty Index · Multidimensional Poverty Index · Scottish Index of Multiple Deprivation
Algeria · Democratic Republic of the Congo · Egypt · Ethiopia · Kenya · Namibia · Niger · Nigeria · South Africa · Tanzania · Uganda ·
Africa
Zimbabwe
Afghanistan · Armenia · Bangladesh · Cambodia · China · Cyprus · East Timor · India · Israel · Japan · North Korea · South Korea ·
Asia
Malaysia · Nepal · Pakistan · Philippines · Singapore · Sri Lanka · Vietnam · Yemen
By Location
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Oceania Australia · New Zealand
Argentina · Bolivia · Brazil · Colombia · Cuba · Guatemala · Haiti · Honduras · Jamaica · Mexico · Paraguay · Peru · United States ·
The Americas
Uruguay · Venezuela
Theories of poverty · Well-being · Welfare · Wellness · Quality of Life · Self-perceived quality-of-life scale · Subjective well-being (SWB) · Suboptimal health ·
Stress · Rural access issues · Providing Urban Amenities to Rural Areas · Post-materialism · Pen's parade
V ·T ·E Diseases of poverty [hide]

Other
Diseases of poverty AIDS · Malaria · Tuberculosis · Measles · Pneumonia · Diarrheal diseases · Plague
Neglected diseases Cholera · Chagas disease · African sleeping sickness · Schistosomiasis · Dracunculiasis · River blindness · Leishmaniasis · Trachoma
Miscellaneous Malnutrition · Priority review voucher

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The International Bank for Reconstruction and Development (IBRD) is an international financial International Bank for
About Wikipedia Reconstruction and Development
institution, established in 1944 and headquartered in Washington, D.C., United States, that is the lending
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arm of World Bank Group. The IBRD offers loans to middle-income developing countries. The IBRD is the
first of five member institutions that compose the World Bank Group. The initial mission of the IBRD in
Contribute 1944, was to finance the reconstruction of European nations devastated by World War II. The IBRD and
Help its concessional lending arm, the International Development Association (IDA), are collectively known as
Learn to edit the World Bank as they share the same leadership and staff.[1][2][3]
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Recent changes Following the reconstruction of Europe, the Bank's mandate expanded to advancing worldwide economic
Upload file development and eradicating poverty. The IBRD provides commercial-grade or concessional financing to
sovereign states to fund projects that seek to improve transportation and infrastructure, education,
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domestic policy, environmental consciousness, energy investments, healthcare, access to food and
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potable water, and access to improved sanitation.
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Special pages The IBRD is owned and governed by its 189 member states, with each country represented on the Board
Permanent link of Governors. The IBRD has its own executive leadership and staff which conduct its normal business
Page information operations. The Bank's member governments are shareholders which contribute and have the right to
Cite this page IBRD logo
vote on its matters. In addition to contributions from its member nations, the IBRD acquires most of its
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capital by borrowing on international capital markets through bond issues at a preferred rate because of Formation 1944; 77 years ago
Print/export its AAA credit rating. Type Development finance

institution
Download as PDF In 2011, it raised US$29 billion in capital from bond issues made in 26 different currencies. The Bank
Printable version Legal status Treaty
offers a number of financial services and products, including flexible loans, grants, risk guarantees,
Purpose Development assistance,
Languages financial derivatives, and catastrophic risk financing. It reported lending commitments of $26.7 billion
poverty reduction
made to 132 projects in 2011.
Deutsch Headquarters Washington, D.C., U.S.
Español Membership 189 countries
Contents [hide]
Français
President of the David Malpass
한국어 1 Governance
World Bank
Italiano 2 Background
Русский 3 Financial model Parent organization World Bank Group
‫اردو‬ 4 Services Website worldbank.org/ibrd
Tiếng Việt
5 See also
中文
6 References
36 more 7 External links
Edit links
Governance [ edit ]
There are five "closely associated institutions" that each have a "distinct role"[4] and together form the World Bank—the IBRD, the International Development
Association (IDA), the International Finance Corporation (IFC), that "invests in private firms and promotes entrepreneurship",[5] the Multilateral Investment
Guarantee Agency (MIGA), that guarantees loans, and the International Centre for Settlement of Investment Disputes (ICSID). Their mission is to "fight
poverty and improve living standards for people in the developing world."[4] By 2018, the World Bank Group was "one of the world's largest sources of funding
and knowledge for developing countries."[4] Of the five institutions, the IBRD and the IDA are the World Bank's two largest units.[5] When a country reaches a
GDP per person over US$1,145, they are no longer eligible for IDA financial support. For example, of the BRIC countries, China was no longer eligible in 1999
and by 2014, neither was India.[5]
The IBRD is governed by the World Bank's Board of Governors which meets annually and consists of one governor per member country (most often the
country's finance minister or treasury secretary). The Board of Governors delegates most of its authority over daily matters such as lending and operations to
the Board of Directors. The Board of Directors consists of 25 executive directors[6] and is chaired by the President of the World Bank Group. The executive
directors collectively represent all 189 member states of the World Bank. The president oversees the IBRD's overall direction and daily operations.[1][7]
The Bank and IDA operate with a staff of approximately 10,000 employees.[8]
On 9 April 2019, United States President Donald Trump nominated David Malpass as the World Bank Group's President.[5][9] Malpass had served as one of
President Trump's economic advisers and as a senior official in the United States Treasury Department.[5] The IBRD member nations did not sponsor a "rival
candidate" and Malpass became President, in spite of the fact that he is critical of the role of the IBRD.[5]
Background [ edit ]
The International Bank for Reconstruction and Development (IBRD) and International Monetary Fund (IMF) were established by delegates at the Bretton
Woods Conference in 1944 and became operational in 1946.[10] According to a March 2012 Washington Post article, IBRD was the "original 'world bank'".[11]
IBRD field offices were opened in Paris, France, Copenhagen, Denmark, and Prague in the former Czechoslovakia.[12]
The IBRD was established with the original mission of financing the reconstruction efforts of war-torn European nations following World War II,[5] with goals
shared by the later Marshall Plan. The Bank issued its inaugural loan of $250 million ($2.6 billion in 2012 dollars[13]) to France in 1947 to finance infrastructure
projects.
In 1946, a few months after in became operational, Chile sought financial help from the IBRD—the first of the developing countries to do so.[5]
Throughout the remainder of the 1940s and 1950s, the Bank financed projects seeking to dam rivers, generate electricity, and improve access to water and
sanitation. It also invested in France, Belgium, and Luxembourg's steel industry. Following the reconstruction of Europe, the Bank's mandate has transitioned
to eradicating poverty around the world.
In 1960, the International Development Association (IDA) was established to serve as the Bank's concessional lending arm and provide low and no-cost
finance and grants to the poorest of the developing countries as measured by gross national income per capita.[2]
At the time of its creation, the IBRD was the only Multilateral Development Bank. During the period of decolonization—the mid‐1950s to the mid‐1970s—a
number of MDB's were created—the International Finance Corporation, the International Development Association. They were both WBG members.[14] During
this period other MDBs that were similar to the IBRD in their governance and operations, were established by countries that were not member nations of the
WBG. This included the Inter‐American Development Bank (IDB), the African Development Bank (AfDB), the Asian Development Bank (ADB), the Andean
Development Corporation (CAF), and the Islamic Development Bank (IsDB). Both the CAF and IsDB are "primarily owned and controlled by borrower
countries."[14]
In the early 1990s, European nations established the European Bank of Reconstruction and Development (EBRD) and expanded European Investment Bank,
to foster European integration and to assist post‐communist countries to transform their economies to become more market‐oriented.[14]
By 2012, according to The Post, IBRD was using "its AAA credit rating to sell bonds at interest rates close to those of U.S. Treasury bonds." It loaned money
to developing nations, such as China and Brazil.[11]
According to the Global Policy, journal, While the IBRD and the IDA historically prioritized funding infrastructure projects, since the 1990s, the Bank has
directed less lending to infrastructure projects in favor of other development projects such as fighting climate change, eradicating poverty and ensuring good
governance.[14]
Financial model [ edit ]
The IBRD finances its activities from the shares its members hold, as well as borrowing on international capital markets by issuing World Bank bonds. The
Bank raised US$54.0 billion worth of capital in fiscal 2019 from bonds issued in 27 different currencies.[15]
Since 1959, the IBRD, which is backed by world governments[5] has had a triple-A credit rating, which allows it to borrow capital at lower rates.[16]
According to a 2015 article, commissioned by the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development—also known
as the Group of 24 (G-24)—multilateral development banks (MDBs)—such as the IBRD—"represent one of the most successful types of international
organization created in the post-World War II era." By October 2015, although the WBG—with its lending arms—was the only "global institution,[14]:1 there
were more than twenty operational 20 MDBs in the world.[17] In 2016, the Asian Infrastructure Investment Bank and BRICs New Development Bank began
operations.[17] Like other multilateral development banks, (MDBs), the IBRD has a preferred credit treatment (PCT), through which borrowers grant the MDBs
a "privileged position to be first in line for repayment, should a country face financial restrictions."[17]:5
The bank also generates income from the return on its equity and from the small margins on the loans. As the IBRD does not seek profit, it transfers part of its
excess income to the IDA ($259 million in fiscal 2019).[15]
In 2011, the IBRD loaned about US$26 billion, which represented just a "fraction of the $72 billion the IMF approved as a credit line to a single nation,
Mexico."[11] In the early 2010s, the total of "capital investments in emerging markets from all sources have topped $1 trillion annually".[11] According to the
Institute of International Finance, in 2011, the "combined net investment of the World Bank and other international development banks and agencies" was
about $20 billion in 2011.[11]
According to a 2019 The Economist article, the IBRD is "more controversial" than the International Development Association (IDA) lending arm. With its AAA
credit rating, the IBRD can "borrow money cheaply on the international financial markets".[5] Middle-income countries, like Brazil and China that currently
borrow from the IBRD, could "borrow in abundance from foreign investors" on their own.[5]
Services [ edit ]
The IBRD provides financial services as well as strategic coordination and information services to
its borrowing member countries.[18] The Bank only finances sovereign governments directly, or
projects backed by sovereign governments.[19] The World Bank Treasury is the division of the IBRD
that manages the Bank's debt portfolio of over $100 billion and financial derivatives transactions of
$20 billion.[20]
The Bank offers flexible loans with maturities as long as 30 years and custom-tailored repayment
scheduling. The IBRD also offers loans in local currencies. Through a joint effort between the IBRD
and the International Finance Corporation, the Bank offers financing to subnational entities either IBRD loans and IDA credits in 2005
with or without sovereign guarantees. For borrowers needing quick financing for an unexpected
change, the IBRD operates a Deferred Drawdown Option which serves as a line of credit with features similar to the Bank's flexible loan program.[21] Among
the World Bank Group's credit enhancement and guarantee products, the IBRD offers policy-based guarantees to cover countries' sovereign default risk,
partial credit guarantees to cover the credit risk of a sovereign government or subnational entity, and partial risk guarantees to private projects to cover a
government's failure to meet its contractual obligations. The IBRD's Enclave Partial Risk Guarantee to cover private projects in member countries of the IDA
against sovereign governments' failures to fulfill contractual obligations.[22] The Bank provides an array of financial risk management products including
foreign exchange swaps, currency conversions, interest rate swaps, interest rate caps and floors, and commodity swaps.[23] To help borrowers protect against
catastrophes and other special risks, the bank offers a Catastrophe Deferred Drawdown Option to provide financing after a natural disaster or declared state
of emergency. It also issues catastrophe bonds which transfer catastrophic risks from borrowers to investors.[24] The IBRD reported $23.2 billion in lending
commitments for 100 projects in fiscal year 2019.[15] The top 10 borrowers were India, Indonesia, Jordan, Egypt, Argentina, China, Morocco, Turkey, Ukraine
and Colombia. The most supported sector was Public Administration.
See also [ edit ]
Bretton Woods system

Banks portal
References [ edit ]
1. ^ a b Ottenhoff, Jenny (2011). World Bank (Report). Center for Global 5. ^ a b c d e f g h i j k "How does the World Bank work?" . The Economist. 9 April
Development. Retrieved 5 June 2012. 2019. ISSN 0013-0613 . Retrieved 24 February 2020.
2. ^ a b World Bank. "History" . World Bank Group. Archived from the original 6. ^ "IBRD Governors" (PDF), World Bank, 21 February 2020, retrieved
on 19 May 2016. Retrieved 17 July 2012. 24 February 2020
3. ^ International Bank for Reconstruction and Development. "Background" . 7. ^ International Bank for Reconstruction and Development. "Leadership" .
World Bank Group. Archived from the original on 16 August 2010. Retrieved World Bank Group. Retrieved 17 July 2012.
17 July 2012. 8. ^ "World Bank (IBRD & IDA) Structure" . Bank Information Center. Archived
4. ^ abc "OECD, UN Environment and World Bank call for a radical shift in from the original on 8 February 2012. Retrieved 1 July 2012.
financing for a low-carbon, climate-resilient future" . OECD. 28 November 9. ^ "David Malpass profile on the world bank web page" . Retrieved 14 October
2018. Retrieved 24 February 2020. 2019.
10. ^ Proceedings and Documents of the United Nations Monetary and Financial 17. ^ a b c Humphrey, Chris (30 October 2015), Are Credit Rating Agencies Limiting
Conference . United Nations Monetary and Financial Conference, Bretton the Operational Capacity of Multilateral Development Banks? (PDF),
Woods, New Hampshire, July 1–22, 1944. Washington, D.C.: U.S. Department retrieved 24 February 2020
of State. 1948. Retrieved 17 July 2012. 18. ^ International Bank for Reconstruction and Development. "Products and
11. ^ a b c d e Schneider, Howard (19 March 2012). "In a globalized world, what role Services" . World Bank Group. Archived from the original on 16 April 2013.
for the World Bank?" . Washington Post. ISSN 0190-8286 . Retrieved Retrieved 17 July 2012.
24 February 2020. 19. ^ "World Bank (IBRD & IDA) Lending" . Bank Information Center. Archived
12. ^ World Bank. "Interactive Timeline" . World Bank Group. Retrieved 21 July from the original on 5 November 2011. Retrieved 1 July 2012.
2012. 20. ^ International Bank for Reconstruction and Development. "How IBRD is
13. ^ "CPI Inflation Calculator" . U.S. Bureau of Labor Statistics. Retrieved Financed" . World Bank Group. Retrieved 17 July 2012.
20 June 2012. 21. ^ International Bank for Reconstruction and Development. "Financing" .
14. ^ a b c d e Wang, Hongying (7 February 2017). "New Multilateral Development World Bank Group. Retrieved 17 July 2012.
Banks: Opportunities and Challenges for Global Governance" . Global Policy. 22. ^ World Bank (2012). World Bank Group Guarantee Products (PDF)
8 (1): 115. doi:10.1111/1758-5899.12396 . (Report). World Bank Group. Retrieved 22 July 2012.
15. ^ a b c The World Bank Annual Report 2019 (PDF) (Report). World Bank 23. ^ International Bank for Reconstruction and Development. "Hedging
Group. Retrieved 20 July 2012. Products" . World Bank Group. Retrieved 17 July 2012.
16. ^ International Bank for Reconstruction and Development. "How IBRD is 24. ^ International Bank for Reconstruction and Development. "Disaster Risk
Financed" . World Bank Group. Retrieved 14 October 2019. Financing" . World Bank Group. Retrieved 17 July 2012.
Official website
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Categories: World Bank World Bank Group International development agencies International banking institutions International finance institutions
United Nations Development Group Organizations established in 1944 Non-profit organizations based in Washington, D.C.
1944 establishments in Washington, D.C.
International Development Association

Main page The International Development Association (IDA) (French: Association internationale de développement) is
International Development
Contents an international financial institution which offers concessional loans and grants to the world's poorest developing Association
Current events countries. The IDA is a member of the World Bank Group and is headquartered in Washington, D.C. in the
Random article Association internationale de développement[1]
United States. It was established in 1960 to complement the existing International Bank for Reconstruction and
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Development by lending to developing countries which suffer from the lowest gross national income, from
Donate troubled creditworthiness, or from the lowest per capita income. Together, the International Development
Association and International Bank for Reconstruction and Development are collectively generally known as the
Contribute World Bank, as they follow the same executive leadership and operate with the same staff.[2][3][4][5]
Help
The association shares the World Bank's mission of reducing poverty and aims to provide affordable
Learn to edit
Community portal development financing to countries whose credit risk is so prohibitive that they cannot afford to borrow
Recent changes commercially or from the Bank's other programs.[6] The IDA's stated aim is to assist the poorest nations in
Upload file growing more quickly, equitably, and sustainably to reduce poverty.[7] The IDA is the single largest provider of
funds to economic and human development projects in the world's poorest nations.[8] From 2000 to 2010, it IDA logo
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financed projects which recruited and trained 3 million teachers, immunized 310 million children, funded $792 Formation 1960; 61 years ago
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million in loans to 120,000 small and medium enterprises, built or restored 118,000 kilometers of paved roads, Type Development finance
Related changes
Special pages
built or restored 1,600 bridges, and expanded access to improved water to 113 million people and improved institution
Permanent link sanitation facilities to 5.8 million people.[9] The IDA has issued a total US$238 billion in loans and grants since Legal status Treaty
Page information its launch in 1960. Thirty-six of the association's borrowing countries have graduated from their eligibility for its Purpose Development assistance,
Cite this page concessional lending. However, nine of these countries have relapsed and have not re-graduated.[2] Poverty reduction
Wikidata item Headquarters Washington, D.C., U.S.
Contents [hide]
Membership 173 countries
Print/export
1 History Chief Kristalina Georgieva
Download as PDF Executive
2 Governance and operations
Printable version Officer
3 Membership
Parent World Bank Group
Languages 3.1 Countries that graduated from IDA lending organization
Deutsch 3.2 Countries relapsed to IDA lending Website worldbank.org/ida
Español 4 Replenishment rounds
Français 5 Lending
한국어
5.1 Africa
हद
Italiano 5.2 Asia
Русский 6 See also
Tiếng Việt
7 References
中文
8 External links
30 more
Edit links
History [ edit ]
During the 1940s and 1950s, low-income developing countries began to realize that they could no longer afford to borrow capital and needed more-favorable
lending terms than offered by the International Bank for Reconstruction and Development (IBRD).[10] At the onset of his inaugural term in 1949, then-President
of the United States Harry S. Truman assembled an advisory group to suggest ways to accomplish his Point Four Program, of which a significant component
was an effort to strengthen developing countries, especially those nearest to the Eastern Bloc, to dissuade them from aligning with other communist states.
The advisory group recommended an international mechanism that would function somewhere in between providing strictly-loaned and strictly-granted
funds.[11] The UN and United States government published reports expressing support for the creation of a multilateral, concessional lending program for the
poorest developing countries.[10] However, the United States was largely unresponsive and ultimately distracted by its involvement in the Korean War and
unconvinced that development needed greater financial stimulation.[11]
Developing countries grew increasingly frustrated with not being able to afford IBRD lending and perceived the Marshall Plan as a comparatively generous gift
to European nations. In the late 1940s and early 1950s, developing countries began calling for the United Nations (UN) to create a development agency that
would offer technical support and concessional financing, with a particular desire that the agency adhere to other UN bodies' convention of each country
having one vote as opposed to a weighted vote. However, the United States ultimately opposed proposals of that nature. As the United States grew more
concerned over the growth of the Cold War, it made a concession in 1954 at the behest of its Department of State by backing the conception of the
International Finance Corporation (IFC). Despite the launch of the IFC in 1956, developing countries persisted in demanding the creation of a new
concessional financing mechanism and the idea gained traction within the IBRD.[11] Then-President of the IBRD Eugene R. Black, Sr. began circulating the
notion of an International Development Association, as opposed to an idea of a concessional named the Special United Nations Fund for Economic
Development (SUNFED) governed by the United Nations.[12] Paul Hoffman, the Marshall Plan's former Administrator, proposed the idea of a soft-loan facility
within the World Bank, where the US would have a preponderant voice in the allocation of such loans. Democratic Senator Mike Monroney of Oklahoma
supported this idea.[12] As Chairman of the Senate Subcommittee on International Finance, Monroney proposed a resolution recommending a study of the
potential establishment of an International Development Association to be affiliated with the IBRD.[10] Monroney's proposal was more preferred received within
the United States than the SUNFED.[11] The resolution passed the senate in 1958, and then-U.S. Treasury Secretary Robert B. Anderson encouraged other
countries to conduct similar studies. In 1959, the World Bank's Board of Governors approved a U.S.-born resolution calling for the drafting of the articles of
agreement.[10] SUNFED later became the Special Fund and merged with the Expanded Programme of Technical Assistance to form the United Nations
Development Programme.
By the end of January 1960, fifteen countries signed the articles of agreement which established the International Development Association. The association
launched in September of that same year with an initial budget of $913 million ($7.1 billion in 2012 dollars[13]).[14][15] Over the next eight months following its
launch, the IDA grew to 51 member states and loaned $101 million ($784.2 million in 2012 dollars[13]) to four developing countries.[10]
Governance and operations [ edit ]

The IDA is governed by the World Bank's Board of Governors which meets annually and consists of one governor per member country (most often the
country's finance minister or treasury secretary). The Board of Governors delegates most of its authority over daily matters such as lending and operations to
the Board of Directors. The Board of Directors consists of 25 executive directors and is chaired by the President of the World Bank Group. The executive
directors collectively represent all 187 member states of the World Bank, although decisions regarding IDA matters concern only the IDA's 172 member
states. The president oversees the IDA's overall direction and daily operations.[16] As of July 2012, Jim Yong Kim serves as the President of the World Bank
Group.[17] The association and IBRD operate with a staff of approximately 10,000 employees.[18]
The IDA is evaluated by the Bank's Independent Evaluation Group. In 2009, the group identified weaknesses in the set of controls used to protect against
fraud and corruption in projects supported by IDA lending.[19] In 2011, the group recommended the Bank provide recognition and incentives to staff and
management for implementing activities which implement the Paris Declaration on Aid Effectiveness principles of harmonization and alignment, promote
greater use of sector-wide approaches to coordination, and explain the reasons why when a country's financial management system is not used so that the
client country may address those shortcomings. It also recommended that the Bank collaborate with development partners to strengthen country-level
leadership of development assistance coordination by offering greater financial and technical support.[20] Development economists, such as William Easterly,
have conducted research which ranked the IDA as featuring the most transparency and best practices among donors of development aid.[21][22]
Researchers from the Center for Global Development expect that the IDA's collection of eligible borrowing countries will decrease by half by the year 2025
(marking the 65th anniversary of the association's establishment) due to graduations and that remaining borrowers will consist primarily of African countries
and will face substantial population declines. These changes will imply a need for the association to carefully examine its financial models and business
operations to determine an appropriate strategy going forward. The center recommended that the World Bank leadership begin discussing the long-term
future of the IDA.[23]
Membership [ edit ]
The IDA has 173 member countries which pay contributions every three years as replenishments of
its capital. On December 12, 2008, Samoa joined UNIDO as its 173rd member.[2] The IDA lends to
75 borrowing countries, over half of which (39) are in Africa.[24] Membership in the IDA is available
only to countries who are members of the World Bank, particularly the IBRD.[25] Throughout its
lifetime, 44 borrowing countries have graduated from the association, although 9 of these countries
have relapsed as borrowers after not sustaining their graduate status.[26]
To be eligible for support from the IDA, countries are assessed by their poverty and their lack of
creditworthiness for commercial and IBRD borrowing.[27] The association assesses countries based International Development Association member states
on their per capita income, lack of access to private capital markets, and policy performance in
implementing pro-growth and anti-poverty economic or social reforms.[7][28] As of 2019, to borrow
from the IDA's concessional lending programs, a country's gross national income (GNI) per capita must not exceed $1,145 (in 2019 dollars).[24]
Countries that graduated from IDA lending [ edit ]
The following countries have graduated from their eligibility for IDA lending.[26]
Albania (2008) Botswana (1974) China (1999)

Azerbaijan (2011) Chile (1961) Colombia (1962)
Costa Rica (1962) Indonesia (2008) - graduated in FY 80, Philippines (1993) - graduated in FY 79,
Dominican Republic (1973) relapsed in FY 98, 99, graduated in FY 08 relapsed in FY 91, graduated in FY 93
Ecuador (1974) Jordan (1978) Saint Kitts and Nevis (1994)
Egypt (1999) - graduated in FY 81, Mauritius (1975) Serbia (2007)
relapsed in FY 91, graduated again in FY 99 Montenegro (2008) South Korea (1973)
El Salvador (1977) Morocco (1975) Swaziland (1975)
Equatorial Guinea (1999) North Macedonia (2002) Thailand (1979)
India (2014) Paraguay (1977) Tunisia (1977)
Turkey (1974)
Countries relapsed to IDA lending [ edit ]
The following countries have relapsed to their eligibility for IDA lending and have not yet re-graduated or have instead become partially eligible (also referred
to as a blend country).[26]
Cameroon (1994)
Congo (1994)
Cote d'Ivoire (1992)
Honduras (1991)
Nicaragua (1991)
Nigeria (1989)
Papua New Guinea (2003, partially eligible)
Syria (2017)
Zimbabwe (1992)
Replenishment rounds [ edit ]
The IDA is a unique part of the World Bank as it requires continuous replenishment of its resources. Member countries replenish its funds through
contributions in addition to supplementary funds provided by the International Bank for Reconstruction and Development and the International Finance
Corporation (IFC).[29][30] Whereas the IBRD acquires most of its funds by raising capital on international financial markets, the IDA heavily depends on
contributions from its member states.[5] The IDA received 2 billion in special drawing rights ($3 billion USD) from the IBRD and IFC.[31] Approximately half of
the IDA's resources come from the 45 donating member countries.[32] In its early years, the IDA received most of its replenishments from the United Kingdom
and United States but, because they were not always reliable sources of funding, other developed nations began to step in and fill the economic gaps not met
by these two countries.[33] Every three years, member nations that provide funds to the IDA gather together to replenish the IDA's resources.[34] These funds
come primarily from well-developed countries including the United States, Japan, France, Germany, and the United Kingdom[35] with 58% from the US, 22%
from France, and 8% from the UK.[36] As of 2016, there have been 18 IDA replenishment rounds.[37] Fifty one member countries participated in the IDA's 16th
replenishment of US$49.3 billion.[32][38] The IDA's loans and grants are usually not paid in full to the borrower at the outset, but rather disbursed incrementally
as needed by the project. Most of the donor countries such as the United States commit letters of credit to the IDA which bear no interest and are not able to
be transferred or revoked, and which are exchanged for cash as needed for project disbursal. Other countries pay their contributions in full on the date of
commitment to the IDA so that it may cover its operating expenses. Donors receive no return of funds and repayments from borrowers are again loaned to
future projects such that donors won't need to commit those funds again in the future.[39]
Although the IDA's funds are now regularly replenished, this does not happen without some financial and political challenges for the donating countries. When
donor countries convene to negotiate the replenishments, there is often intense discussion about redefining the association's goals and objectives or even
about reforming the IDA.[40] Due to delays in the United States Congress impeding the approval of IDA funding, the association's members implemented a set
of policy triggers outlining the commitment threshold necessary for replenishment to take effect. The threshold imposed a requirement that an aggregate share
of 85% in voting stock is necessary for executing a replenishment. The threshold was implemented with the aim to compel the United States to participate in
replenishment rounds. Though countries intended for the triggers to hold the United States to its commitments, the threshold ultimately provided the United
States a de facto veto power over replenishment and capital increase negotiations due to its ability to bring replenishment negotiations to an impasse by
threatening to withhold support. The U.S. has used this influence to further its long-term foreign policy objectives and short-term political and economic goals
by imposing conditionality on replenishment negotiations.[11][dubious – discuss]
Lending [ edit ]
The IDA lends to countries with the aim to finance projects that will develop infrastructure and
improve education, healthcare, access to clean water and sanitation facilities, and environmental
responsibility.[32][41] It is considered to be the soft lending window of the World Bank, while the
IBRD is considered to be the hard lending window.[42][43] The association offers grants and loans
with maturities ranging from 25 to 40 years, grace periods of 5 to 10 years, and interest rates of
2.8% or 1.25% depending on whether the borrower is a blend country and to which degree it is
eligible. Regular IDA-eligible borrowers may take advantage of no-interest loans.[44] Financial
resources are allocated to eligible countries based on their success at implementing pro-growth IBRD loans and IDA credits in 2005
and a poverty-reducing domestic policies. The IDA uses the World Bank's Country Policy and
Institutional Assessment (CPIA) development indicator to determine each country's place in a
resource allocation index. It then prioritizes its lending to those countries which are indicated to be most promising in terms of favorable policies and aid
effectiveness.[28][45][46] The IDA adopted the Crisis Response Window in 2007 to enable the rapid provision of emergency financing in response to crises. The
association adopted the Immediate Response Mechanism in 2011 to provide IDA borrowers with immediate access to withdraw undisbursed portions of their
loans, should a crisis arise that meets the mechanism's criteria.[47]
The replenishment rounds are typically agreed every three years . The eighteenth was finalised in December 2016, the nineteenth was being discussed in
October 2019.[48][49]
Africa [ edit ]
Because African countries face some of the most severe poverty and underdevelopment, and because 39 of those countries are the IDA's poorest member
states, the association allocates approximately half of the IDA's resources toward financing projects in those countries. As a result of its efforts to improve the
region, the IDA has helped bring electricity to an additional 66 million Africans since 1997, helped build or restore 240,000 kilometers of paved roads, and
helped enroll an additional 15 million African children in school since 2002.[50] The IDA was approved in May 2012 to provide US$50 million worth of credit to
the Women Entrepreneur Development Project as part of an effort to help women in Ethiopia participate in business as skilled employees or leaders.[51]
Although the positive outcomes of the IDA's efforts in Africa had been historically slow, the large allocation of funding to African countries led to positive
outcomes particularly within agriculture and infrastructure development efforts.[33]
Asia [ edit ]
The IDA's efforts in Asia have been particularly successful. Numerous Asian countries have graduated from the IDA lending program, including the
Philippines, China, South Korea, Thailand, and India.[52] Of the association's borrowing countries, approximately 20 are in Asia.[53] The association's efforts in
South Asia have focused primarily on projects for education, healthcare, transportation, agriculture, and energy.[54] Due to rapid growth in Asian countries'
populations, some pockets of poverty have emerged. To mitigate this effect, the IDA adopted an economic plan of action which established organizations to
improve education and healthcare, with a focus on reducing poverty across Asian nations in ways that are compatible with local culture.[52]
See also [ edit ]
Bretton Woods system

United Nations Development Programme
References [ edit ]
1. ^ "Association internationale de développement" . iso.org/iso/fr/. 9. ^ International Development Association. "Results At-a-Glance" . World Bank
2. ^ abc International Development Association. "What is IDA?" . World Bank Group. Retrieved 2012-07-15.
Group. Retrieved 2019-06-13. 10. ^ a b c d e International Development Association. "History of IDA" . World
3. ^ Coppola, Damon P. (2011). Introduction to International Disaster Bank Group. Retrieved 2012-07-01.
Management, 2nd Edition. Oxford, UK: Butterworth-Heinemann. ISBN 978-0- 11. ^ a b c d e Gwin, Catherine (1997). "U.S. Relations with the World Bank, 1945-
75-067982-4. 1992" . In Kapur, Devesh; Lewis, John P.; Webb, Richard (eds.). The World
4. ^ Sanford, Jonathan E. (2002). "World Bank: IDA Loans or IDA Grants?" . Bank: Its First Half Century. Washington, D.C.: The Brookings Institution.
World Development. 30 (5): 741–762. doi:10.1016/S0305-750X(02)00003-7 . ISBN 978-0-8157-5234-9.
5. ^ ab Dreher, Axel; Sturm, Jan-Egbert; Vreeland, James Raymond (2009). 12. ^ a b Murphy, Craig, 2006, The United Development Programme: A Better
"Development aid and international politics: Does membership on the UN Way?, Cambridge: Cambridge University
Security Council influence World Bank decisions?". Journal of Development 13. ^ a b "CPI Inflation Calculator" . U.S. Bureau of Labor Statistics. Retrieved
Economics. 88 (1): 1–18. doi:10.1016/j.jdeveco.2008.02.003 . 2012-06-20.
hdl:10419/50418 . 14. ^ International Development Association. "IDA: Historic Timeline" . World
6. ^ "World Bank (IBRD & IDA) Lending" . Bank Information Center. Archived Bank Group. Retrieved 2012-07-01.
from the original on 2011-11-05. Retrieved 2012-07-01. 15. ^ International Development Association (1960). IDA Articles of Agreement
7. ^ a b Moss, Todd; Standley, Scott; Birdsall, Nancy (2004). "Double-standards, (PDF) (Report). World Bank Group. Retrieved 2012-07-01.
debt treatment, and World Bank country classification: The case of Nigeria" 16. ^ Ottenhoff, Jenny (2011). World Bank (Report). Center for Global
(PDF). Center for Global Development. Archived from the original (PDF) on Development. Retrieved 2012-06-05.
2012-05-28. Retrieved 2012-07-02. 17. ^ Samarasekera, Udani (2012). "Jim Kim takes the helm at the World Bank".
8. ^ "Building a Better IDA" . Center for Global Development. 2010-12-10. The Lancet. 380 (9836): 15–17. doi:10.1016/S0140-6736(12)61032-0 .
Retrieved 2012-07-02. PMID 22779088 . S2CID 13374906 .
18. ^ "World Bank (IBRD & IDA) Structure" . Bank Information Center. Archived 34. ^ Abegaz, Berhanu (2005). "Multilateral development aid for Africa". Economic
from the original on 2012-02-08. Retrieved 2012-07-01. Systems. 29 (4): 433–454. doi:10.1016/j.ecosys.2005.06.005 .
19. ^ "Forgotten sibling" . The Economist. 2009-04-23. Retrieved 2012-07-02. 35. ^ "IDA - International Development Association" . Bretton Woods Project.
20. ^ Independent Evaluation Group (2011). World Bank Progress in Archived from the original on 2012-05-26. Retrieved 2012-07-14.
Harmonization and Alignment in Low-Income Countries (PDF) (Report). 36. ^ International Development Association (2007). Aid Architecture: An Overview
World Bank Group. Archived from the original (PDF) on 2013-06-09. of the Main Trends in Official Development Assistance Flows (PDF)
Retrieved 2012-07-14. (Report). World Bank Group. Retrieved 2012-07-14.
21. ^ Ghosh, Anirban; Kharas, Homi (2011). "The Money Trail: Ranking Donor 37. ^ "Replenishments" . www.worldbank.org. Retrieved 13 October 2019.
Transparency in Foreign Aid". World Development. 39 (11): 1918–1929. 38. ^ International Development Association (2011). IDA16: Delivering
doi:10.1016/j.worlddev.2011.07.026 . Development Results (PDF) (Report). World Bank Group. Retrieved
22. ^ Easterly, William; Pfutze, Tobias (2008). "Where Does the Money Go? Best 2012-07-01.
and Worst Practices in Foreign Aid" . Journal of Economic Perspectives. 22 39. ^ Sanford, Jonathan E. (1997). "Alternative ways to fund the International
(2): 29–52. doi:10.1257/jep.22.2.29 . Development Association (IDA)". World Development. 25 (3): 297–310.
23. ^ Moss, Todd; Leo, Benjamin (2011). IDA at 65: Heading Toward Retirement or doi:10.1016/S0305-750X(96)00111-8 .
a Fragile Lease on Life? (Report). Center for Global Development. Retrieved 40. ^ Sanford, Jonathan E. (2004). "IDA Grants and HIPC Debt Cancellation: Their
2012-07-02. Effectiveness and Impact on IDA Resources". World Development. 32 (9):
24. ^ ab International Development Association. "Borrowing Countries" . World 1579–1607. doi:10.1016/j.worlddev.2004.04.001 .
Bank Group. Retrieved 2019-06-13. 41. ^ Mallick, Sushanta; Moore, Tomoe (2005). "Impact of World Bank lending in
25. ^ World Bank Group. "Member Countries" . World Bank Group. Retrieved an adjustment-led growth model". Economic Systems. 29 (4): 366–383.
2019-06-13. CiteSeerX 10.1.1.426.5795 . doi:10.1016/j.ecosys.2005.06.003 .
26. ^ abc International Development Association. "IDA Graduates" . International 42. ^ Cline, William R.; Sargen, Nicholas P. (1975). "Performance criteria and
Development Association. Retrieved 13 June 2019. multilateral aid allocation". World Development. 3 (6): 383–391.
27. ^ International Development Association (2001). IDA Eligibility, Terms and doi:10.1016/0305-750X(75)90023-6 .
Graduation Policies (PDF) (Report). World Bank Group. Retrieved 43. ^ Van de Laar, Aart J.M. (1976). "The World Bank and the world's poor". World
2012-07-01. Development. 4 (10–11): 837–851. doi:10.1016/0305-750X(76)90075-9 .
28. ^ ab Adler, Nicole; Yazhemsky, Ekaterina; Tarverdyan, Ruzanana (2010). "A 44. ^ International Development Association (2011). IDA Terms (PDF) (Report).
framework to measure the relative socio-economic performance of developing World Bank Group. Retrieved 2012-07-01.
countries". Socio-Economic Planning Sciences. 44 (2): 73–88. 45. ^ International Development Association. "How IDA Resources are
doi:10.1016/j.seps.2009.08.001 . Allocated" . World Bank Group. Retrieved 2012-07-01.
29. ^ "Demystifying International Development Association (IDA) replenishment" . 46. ^ Epstein, Gil S.; Gang, Ira N. (2009). "Good governance and good aid
Bank Information Center. Archived from the original on 2010-12-27. allocation" (PDF). Journal of Development Economics. 89 (1): 12–18.
Retrieved 2012-07-01. doi:10.1016/j.jdeveco.2008.06.010 . hdl:10419/34788 .
30. ^ Beattie, Alan (2010-12-15). "World Bank boosts lending to poor" . Financial 47. ^ International Development Association. "Emergency and Crisis Financing
Times. Retrieved 2012-07-02. Mechanisms" . World Bank Group. Retrieved 2012-07-01.
31. ^ International Development Association. "IDA Replenishments" . World Bank 48. ^ "Replenishments" . International Development Association - World Bank.
Group. Retrieved 2012-07-01. 2016-01-08. Retrieved 2019-11-27.
32. ^ a b c International Development Association. "What is IDA?" . World Bank 49. ^ Elliott, Larry (2019-10-20). "UK urges World Bank to channel more money
Group. Retrieved 2012-07-01. into tackling climate crisis" . The Guardian. ISSN 0261-3077 . Retrieved
33. ^ ab Burki, Shahid Javid; Hicks, Norman (1982). "International Development 2019-11-27.
Association in Retrospect". Finance and Development. 19 (4): 23.
50. ^ International Development Association. "Accelerating growth in Africa" . 53. ^ International Development Association. "Borrowing Countries" . World Bank
World Bank Group. Retrieved 2012-07-15. Group. Retrieved 2012-07-01.
51. ^ "World Bank provides funding to unleash the economic potential of Ethiopian 54. ^ International Development Association. "South Asia: IDA Supports Access to
Women Entrepreneurs" . Microfinance Africa. 2012-05-26. Retrieved Key Services" . World Bank Group. Retrieved 2012-07-15.
2012-07-15.
52. ^ a b International Development Association (2001). IDA in Asia (PDF)
(Report). World Bank Group. Retrieved 2012-07-15.
IDA—International Development Association website

List of IDA borrowing countries
List of IDA graduate countries
IDA Articles of Agreement
Categories: World Bank World Bank Group International development agencies International banking institutions International finance institutions
United Nations Development Group Organizations established in 1960 Intergovernmental organizations established by treaty
International Finance Corporation

Main page The International Finance Corporation (IFC) is an international financial institution that offers investment,
Contents advisory, and asset-management services to encourage private-sector development in less developed countries.
Current events The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States.
Random article
About Wikipedia It was established in 1956, as the private-sector arm of the World Bank Group, to advance economic IFC logo
Contact us development by investing in for-profit and commercial projects for poverty reduction and promoting
Donate development.[2][3][4] The IFC's stated aim is to create opportunities for people to escape poverty and achieve
better living standards by mobilizing financial resources for private enterprise, promoting accessible and
Contribute
competitive markets, supporting businesses and other private-sector entities, and creating jobs and delivering
Help
necessary services to those who are poverty stricken or otherwise vulnerable.[5]
Learn to edit
Community portal Since 2009, the IFC has focused on a set of development goals that its projects are expected to target. Its goals
Recent changes are to increase sustainable agriculture opportunities, improve healthcare and education, increase access to
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financing for microfinance and business clients, advance infrastructure, help small businesses grow revenues,
Tools and invest in climate health.[6] IFC headquarters building, designed by
architect Michael Graves
What links here The IFC is owned and governed by its member countries but has its own executive leadership and staff that
Formation July 20, 1956; 64 years
Related changes conduct its normal business operations. It is a corporation whose shareholders are member governments that ago
Special pages
provide paid-in capital and have the right to vote on its matters. Originally, it was more financially integrated with Type Development finance
Permanent link
the World Bank Group, but later, the IFC was established separately and eventually became authorized to institution
Page information
Cite this page operate as a financially autonomous entity and make independent investment decisions. Legal status Treaty
Wikidata item It offers an array of debt and equity financing services and helps companies face their risk exposures while Purpose Private sector
refraining from participating in a management capacity. The corporation also offers advice to companies on development, Poverty
Print/export reduction
making decisions, evaluating their impact on the environment and society, and being responsible. It advises
Download as PDF Headquarters Washington, D.C., U.S.
Printable version governments on building infrastructure and partnerships to further support private sector development.
The corporation is assessed by an independent evaluator each year. In 2011, its evaluation report recognized
In other projects Executive Vice Makhtar Diop[1]
that its investments performed well and reduced poverty, but recommended that the corporation define poverty President & CEO
Wikimedia Commons
and expected outcomes more explicitly to better-understand its effectiveness and approach poverty reduction Parent World Bank Group
organization
Languages more strategically. The corporation's total investments in 2011 amounted to $18.66 billion. It committed $820
Website ifc.org
million to advisory services for 642 projects in 2011, and held $24.5 billion worth of liquid assets. The IFC is in
Беларуская
(тарашкевіца) good financial standing and received the highest ratings from two independent credit rating agencies in 2018.[7]
Deutsch IFC comes under frequent criticism from NGOs that it is not able to track its money because of its use of financial intermediaries. For example, a report by
Español Oxfam International and other NGOs in 2015, "The Suffering of Others," found the IFC was not performing enough due diligence and managing risk in many
Français
of its investments in third-party lenders.[8]
한국어
Italiano Other criticism focuses on IFC working excessively with large companies or wealthy individuals already able to finance their investments without help from
Русский public institutions such as IFC, and such investments do not have an adequate positive development impact. An example often cited by NGOs and critical
ංහල journalists is IFC granting financing to a Saudi prince for a five-star hotel in Ghana.[9]
中文
Contents [hide]
29 more
1 History
Edit links
2 Governance
3 Functions
3.1 Investment services
3.2 Advisory services
3.3 Asset management company
4 Financial performance
5 Sustainability
6 Green buildings in less developed countries
7 See also
8 References
9 External links
History [ edit ]
The World Bank and International Monetary Fund were designed by delegates at the Bretton Woods conference in
1944. The World Bank, then consisting of only the International Bank for Reconstruction and Development, became
operational in 1946. Robert L. Garner joined the World Bank in 1947 as a senior executive and expressed his view
that private business could play an important role in international development. In 1950, Garner and his colleagues
proposed establishing a new institution for the purpose of making private investments in the less developed countries
served by the World Bank. The U.S. government encouraged the idea of an international corporation working in
tandem with the World Bank to invest in private enterprises without accepting guarantees from governments, without
managing those enterprises, and by collaborating with third party investors. When describing the IFC in 1955, World
Bank President Eugene R. Black said that the IFC would only invest in private firms, rather than make loans to
governments, and it would not manage the projects in which it invests.[10]
The concept was nonetheless controversial in the US, where some business interests were uncomfortable with the
public ownership of private firms.[11] Nonetheless, in 1956, the International Finance Corporation became operational
Robert L. Garner (1949) under the leadership of Garner. It initially had 12 staff members and $100 million (equivalent to $952 million in
2020)[12] in capital. The corporation made its inaugural investment in 1957 by making a $2 million (equivalent to $18 million in 2020)[12] loan to a Brazil-based
affiliate of Siemens & Halske (now Siemens AG).[3]
In 2007, IFC bought 18% stake in the Indian Financial firm, Angel Broking.[13] In December 2015, IFC supported Greek banks with 150 million euros by buying
shares in four of them: Alpha Bank (60 million), Eurobank (50 million), Piraeus Bank (20 million) and National Bank of Greece (20 million).[14]
Governance [ edit ]
The IFC is governed by its Board of Governors which meets annually and consists of one governor per member country (most often the country's finance
minister or treasury secretary).[2] Each member typically appoints one governor and also one alternate.[15] Although corporate authority rests with the Board of
Governors, the governors delegate most of their corporate powers and their authority over daily matters such as lending and business operations to the Board
of Directors. The IFC's Board of Directors consists of 25 executive directors who meet regularly and work at the IFC's headquarters, and is chaired by the
President of the World Bank Group.[16][17] The executive directors collectively represent all 184 member countries. When the IFC's Board of Directors votes on
matters brought before it, each executive director's vote is weighted according to the total share capital of the member countries represented by that
director.[16]
IFC's Chief Executive Officer oversees its overall direction and daily operations.[2] Philippe Le Houérou is Chief Executive Officer of IFC.[18] Since his
appointment by World Bank Group President Jim Yong Kim in March 2016, Mr. Le Houérou has led the organization's new strategy to create markets in less
developed countries and redefine development finance by promoting initiatives and reforms that unlock billions of dollars in additional private sector
investment.
Although the IFC coordinates its activities in many areas with the other World Bank Group institutions, it generally operates independently as it is a separate
entity with legal and financial autonomy, established by its own Articles of Agreement.[16] The corporation operates with a staff of over 3,400 employees, of
which half are stationed in field offices across its member nations.[2]
Functions [ edit ]
Investment services [ edit ]
The IFC's investment services consist of loans, equity, trade finance, syndicated loans, structured and securitized finance, client risk management services,
treasury services, and liquidity management.[15] In its fiscal year 2010, the IFC invested $12.7 billion in 528 projects across 103 countries. Of that total
investment commitment, approximately 39% ($4.9 billion) was invested into 255 projects across 58 member nations of the World Bank's International
Development Association (IDA).[15]
The IFC makes loans to businesses and private projects generally with maturities of seven to twelve years.[15] It determines a suitable repayment schedule
and grace period for each loan individually to meet borrowers' currency and cash flow requirements. The IFC may provide longer-term loans or extend grace
periods if a project is deemed to warrant it.[19] Leasing companies and financial intermediaries may also receive loans from the IFC.
Though loans have traditionally been denominated in hard currencies, the IFC has endeavored to structure loan products in local currencies.[20] Its
disbursement portfolio included loans denominated in 25 local currencies in 2010, and 45 local currencies in 2011, funded largely through swap markets.
Local financial markets development is one of IFC's strategic focus areas. In line with its AAA rating, it has strict concentration, liquidity, asset-liability and
other policies. The IFC committed to approximately $5.7 billion in new loans in 2010, and $5 billion in 2011.[15][16]
Although the IFC's shareholders initially only allowed it to make loans, the IFC was authorized in 1961 to make equity investments, the first of which was
made in 1962 by taking a stake in FEMSA, a former manufacturer of auto parts in Spain that is now part of Bosch Spain.[3][21] The IFC invests in businesses'
equity either directly or via private-equity funds, generally from five up to twenty percent of a company's total equity. IFC's private-equity portfolio currently
stands at roughly $3.0 billion committed to about 180 funds. The portfolio is widely distributed across all regions including Africa, East Asia, South Asia,
Eastern Europe, Latin America and the Middle East, and recently has invested in Small Enterprise Assistance Funds' (SEAF) Caucasus Growth Fund,[22]
Aureos Capital's Kula Fund II (Papua New Guinea, Fiji, Pacific Islands)[23] and Leopard Capital’s Haiti Fund.[24] Other equity investments made by the IFC
include preferred equity, convertible loans, and participation loans.[15] The IFC prefers to invest for the long-term, usually for a period of eight to fifteen years,
before exiting through the sale of shares on a domestic stock exchange, usually as part of an initial public offering. When the IFC invests in a company, it does
not assume an active role in management of the company.[25]
Through its Global Trade Finance Program, the IFC guarantees trade payment obligations of more than 200 approved banks in over 80 countries to mitigate
risk for international transactions.[16] The Global Trade Finance Program provides guarantees to cover payment risks for emerging market banks regarding
promissory notes, bills of exchange, letters of credit, bid and performance bonds, supplier credit for capital goods imports, and advance payments.[26] The IFC
issued $3.46 billion in more than 2,800 guarantees in 2010, of which over 51% targeted IDA member nations.[15] In its fiscal year 2011, the IFC issued $4.6
billion in more than 3,100 guarantees. In 2009, the IFC launched a separate program for crisis response, known as its Global Trade Liquidity Program, which
provides liquidity for international trade among less developed countries. Since its establishment in 2009, the Global Trade Liquidity Program assisted with
over $15 billion in trade in 2011.[16]
The IFC operates a Syndicated Loan Program in an effort to mobilize capital for development goals. The program was created in 1957 and as of 2011 has
channeled approximately $38 billion from over 550 financial institutions toward development projects in over 100 different emerging markets. The IFC
syndicated a total of $4.7 billion in loans in 2011, twice that of its $2 billion worth of syndications in 2010.[15][16] Due to banks retrenching from lending across
borders in emerging markets, in 2009 the IFC started to syndicate parallel loans to the international financial institutions and other participants.[27]
To service clients without ready access to low-cost financing, the IFC relies on structured or securitized financial products such as partial credit guarantees,
portfolio risk transfers, and Islamic finance.[16][28] The IFC committed $797 million in the form of structured and securitized financing in 2010.[15] For
companies that face difficulty in obtaining financing due to a perception of high credit risk, the IFC securitizes assets with predictable cash flows, such as
mortgages, credit cards, loans, corporate debt instruments, and revenue streams, in an effort to enhance those companies' credit.[29]
Financial derivative products are made available to the IFC's clients strictly for hedging interest rate risk, exchange rate risk, and commodity risk exposure. It
serves as an intermediary between emerging market businesses and international derivatives market makers to increase access to risk management
instruments.[16][30]
The IFC fulfills a treasury role by borrowing international capital to fund lending activities. It is usually one of the first institutions to issue bonds or to do swaps
in emerging markets denominated in those markets' local currencies. The IFC's new international borrowings amounted to $8.8 billion in 2010 and $9.8 billion
in 2011.[15][16] The IFC Treasury actively engages in liquidity management in an effort to maximize returns and assure that funding for its investments is
readily available while managing risks to the IFC.[31]
Advisory services [ edit ]
In addition to its investment activities the IFC provides a range of advisory services to support corporate decisionmaking regarding business, environment,
social impact, and sustainability. The IFC's corporate advice targets governance, managerial capacity, scalability, and corporate responsibility. It prioritizes the
encouragement of reforms that improve the trade friendliness and ease of doing business in an effort to advise countries on fostering a suitable investment
climate. It also offers advice to governments on infrastructure development and public-private partnerships. The IFC attempts to guide businesses toward
more sustainable practices particularly with regards to having good governance, supporting women in business, and proactively combating climate change.[16]
The International Finance Corporation has stated that cities in emerging markets can attract more than $29 trillion in climate-related sectors by 2030.[32][33][34]
Asset management company [ edit ]
The IFC established IFC Asset Management Company LLC (IFC AMC) in 2009 as a wholly owned subsidiary to manage all capital funds to be invested in
emerging markets. The AMC manages capital mobilized by the IFC as well as by third parties such as sovereign or pension funds, and other development
financing organizations. Despite being owned by the IFC, the AMC has investment decision autonomy and is charged with a fiduciary responsibility to the four
individual funds under its management. It also aims to mobilize additional capital for IFC investments as it can make certain types of investments which the
IFC cannot.[35] As of 2011, the AMC managed the IFC Capitalization Fund (Equity) Fund, L.P., the IFC Capitalization (Subordinated Debt) Fund, L.P., the IFC
African, Latin American, and Caribbean Fund, L.P., and the Africa Capitalization Fund, Ltd.[36] The IFC Capitalization (Equity) Fund holds $1.3 billion in equity,
while the IFC Capitalization (Subordinated Debt) Fund is valued at $1.7 billion. The IFC African, Latin American, and Caribbean Fund (referred to as the IFC
ALAC Fund) was created in 2010 and is worth $1 billion. As of March 2012, the ALAC Fund has invested a total of $349.1 million into twelve businesses. The
Africa Capitalization Fund was set up in 2011 to invest in commercial banks in both Northern and Sub-Saharan Africa and its commitments totaled $181.8
million in March 2012.[35] As of 2018, Marcos Brujis serves as CEO of the AMC.[37]
Financial performance [ edit ]
The IFC prepares consolidated financial statements in accordance with United States GAAP which are audited by KPMG. It reported income before grants to
IDA members of $2.18 billion in fiscal year 2011, up from $1.95 billion in fiscal 2010 and $299 million in fiscal 2009. The increase in income before grants is
ascribed to higher earnings from the IFC's investments and also from higher service fees. The IFC reported a partial offset from lower liquid asset trading
income, higher administrative costs, and higher advisory service expenses. The IFC made $600 million in grants to IDA countries in fiscal 2011, up from $200
million in fiscal 2010 and $450 million in fiscal 2009. The IFC reported a net income of $1.58 billion in fiscal year 2011. In previous years, the IFC had reported
a net loss of $151 million in fiscal 2009 and $1.75 billion in fiscal 2010. The IFC's total capital amounted to $20.3 billion in 2011, of which $2.4 billion was paid-
in capital from member countries, $16.4 billion was retained earnings, and $1.5 billion was accumulated other comprehensive income. The IFC held $68.49
billion in total assets in 2011.[36]
The IFC's return on average assets (GAAP basis) decreased from 3.1% in 2010 to 2.4% in 2011. Its return on average capital (GAAP basis) decreased from
10.1% in 2010 to 8.2% in 2011. The IFC's cash and liquid investments accounted for 83% of its estimated net cash requirements for fiscal years 2012 through
2014. Its external funding liquidity level grew from 190% in 2010 to 266% in 2011. It has a 2.6:1 debt-to-equity ratio and holds 6.6% in reserves against losses
on loans to its disbursement portfolio. The IFC's deployable strategic capital decreased from 14% in 2010 to 10% in 2011 as a share of its total resources
available, which grew from $16.8 billion in 2010 to $17.9 billion in 2011.[36]
In 2011, the IFC reported total funding commitments (consisting of loans, equity, guarantees, and client risk management) of $12.18 billion, slightly lower than
its $12.66 billion in commitments in 2010. Its core mobilization, which consists of participation and parallel loans, structured finance, its Asset Management
Company funds, and other initiatives, grew from $5.38 billion in 2010 to $6.47 billion in 2011. The IFC's total investment program was reported at a value of
$18.66 billion for fiscal year 2011. Its advisory services portfolio included 642 projects valued at $820 million in 2011, compared to 736 projects at $859 million
in 2010. The IFC held $24.5 billion in liquid assets in 2011, up from $21 billion in 2010.[36]
The IFC received credit ratings of AAA from Standard & Poor's in December 2012 and Aaa from Moody's Investors Service in November 2012.[38][39] S&P
rated the IFC as having a strong financial standing with adequate capital and liquidity, cautious management policies, a high level of geographic
diversification, and anticipated treatment as a preferred creditor given its membership in the World Bank Group. It noted that the IFC faces a weakness
relative to other multilateral institutions of having higher risks due to its mandated emphasis on private sector investing and its income heavily affected by
equity markets.[40]
Sustainability [ edit ]
IFC Sustainability Framework articulates IFC's commitment to sustainable development and is part of its approach to risk management. IFC's Environmental
and social policies, guidelines, and tools are widely adopted as market standards and embedded in operational policies by corporations, investors, financial
intermediaries, stock exchanges, regulators, and countries. In particular, the EHS Guidelines[41] contain the performance levels and measures that are
normally acceptable to the World Bank Group, and that are generally considered to be achievable in new facilities at reasonable costs by existing technology.
Green buildings in less developed countries [ edit ]
The IFC has created a mass-market certification system for fast growing emerging markets called EDGE ("Excellence in Design for Greater Efficiencies").[42]
IFC and the World Green Building Council[43] have partnered to accelerate green building growth in less developed counties. The target is to scale up green
buildings over a seven-year period until 20% of the property market is saturated. Certification occurs when the EDGE[44] standard is met, which requires 20%
less energy, water, and materials than conventional homes.
See also [ edit ]
Environment, Health and Safety

Global Environment Facility
Grassroots Business Fund
Multilateral Investment Guarantee Agency
Jam v. International Finance Corp. (2019) - a United States Supreme Court case in which Indians in Gujarat sued the IFC for damages caused by an IFC-
funded coal plant
References [ edit ]
1. ^ International Finance Corporation. "Leadership" . Ifc.org. Retrieved 5. ^ name="IFC Vision 2012"International Finance Corporation. "IFC's Vision,
29 March 2021. Values, & Purpose" . World Bank Group. Retrieved 2012-06-10.
2. ^ abcd Ottenhoff, Jenny (2011). International Finance Corporation (Report). 6. ^ International Finance Corporation (2012). IFC Development Goals (PDF)
Center for Global Development. Retrieved 2012-06-05. (Report). World Bank Group. Retrieved 2012-06-09.
3. ^ a b c International Finance Corporation. "IFC History" . World Bank Group. 7. ^ "Investor Relations" . Ifc.org. Retrieved 25 June 2019.
Archived from the original on 2016-01-24. Retrieved 2012-06-09. 8. ^ "Billions in "out of control" IFC investments into third-parties causing human
4. ^ Madura, Jeff (2007). International Financial Management: Abridged 8th rights abuses around the world | Oxfam International" . Oxfam.org. Retrieved
Edition. Mason, OH: Thomson South-Western. ISBN 978-0-324-36563-4. 2017-02-06.
9. ^ "Can You Fight Poverty With a Five-Star Hotel?" . Foreign Policy. Retrieved 28. ^ International Finance Corporation. "Structured Finance Products" . World
2017-02-06. Bank Group. Retrieved 2012-06-11.
10. ^ Jacks, Allen (1955-09-17). "World Bank Head Sees IFC Start in Early '56". 29. ^ International Finance Corporation. "Securitizations" . World Bank Group.
The Washington Post. p. 17. Retrieved 2012-06-11.
11. ^ Matecki, A.E. (1957). The Establishment of the IFC and the United States. 30. ^ International Finance Corporation. "Overview of Risk Management
New York: Praeger. Products" . World Bank Group. Retrieved 2012-06-11.
12. ^ a b "CPI Inflation Calculator" . U.S. Bureau of Labor Statistics. Retrieved 31. ^ International Finance Corporation. "Overview of Local Currency Loans and
2012-06-20. Hedges" . World Bank Group. Retrieved 2012-06-11.
13. ^ "IFC picks up 12.5 pc stake in Angel Broking" . Live Mint. 12 October 2007. 32. ^ Foundation, Thomson Reuters. "Emerging cities could attract $29 trillion in
14. ^ "IFC supports Greek banks with €150 million" . Intelligent-news.com. 8 climate-cash - World Bank" . news.trust.org. Retrieved 2021-05-11.
December 2015. Retrieved 15 December 2015. 33. ^ Taylor, Michael (2018-11-29). "Emerging cities could attract $29 trillion in
15. ^ a b c d e f g h i j International Finance Corporation (2010). IFC Annual Report climate cash" . Reuters. Retrieved 2021-05-11.
2010: Where Innovation Meets Impact (Report). World Bank Group. 34. ^ "How to build shockproof climate-smart cities, after COVID-19" . European
Retrieved 2012-06-09. Investment Bank. Retrieved 2021-05-11.
16. ^ a b c d e f g h i j k International Finance Corporation (2011). IFC Annual Report 35. ^ a b International Finance Corporation (2012). IFC Asset Management
2011: I Am Opportunity (Report). World Bank Group. Retrieved 2012-06-09. Company (PDF) (Report). World Bank Group. Retrieved 2012-06-09.
17. ^ International Finance Corporation (2012). IFC Organizational Structure 36. ^ a b c d International Finance Corporation (2011). IFC Financials and
(PDF) (Report). World Bank Group. Retrieved 2012-09-27. Projects (PDF) (Report). World Bank Group. Retrieved 2012-06-09.
18. ^ "Leadership" . Ifc.org. Retrieved 2017-12-12. 37. ^ "Team - IFCAMC" . Ifcamc.org. Retrieved 25 June 2019.
19. ^ International Finance Corporation. "Loans for IFC's Own Account: A-loans" . 38. ^ Swann, Nikola G.; Chambers, John (2012). RatingsDirect Global Credit
World Bank Group. Retrieved 2012-06-11. Portal: International Finance Corp (PDF) (Report). Standard & Poor's.
20. ^ International Finance Corporation. "Overview of Local Currency Loans and Retrieved 2012-06-10.
Hedges" . World Bank Group. Retrieved 2012-06-11. 39. ^ Hess, Steven; Swahla, Annette; Oosterveld, Bart (2012). Credit Analysis:
21. ^ "100 Years of the Bosch Group in Spain" . Bosch Spain. Archived from the International Finance Corporation (PDF) (Report). Moody's Investors
original on 2010-10-06. Retrieved 2012-06-20. Service. Retrieved 2012-06-10.
22. ^ "IFC Home" . Ifc.org. 40. ^ Swann, Nikola G.; Chambers, John (2010). RatingsDirect Global Credit
23. ^ "Kula Fund II" . Ifc.org. Portal: International Finance Corp (PDF) (Report). Standard & Poor's.
24. ^ "IFC Home" . Ifc.org. Retrieved 2012-06-10.

25. ^ International Finance Corporation. "Equity Finance" . World Bank Group. 41. ^ "Environmental, Health, and Safety Guidelines" . Ifc.org. Retrieved 25 June
Retrieved 2012-06-11. 2019.
26. ^ International Finance Corporation. "Global Trade Finance Program" . World 42. ^ "EDGE Buildings" . Ifc.org.
Bank Group. Archived from the original on 2012-06-23. Retrieved 43. ^ "WorldGBC 3 - EDGE Certification System" . Worldgbc.org. Archived from
2012-06-11. the original on 2016-06-12.
27. ^ International Finance Corporation (2012). Partnering with IFC 44. ^ "EDGE Buildings -" . Edgebuildings.com.
Syndications (PDF) (Report). World Bank Group. Retrieved 2012-06-11.
Media related to International Finance Corporation at Wikimedia Commons
Official website
IFC Articles of Agreement archived from the original on 22 November 2015
Categories: World Bank Group International development agencies International banking institutions International finance institutions
United Nations Development Group Non-profit organizations based in Washington, D.C. Organizations established in 1956
Intergovernmental organizations established by treaty
Multilateral Investment Guarantee Agency

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The Multilateral Investment Guarantee Agency (MIGA) is an international financial institution which offers Multilateral Investment
political risk insurance and credit enhancement guarantees. These guarantees help investors protect foreign Guarantee Agency
Contribute direct investments against political and non-commercial risks in developing countries.[2] MIGA is a member of
Help the World Bank Group and is headquartered in Washington, D.C. in the United States.
Learn to edit MIGA logo
MIGA was established in 1988 as an investment insurance facility to encourage confident investment in
Community portal Formation 1988
Recent changes developing countries.[3] MIGA is owned and governed by its member states, but has its own executive
Type Development finance
Upload file leadership and staff which carry out its daily operations. Its shareholders are member governments that provide institution
paid-in capital and have the right to vote on its matters. It insures long-term debt and equity investments as well Legal status Treaty
Tools
as other assets and contracts with long-term periods. The agency is assessed by the World Bank's Independent Purpose Political risk insurance,
What links here
Evaluation Group each year. foreign direct investment
Related changes
Special pages Headquarters 12th floor, 1800 G Street NW,
Contents [hide]
Permanent link
Washington, D.C., U.S.[1]
1 History Membership 181 countries
Page information
Cite this page 2 Governance Executive Hiroshi Matano
Wikidata item 3 Membership Vice
President
4 Investment guarantees
Print/export Parent World Bank Group
5 Financial performance organization
Download as PDF
6 See also Website miga.org
Printable version
7 References
Languages 8 External links
Asturianu
Azərbaycanca History [ edit ]
Čeština In September 1985, the Board of Governors of the World Bank endorsed the Convention establishing the Multilateral Investment Guarantee Agency. MIGA
Deutsch was established and became operational on April 12, 1988 under the leadership of then-Executive Vice President Yoshio Terasawa, becoming the fifth
Eesti
member institution of the World Bank Group. MIGA initially had $1 billion ($1.94 billion in 2012 dollars[4]) in capital and 29 member states.
Español
‫ﻓﺎرﺳﯽ‬ All members of the International Bank for Reconstruction and Development (IBRD) were eligible to become members of the agency. MIGA was established as
Français an effort to complement existing sources of non-commercial risk insurance for investments in developing countries.[3] By serving as a multilateral guarantor,
한국어
the agency reduces the likelihood of confrontations among the investor's country and the host country.[5]
हद
Bahasa Indonesia MIGA's inaugural investment guarantees were issued in 1990 to cover $1.04 billion ($1.83 billion in 2012 dollars[4]) worth of foreign direct investment (FDI)
Italiano comprising four individual projects. The agency also issued its first reinsurance contracts signed in collaboration with Export Development Canada and the
Lietuvių United States' Overseas Private Investment Corporation (OPIC).
Magyar
Македонски
The agency joined the Berne Union, an international community of export credit and investment insurance providers in 1994.
Bahasa Melayu In 1997, MIGA issued the inaugural contract under its Cooperative Underwriting Program to support an energy project in Indonesia. In collaboration with the
日本語
European Union Investment Trust Fund for Bosnia and Herzegovina, the agency set up a fund for investment guarantees amounting to $12 million ($17 million
Polski
in 2012 dollars[4]). The agency also established the West Bank and Gaza Investment Guarantee Trust Fund with a capacity of $20 million ($29 million in
Português
2012 dollars[4]).
Русский
Українська In 1998 the Council of Governors of MIGA adopted a resolution establishing a general capital increase of $850 million ($1.2 billion in 2012 dollars[4]), and
‫اردو‬ transferring a grant of $150 million ($212 million in 2012 dollars[4]) from the IBRD. MIGA exceeded $1 billion ($1.4 billion in 2012 dollars[4]) in investment
中文
guarantees within a single year for the first time in 1999.[3]
Edit links
In 2000, MIGA paid its first insurance claim since the agency's founding.
In 2001 MIGA's issuance of new investment guarantees grew to $2 billion. The agency launched its Small Investment Program in 2005 in an effort to promote
investment among small and medium enterprises. That same year, MIGA set up its Afghanistan Investment Guarantee Facility in an effort to promote FDI into
Afghanistan.
In 2007 MIGA issued investment guarantees for a Djibouti port, marking its first support in the form of Islamic finance. The agency also launched PRI-
Center.com (now no longer active) as a portal for information on political risk management and investment insurance, which also contained its FDI information
services.
In 2009, the Board of Directors enacted changes to MIGA's operating procedures and authorized coverage for default of sovereign financial obligations. The
agency also launched an annual publication titled World Investment and Political Risk which reports on trends in worldwide investment and corporate
perceptions of prospects and risk, as well as shifts in the political risk insurance industry.[3]
Although once dominated by large public and multilateral underwriters, private insurance firms accounted for approximately half of the political risk insurance
market in 2007. As a result, MIGA has paid closer attention to exceptionally risky countries that have little appeal to foreign investors, and has insured projects
among nations in the global south.[6]
MIGA conducted a survey in 2010 which showed that political risk is the most important deterrent of long-term foreign direct investment in developing
countries, even more than economic uncertainty and poor public infrastructure.[7]
MIGA's Council of Governors amended the agency's convention in 2010 in an attempt to improve the organization's effectiveness by expanding the range of
investments eligible for political risk insurance.[8][9]
Governance [ edit ]
MIGA is governed by its Council of Governors which represents its member countries. The Council of Governors holds corporate authority, but primarily
delegates such powers to MIGA's Board of Directors. The Board of Directors consists of 25 directors and votes on matters brought before MIGA. Each
director's vote is weighted in accordance with the total share capital of the member nations that director represents. MIGA's board is stationed at its
Washington, D.C. headquarters where it meets regularly and oversees the agency's activities.[2][10][11][12] The agency's Executive Vice President directs its
overall strategy and manages its daily operations. As of 16 December 2019, Hiroshi Matano serves as Executive Vice President of MIGA.[13]
Membership [ edit ]
MIGA is owned by its 181 member governments, consisting of 156 developing and 25 industrialized
countries. The members are composed of 180 United Nations member states plus Kosovo.
Membership in MIGA is available only to countries who are members of the World Bank,
particularly the International Bank for Reconstruction and Development.[3][11]
As of 2015, the seven World Bank member states that are not MIGA members are Brunei, Kiribati,
Marshall Islands, San Marino, Somalia, Tonga, and Tuvalu. (The UN states that are non-members
of the World Bank, and thus MIGA, are Andorra, Cuba, Liechtenstein, Monaco, Nauru, and North
Korea.) The Holy See and Palestine are also non-MIGA members. Bhutan is the most recent Multilateral Investment Guarantee Agency member
country to have joined MIGA, having done so in December 2014.[14] states
Investment guarantees [ edit ]
MIGA offers insurance to cover five types of non-commercial risks: currency inconvertibility and transfer restriction; government expropriation; war, terrorism,
and civil disturbance; breaches of contract; and the non-honoring of financial obligations.[15][16][17] MIGA will cover investments such as equity, loans,
shareholder loans, and shareholder loan guarantees. The agency may also insure investments such as management contracts, asset securitization, bonds,
leasing activities, franchise agreements, and license agreements.[18][19] The agency generally offers insurance coverage lasting up to 15 years with a possible
five-year extension depending on a given project's nature and circumstances.[20] When an event occurs that is protected by the insurance, MIGA can exercise
the investor's rights against the host country through subrogation to recover expenses associated with covering the claim. However, the agency's convention
does not require member governments to treat foreign investments in any special way.[21] As a multilateral institution, MIGA is also in a position to attempt to
sort out potential disputes before they ever turn into insurance claims.[22]
The agency's Small Investment Program aims to promote FDI into specifically small and medium enterprises. The program offers standard MIGA coverage
types except it does not cover breaches of contract. Under the program, small and medium enterprises may take advantage of discounted insurance
premiums and no application fees, which are not available to larger investors. To qualify an investment for the Small Investment Program, MIGA defines small
and medium enterprise projects as having 300 or fewer employees, total assets not to exceed $15 million and annual revenues not to exceed $15 million.
MIGA limits the request amount for the investment guarantee to $10 million, and will guarantee only up to 10 years with a possible 5-year extension.[23]
MIGA's annual reports offer an overview of the agency's business.
Financial performance [ edit ]

MIGA prepares consolidated financial statements in accordance with United States GAAP which are audited by KPMG.[24]
See also [ edit ]

List of countries by received FDI
List of countries by FDI abroad
Overseas Private Investment Corporation (OPIC)
References [ edit ]
1. ^ "Contact" . miga.org. 13. ^ "World Bank Group Appoints Hiroshi Matano to Head MIGA" . World Bank.
2. ^ ab Multilateral Investment Guarantee Agency. "Overview" . World Bank Retrieved 2020-02-08.
Group. Archived from the original on 2012-06-21. Retrieved 2012-06-25. 14. ^ [1] Archived 2015-01-25 at archive.today
3. ^ a b c d e Multilateral Investment Guarantee Agency. "History" . World Bank 15. ^ Multilateral Investment Guarantee Agency. "Types of Coverage" . World
Group. Archived from the original on 2012-05-23. Retrieved 2012-06-25. Bank Group. Archived from the original on 2011-10-01. Retrieved
4. ^ a b c d e f g "CPI Inflation Calculator" . U.S. Bureau of Labor Statistics. 2012-06-27.
Retrieved 2012-06-20. 16. ^ Madura, Jeff (2007). International Financial Management: Abridged 8th
5. ^ Donovan, Patrick J. (2003). "Creeping expropriation and MIGA: The need for Edition. Mason, OH: Thomson South-Western. ISBN 0-324-36563-2.
tighter regulation in the political risk insurance market" . Gonzaga Journal of 17. ^ Homaifar, Ghassem A. (2004). Managing Global Financial and Foreign
International Law. 7. Archived from the original on 2012-07-24. Retrieved Exchange Risk. Hoboken, NJ: John Wiley & Sons. ISBN 978-0-471-28115-3.
2012-06-27. 18. ^ Multilateral Investment Guarantee Agency. "Eligibility" . World Bank Group.
6. ^ "Of coups and coverage" . The Economist. 2007-04-04. Retrieved Archived from the original on 2012-06-25. Retrieved 2012-06-27.
2012-06-26. 19. ^ "Multilateral Investment Guarantee Agency: Lending" . Bank Information
7. ^ "How to become politics-proof" . The Economist. 2011-03-31. Retrieved Center. Archived from the original on 2012-05-14. Retrieved 2012-06-25.
2012-06-26. 20. ^ Multilateral Investment Guarantee Agency. "Terms and Conditions" . World
8. ^ "MIGA Significantly Expands Pool of Eligible Investments" (Press release). Bank Group. Archived from the original on 2011-10-02. Retrieved
Multilateral Investment Guarantee Agency. 2010-11-15. Archived from the 2012-06-29.
original on 2013-06-12. Retrieved 2012-06-26. 21. ^ Schill, Stephan W. (2009). The Multilateralization of International Investment
9. ^ Carr, Mathew (2012-05-10). "Political-risk insurer underused as climate talks Law. Cambridge, UK: Cambridge University Press. ISBN 978-0-511-60515-4.
fail" . Bloomberg. Retrieved 2012-07-06. 22. ^ Moran, Theodore H. (2006). "Toward Best Outcomes from Foreign Direct
10. ^ Multilateral Investment Guarantee Agency (2011). MIGA Annual Report 2011: Investment in Poorly Performing States" . In Birdsall, Nancy; Vaishnav, Milan;
Insuring Investments, Ensuring Opportunities (PDF) (Report). World Bank Ayres, Robert L. (eds.). Short of the Goal: U.S. Policy and Poorly Performing
Group. Retrieved 2012-06-25. States. Washington, D.C.: Center for Global Development. ISBN 978-1-
11. ^ ab Multilateral Investment Guarantee Agency (1985). Convention 933286-05-1.
Establishing the Multilateral Investment Guarantee Agency (PDF) (Report). 23. ^ Multilateral Investment Guarantee Agency. "Small Investment Program" .
World Bank Group. Retrieved 2012-06-25. World Bank Group. Archived from the original on 2012-07-28. Retrieved
12. ^ Multilateral Investment Guarantee Agency (2011). Organization Chart of the 2012-06-27.
Multilateral Investment Guarantee Agency (PDF) (Report). World Bank 24. ^ Management’s Discussion & Analysis and Financial Statements , Miga.org,
Group. Retrieved 2012-06-25. 30 June 2015
Official MIGA—Multilateral Investment Guarantee Agency website

MIGA Convention
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Categories: World Bank Group International banking institutions International development agencies International finance institutions
United Nations Development Group Organizations established in 1988 Intergovernmental organizations established by treaty
International Centre for Settlement of Investment Disputes

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The International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration International Centres for
institution established in 1966 for legal dispute resolution and conciliation between international investors and Settlement of Investment Disputes
Contribute States. ICSID is part of and funded by the World Bank Group, headquartered in Washington, D.C., in the United
Help States. It is an autonomous, multilateral specialized institution to encourage international flow of investment and ICSID logo
Learn to edit mitigate non-commercial risks by a treaty drafted by the International Bank for Reconstruction and Formation 1966
Community portal
Development's executive directors and signed by member countries.[3][4] As of May 2016, 153 contracting Type Dispute resolution
Recent changes
member states agreed to enforce and uphold arbitral awards in accordance with the ICSID Convention. organization
Upload file
Legal status Treaty
The center performs advisory activities and maintains several publications.
Tools Purpose International arbitration
What links here Contents [hide] Headquarters Washington, D.C., United
Related changes 1 History States
Special pages Membership 163 countries (signatory and
1.1 Creation
Permanent link contracting states)
1.2 Disputes settled
Page information 154 countries(contracting
1.3 Performance since creation
Cite this page states only)[1]
Wikidata item 2 Governance
Secretary- Meg Kinnear[2]
3 Membership General
Print/export
3.1 Non-contracting signatories Parent World Bank Group
Download as PDF organization
3.2 Non members
Printable version Website icsid.worldbank.org
4 Activities
Languages 4.1 Criticism
5 See also
Asturianu 6 References
Català 7 External links
Deutsch
Eesti
Español
History [ edit ]
Français In the 1950s and 1960s, the Organization for European Economic Cooperation (now the Organisation for Economic Co-operation and Development) had
한국어 made several attempts to create a framework to protect international investments, but its efforts revealed conflicting views on how to provide compensation for
Հայերեն
the expropriation of foreign direct investment.
Bahasa Indonesia
Italiano
Creation [ edit ]
Magyar
Bahasa Melayu In 1961, Aron Broches, then-General Counsel of the International Bank for Reconstruction and Development (IBRD), developed the idea for a multilateral
Nederlands agreement on a process for resolving individual investment disputes on a case-by-case basis as opposed to imposing outcomes based on standards. Broches
日本語
held conferences to consult legal experts from all parts of the world, including Europe, Africa, and Asia, to discuss and compose a preliminary agreement. The
Norsk bokmål
IBRD staff wrote an official draft of the agreement and consulted with legal representatives of the IBRD's board of directors to finalize the draft and have it
Polski
approved.
Português
Русский The board of directors approved the final draft of the agreement, titled Convention on the Settlement of Investment Disputes between States and Nationals of
Slovenčina
Other States, and the Bank president disseminated the convention to its member states for signature on 18 March 1965. Twenty states immediately ratified
the convention. The convention established the ICSID would become officially active on 14 October 1966.[3][5][page needed][6][page needed]
‫اردو‬
中文
Edit links Disputes settled [ edit ]
The Indonesian government was sued in June 2012 by a London-based mining company Churchill Mining after the local government revoked the concession
rights held by a local company in which the firm had invested.[7] The government is countering the Churchill case, claiming that Churchill did not have the
correct type of mining licenses.[7]
In October 2012, an ICSID tribunal awarded a judgment of $1.8 billion for Occidental Petroleum against the government of Ecuador.[7] Additionally, Ecuador
had to pay $589 million in backdated compound interest and half of the costs of the tribunal, making its total penalty around $2.4 billion.[7] The South
American country annulled a contract with the oil firm on the grounds that it violated a clause that the company would not sell its rights to another firm without
permission. The tribunal agreed the violation took place but judged that the annulment was not fair and equitable treatment to the company.[7]
Irish oil firm Tullow Oil took the Ugandan government to court in November 2012 after value-added tax (VAT) was placed on goods and services the firm
purchased for its operations in the country.[8] The Ugandan government responded that the company had no right to claim tax on such goods prior to
commencement of drilling.
Tobacco major Philip Morris sued Uruguay for alleged breaches to the Uruguay-Swiss BIT for requiring cigarette packs to display graphic health warnings and
sued Australia under the Australia-Hong Kong BITS for requiring plain packaging for its cigarettes. The company claimed that the packaging requirements in
both countries violate its investment.[7]
In the context of Nuclear power phase-out in Germany, Swedish Energy company Vattenfall sought compensation from the German government for the
premature shut-down of nuclear plants.[9][10]
Performance since creation [ edit ]
Bilateral investment treaties (BITs) proliferated during the first decade of the 21st century, reaching more than 2,500 by 2007. Many such treaties contain text
that refers present and future investment disputes to ICSID.[11]
As of 30 June 2012, ICSID has registered 390 disputes.[12]:7 ICSID's caseload consisted of 88% convention arbitration cases, 2% convention conciliation
cases, as well as 9% additional facility arbitration cases, and 1% additional facility conciliation cases.[12]:8 ICSID's registered cases were distributed across oil,
gas and mining (25%), electricity and other energy (13%), other industries (12%), transportation industry (11%), construction industry (7%), financial industry
(7%), information industry and communication industry (6%), water industry, sanitation, and food protection (6%), agriculture, fishing, and forestry (5%),
services and trade (4%), and tourism industry (4%).[12]:12
As of 27 July 2012, 246 of 390 registered arbitration cases were concluded, as of 30 June 2012, ICSID tribunals had resolved nearly two thirds (62%) of
disputes while the remainder (38%) were settled or discontinued.[12]:13 As of 14 May 2016, 362 of 574 (62%) registered arbitration cases were concluded.[13]
Conciliation commission reports were issued for 67% of the conciliation proceedings, while 33% of proceedings were discontinued. In 75% of the conciliation
reports, parties failed to reach an agreement, and only 25% recorded agreement among parties.[14]
As of 2012 only two governments, Gabon and Romania, had ever filed an ICSID case against an investor. States appearing most often as a respondent were
in descending order: Argentina 49, Venezuela 36, Egypt 17, Ecuador 12, Congo 12, Peru 11 and Ukraine 10 times. Between 2009 and 2012, legal
representation cost between US$1 and 7.6 million. The approximate duration of a case was 3.6 years.[15]
As of 2019, ICSID's caseload included 2% conciliation cases.[16] The rest were arbitrations.
Governance [ edit ]
ICSID is governed by its Administrative Council which meets annually and elects the center's secretary-general and deputy secretary-general, approves rules
and regulations, conducts the center's case proceedings, and approves the center's budget and annual report. The council consists of one representative from
each of the center's contracting member states and is chaired by the President of the World Bank Group, although the president may not vote. ICSID's normal
operations are carried out by its secretariat, which comprises 40 employees and is led by the secretary-general of ICSID. The secretariat provides support to
the Administrative Council in conducting the center's proceedings. It also manages the center's Panel of Conciliators and Panel of Arbitrators. Each
contracting member state may appoint four persons to each panel.[6]:15 In addition to serving as the center's principal, the secretary-general is responsible for
legally representing ICSID and serving as the registrar of its proceedings. As of 2012, Meg Kinnear serves as the center's secretary-general.[4]
Membership [ edit ]
ICSID's 163 member states which have signed the center's convention include 162 United Nations member states
plus Kosovo. Of these member states, 154 are "contracting member states", that is they have ratified the contract.[1]
Former members are Bolivia, Ecuador (withdrew 2009),[17] and Venezuela, which withdrew in 2012.[18] All ICSID
contracting member states, whether or not they are parties to a given dispute, are required by the ICSID Convention
to recognize and enforce ICSID arbitral awards.[6]
ICSID in force
Non-contracting signatories [ edit ] ICSID signed, ratification pending
The following member states have signed the ICSID convention (date in parentheses), but have not ratified it.[1] Former members, withdrawn
Belize (1986)
Djibouti (2019)
Dominican Republic (2000)
Ethiopia (1965)
Guinea-Bissau (1991)
Kyrgyzstan (1995)
Namibia (1998)
Russia (1992)
Thailand (1985)
Non members [ edit ]
Brazil, India and South Africa are countries with large economies that have never been ICSID members.
Activities [ edit ]
ICSID does not conduct arbitration or conciliation proceedings itself, but offers institutional and procedural support to conciliation commissions, tribunals, and
other committees which conduct such matters. The center has two sets of rules that determine how cases will be initiated and conducted, either under the
ICSID Convention, Regulations and Rules or the ICSID Additional Facility Rules. To be processed in accordance with the ICSID Convention, a legal dispute
has to exist between one of the center's contracting member states and a national of another contracting member state. It must also be of a legal nature and
relate directly to an investment. A case can be processed under the ICSID Additional Facility Rules if one of the parties to the dispute is either not a
contracting member state or a national of a contracting member state. However, most cases are arbitrated under the ICSID Convention.[19][20][21] Recourse to
ICSID conciliation and arbitration is entirely voluntary. However, once the parties have consented to arbitration under the ICSID Convention, neither party can
unilaterally withdraw its consent.[22]
The ICSID Secretariat may also administer dispute resolution proceedings under other treaties and regularly assists tribunals or disputing parties in
arbitrations among investors and states under the United Nations Commission on International Trade Law (UNCITRAL)'s arbitration regulations. The center
provides administrative and technical support for a number of international dispute resolution proceedings through alternative facilities such as the Permanent
Court of Arbitration in The Hague, Netherlands, the London Court of International Arbitration, and the International Chamber of Commerce in Paris, France.[19]
ICSID also conducts advisory activities and research and publishes Investment Laws of the World and of Investment Treaties.[23] Since April 1986, the center
has published a semi-annual law journal entitled ICSID Review: Foreign Investment Law Journal.[24]
Although ICSID's proceedings generally take place in Washington, D.C., parties may agree that proceedings be held at one of a number of possible
alternative locations, including the Permanent Court of Arbitration, the Regional Arbitration Centres of the Asian-African Legal Consultative Committee in
Cairo, in Kuala Lumpur, or in Lagos, the Australian Centre for International Commercial Arbitration in Melbourne, the Australian Commercial Disputes Centre
in Sydney, the Singapore International Arbitration Centre, the Gulf Cooperation Council Commercial Arbitration Centre in Bahrain, the German Institution of
Arbitration, the Maxwell Chambers in Singapore, the Hong Kong International Arbitration Centre, and the Centre for Arbitration and Conciliation at the
Chamber of Commerce of Bogota.[25]
Criticism [ edit ]
See also: Bilateral investment treaty § Criticism
ICSID has sometimes been the target of criticism about grossly inequitable judgements. Notably, Jeffrey Sachs suggested that the US$5.9 billion judgement
against Pakistan in relation to rights presumed by Tethyan Copper Company amounted to a "flawed and corrupt investment arbitration process".[26] The
Pakistan Supreme Court had voided a transaction entered into by Balochistan Development Authority finding in favour of Antofagasta PLC of Chile and
Barrick Gold Corporation of Canada. Nevertheless, others[27] have suggested this amount is a fair reflection of the fact that a potentially extraordinary asset
(Reko Diq Mine) had effectively been seized seemingly without good reason.
See also [ edit ]
Bilateral investment treaty

Bolivian gas conflict
Calvo Doctrine
Cochabamba protests of 2000
Investor-state dispute settlement
Multilateral Agreement on Investment
Reko Diq case
References [ edit ]
1. ^ abc Database of ICSID Member States Archived 7 January 2015 at the 10. ^ "Klage gegen Atomausstieg: EU unterstützt Deutschland im Streit mit
Library of Congress Web Archives. ICSID. Retrieved on 5 June 2016. Vattenfall" . Der Spiegel. 2014. Retrieved 14 May 2016.
2. ^ 11. ^ Weisbrot, Mark (10 July 2007). "Le CIRDI en ligne de mire : la Bolivie, le
http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0%2c%2ccontentMDK:2 Venezuela et le Nicaragua claquent la porte" (in French). RISAL. Retrieved
1753485~pagePK:64257043~piPK:437376~theSitePK:4607%2c00.html 27 July 2012.
3. ^ a b International Centre for Settlement of Investment Disputes. "About 12. ^ a b c d International Centre for Settlement of Investment Disputes (2012). The
ICSID" . World Bank Group. Archived from the original on 10 June 2012. ICSID Caseload – Statistics (Issue 2012-2) (PDF) (Report). World Bank
Retrieved 25 July 2012. Group. Archived from the original (PDF) on 30 May 2016. Retrieved 25 July
4. ^ a b International Centre for Settlement of Investment Disputes. 2012.
"Organizational Structure of ICSID" . World Bank Group. Archived from the 13. ^ "Cases" . International Centre for Settlement of Investment Disputes. 14
original on 31 July 2012. Retrieved 25 July 2012. May 2016. Archived from the original on 31 December 2014. Retrieved
5. ^ Reed, Lucy; Paulsson, Jan; Blackaby, Nigel (2010). Guide to ICSID 14 May 2016.
Arbitration, 2nd Edition. The Hague, Netherlands: Kluwer Law International. 14. ^ "List of Concluded Cases" . World Bank Group. Retrieved 26 July 2012.
p. 468. ISBN 978-9-04-113401-1. 15. ^ Inna Uchkunova (25 October 2012). "ICSID: Curious Facts" . Kluwer
6. ^ abc International Centre for Settlement of Investment Disputes (2006). ICSID Arbitration Blog. Retrieved 3 January 2015.
Convention, Regulations and Rules (PDF) (Report). World Bank Group. 16. ^ Frauke Nitschke, 'The ICSID Conciliation Rules in Practice', in Catharine Titi
p. 128. Archived from the original (PDF) on 4 September 2012. Retrieved and Katia Fach Gómez (eds) Mediation in International Commercial and
25 July 2012. Investment Disputes (Oxford University Press 2019)
7. ^ a b c d e f Martin Khor (21 November 2012). "The emerging crisis of https://global.oup.com/academic/product/mediation-in-international-
investment treaties" . Global Policy Forum. commercial-and-investment-disputes-9780198827955?cc=fr&lang=en&
8. ^ Tabu Butagira (17 December 2012). "Tullow Sues Government in New Tax
Dispute" . Daily Monitor. Uganda. Retrieved 15 May 2016.
9. ^ "Why Vattenfall is taking Germany to court" . Vattenfall AB website. 9
December 2014. Retrieved 14 May 2016.
17. ^ Tawil, Guido Santiago (2011). "On the Internationalization of Administrative 22. ^ International Centre for Settlement of Investment Disputes. "ICSID Dispute
Contracts, Arbitration and the Calvo Doctrine" . In Jan Berg, Albert (ed.). Settlement Facilities" . World Bank Group. Retrieved 27 July 2012.
Arbitration Advocay in Changing Times. 15. Kluwer Law International. pp. 345– 23. ^ International Centre for Settlement of Investment Disputes. "ICSID
346. ISBN 9789041133663. "Ecuador notified its withdrawal from the ICSID Publications" . World Bank Group. Retrieved 27 July 2012.
Convention on 6 July 2009." 24. ^ International Centre for Settlement of Investment Disputes. "ICSID Review-
18. ^ Eljuri, Elisabeth (January 2012). "Venezuela denounces the ICSID Foreign Investment Law Journal" . World Bank Group. Retrieved 27 July
Convention" . Norton Rose. Archived from the original on 6 June 2012. 2012.
Retrieved 19 February 2012. 25. ^ International Centre for Settlement of Investment Disputes. "Institutional
19. ^ a b International Centre for Settlement of Investment Disputes (2011). ICSID Arrangements" . World Bank Group. Retrieved 27 July 2012.
2011 Annual Report (Report). World Bank Group. Retrieved 25 July 2012. 26. ^ https://www.project-syndicate.org/commentary/world-bank-corrupt-arbitration-
20. ^ International Centre for Settlement of Investment Disputes (2010). ICSID ruling-against-pakistan-by-jeffrey-d-sachs-2019-11
2010 Annual Report (Report). World Bank Group. Retrieved 25 July 2012. 27. ^ https://www.sharesmagazine.co.uk/news/shares/why-antofagasta-might-not-
21. ^ Goldman, Michael (2007). "How "Water for All!" policy became hegemonic: get-all-of-the-5-8bn-pakistan-damages-windfall-cash
The power of the World Bank and its transnational policy networks". Geoforum.
38 (5): 786–800. doi:10.1016/j.geoforum.2005.10.008 .
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Categories: World Bank Group Arbitration organizations Foreign direct investment United Nations Development Group
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World Bank
Main page Not to be confused with World Bank Group.

Contents
The World Bank is an international financial institution that provides loans and grants to the governments of World Bank
Current events
Random article low- and middle-income countries for the purpose of pursuing capital projects.[5] It comprises two institutions: the
About Wikipedia International Bank for Reconstruction and Development (IBRD), and the International Development Association
Contact us (IDA). The World Bank is a component of the World Bank Group.
Donate
The World Bank's most recently stated goal is the reduction of poverty.[6]
Contribute
Contents [hide]
Help
Learn to edit
1 World Bank Group
Community portal 2 History
Recent changes 2.1 1944–1974
Upload file 2.2 1974–1980
2.3 1980–1989
Tools
2.4 1989–present
What links here
2.4.1 Criteria
Related changes
2.4.2 Environmental and Social Safeguards The World Bank Group building in Washington,
Special pages
D.C.
Permanent link 3 Leadership
Formation July 1944; 77 years ago
Page information 3.1 Presidents
Cite this page Type Monetary International
3.2 Chief Economists
Wikidata item Financial Organization
4 Members
Legal status Treaty
Print/export 4.1 Voting power
Headquarters 1818 H Street NW,
5 List of 20 largest countries by voting power in each World Bank institution
Download as PDF Washington, D.C., U.S.[1]
Printable version 6 Poverty reduction strategies
Membership 189 countries (IBRD)[2]
7 Global partnerships and initiatives 173 countries (IDA)[2]
In other projects 7.1 Climate change
Key people David Malpass
Wikimedia Commons 7.2 Food security (President)[3]
Wikiquote
8 Training wings Anshula Kant
8.1 Global Operations Knowledge Management Unit (MD and CFO)
Languages
8.2 Global Development Learning Network Carmen Reinhart
Afrikaans (Chief Economist, 15 June 2020)[4]
Alemannisch 8.2.1 GDLN Asia Pacific Parent World Bank Group
አማርኛ 8.3 JUSTPAL Network organization
‫اﻟﻌﺮﺑﯿﺔ‬ Website www.worldbank.org
9 Country assistance strategies
Aragonés
10 Clean Air Initiative
অসমীয়া
Asturianu 11 United Nations Development Business
Azərbaycanca 12 Open data initiative
‫ﺗﯚرﮐﺠﻪ‬ 13 Grants table
Bamanankan
14 Open Knowledge Repository
বাংলা
15 Criticisms and controversy
Bân-lâm-gú
15.1 Structural adjustment
Башҡортса
Беларуская 15.2 Fairness of assistance conditions
Беларуская 15.3 Sovereign immunity
15.4 PricewaterhouseCoopers
Български
15.5 COVID-19
Bosanski
16 See also
Brezhoneg
Català 17 References
Čeština 18 Further reading
Cymraeg 19 External links
Dansk
‫اﻟﺪارﺟﺔ‬
Deutsch World Bank Group [ edit ]
Eesti
Ελληνικά The World Bank Group is an extended family of five international organizations, and the parent organization of the World Bank, the collective name given to
Español the first two listed organizations, the IBRD and the IDA:
Esperanto
International Bank for Reconstruction and Development (IBRD)
Euskara
‫ﻓﺎرﺳﯽ‬ International Development Association (IDA)
Fiji Hindi International Finance Corporation (IFC)
Français
Multilateral Investment Guarantee Agency (MIGA)
Frysk
International Centre for Settlement of Investment Disputes (ICSID)
Furlan
Galego
Gĩkũyũ History [ edit ]
ુજરાતી
The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF). The president of the World Bank is
客家語/Hak-kâ-ngî
한국어 traditionally an American.[8] The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.
Hausa
Although many countries were represented at the Bretton Woods Conference, the United States and United Kingdom were the most powerful in attendance
Հայերեն
and dominated the negotiations.[9]:52–54 The intention behind the founding of the World Bank was to provide temporary loans to low-income countries that
हद
Hrvatski
could not obtain loans commercially.[6] The Bank may also make loans and demand policy reforms from recipients.[6]
Ilokano
Bahasa Indonesia
IsiZulu
1944–1974 [ edit ]
Íslenska
In its early years the Bank made a slow start for two reasons: it was underfunded, and there were leadership
Italiano
struggles between the US Executive Director and the president of the organization. When the Marshall Plan went into
‫עברית‬
effect in 1947, many European countries began receiving aid from other sources. Faced with this competition, the
Jawa
ಕನ ಡ World Bank shifted its focus to non-European countries. Until 1968, its loans were earmarked for the construction of
Къарачай-малкъар infrastructure works, such as seaports, highway systems, and power plants, that would generate enough income to
ქართული enable a borrower country to repay the loan. In 1960, the International Development Association was formed (as
Қазақша opposed to a UN fund named SUNFED), providing soft loans to developing countries.
Kiswahili
Кыргызча Before 1974, the reconstruction and development loans the World Bank made were relatively small. Its staff was
Latina aware of the need to instill confidence in the bank. Fiscal conservatism ruled, and loan applications had to meet strict
Latviešu criteria.[9]:56–60
Lëtzebuergesch
The first country to receive a World Bank loan was France. The Bank's president at the time, John McCloy, chose
Lietuvių
Harry Dexter White (left) and John
Limburgs France over two other applicants, Poland and Chile. The loan was for US$250 million, half the amount requested, and
Maynard Keynes, the "founding
Magyar came with strict conditions. France had to agree to produce a balanced budget and give priority of debt repayment to fathers" of both the World Bank and the
Македонски the World Bank over other governments. World Bank staff closely monitored the use of the funds to ensure that the International Monetary Fund (IMF)[7]
മലയാളം French government met the conditions. In addition, before the loan was approved, the United States State
मराठ
Department told the French government that its members associated with the Communist Party would first have to be
‫ﻣﺼﺮى‬
removed. The French government complied and removed the Communist coalition government—the so-called
Bahasa Melayu
Монгол tripartite. Within hours, the loan to France was approved.[10]
ြမန်မာဘာသာ
Nederlands 1974–1980 [ edit ]
नेपाली
From 1974 to 1980 the bank concentrated on meeting the basic needs of people in the developing world. The size
नेपाल भाषा
and number of loans to borrowers greatly increased, as loan targets expanded from infrastructure into social services
日本語 The Gold Room at the Mount
Нохчийн and other sectors.[11] Washington Hotel where the
Nordfriisk International Monetary Fund and World
These changes can be attributed to Robert McNamara, who was appointed to the presidency in 1968 by Lyndon B.
Norsk bokmål Bank were established
Johnson.[9]:60–63 McNamara implored bank treasurer Eugene Rotberg to seek out new sources of capital outside of
Norsk nynorsk
Occitan
the northern banks that had been the primary sources of funding. Rotberg used the global bond market to increase
Oʻzbekcha/ўзбекча the capital available to the bank.[12] One consequence of the period of poverty alleviation lending was the rapid rise of Third World debt. From 1976 to 1980,
ਪੰਜਾਬੀ developing world debt rose at an average annual rate of 20%.[13][14]
‫ﭘﻨﺠﺎﺑﯽ‬
The World Bank Administrative Tribunal was established in 1980, to decide on disputes between the World Bank Group and its staff where allegation of non-
‫ﭘ ﺘﻮ‬
observance of contracts of employment or terms of appointment had not been honored.[15]
ភាសាែខរ
Piemontèis
Polski
1980–1989 [ edit ]
Português
McNamara was succeeded by US President Jimmy Carter's nominee, Alden W. Clausen, in 1980.[16][17] Clausen replaced many members of McNamara's
Română
staff and crafted a different mission emphasis. His 1982 decision to replace the bank's Chief Economist, Hollis B. Chenery, with Anne Krueger was an
Runa Simi
Русиньскый example of this new focus. Krueger was known for her criticism of development funding and for describing Third World governments as "rent-seeking states".
Русский
Саха тыла
During the 1980s the bank emphasized lending to service Third-World debt, and structural adjustment policies designed to streamline the economies of
ᱥᱟᱱᱛᱟᱲᱤ developing nations. UNICEF reported in the late 1980s that the structural adjustment programs of the World Bank had been responsible for "reduced health,
Shqip nutritional and educational levels for tens of millions of children in Asia, Latin America, and Africa".[18]
ංහල
Simple English 1989–present [ edit ]
Slovenčina
Slovenščina Beginning in 1989, in response to harsh criticism from many groups, the bank began including environmental groups and NGOs in its loans to mitigate the
‫ﮐﻮردی‬ past effects of its development policies that had prompted the criticism.[9]:93–97 It also formed an implementing agency, in accordance with the Montreal
Српски / srpski Protocols, to stop ozone-depletion damage to the earth's atmosphere by phasing out the use of 95% of ozone-depleting chemicals, with a target date of 2015.
Srpskohrvatski / Since then, in accordance with its so-called "Six Strategic Themes", the bank has put various additional policies into effect to preserve the environment while
српскохрватски
Suomi
promoting development. For example, in 1991 the bank announced that to protect against deforestation, especially in the Amazon, it would not finance any
Svenska commercial logging or infrastructure projects that harm the environment.
Tagalog
In order to promote global public goods, the World Bank tries to control communicable diseases such as malaria, delivering vaccines to several parts of the
தமி
world, and joining combat forces. In 2000 the bank announced a "war on AIDS" and in 2011 the Bank joined the Stop Tuberculosis Partnership.[19]
Татарча/tatarça
ၽႃႇသႃႇတႆး Traditionally, based on a tacit understanding between the United States and Europe, the president of the World Bank has been selected from candidates
లుగు nominated by the United States. This is significant because the World Bank tends to lend more readily to countries that are friendly with the United States, not
ไทย because of direct U.S. influence but because of the employees of the World Bank.[20] In 2012, for the first time, two non-US citizens were nominated.
Türkçe
Українська On 23 March 2012, U.S. President Barack Obama announced that the United States would nominate Jim Yong Kim as the next president of the Bank.[21] Jim
‫اردو‬ Yong Kim was elected on 27 April 2012 and reelected to a second five-year term in 2017. He announced that he would resign effective 1 February 2019.[22]
‫ ﺋﯘﯾﻐﯘرﭼە‬/ Uyghurche He was replaced on an interim basis by now-former World Bank CEO Kristalina Georgieva, then by David Malpass on 9 April 2019.
Vepsän kel’
Tiếng Việt
Amid the global fight with the COVID-19 pandemic, in September 2020 the World Bank announced a $12 billion plan to supply "low and middle income
Winaray countries" with a vaccine once it is approved. The plan is set to affect over two billion people.[23]
吴语
‫ייִדיש‬ Criteria [ edit ]
粵語 Various developments brought the Millennium Development Goals targets for 2015 within reach in some cases. For
Žemaitėška
the goals to be realized, six criteria must be met: stronger and more inclusive growth in Africa and fragile states, more
中文
Edit links effort in health and education, integration of the development and environment agendas, more as well as better aid,
movement on trade negotiations, and stronger and more focused support from multilateral institutions like the World
Bank.[24]
1. Eradicate Extreme Poverty and Hunger: From 1990 through 2004 the proportion of people living in extreme
poverty fell from almost a third to less than a fifth. Although results vary widely within regions and countries,
the trend indicates that the world as a whole can meet the goal of halving the percentage of people living in
poverty. Africa's poverty, however, is expected to rise, and most of the 36 countries where 90% of the world's
undernourished children live are in Africa. Less than a quarter of countries are on track for achieving the goal
of halving under-nutrition.
2. Achieve Universal Primary Education: The percentage of children in school in developing countries The World Bank Group
increased from 80% in 1991 to 88% in 2005. Still, about 72 million children of primary school age, 57% of them headquarters building in Washington,
D.C.
girls, were not being educated as of 2005.
3. Promote Gender Equality: The tide is turning slowly for women in the labor market, yet far more women than
men—worldwide more than 60%—are contributing but unpaid family workers. The World Bank Group Gender Action Plan was created to advance
women's economic empowerment and promote shared growth.
4. Reduce Child Mortality: There is some improvement in survival rates globally; accelerated improvements are needed most urgently in South Asia and
Sub-Saharan Africa. An estimated 10 million-plus children under five died in 2005; most of their deaths were from preventable causes.
5. Improve Maternal Health: Almost all of the half-million women who die during pregnancy or childbirth every year live in Sub-Saharan Africa and Asia.
There are numerous causes of maternal death that require a variety of health care interventions to be made widely accessible.
6. Combat HIV/AIDS, Malaria, and Other Diseases: Annual numbers of new HIV infections and AIDS deaths have fallen, but the number of people
living with HIV continues to grow. In the eight worst-hit southern African countries, prevalence is above 15 percent. Treatment has increased globally,
but still meets only 30 percent of needs (with wide variations across countries). AIDS remains the leading cause of death in Sub-Saharan Africa
(1.6 million deaths in 2007). There are 300 to 500 million cases of malaria each year, leading to more than 1 million deaths. Nearly all the cases and
more than 95 percent of the deaths occur in Sub-Saharan Africa.
7. Ensure Environmental Sustainability: Deforestation remains a critical problem, particularly in regions of biological diversity, which continues to
decline. Greenhouse gas emissions are increasing faster than energy technology advancement.
8. Develop a Global Partnership for Development: Donor countries have renewed their commitment. Donors have to fulfill their pledges to match the
current rate of core program development. Emphasis is being placed on the Bank Group's collaboration with multilateral and local partners to quicken
progress toward the MDGs' realization.
Environmental and Social Safeguards [ edit ]
To ensure that World Bank-financed operations do not compromise these goals but instead add to their realisation, the following environmental, social, and
legal safeguards were defined: Environmental Assessment, Indigenous Peoples, Involuntary Resettlement, Physical Cultural Resources, Forests, Natural
Habitats, Pest Management, Safety of Dams, Projects in Disputed Areas, Projects on International Waterways, and Performance Standards for Private Sector
Activities.[25]
At the World Bank's 2012 annual meeting in Tokyo, a review of these safeguards was initiated, which was welcomed by several civil society organisations.[26]
As a result, the World Bank developed a new Environmental and Social Framework, which has been in implementation since October 1, 2018.[27]
Leadership [ edit ]
The President of the Bank is the president of the entire World Bank Group. The president is responsible for chairing meetings of the boards of directors and
for overall management of the Bank. Traditionally, the president of the Bank has always been a U.S. citizen nominated by the United States, the largest
shareholder in the bank (the managing director of the International Monetary Fund having always been a European). The nominee is subject to confirmation
by the board of executive directors to serve a five-year, renewable term. While most World Bank presidents have had banking experience, some have
not.[28][29]
The vice presidents of the Bank are its principal managers, in charge of regions, sectors, networks and functions. There are two executive vice presidents,
three senior vice presidents, and 24 vice presidents.[30]
The boards of directors consist of the World Bank Group president and 25 executive directors. The president is the presiding officer, and ordinarily has no vote
except to break a tie. The executive directors as individuals cannot exercise any power or commit or represent the Bank unless the boards specifically
authorized them to do so. With the term beginning 1 November 2010, the number of executive directors increased by one, to 25.[31]
Presidents [ edit ]
Presidents of the World Bank

Name Dates Nationality Previous work
1946– United
Eugene Meyer Newspaper publisher and Chairman of the Federal Reserve
1946 States
1947– United
John J. McCloy Lawyer and US Assistant Secretary of War
1949 States
1949– United
Eugene R. Black, Sr. Bank executive with Chase and executive director with the World Bank
1963 States
1963– United
George Woods Bank executive with First Boston Corporation
1968 States
1968– United President of the Ford Motor Company, US Defense Secretary under presidents John F. Kennedy and
Robert McNamara
1981 States Lyndon B. Johnson
1981– United
Alden W. Clausen Lawyer, bank executive with Bank of America
1986 States
1986– United
Barber Conable New York State Senator and US Congressman
1991 States
1991– United
Lewis T. Preston Bank executive with J.P. Morgan
1995 States
United
1995–
James Wolfensohn States and Wolfensohn was a naturalised American citizen before taking office. Corporate lawyer and banker
2005
Australia
US Ambassador to Indonesia, US Deputy Secretary of Defense, Dean of the School of Advanced
2005– United
Paul Wolfowitz International Studies (SAIS) at Johns Hopkins University, a prominent architect of 2003 invasion of Iraq,
2007 States
resigned World Bank post due to ethics scandal[32]
2007– United
Robert Zoellick Deputy Secretary of State and US Trade Representative
2012 States
Jim Yong Kim 2012– United Former Chair of the Department of Global Health and Social Medicine at Harvard, president of Dartmouth
2019 States and College, naturalized American citizen[33]
South Korea
Former European Commissioner for the Budget and Human Resources and 2010's "European of the
Kristalina Georgieva 2019 Bulgaria
Year"
2019– United
David Malpass Under Secretary of the Treasury for International Affairs
present States
Chief Economists [ edit ]

Main article: World Bank Chief Economist
World Bank Chief Economists[34]

Name Dates Nationality
Hollis B. Chenery 1972–1982 United States
Anne Osborn Krueger 1982–1986 United States
Stanley Fischer 1988–1990 United States and Israel
Lawrence Summers 1991–1993 United States
Michael Bruno 1993–1996 Israel
Joseph E. Stiglitz 1997–2000 United States
Nicholas Stern 2000–2003 United Kingdom
François Bourguignon 2003–2007 France
Justin Yifu Lin 2008–2012 China
Kaushik Basu 2012–2016 India
Paul Romer 2016–2018 United States
Shanta Devarajan (Acting) 2018–2018 United States
Penny Goldberg[35][36][37] 2018–2020 United States
Aart Kraay (Acting)[38][39] 2020–2020
Carmen Reinhart 2020-present United States
Members [ edit ]
Main article: List of World Bank members
The International Bank for Reconstruction and Development (IBRD) has 189 member countries, while the International Development Association (IDA) has
173. Each member state of IBRD should also be a member of the International Monetary Fund (IMF) and only members of IBRD are allowed to join other
institutions within the Bank (such as IDA).[2] The five United Nations member states that are not members of the World Bank are Andorra, Cuba,
Liechtenstein, Monaco, and North Korea. Kosovo is not a member of the UN, but is a member of the IMF and the World Bank Group, including the IBRD and
IDA.
Voting power [ edit ]
In 2010 voting powers at the World Bank were revised to increase the voice of developing countries, notably China. The countries with most voting power are
now the United States (15.85%), Japan (6.84%), China (4.42%), Germany (4.00%), the United Kingdom (3.75%), France (3.75%), India (2.91%),[40] Russia
(2.77%), Saudi Arabia (2.77%) and Italy (2.64%). Under the changes, known as 'Voice Reform – Phase 2', countries other than China that saw significant
gains included South Korea, Turkey, Mexico, Singapore, Greece, Brazil, India, and Spain. Most developed countries' voting power was reduced, along with a
few developing countries such as Nigeria. The voting powers of the United States, Russia and Saudi Arabia were unchanged.[41][42]
The changes were brought about with the goal of making voting more universal in regards to standards, rule-based with objective indicators, and transparent
among other things. Now, developing countries have an increased voice in the "Pool Model", backed especially by Europe. Additionally, voting power is based
on economic size in addition to the International Development Association contributions.[43]
List of 20 largest countries by voting power in each World Bank institution [ edit ]
The following table shows the subscriptions of the top 20 member countries of the World Bank by voting power in the following World Bank institutions as of
December 2014 or March 2015: the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), the
International Development Association (IDA), and the Multilateral Investment Guarantee Agency (MIGA). Member countries are allocated votes at the time of
membership and subsequently for additional subscriptions to capital (one vote for each share of capital stock held by the member).[44][45][46][47]
The 20 Largest Countries by Voting Power (Number of Votes)

Rank Country IBRD Country IFC Country IDA Country MIGA
World 2,201,754 World 2,653,476 World 24,682,951 World 218,237
1 United States 358,498 United States 570,179 United States 2,546,503 United States 32,790
2 Japan 166,094 Japan 163,334 Japan 2,112,243 Japan 9,205
3 China 107,244 Germany 129,708 United Kingdom 1,510,934 Germany 9,162
4 Germany 97,224 France 121,815 Germany 1,368,001 France 8,791
5 France 87,241 United Kingdom 121,815 France 908,843 United Kingdom 8,791
6 United Kingdom 87,241 India 103,747 Saudi Arabia 810,293 China 5,756
7 India 67,690 Russia 103,653 India 661,909 Russia 5,754
8 Saudi Arabia 67,155 Canada 82,142 Canada 629,658 Saudi Arabia 5,754
9 Canada 59,004 Italy 82,142 Italy 573,858 India 5,597
10 Italy 54,877 China 62,392 China 521,830 Canada 5,451
11 Russia 54,651 Netherlands 56,931 Poland 498,102 Italy 5,196
12 Spain 42,948 Belgium 51,410 Sweden 494,360 Netherlands 4,048
13 Brazil 42,613 Australia 48,129 Netherlands 488,209 Belgium 3,803
14 Netherlands 42,348 Switzerland 44,863 Brazil 412,322 Australia 3,245
15 Korea 36,591 Brazil 40,279 Australia 312,566 Switzerland 2,869
16 Belgium 36,463 Mexico 38,929 Switzerland 275,755 Brazil 2,832
17 Iran 34,718 Spain 37,826 Belgium 275,474 Spain 2,491
18 Switzerland 33,296 Indonesia 32,402 Norway 258,209 Argentina 2,436
19 Australia 30,910 Saudi Arabia 30,862 Denmark 231,685 Indonesia 2,075
20 Turkey 26,293 Korea 28,895 Pakistan 218,506 Sweden 2,075
Poverty reduction strategies [ edit ]
For the poorest developing countries in the world, the bank's assistance plans are based on poverty reduction strategies; by combining an analysis of local
groups with an analysis of the country's financial and economic situation the World Bank develops a plan pertaining to the country in question. The
government then identifies the country's priorities and targets for the reduction of poverty, and the World Bank instigates its aid efforts correspondingly.
Forty-five countries pledged US$25.1 billion in "aid for the world's poorest countries", aid that goes to the World Bank International Development Association
(IDA), which distributes the loans to eighty poorer countries. Wealthier nations sometimes fund their own aid projects, including those for diseases. Robert B.
Zoellick, the former president of the World Bank, said when the loans were announced on 15 December 2007, that IDA money "is the core funding that the
poorest developing countries rely on".[48]
World Bank organizes the Development Marketplace Awards, a grant program that surfaces and funds development projects with potential for development
impact that are scalable and/or replicable. The grant beneficiaries are social enterprises with projects that aim to deliver social and public services to groups
with the lowest incomes.
Global partnerships and initiatives [ edit ]
The World Bank has been assigned temporary management responsibility of the Clean Technology Fund (CTF), focused on making renewable energy cost-
competitive with coal-fired power as quickly as possible, but this may not continue after UN's Copenhagen climate change conference in December 2009,
because of the Bank's continued investment in coal-fired power plants.[49] (In December 2017, Kim announced the World Bank would no longer finance fossil
fuel development.)
Together with the World Health Organization, the World Bank administers the International Health Partnership (IHP+). IHP+ is a group of partners committed
to improving the health of citizens in developing countries. Partners work together to put international principles for aid effectiveness and development
cooperation into practice in the health sector. IHP+ mobilizes national governments, development agencies, civil society, and others to support a single,
country-led national health strategy in a well-coordinated way.
Climate change [ edit ]
World Bank President Jim Yong Kim said in 2012:

A 4-degree warmer world can, and must be, avoided—we need to hold warming below 2 degrees ... Lack of action on climate change threatens to
make the world our children inherit a completely different world than we are living in today. Climate change is one of the single biggest challenges
facing development, and we need to assume the moral responsibility to take action on behalf of future generations, especially the poorest.[50]
A World Bank report into climate change in 2012 noted that (p. xiii) "even with the current mitigation commitments and pledges fully implemented, there is
roughly a 20 percent likelihood of exceeding 4 °C by 2100." This is despite the fact that the "global community has committed itself to holding warming below
2 °C to prevent 'dangerous' climate change". Furthermore, "a series of recent extreme events worldwide highlight the vulnerability of all countries ... No nation
will be immune to the impacts of climate change."[51]
The World Bank doubled its aid for climate change adaptation from $2.3bn (£1.47bn) in 2011 to $4.6bn in 2012. The planet is now 0.8 °C warmer than in pre-
industrial times. It says that 2 °C warming will be reached in 20 to 30 years.[52][53]
In December 2017, Kim announced the World Bank would no longer finance fossil fuel development,[54][55] but a 2019 International Consortium of
Investigative Journalists article found that the Bank continues "to finance oil and gas exploration, pipelines and refineries," that "these fossil fuel investments
make up a greater share of the bank’s current energy lending portfolio than renewable projects," and that the Bank "has yet to meaningfully shift away from
fossil fuels."[56]
EU finance ministers joined civil sector groups, including Extinction Rebellion, in November 2019 in calling for an end to World Bank funding of fossil
fuels.[57][58][59]
Food security [ edit ]

Main article: Food security
1. Global Food Security Program: Launched in April 2010, six countries alongside the Bill and Melinda Gates Foundation have pledged $925 million for
food security. To date, the program has helped eight countries, promoting agriculture, research, trade in agriculture, etc.
2. Launched Global Food Crisis Response Program: Given grants to approximately 40 nations for seeds, etc. for improving productivity.
3. In process of increasing its yearly spending for agriculture to $6–8 billion from earlier $4 billion.
4. Runs various nutrition programs across the world, e.g., vitamin A doses for children, school meals, etc.[60]
Training wings [ edit ]
Global Operations Knowledge Management Unit [ edit ]
The World Bank Institute (WBI) was a "global connector of knowledge, learning and innovation for poverty reduction". It aimed to inspire change agents and
prepare them with essential tools that can help achieve development results. WBI had four major strategies to approach development problems: innovation for
development, knowledge exchange, leadership and coalition building, and structured learning. World Bank Institute (WBI) was formerly known as Economic
Development Institute (EDI), established on 11 March 1955 with the support of the Rockefeller and Ford Foundations. The purpose of the institute was to
provide an open place where senior officials from developing countries could discuss development policies and programs. Over the years, EDI grew
significantly and in 2000, the institute was renamed as the World Bank Institute. Sanjay Pradhan is the past Vice President of the World Bank Institute.[61] As
of 2019, World Bank Institute functions have been mostly encapsulated by a new unit Global Operations Knowledge Management Unit (GOKMU), which is
now responsible for knowledge management and learning across the Bank.
Global Development Learning Network [ edit ]
The Global Development Learning Network (GDLN) is a partnership of over 120 learning centers (GDLN Affiliates) in nearly 80 countries around the world.
GDLN Affiliates collaborate in holding events that connect people across countries and regions for learning and dialogue on development issues.
GDLN clients are typically NGOs, government, private sector, and development agencies who find that they work better together on subregional, regional, or
global development issues using the facilities and tools offered by GDLN Affiliates. Clients also benefit from the ability of Affiliates to help them choose and
apply these tools effectively and to tap development practitioners and experts worldwide. GDLN Affiliates facilitate around 1000 video conference-based
activities a year on behalf of their clients, reaching some 90,000 people worldwide. Most of these activities bring together participants in two or more countries
over a series of sessions. A majority of GDLN activities are organized by small government agencies and NGOs.
GDLN Asia Pacific [ edit ]
The GDLN in the East Asia and Pacific region has experienced rapid growth and Distance Learning Centers now operate or are planned in 20 countries:
Australia, Mongolia, Cambodia, China, Indonesia, Singapore, Philippines, Sri Lanka, Japan, Papua New Guinea, South Korea, Thailand, Laos, Timor Leste,
Fiji, Afghanistan, Bangladesh, India, Nepal, and New Zealand. With over 180 Distance Learning Centers, it is the largest development learning network in the
Asia and Pacific region. The Secretariat Office of GDLN Asia Pacific is located in the Center of Academic Resources of Chulalongkorn University, Bangkok,
Thailand.
GDLN Asia Pacific was launched at the GDLN's East Asia and Pacific regional meeting held in Bangkok from 22 to 24 May 2006. Its vision is to become "the
premier network exchanging ideas, experience and know-how across the Asia Pacific Region". GDLN Asia Pacific is a separate entity to The World Bank. It
has endorsed its own Charter and Business Plan and, in accordance with the Charter, a GDLN Asia Pacific Governing Committee has been appointed.
The committee comprises China (2), Australia (1), Thailand (1), The World Bank (1), and finally, a nominee of the Government of Japan (1). The organization
is currently hosted by Chulalongkorn University in Bangkok, Thailand, a founding member of the GDLN Asia Pacific.
The Governing Committee has determined that the most appropriate legal status for the GDLN AP in Thailand is a "Foundation". The World Bank is engaging
a solicitor in Thailand to process all documentation in order to obtain this status.
GDLN Asia Pacific is built on the principle of shared resources among partners engaged in a common task, and this is visible in the organizational structures
that exist, as the network evolves. Physical space for its headquarters is provided by the host of the GDLN Centre in Thailand – Chulalongkorn University;
Technical expertise and some infrastructure is provided by the Tokyo Development Learning Centre (TDLC); Fiduciary services are provided by Australian
National University (ANU) Until the GDLN Asia Pacific is established as a legal entity in Thailand, ANU, has offered to assist the governing committee, by
providing a means of managing the inflow and outflow of funds and of reporting on them. This admittedly results in some complexity in contracting
arrangements, which need to be worked out on a case-by-case basis and depends to some extent on the legal requirements of the countries involved.
JUSTPAL Network [ edit ]
A Justice Sector Peer-Assisted Learning (JUSTPAL) Network was launched in April 2011 by the Poverty Reduction and Economic Management (PREM)
Department of the World Bank's Europe and Central Asia (ECA) Region. JUSTPAL's objective is to provide an online and offline platform for justice
professionals to exchange knowledge, good practices, and peer-driven improvements to justice systems and thereby support countries to improve their justice
sector performance, quality of justice, and service delivery to citizens and businesses.
The JUSTPAL Network includes representatives of judiciaries, ministries of justice, prosecutors, anti-corruption agencies, and other justice-related entities
from across the globe. It has active members from more than 50 countries.
To facilitate fruitful exchange of reform experiences and sharing of applicable good practices, JUSTPAL has organized its activities under five Communities of
Practice (COPs): Budgeting for the Justice Sector; Information Systems for Justice Services; Justice Sector Physical Infrastructure; Court Management and
Administration; and Prosecution and Anti-Corruption Agencies.
Country assistance strategies [ edit ]
As a guideline to the World Bank's operations in any particular country, a Country Assistance Strategy is produced in cooperation with the local government
and any interested stakeholders and may rely on analytical work performed by the Bank or other parties.
Clean Air Initiative [ edit ]
Clean Air Initiative (CAI) is a World Bank initiative to advance innovative ways to improve air quality in cities through partnerships in selected regions of the
world by sharing knowledge and experiences. It includes electric vehicles.[62] Initiatives like this help address and tackle pollution-related diseases.
United Nations Development Business [ edit ]
Based on an agreement between the United Nations and the World Bank in 1981, Development Business became the official source for World Bank
Procurement Notices, Contract Awards, and Project Approvals.[63]
In 1998, the agreement was renegotiated, and included in this agreement was a joint venture to create an online version of the publication. Today,
Development Business is the primary publication for all major multilateral development banks, U.N. agencies, and several national governments, many of
which have made the publication of their tenders and contracts in Development Business a mandatory requirement.[63]
The World Bank or the World Bank Group is also a sitting observer in the United Nations Development Group.[64]
Open data initiative [ edit ]
The World Bank collects and processes large amounts of data and generates them on the basis of economic models. These data and models have gradually
been made available to the public in a way that encourages reuse,[65] whereas the recent publications describing them are available as open access under a
Creative Commons Attribution License, for which the bank received the SPARC Innovator 2012 award.[66]
The World Bank also endorses the Principles for Digital Development.[67]
Grants table [ edit ]
The following table lists the top 15 DAC 5 Digit Sectors[68] to which the World Bank has committed funding, as recorded in its International Aid Transparency
Initiative (IATI) publications. The World Bank states on the IATI Registry website that the amounts "will cover 100% of IBRD and IDA development flows" but
will not cover other development flows.[69]
Committed funding (US$ millions)

Sector Before 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sum
2007
Road transport 4,654.2 1,993.5 1,501.8 5,550.3 4,032.3 2,603.7 3,852.5 2,883.6 3,081.7 3,922.6 723.7 34,799.8
Social/ welfare services 613.1 208.1 185.5 2,878.4 1,477.4 1,493.2 1,498.5 2,592.6 2,745.4 1,537.7 73.6 15,303.5
Electrical transmission/
1,292.5 862.1 1,740.2 2,435.4 1,465.1 907.7 1,614.9 395.7 2,457.1 1,632.2 374.8 15,177.8
distribution
Public finance
334.2 223.1 499.7 129.0 455.3 346.6 3,156.8 2,724.0 3,160.5 2,438.9 690.5 14,158.6
management
Rail transport 279.3 284.4 1,289.0 912.2 892.5 1,487.4 841.8 740.6 1,964.9 1,172.2 −1.6 9,862.5
Rural development 335.4 237.5 382.8 616.7 2,317.4 972.0 944.0 177.8 380.9 1,090.3 −2.5 7,452.4
Urban development and
261.2 375.9 733.3 739.6 542.1 1,308.1 914.3 258.9 747.3 1,122.1 212.2 7,214.9
management
Business support
113.3 20.8 721.7 181.4 363.3 514.0 310.0 760.1 1,281.9 1,996.0 491.3 6,753.7
services and institutions
Energy policy and
administrative 102.5 243.0 324.9 234.2 762.0 654.9 902.1 480.5 1,594.2 1,001.8 347.9 6,648.0
management
Agricultural water
733.2 749.5 84.6 251.8 780.6 819.5 618.3 1,040.3 1,214.8 824.0 −105.8 7,011.0
resources
Decentralisation and
support to subnational 904.5 107.9 176.1 206.7 331.2 852.8 880.6 466.8 1,417.0 432.5 821.3 6,597.3
government
Disaster prevention and
66.9 2.7 260.0 9.0 417.2 609.5 852.9 373.5 1,267.8 1,759.7 114.2 5,733.5
preparedness
Sanitation - large
441.9 679.7 521.6 422.0 613.1 1,209.4 268.0 55.4 890.6 900.8 93.9 6,096.3
systems
Water supply - large
646.5 438.1 298.3 486.5 845.1 640.2 469.0 250.5 1,332.4 609.9 224.7 6,241.3
systems
Health policy and
administrative 661.3 54.8 285.8 673.8 1,581.4 799.3 251.5 426.3 154.8 368.1 496.0 5,753.1
management
Other 13,162.7 6,588.3 8,707.1 11,425.7 17,099.5 11,096.6 16,873.4 13,967.1 20,057.6 21,096.5 3,070.3 140,074.5
Total 24,602.6 13,069.4 17,712.6 27,152.6 33,975.6 26,314.8 34,248.6 27,593.9 43,748.8 41,905.2 7,624.5 297,948.5
Open Knowledge Repository [ edit ]
The World Bank hosts the Open Knowledge Repository (OKR)[70] as an official open access repository for its research outputs and knowledge products. The
World Bank's repository is listed in the Registry of Research Data Repositories re3data.org.[71]
Criticisms and controversy [ edit ]
The World Bank has long been criticized by non-governmental organizations, such as the indigenous rights group Survival International, and academics,
including Henry Hazlitt, Ludwig Von Mises, and its former Chief Economist Joseph Stiglitz.[72][73][74] Hazlitt argued that the World Bank along with the
monetary system it was designed within would promote world inflation and "a world in which international trade is State-dominated" when they were being
advocated.[75] Stiglitz argued that the so-called free market reform policies that the Bank advocates are often harmful to economic development if
implemented badly, too quickly ("shock therapy"), in the wrong sequence or in weak, uncompetitive economies.[73][76]
One of the most common criticisms of the World Bank has been the way it is governed. While the World Bank represents 188 countries, it is run by a small
number of economically powerful countries. These countries (which also provide most of the institution's funding) choose the Bank's leadership and senior
management, and their interests dominate.[77]:190 Titus Alexander argues that the unequal voting power of western countries and the World Bank's role in
developing countries makes it similar to the South African Development Bank under apartheid, and therefore a pillar of global apartheid.[78]:133–141
In the 1990s, the World Bank and the IMF forged the Washington Consensus, policies that included deregulation and liberalization of markets, privatization
and the downscaling of government. Though the Washington Consensus was conceived as a policy that would best promote development, it was criticized for
ignoring equity, employment, and how reforms like privatization were carried out. Stiglitz argued that the Washington Consensus placed too much emphasis
on GDP growth and not enough on the permanence of growth or on whether growth contributed to better living standards.[74]:17
The United States Senate Committee on Foreign Relations report criticized the World Bank and other international financial institutions for focusing too much
"on issuing loans rather than on achieving concrete development results within a finite period of time" and called on the institution to "strengthen anti-
corruption efforts".[79]
James Ferguson has argued that the main effect of many development projects carried out by the World Bank and similar organizations is not the alleviation
of poverty. Instead, the projects often serve to expand the exercise of bureaucratic state power. His case studies of development projects in Thaba-Tseka
show that the World Bank's characterization of the economic conditions in Lesotho was flawed, and the Bank ignored the political and cultural character of the
state in crafting its projects. As a result, the projects failed to help the poor but succeeded in expanding the government bureaucracy.[80]
Criticism of the World Bank and other organizations often takes the form of protesting, such as the World Bank Oslo 2002 Protests,[81] the 2007 October
Rebellion,[82] and the 1999 Battle of Seattle.[83] Such demonstrations have occurred all over the world, even among the Brazilian Kayapo people.[84]
Another source of criticism has been the tradition of having an American head the bank, implemented because the United States provides the majority of
World Bank funding. "When economists from the World Bank visit poor countries to dispense cash and advice," observed The Economist in 2012, "they
routinely tell governments to reject cronyism and fill each important job with the best candidate available. It is good advice. The World Bank should take it."[85]
Structural adjustment [ edit ]
The effect of structural adjustment policies on poor countries has been one of the most significant criticisms of the World Bank.[86] The 1979 energy crisis
plunged many countries into economic crisis.[87]:68 The World Bank responded with structural adjustment loans, which distributed aid to struggling countries
while enforcing policy changes in order to reduce inflation and fiscal imbalance. Some of these policies included encouraging production, investment and
labour-intensive manufacturing, changing real exchange rates, and altering the distribution of government resources. Structural adjustment policies were most
effective in countries with an institutional framework that allowed these policies to be implemented easily. For some countries, particularly in Sub-Saharan
Africa, economic growth regressed and inflation worsened.
By the late 1980s, some international organizations began to believe that structural adjustment policies were worsening life for the world's poor, due to a
reduction in social spending and an increase in the price of food, as subsidies were lifted. The World Bank changed structural adjustment loans, allowing for
social spending to be maintained, and encouraging a slower change to policies such as transfer of subsidies and price rises.[87]:70 In 1999, the World Bank
and the IMF introduced the Poverty Reduction Strategy Paper approach to replace structural adjustment loans.[88]:147
Fairness of assistance conditions [ edit ]
Some critics,[89] most prominently the author Naomi Klein, are of the opinion that the World Bank Group's loans and aid have unfair conditions attached to
them that reflect the interests, financial power and political doctrines (notably the Washington Consensus) of the Bank and, by extension, the countries that
are most influential within it. Among other allegations, Klein says the Group's credibility was damaged "when it forced school fees on students in Ghana in
exchange for a loan; when it demanded that Tanzania privatise its water system; when it made telecom privatisation a condition of aid for Hurricane Mitch;
when it demanded labour 'flexibility' in Sri Lanka in the aftermath of the Asian tsunami; when it pushed for eliminating food subsidies in post-invasion Iraq".[90]
A study of the period 1970-2004 found that a less-developed country would on average receive more World Bank projects during any period when it occupied
one of the rotating seats on the UN Security Council.[91]
Sovereign immunity [ edit ]
The World Bank requires sovereign immunity from countries it deals with.[92][93][94] Sovereign immunity waives a holder from all legal liability for their actions.
It is proposed that this immunity from responsibility is a "shield which The World Bank wants to resort to, for escaping accountability and security by the
people".[92] As the United States has veto power, it can prevent the World Bank from taking action against its interests.[92]
PricewaterhouseCoopers [ edit ]
World Bank favored PricewaterhouseCoopers as a consultant in a bid for privatizing the water distribution in Delhi, India.[95]
COVID-19 [ edit ]
The World Bank has been criticized for the slow response of its Pandemic Emergency Financing Facility (PEF), a fund that was created to provide money to
help manage pandemic outbreaks. The terms of the PEF, which is financed by bonds sold to private investors, prevent any money from being released from
the fund until 12 weeks after the outbreak was initially detected (23 March). The COVID-19 pandemic met all other requirements for the funding to be released
in January 2020.[96]
Critics have argued that the terms of the PEF are too stringent, and the 12-week delay means that the funding will be much less effective than if it was
released to assist governments in initially containing the outbreak. They argue that the fund prioritizes the interests of the private bondholders over public
health.[97]
It is hoped that as the 2030 deadline for achieving the targets of the United Nations Sustainable Development Goal 10 aimed at reducing inequality[98]
approaches, the World Bank will be a major player in making it a reality.
See also [ edit ]
Clean Energy for Development Investment Framework

Banks portal
Democracy Ranking
Energy Sector Management Assistance Program (ESMAP) Business portal

New Development Bank
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MacClancy, Jeremy (ed.). Exotic No More: Anthropology on the Front Lines. 92. ^ a b c IFI Watch (2004). "The World Bank and the Question of Immunity"
Chicago, IL: University of Chicago Press. ISBN 978-0-226-50013-3. (PDF). IFI Watch – Bangladesh. 1 (1): 1–10. Archived from the original
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Borrowers. Ithaca, NY: Cornell University Press. ISBN 978-0-8014-7420-0. 93. ^ World Bank (2007). Sovereign Immunity (PDF) (Report). World Bank
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Politics . Cambridge, UK: Polity. ISBN 978-0-7456-1352-9. 94. ^ Hasson, Adam Isaac (2002). "Extraterritorial Jurisdiction and Sovereign
79. ^ Committee on Foreign Relations, United States Senate, 111th Congress Immunity on Trial: Noriega, Pinochet, and Milosevic – Trends in Political
(2010). The International Financial Institutions: A Call For Change (PDF) Accountability and Transnational Criminal Law" . Boston College International
(Report). U.S. Government Printing Office. Retrieved 20 August 2012. and Comparative Law Review. 25 (1): 125–158. Retrieved 25 April 2012.
80. ^ Ferguson, James; Lohmann, Larry (September–October 1994). "The Anti- 95. ^ "WB channels Delhi water for PWC" .
Politics Machine" (PDF). The Ecologist. 24 (5): 176–181. Archived from the 96. ^ Gross A (25 February 2020). "World Bank's pandemic bonds sink as
original (PDF) on 16 May 2019. Retrieved 13 April 2017. coronavirus spreads" . Financial Times. Retrieved 4 March 2020.
97. ^ Seibt S (26 February 2020). " 'Useless' pandemic bonds offer little hope for 98. ^ "Goal 10 targets" . UNDP. Retrieved 23 September 2020.
dealing with coronavirus" . France 24. Retrieved 4 March 2020.
Ascher, W. "New development approaches and the adaptability of international agencies: the case of the World Bank" International Organization 1983. 37,
415–439.
Bazbauers, Adrian Robert. The World Bank and Transferring Development (Springer, 2018).
Bergsen, H., Lunde, L., Dinosaurs or Dynamos? The United Nations and the World Bank at the Turn of the Century. (Earthscan, London, 1999).
Bilbert, C., and C. Vines, eds. The World Bank: Structures and Policies (Cambridge UP, 2000)
Brown, Michael Barratt. Africa's choices: after thirty years of the World Bank (Routledge, 2019).
Davis, Gloria. A history of the social development network in The World Bank, 1973-2003 (The World Bank, 2004).
Heldt, Eugénia C., and Henning Schmidtke. "Explaining coherence in international regime complexes: How the World Bank shapes the field of multilateral
development finance." Review of International Political Economy (2019): 1-27. online
Heyneman, Stephen P. "The history and problems in the making of education policy at the World Bank, 1960–2000." International Journal of Educational
Development 23 (2003) 315–337 online
Hurni, Bettina S. The Lending Policy Of The World Bank In The 1970s (1980)
Mason, Edward S., and Robert E. Asher. The world bank since Bretton Woods (Brookings Institution Press, 2010).
Pereira, João Márcio Mendes. "The World Bank as a political, intellectual, and financial actor (1944-1994)." Relaciones Internacionales 26.52 (2017):
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(2016): 235–265. online
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Financial Policy (Routledge, 2016) pp. 92-146.
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World Bank. A Guide to the World Bank (2nd ed. 2007) online
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International Monetary Fund

From Wikipedia, the free encyclopedia Coordinates: 38°53′56″N 77°2′39″W
Main page "IMF" redirects here. For other uses, see IMF (disambiguation).
Contents
The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, International Monetary Fund
Current events
Random article D.C., consisting of 190 countries working to foster global monetary cooperation, secure financial stability,
About Wikipedia facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty
Contact us around the world while periodically depending on the World Bank for its resources.[1] Formed in 1944, started in
Donate 27 December 1945,[7] at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John
Maynard Keynes,[8] it came into formal existence in 1945 with 29 member countries and the goal of
Contribute
reconstructing the international monetary system. It now plays a central role in the management of balance of
Help
payments difficulties and international financial crises.[9] Countries contribute funds to a pool through a quota
Learn to edit
Community portal system from which countries experiencing balance of payments problems can borrow money. As of 2016, the
Recent changes fund had XDR 477 billion (about US$667 billion).[10]
Upload file
Through the fund and other activities such as the gathering of statistics and analysis, surveillance of its
Tools members' economies, and the demand for particular policies,[11] the IMF works to improve the economies of its
What links here member countries.[12] The organization's objectives stated in the Articles of Agreement are:[13] to promote
Related changes international monetary co-operation, international trade, high employment, exchange-rate stability, sustainable Abbreviation IMF
Special pages economic growth, and making resources available to member countries in financial difficulty.[14] IMF funds come Formation 27 December 1945; 75 years
Permanent link from two major sources: quotas and loans. Quotas, which are pooled funds of member nations, generate most ago
Page information
IMF funds. The size of a member's quota depends on its economic and financial importance in the world. Type International financial
Cite this page institution
Nations with greater economic significance have larger quotas. The quotas are increased periodically as a
Wikidata item
means of boosting the IMF's resources in the form of special drawing rights.[15] Purpose Promote international
monetary co-operation,
Print/export
The current Managing Director (MD) and Chairwoman of the IMF is Bulgarian economist Kristalina Georgieva, facilitate international trade,
Download as PDF who has held the post since October 1, 2019.[16] Gita Gopinath was appointed as Chief Economist of IMF from 1 foster sustainable economic
Printable version growth, reduce poverty
October 2018. Prior to her appointment at the IMF, Gopinath served as the economic adviser to the Chief
around the world, make
In other projects Minister of Kerala, India.[17]
resources available to
Wikimedia Commons members experiencing
Contents [hide]
Wikinews balance of payments
Wikiquote 1 Functions difficulties, prevent and assist
1.1 Surveillance of the global economy with recovery from
Languages 1.2 Conditionality of loans international financial crises[1]
Deutsch 1.2.1 Structural adjustment Headquarters Washington, D.C., U.S.
Español 1.2.2 Benefits Coordinates 38°53′56″N 77°2′39″W
Français 2 History Region Worldwide
한국어 2.1 20th century Membership 190 countries (189 UN
Italiano
2.2 21st century countries and Kosovo)[2]
Русский
2.2.1 Response and analysis of coronavirus Official English[3]
Tagalog language
Tiếng Việt 3 Member countries
Managing Kristalina Georgieva
中文 3.1 Qualifications Director
3.2 Benefits Chief Gita Gopinath[4]
119 more
4 Leadership Economist
Edit links 4.1 Board of Governors Main organ Board of Governors
4.2 Executive Board Parent United Nations[5][6]
organization
4.3 Managing Director
Staff 2,400[1]
4.3.1 List of Managing Directors
Website IMF.org
4.4 First Deputy Managing Director
4.4.1 List of First Deputy Managing Directors
4.5 Chief Economist
4.5.1 List of Chief Economists
5 Voting power
5.1 Effects of the quota system
5.2 Inflexibility of voting power
5.3 Overcoming borrower/creditor divide
6 Use
6.1 Exceptional Access Framework – sovereign debt
7 Impact
8 Criticisms
8.1 Conditionality
8.2 Reform
8.2.1 Function and policies
8.2.2 US influence and voting reform
8.3 Support of dictatorships
8.4 Impact on access to food
8.5 Impact on public health
8.6 Impact on environment
9 IMF and globalization
9.1 Impact on gender equality
10 Scandals
11 Alternatives
12 In the media
13 See also
14 Notes
15 References
15.1 Footnotes
15.2 Bibliography
16 Further reading
17 External links
Functions [ edit ]
According to the IMF itself, it works to foster global growth and economic stability by providing policy advice and
financing the members by working with developing countries to help them achieve macroeconomic stability and
reduce poverty.[18] The rationale for this is that private international capital markets function imperfectly and many
countries have limited access to financial markets. Such market imperfections, together with balance-of-payments
financing, provide the justification for official financing, without which many countries could only correct large external
payment imbalances through measures with adverse economic consequences.[19] The IMF provides alternate
Board of Governors International
sources of financing such as the Poverty Reduction and Growth Facility. Monetary Fund (1999)
Upon the founding of the IMF, its three primary functions were: to oversee the fixed exchange rate arrangements
between countries,[20] thus helping national governments manage their exchange rates and allowing these
governments to prioritize economic growth,[21] and to provide short-term capital to aid the balance of payments.[20] This assistance was meant to prevent the
spread of international economic crises. The IMF was also intended to help mend the pieces of the international economy after the Great Depression and
World War II[21] as well as to provide capital investments for economic growth and projects such as infrastructure.
The IMF's role was fundamentally altered by the floating exchange rates post-1971. It shifted to examining the economic policies of countries with IMF loan
agreements to determine if a shortage of capital was due to economic fluctuations or economic policy. The IMF also researched what types of government
policy would ensure economic recovery.[20] A particular concern of the IMF was to prevent financial crises such as those in Mexico in 1982, Brazil in 1987,
East Asia in 1997–98, and Russia in 1998, from spreading and threatening the entire global financial and currency system. The challenge was to promote and
implement policy that reduced the frequency of crises among the emerging market countries, especially the middle-income countries which are vulnerable to
massive capital outflows.[22] Rather than maintaining a position of oversight of only exchange rates, their function became one of surveillance of the overall
macroeconomic performance of member countries. Their role became a lot more active because the IMF now manages economic policy rather than just
exchange rates.
In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality,[20] which was established in the 1950s.[21] Low-income
countries can borrow on concessional terms, which means there is a period of time with no interest rates, through the Extended Credit Facility (ECF), the
Standby Credit Facility (SCF) and the Rapid Credit Facility (RCF). Nonconcessional loans, which include interest rates, are provided mainly through the
Stand-By Arrangements (SBA), the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Extended Fund Facility. The IMF provides
emergency assistance via the Rapid Financing Instrument (RFI) to members facing urgent balance-of-payments needs.[23]
Surveillance of the global economy [ edit ]
The IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries.[24]
This activity is known as surveillance and facilitates international co-operation.[25] Since the demise of the Bretton Woods system of fixed exchange rates in
the early 1970s, surveillance has evolved largely by way of changes in procedures rather than through the adoption of new obligations.[24] The responsibilities
changed from those of guardian to those of overseer of members' policies.
The Fund typically analyses the appropriateness of each member country's economic and financial policies for achieving orderly economic growth, and
assesses the consequences of these policies for other countries and for the global economy.[24] The maximum sustainable debt level of a polity, which is
watched closely by the IMF, was defined in 2011 by IMF economists to be 120%.[26] Indeed, it was at this number that the Greek economy melted down in
2010.[27]
In 1995 the International Monetary Fund began to work on data dissemination standards
with the view of guiding IMF member countries to disseminate their economic and
financial data to the public. The International Monetary and Financial Committee (IMFC)
endorsed the guidelines for the dissemination standards and they were split into two
tiers: The General Data Dissemination System (GDDS) and the Special Data
Dissemination Standard (SDDS).
The executive board approved the SDDS and GDDS in 1996 and 1997 respectively, and
subsequent amendments were published in a revised Guide to the General Data
Dissemination System. The system is aimed primarily at statisticians and aims to
improve many aspects of statistical systems in a country. It is also part of the World Bank
IMF Data Dissemination Systems participants:
Millennium Development Goals and Poverty Reduction Strategic Papers. IMF member using SDDS
The primary objective of the GDDS is to encourage member countries to build a IMF member using GDDS
framework to improve data quality and statistical capacity building to evaluate statistical IMF member, not using any of the DDSystems
non-IMF entity using SDDS
needs, set priorities in improving the timeliness, transparency, reliability and accessibility
non-IMF entity using GDDS
of financial and economic data. Some countries initially used the GDDS, but later
no interaction with the IMF
upgraded to SDDS.
Some entities that are not themselves IMF members also contribute statistical data to
the systems:
Palestinian Authority – GDDS

Hong Kong – SDDS
Macau – GDDS[28]
Institutions of the European Union:
the European Central Bank for the Eurozone – SDDS
Eurostat for the whole EU – SDDS, thus providing data from Cyprus (not using any DDSystem on its own) and Malta (using only GDDS on its own)
Conditionality of loans [ edit ]

IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources.[20] The IMF does require collateral from countries
for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in the form of policy reform.[29] If the conditions are
not met, the funds are withheld.[20][30] The concept of conditionality was introduced in a 1952 Executive Board decision and later incorporated into the Articles
of Agreement.
Conditionality is associated with economic theory as well as an enforcement mechanism for repayment. Stemming primarily from the work of Jacques Polak,
the theoretical underpinning of conditionality was the "monetary approach to the balance of payments".[21]
Structural adjustment [ edit ]

Further information: Structural adjustment
Some of the conditions for structural adjustment can include:
Cutting expenditures or raising revenues, also known as austerity.

Focusing economic output on direct export and resource extraction,
Devaluation of currencies,
Trade liberalisation, or lifting import and export restrictions,
Increasing the stability of investment (by supplementing foreign direct investment with the opening of domestic stock markets),
Balancing budgets and not overspending,
Removing price controls and state subsidies,
Privatization, or divestiture of all or part of state-owned enterprises,
Enhancing the rights of foreign investors vis-a-vis national laws,
Improving governance and fighting corruption.
These conditions are known as the Washington Consensus.
Benefits [ edit ]
These loan conditions ensure that the borrowing country will be able to repay the IMF and that the country will not attempt to solve their balance-of-payment
problems in a way that would negatively impact the international economy.[31][32] The incentive problem of moral hazard—when economic agents maximise
their own utility to the detriment of others because they do not bear the full consequences of their actions—is mitigated through conditions rather than
providing collateral; countries in need of IMF loans do not generally possess internationally valuable collateral anyway.[32]
Conditionality also reassures the IMF that the funds lent to them will be used for the purposes defined by the Articles of Agreement and provides safeguards
that country will be able to rectify its macroeconomic and structural imbalances.[32] In the judgment of the IMF, the adoption by the member of certain
corrective measures or policies will allow it to repay the IMF, thereby ensuring that the resources will be available to support other members.[30]
As of 2004, borrowing countries have had a good track record for repaying credit extended under the IMF's regular lending facilities with full interest over the
duration of the loan. This indicates that IMF lending does not impose a burden on creditor countries, as lending countries receive market-rate interest on most
of their quota subscription, plus any of their own-currency subscriptions that are loaned out by the IMF, plus all of the reserve assets that they provide the
IMF.[19]
History [ edit ]
20th century [ edit ]
The IMF was originally laid out as a part of the Bretton Woods system exchange agreement in 1944.[33] During the
Great Depression, countries sharply raised barriers to trade in an attempt to improve their failing economies. This led
to the devaluation of national currencies and a decline in world trade.[34]
This breakdown in international monetary co-operation created a need for oversight. The representatives of 45
governments met at the Bretton Woods Conference in the Mount Washington Hotel in Bretton Woods, New
Hampshire, in the United States, to discuss a framework for postwar international economic co-operation and how to
rebuild Europe. Plaque Commemorating the
Formation of the IMF in July 1944 at
There were two views on the role the IMF should assume as a global economic institution. American delegate Harry the Bretton Woods Conference
Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their
debts on time.[35] Most of White's plan was incorporated into the final acts adopted at Bretton Woods. British
economist John Maynard Keynes, on the other hand, imagined that the IMF would be a cooperative fund upon which
member states could draw to maintain economic activity and employment through periodic crises. This view
suggested an IMF that helped governments and to act as the United States government had during the New Deal to
the great recession of the 1930s.[35]
The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of
Agreement.[36] By the end of 1946 the IMF had grown to 39 members.[37] On 1 March 1947, the IMF began its
financial operations,[38] and on 8 May France became the first country to borrow from it.[37]
The IMF was one of the key organizations of the international economic system; its design allowed the system to IMF "Headquarters 1" in
balance the rebuilding of international capitalism with the maximisation of national economic sovereignty and human Washington, D.C., designed by Moshe
Safdie
welfare, also known as embedded liberalism.[21] The IMF's influence in the global economy steadily increased as it
accumulated more members. The increase reflected in particular the attainment of political independence by many
African countries and more recently the 1991 dissolution of the Soviet Union because most countries in the Soviet
sphere of influence did not join the IMF.[34]
The Bretton Woods exchange rate system prevailed until 1971, when the United States government suspended the
convertibility of the US$ (and dollar reserves held by other governments) into gold. This is known as the Nixon
Shock.[34] The changes to the IMF articles of agreement reflecting these changes were ratified by the 1976 Jamaica
Accords. Later in the 1970s, large commercial banks began lending to states because they were awash in cash
deposited by oil exporters. The lending of the so-called money center banks led to the IMF changing its role in the The Gold Room within the Mount
Washington Hotel where the Bretton
1980s after a world recession provoked a crisis that brought the IMF back into global financial governance.[39]
Woods Conference attendees signed
the agreements creating the IMF and
21st century [ edit ] World Bank
The IMF provided two major lending packages in the early 2000s to Argentina (during the 1998–2002 Argentine great
depression) and Uruguay (after the 2002 Uruguay banking crisis).[40] However, by the mid-2000s, IMF lending was at
its lowest share of world GDP since the 1970s.[41]
In May 2010, the IMF participated, in 3:11 proportion, in the first Greek bailout that totalled €110 billion, to address the
great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek
government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in
2014.[42] The bailout did not include debt restructuring measures such as a haircut, to the chagrin of the Swiss,
Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time,
PM George Papandreou and Finance Minister Giorgos Papakonstantinou) ruling out a haircut.[43]
A second bailout package of more than €100 billion was agreed over the course of a few months from October 2011,
during which time Papandreou was forced from office. The so-called Troika, of which the IMF is part, are joint
managers of this programme, which was approved by the Executive Directors of the IMF on 15 March 2012 for XDR
23.8 billion[44] and saw private bondholders take a haircut of upwards of 50%. In the interval between May 2010 and
February 2012 the private banks of Holland, France and Germany reduced exposure to Greek debt from €122 billion First page of the Articles of
to €66 billion.[43][45] Agreement of the International
Monetary Fund, 1 March 1946. Finnish
As of January 2012, the largest borrowers from the IMF in order were Greece, Portugal, Ireland, Romania, and Ministry of Foreign Affairs archives
Ukraine.[46]
On 25 March 2013, a €10 billion international bailout of Cyprus was agreed by the Troika, at the cost to the Cypriots of
its agreement: to close the country's second-largest bank; to impose a one-time bank deposit levy on Bank of Cyprus uninsured deposits.[47][48] No insured
deposit of €100k or less were to be affected under the terms of a novel bail-in scheme.[49][50]
The topic of sovereign debt restructuring was taken up by the IMF in April 2013 for the first time since 2005, in a report entitled "Sovereign Debt Restructuring:
Recent Developments and Implications for the Fund's Legal and Policy Framework".[51] The paper, which was discussed by the board on 20 May,[52]
summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica. An explanatory interview with Deputy Director Hugh Bredenkamp was
published a few days later,[53] as was a deconstruction by Matina Stevis of the Wall Street Journal.[54]
In the October 2013 Fiscal Monitor publication, the IMF suggested that a capital levy capable of reducing Euro-area government debt ratios to "end-2007
levels" would require a very high tax rate of about 10%.[55]
The Fiscal Affairs department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced a January 2014 report entitled "Fiscal Policy and
Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more
progressive taxation ... Property taxes are equitable and efficient, but underutilized in many economies ... There is considerable scope to exploit this tax more
fully, both as a revenue source and as a redistributive instrument."[56]
At the end of March 2014, the IMF secured an $18 billion bailout fund for the provisional government of Ukraine in the aftermath of the 2014 Ukrainian
revolution.[57][58]
Response and analysis of coronavirus [ edit ]

In late 2019, the IMF estimated global growth in 2020 to reach 3.4%, but due to the coronavirus, in November 2020, it expected the global economy to shrink
by 4.4%.[59][60]
In March 2020, Kristalina Georgieva announced that the IMF stood ready to mobilize $1 trillion as its response to the COVID-19 pandemic.[61] This was in
addition to the $50 billion fund it had announced two weeks earlier,[62] of which $5 billion had already been requested by Iran.[63] One day earlier on 11 March,
the UK called to pledge £150 billion to the IMF catastrophe relief fund.[64] It came to light on 27 March that "more than 80 poor and middle-income countries"
had sought a bailout due to the coronavirus.[65]
On 13 April 2020, the IMF said that it "would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust
(CCRT)" programme.[66]
In November 2020, the Fund warned the economic recovery may be losing momentum as COVID-19 infections rise again and that more economic help would
be needed.[60]
Member countries [ edit ]
Not all member countries of the IMF are sovereign states, and therefore not all "member countries"
of the IMF are members of the United Nations.[68] Amidst "member countries" of the IMF that are
not member states of the UN are non-sovereign areas with special jurisdictions that are officially
under the sovereignty of full UN member states, such as Aruba, Curaçao, Hong Kong, and Macau,
as well as Kosovo.[69][70] The corporate members appoint ex-officio voting members, who are listed
below. All members of the IMF are also International Bank for Reconstruction and Development
(IBRD) members and vice versa.[71]
Former members are Cuba (which left in 1964),[72] and the Republic of China (Taiwan), which was IMF member states
ejected from the IMF[73] in 1980 after losing the support of then United States President Jimmy IMF member states not accepting the obligations of
Carter and was replaced by the People's Republic of China.[74] However, "Taiwan Province of Article VIII, Sections 2, 3, and 4[67]
China" is still listed in the official IMF indices.[75]
Apart from Cuba, the other UN states that do not belong to the IMF are Liechtenstein, Monaco and North Korea. However, Andorra became the 190th member
on 16 October 2020.[76][77]
The former Czechoslovakia was expelled in 1954 for "failing to provide required data" and was readmitted in 1990, after the Velvet Revolution. Poland
withdrew in 1950—allegedly pressured by the Soviet Union—but returned in 1986.[78]
Qualifications [ edit ]
Any country may apply to be a part of the IMF. Post-IMF formation, in the early postwar period, rules for IMF membership were left relatively loose. Members
needed to make periodic membership payments towards their quota, to refrain from currency restrictions unless granted IMF permission, to abide by the Code
of Conduct in the IMF Articles of Agreement, and to provide national economic information. However, stricter rules were imposed on governments that applied
to the IMF for funding.[21]
The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates secured at rates that could be adjusted only to correct a
"fundamental disequilibrium" in the balance of payments, and only with the IMF's agreement.[79]
Benefits [ edit ]
Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members'
economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased
opportunities for trade and investment.[80]
Leadership [ edit ]
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Board of Governors [ edit ]
The Board of Governors consists of one governor and one alternate governor for each member country. Each member country appoints its two governors.
The Board normally meets once a year and is responsible for electing or appointing executive director to the Executive Board. While the Board of Governors is
officially responsible for approving quota increases, special drawing right allocations, the admittance of new members, compulsory withdrawal of members,
and amendments to the Articles of Agreement and By-Laws, in practice it has delegated most of its powers to the IMF's Executive Board.[81]
The Board of Governors is advised by the International Monetary and Financial Committee and the Development Committee. The International Monetary and
Financial Committee has 24 members and monitors developments in global liquidity and the transfer of resources to developing countries.[82] The
Development Committee has 25 members and advises on critical development issues and on financial resources required to promote economic development
in developing countries. They also advise on trade and environmental issues.
The Board of Governors reports directly to the Managing Director of the IMF, Kristalina Georgieva.[82]
Executive Board [ edit ]
24 Executive Directors make up the Executive Board. The Executive Directors represent all 189 member countries in a geographically based roster.[83]
Countries with large economies have their own Executive Director, but most countries are grouped in constituencies representing four or more countries.[81]
Following the 2008 Amendment on Voice and Participation which came into effect in March 2011,[84] seven countries each appoint an Executive Director: the
United States, Japan, China, Germany, France, the United Kingdom, and Saudi Arabia.[83] The remaining 17 Directors represent constituencies consisting of
2 to 23 countries. This Board usually meets several times each week.[85] The Board membership and constituency is scheduled for periodic review every eight
years.[86]
List of Executive Directors of the IMF, as of February 2019 [show]
Managing Director [ edit ]
The IMF is led by a managing director, who is head of the staff and serves as Chairman of the Executive Board. Historically, the IMF's managing director has
been a European citizen and the president of the World Bank has been an American citizen. However, this standard is increasingly being questioned and
competition for these two posts may soon open up to include other qualified candidates from any part of the world.[87][88] In August 2019, the International
Monetary Fund has removed the age limit which is 65 or over for its managing director position.[89]
In 2011, the world's largest developing countries, the BRIC states, issued a statement declaring that the tradition of appointing a European as managing
director undermined the legitimacy of the IMF and called for the appointment to be merit-based.[87][90]
List of Managing Directors [ edit ]
Term Dates Name Citizenship Background

Politician, Economist, Lawyer, Economics Minister, Finance
1 6 May 1946 – 5 May 1951 Dr. Camille Gutt Belgium
Minister
3 August 1951 – 3 October
2 Ivar Rooth Sweden Economist, Lawyer, Central Banker
1956
21 November 1956 – 5 May
3 Per Jacobsson Sweden Economist, Lawyer, Academic, League of Nations, BIS
1963
1 September 1963 – 31 Pierre-Paul
4 France Lawyer, Businessman, Civil Servant, Central Banker
August 1973 Schweitzer
1 September 1973 – 18 Politician, Economist, Academic, Finance Minister, Deputy Prime
5 Dr. Johan Witteveen Netherlands
June 1978 Minister, CPB
18 June 1978 – 15 January Jacques de
6 France Businessman, Civil Servant, Central Banker
1987 Larosière
16 January 1987 – 14 Dr. Michel France European
7 Economist, Civil Servant, Central Banker
February 2000 Camdessus Union
1 May 2000 – 4 March Germany
8 Horst Köhler Politician, Economist, Civil Servant, EBRD, President
2004 European Union
7 June 2004 – 31 October Spain European Politician, Businessman, Economics Minister, Finance Minister,
9 Rodrigo Rato
2007 Union Deputy Prime Minister
1 November 2007 – 18 May Dr. Dominique France European Politician, Economist, Lawyer, Businessman, Economics
10
2011 Strauss-Kahn Union Minister, Finance Minister
5 July 2011 – 12
11 Christine Lagarde European Union Politician, Lawyer, Finance Minister
September 2019
Dr. Kristalina
12 1 October 2019 – present European Union Politician, Economist
Georgieva
Former managing director Dominique Strauss-Kahn was arrested in connection with charges of sexually assaulting a New York hotel room attendant and
resigned on 18 May. The charges were later dropped.[91] On 28 June 2011 Christine Lagarde was confirmed as managing director of the IMF for a five-year
term starting on 5 July 2011.[92][93] She was re-elected by consensus for a second five-year term, starting 5
July 2016, being the only candidate nominated for the post of Managing Director.[94]
First Deputy Managing Director [ edit ]
The managing director is assisted by a First Deputy managing director who, by convention, has always
been a citizen of the United States.[95] Together, the Managing Director and his/her First Deputy lead the
senior management of the IMF. Like the Managing Director, the First Deputy traditionally serves a five-year
term.
List of First Deputy Managing Directors [ edit ] On 28 June 2011, Christine Lagarde was
named managing director of the IMF, replacing
Term Dates Name Citizenship Background Dominique Strauss-Kahn.
9 February 1949 – 24 Andrew N. United Banker, Senior U.S. Treasury

1
January 1952 Overby States Official
16 March 1953 – 31 H. Merle United
2 U.S. Foreign Service Officer
October 1962 Cochran States
1 November 1962 – 28 Frank A. United
3 Economist, Civil Servant
February 1974 Southard, Jr. States
1 March 1974 – 31 May United
4 William B. Dale Civil Servant
1984 States
1 June 1984 – 31 August United Economist, White House
5 Richard D. Erb
1994 States Official
1 September 1994 – 31 United Economist, Central Banker,
6 Stanley Fischer
August 2001 States Israel Banker
1 September 2001 – 31 Anne O. United
7 Economist
August 2006 Kreuger States
17 July 2006 – 11 United
8 John P. Lipsky Economist
November 2011 States
1 September 2011 – 28 United Economist, Senior U.S.
9 David Lipton
February 2020 States Treasury Official
Geoffrey W. S. United Senior U.S. Treasury Official,
10 20 March 2020 – Present
Okamoto States Bank Consultant
Chief Economist [ edit ]

Main article: IMF Chief Economist
The chief economist leads the research division of the IMF.
List of Chief Economists [ edit ]
Term Dates Name Citizenship

1 1946 – 1958 Edward M. Bernstein[96] United States
2 1958 – 1980 Jacques (J.J.) Polak Netherlands
3 1980 – 1987 William C. Hood[97][98] Canada
4 1987 – 1991 Jacob Frenkel[99] Israel
5 August 1991 – 29 June 2001 Michael Mussa[100] United States
6 August 2001 – September 2003 Kenneth Rogoff[101] United States
7 September 2003 – January 2007 Raghuram Rajan[102] India
United States United Kingdom
8 March 2007 – 31 August 2008 Simon Johnson[103]
European Union
9 1 September 2008 – 8 September 2015 Olivier Blanchard[104] France European Union

10 8 September 2015 – 31 December 2018 Maurice Obstfeld[105] United States
11 1 January 2019 – Gita Gopinath[106] United States
Voting power [ edit ]
Voting power in the IMF is based on a quota system. Each member has a number of basic votes (each member's number of basic votes equals 5.502% of
the total votes),[107] plus one additional vote for each special drawing right (SDR) of 100,000 of a member country's quota.[108] The special drawing right is
the unit of account of the IMF and represents a claim to currency. It is based on a basket of key international currencies. The basic votes generate a slight bias
in favour of small countries, but the additional votes determined by SDR outweigh this bias.[108] Changes in the voting shares require approval by a super-
majority of 85% of voting power.[9]
The table below shows quota and voting shares for the largest IMF members[2]
Quota:
IMF Member Quota: percentage Number of Percentage out of
Rank millions of Governor Alternate
country of the total votes total votes
XDR
United
1 82,994.2 17.46 Janet Yellen Jerome Powell 831,407 16.52
States
2 Japan 30,820.5 6.48 Taro Aso Haruhiko Kuroda 309,670 6.15
3 China 30,482.9 6.41 Zhou Xiaochuan Yi Gang 306,294 6.09
4 Germany 26,634.4 5.60 Jens Weidmann Olaf Scholz 267,809 5.32
François Villeroy
=5 France 20,155.1 4.24 Bruno Le Maire 203,016 4.03
de Galhau
United
=5 20,155.1 4.24 Rishi Sunak Andrew Bailey 203,016 4.03
Kingdom
7 Italy 15,070.0 3.17 Daniele Franco Ignazio Visco 152,165 3.02
Nirmala
8 India 13,114.4 2.76 Shaktikanta Das 132,609 2.64
Sitharaman
9 Russia 12,903.7 2.71 Anton Siluanov Elvira S. Nabiullina 130,502 2.59
Roberto Campos
10 Brazil 11,042.0 2.32 Paulo Guedes 111,885 2.22
Neto
Chrystia
11 Canada 11,023.9 2.32 Tiff Macklem 111,704 2.22
Freeland
Saudi Ibrahim A. Al-
12 9,992.6 2.10 Fahad Almubarak 101,391 2.02
Arabia Assaf
Pablo Hernández
13 Spain 9,535.5 2.01 Nadia Calviño 96,820 1.92
de Cos
Arturo Herrera Alejandro Díaz de
14 Mexico 8,912.7 1.87 90,592 1.80
Gutiérrez León
15 Netherlands 8,736.5 1.84 Klaas Knot Hans Vijlbrief 88,830 1.77
South
16 8,582.7 1.81 Kim Dong-yeon Lee Ju-yeol 87,292 1.73
Korea
Josh
17 Australia 6,572.4 1.38 Philip Gaetjens 67,189 1.34
Frydenberg
18 Belgium 6,410.7 1.35 Jan Smets Marc Monbaliu 65,572 1.30
Eveline Widmer-
19 Switzerland 5,771.1 1.21 Thomas Jordan 59,176 1.18
Schlumpf
20 Indonesia 4,648.4 0.98 Perry Warjiyo Mahendra Siregar 47,949 0.95
In December 2015, the United States Congress adopted a legislation authorising the 2010 Quota and Governance Reforms. As a result,
all 190 members' quotas will increase from a total of about XDR 238.5 billion to about XDR 477 billion, while the quota shares and voting power of the
IMF's poorest member countries will be protected.
more than 6 percent of quota shares will shift to dynamic emerging market and developing countries and also from over-represented to under-represented
members.
four emerging market countries (Brazil, China, India, and Russia) will be among the ten largest members of the IMF. Other top 10 members are the United
States, Japan, Germany, France, the United Kingdom and Italy.[109]
Effects of the quota system [ edit ]
The IMF's quota system was created to raise funds for loans.[21] Each IMF member country is assigned a quota, or contribution, that reflects the country's
relative size in the global economy. Each member's quota also determines its relative voting power. Thus, financial contributions from member governments
are linked to voting power in the organization.[108]
This system follows the logic of a shareholder-controlled organization: wealthy countries have more say in the making and revision of rules.[21] Since decision
making at the IMF reflects each member's relative economic position in the world, wealthier countries that provide more money to the IMF have more
influence than poorer members that contribute less; nonetheless, the IMF focuses on redistribution.[108]
Inflexibility of voting power [ edit ]
Quotas are normally reviewed every five years and can be increased when deemed necessary by the Board of Governors. IMF voting shares are relatively
inflexible: countries that grow economically have tended to become under-represented as their voting power lags behind.[9] Currently, reforming the
representation of developing countries within the IMF has been suggested.[108] These countries' economies represent a large portion of the global economic
system but this is not reflected in the IMF's decision making process through the nature of the quota system. Joseph Stiglitz argues, "There is a need to
provide more effective voice and representation for developing countries, which now represent a much larger portion of world economic activity since 1944,
when the IMF was created."[110] In 2008, a number of quota reforms were passed including shifting 6% of quota shares to dynamic emerging markets and
developing countries.[111]
Overcoming borrower/creditor divide [ edit ]
The IMF's membership is divided along income lines: certain countries provide financial resources while others use these resources. Both developed country
"creditors" and developing country "borrowers" are members of the IMF. The developed countries provide the financial resources but rarely enter into IMF loan
agreements; they are the creditors. Conversely, the developing countries use the lending services but contribute little to the pool of money available to lend
because their quotas are smaller; they are the borrowers. Thus, tension is created around governance issues because these two groups, creditors and
borrowers, have fundamentally different interests.[108]
The criticism is that the system of voting power distribution through a quota system institutionalizes borrower subordination and creditor dominance. The
resulting division of the IMF's membership into borrowers and non-borrowers has increased the controversy around conditionality because the borrowers are
interested in increasing loan access while creditors want to maintain reassurance that the loans will be repaid.[112]
Use [ edit ]
A recent[when?] source revealed that the average overall use of IMF credit per decade increased, in real terms, by 21% between the 1970s and 1980s, and
increased again by just over 22% from the 1980s to the 1991–2005 period. Another study has suggested that since 1950 the continent of Africa alone has
received $300 billion from the IMF, the World Bank, and affiliate institutions.[113]
A study by Bumba Mukherjee found that developing democratic countries benefit more from IMF programs than developing autocratic countries because
policy-making, and the process of deciding where loaned money is used, is more transparent within a democracy.[113] One study done by Randall Stone found
that although earlier studies found little impact of IMF programs on balance of payments, more recent studies using more sophisticated methods and larger
samples "usually found IMF programs improved the balance of payments".[33]
Exceptional Access Framework – sovereign debt [ edit ]
The Exceptional Access Framework was created in 2003 when John B. Taylor was Under Secretary of the US Treasury for International Affairs. The new
Framework became fully operational in February 2003 and it was applied in the subsequent decisions on Argentina and Brazil.[114] Its purpose was to place
some sensible rules and limits on the way the IMF makes loans to support governments with debt problem—especially in emerging markets—and thereby
move away from the bailout mentality of the 1990s. Such a reform was essential for ending the crisis atmosphere that then existed in emerging markets. The
reform was closely related to and put in place nearly simultaneously with the actions of several emerging market countries to place collective action clauses in
their bond contracts.
In 2010, the framework was abandoned so the IMF could make loans to Greece in an unsustainable and political situation.[115][116]
The topic of sovereign debt restructuring was taken up by IMF staff in April 2013 for the first time since 2005, in a report entitled "Sovereign Debt
Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework".[51] The paper, which was discussed by the board on 20
May,[52] summarised the recent experiences in Greece, St Kitts and Nevis, Belize and Jamaica. An explanatory interview with Deputy Director Hugh
Bredenkamp was published a few days later,[53] as was a deconstruction by Matina Stevis of the Wall Street Journal.[54]
The staff was directed to formulate an updated policy, which was accomplished on 22 May 2014 with a report entitled "The Fund's Lending Framework and
Sovereign Debt: Preliminary Considerations", and taken up by the Executive Board on 13 June.[117] The staff proposed that "in circumstances where a
(Sovereign) member has lost market access and debt is considered sustainable ... the IMF would be able to provide Exceptional Access on the basis of a debt
operation that involves an extension of maturities", which was labeled a "reprofiling operation". These reprofiling operations would "generally be less costly to
the debtor and creditors—and thus to the system overall—relative to either an upfront debt reduction operation or a bail-out that is followed by debt reduction
... (and) would be envisaged only when both (a) a member has lost market access and (b) debt is assessed to be sustainable, but not with high probability ...
Creditors will only agree if they understand that such an amendment is necessary to avoid a worse outcome: namely, a default and/or an operation involving
debt reduction ... Collective action clauses, which now exist in most—but not all—bonds would be relied upon to address collective action problems."[117]
Impact [ edit ]
According to a 2002 study by Randall W. Stone, the academic literature on the IMF shows "no consensus on the long-term effects of IMF programs on
growth.[118]
Some research has found that IMF loans can reduce the chance of a future banking crisis,[119] while other studies have found that they can increase the risk
of political crises.[120] IMF programs can reduce the effects of a currency crisis.[121]
Some research has found that IMF programs are less effective in countries which possess a developed-country patron (be it by foreign aid, membership of
postcolonial institutions or UN voting patterns), seemingly due to this patron allowing countries to flaunt IMF program rules as these rules are not consistently
enforced.[122] Some research has found that IMF loans reduce economic growth due to creating an economic moral hazard, reducing public investment,
reducing incentives to create a robust domestic policies and reducing private investor confidence.[123] Other research has indicated that IMF loans can have a
positive impact on economic growth and that their effects are highly nuanced.[124]
Criticisms [ edit ]
Overseas Development Institute (ODI) research undertaken in 1980 included criticisms of the IMF which support the
analysis that it is a pillar of what activist Titus Alexander calls global apartheid.[125]
Developed countries were seen to have a more dominant role and control over less developed countries (LDCs).
The Fund worked on the incorrect assumption that all payments disequilibria were caused domestically. The
Group of 24 (G-24), on behalf of LDC members, and the United Nations Conference on Trade and Development
(UNCTAD) complained that the IMF did not distinguish sufficiently between disequilibria with predominantly
external as opposed to internal causes. This criticism was voiced in the aftermath of the 1973 oil crisis. Then
LDCs found themselves with payment deficits due to adverse changes in their terms of trade, with the Fund Anarchist protest against the IMF
and corporate bailout
prescribing stabilization programmes similar to those suggested for deficits caused by government over-spending.
Faced with long-term, externally generated disequilibria, the G-24 argued for more time for LDCs to adjust their
economies.
Some IMF policies may be anti-developmental; the report said that deflationary effects of IMF programmes quickly led to losses of output and employment
in economies where incomes were low and unemployment was high. Moreover, the burden of the deflation is disproportionately borne by the poor.
The IMF's initial policies were based in theory and influenced by differing opinions and departmental rivalries. Critics suggest that its intentions to
implement these policies in countries with widely varying economic circumstances were misinformed and lacked economic rationale.
ODI conclusions were that the IMF's very nature of promoting market-oriented approaches attracted unavoidable criticism. On the other hand, the IMF could
serve as a scapegoat while allowing governments to blame international bankers. The ODI conceded that the IMF was insensitive to political aspirations of
LDCs while its policy conditions were inflexible.[126]
Argentina, which had been considered by the IMF to be a model country in its compliance to policy proposals by the Bretton Woods institutions, experienced a
catastrophic economic crisis in 2001,[127] which some believe to have been caused by IMF-induced budget restrictions—which undercut the government's
ability to sustain national infrastructure even in crucial areas such as health, education, and security—and privatisation of strategically vital national
resources.[128] Others attribute the crisis to Argentina's misdesigned fiscal federalism, which caused subnational spending to increase rapidly.[129] The crisis
added to widespread hatred of this institution in Argentina and other South American countries, with many blaming the IMF for the region's economic
problems. The current—as of early 2006—trend toward moderate left-wing governments in the region and a growing concern with the development of a
regional economic policy largely independent of big business pressures has been ascribed to this crisis.
In 2006, a senior ActionAid policy analyst Akanksha Marphatia stated that IMF policies in Africa undermine any possibility of meeting the Millennium
Development Goals (MDGs) due to imposed restrictions that prevent spending on important sectors, such as education and health.[130]
In an interview (2008-05-19), the former Romanian Prime Minister Călin Popescu-Tăriceanu claimed that "Since 2005, IMF is constantly making mistakes
when it appreciates the country's economic performances".[131] Former Tanzanian President Julius Nyerere, who claimed that debt-ridden African states were
ceding sovereignty to the IMF and the World Bank, famously asked, "Who elected the IMF to be the ministry of finance for every country in the world?"[132][133]
Former chief economist of IMF and former Reserve Bank of India (RBI) Governor Raghuram Rajan who predicted the Financial crisis of 2007–08 criticised the
IMF for remaining a sideline player to the developed world. He criticised the IMF for praising the monetary policies of the US, which he believed were wreaking
havoc in emerging markets.[134] He had been critical of the ultra-loose money policies of the Western nations and IMF.[135][136]
Countries such as Zambia have not received proper aid with long-lasting effects, leading to concern from economists. Since 2005, Zambia (as well as 29 other
African countries) did receive debt write-offs, which helped with the country's medical and education funds. However, Zambia returned to a debt of over half its
GDP in less than a decade. American economist William Easterly, sceptical of the IMF's methods, had initially warned that "debt relief would simply encourage
more reckless borrowing by crooked governments unless it was accompanied by reforms to speed up economic growth and improve governance," according
to The Economist.[137]
Conditionality [ edit ]
The IMF has been criticised for being "out of touch" with local economic conditions, cultures, and environments in the countries they are requiring policy
reform.[20] The economic advice the IMF gives might not always take into consideration the difference between what spending means on paper and how it is
felt by citizens.[138] Countries charge that with excessive conditionality, they do not "own" the programs and the links are broken between a recipient country's
people, its government, and the goals being pursued by the IMF.[139]
Jeffrey Sachs argues that the IMF's "usual prescription is 'budgetary belt tightening to countries who are much too poor to own belts' ".[138] Sachs wrote that
the IMF's role as a generalist institution specialising in macroeconomic issues needs reform. Conditionality has also been criticised because a country can
pledge collateral of "acceptable assets" to obtain waivers—if one assumes that all countries are able to provide "acceptable collateral".[32]
One view is that conditionality undermines domestic political institutions.[140] The recipient governments are sacrificing policy autonomy in exchange for funds,
which can lead to public resentment of the local leadership for accepting and enforcing the IMF conditions. Political instability can result from more leadership
turnover as political leaders are replaced in electoral backlashes.[20] IMF conditions are often criticised for reducing government services, thus increasing
unemployment.[21]
Another criticism is that IMF programs are only designed to address poor governance, excessive government spending, excessive government intervention in
markets, and too much state ownership.[138] This assumes that this narrow range of issues represents the only possible problems; everything is standardised
and differing contexts are ignored.[138] A country may also be compelled to accept conditions it would not normally accept had they not been in a financial
crisis in need of assistance.[30]
On top of that, regardless of what methodologies and data sets used, it comes to same the conclusion of exacerbating income inequality. With Gini coefficient,
it became clear that countries with IMF programs face increased income inequality.[141]
It is claimed that conditionalities retard social stability and hence inhibit the stated goals of the IMF, while Structural Adjustment Programs lead to an increase
in poverty in recipient countries.[142] The IMF sometimes advocates "austerity programmes", cutting public spending and increasing taxes even when the
economy is weak, to bring budgets closer to a balance, thus reducing budget deficits. Countries are often advised to lower their corporate tax rate. In
Globalization and Its Discontents, Joseph E. Stiglitz, former chief economist and senior vice-president at the World Bank, criticises these policies.[143] He
argues that by converting to a more monetarist approach, the purpose of the fund is no longer valid, as it was designed to provide funds for countries to carry
out Keynesian reflations, and that the IMF "was not participating in a conspiracy, but it was reflecting the interests and ideology of the Western financial
community."[144]
Stiglitz concludes, "Modern high-tech warfare is designed to remove physical contact: dropping bombs from 50,000 feet ensures that one does not 'feel' what
one does. Modern economic management is similar: from one's luxury hotel, one can callously impose policies about which one would think twice if one knew
the people whose lives one was destroying."[143]
The researchers Eric Toussaint and Damien Millet argue that the IMF's policies amount to a new form of colonization that does not need a military presence:
"Following the exigencies of the governments of the richest companies, the IMF, permitted countries in crisis to borrow in order to avoid default on
their repayments. Caught in the debt's downward spiral, developing countries soon had no other recourse than to take on new debt in order to
repay the old debt. Before providing them with new loans, at higher interest rates, future leaders asked the IMF, to intervene with the guarantee of
ulterior reimbursement, asking for a signed agreement with the said countries. The IMF thus agreed to restart the flow of the 'finance pump' on
condition that the concerned countries first use this money to reimburse banks and other private lenders, while restructuring their economy at the
IMF's discretion: these were the famous conditionalities, detailed in the Structural Adjustment Programs. The IMF and its ultra-liberal experts took
control of the borrowing countries' economic policies. A new form of colonization was thus instituted. It was not even necessary to establish an
administrative or military presence; the debt alone maintained this new form of submission."[145]
International politics play an important role in IMF decision making. The clout of member states is roughly proportional to its contribution to IMF finances. The
United States has the greatest number of votes and therefore wields the most influence. Domestic politics often come into play, with politicians in developing
countries using conditionality to gain leverage over the opposition to influence policy.[146]
Reform [ edit ]
Function and policies [ edit ]
The IMF is only one of many international organisations, and it is a generalist institution that deals only with macroeconomic issues; its core areas of concern
in developing countries are very narrow. One proposed reform is a movement towards close partnership with other specialist agencies such as UNICEF, the
Food and Agriculture Organization (FAO), and the United Nations Development Program (UNDP).[138]
Jeffrey Sachs argues in The End of Poverty that the IMF and the World Bank have "the brightest economists and the lead in advising poor countries on how to
break out of poverty, but the problem is development economics".[138] Development economics needs the reform, not the IMF. He also notes that IMF loan
conditions should be paired with other reforms—e.g., trade reform in developed nations, debt cancellation, and increased financial assistance for investments
in basic infrastructure.[138] IMF loan conditions cannot stand alone and produce change; they need to be partnered with other reforms or other conditions as
applicable.[9]
US influence and voting reform [ edit ]
The scholarly consensus is that IMF decision-making is not simply technocratic, but also guided by political and economic concerns.[147] The United States is
the IMF's most powerful member, and its influence reaches even into decision-making concerning individual loan agreements.[148] The United States has
historically been openly opposed to losing what Treasury Secretary Jacob Lew described in 2015 as its "leadership role" at the IMF, and the United States'
"ability to shape international norms and practices".[149]
Emerging markets were not well-represented for most of the IMF's history: Despite being the most populous country, China's vote share was the sixth largest;
Brazil's vote share was smaller than Belgium's.[150] Reforms to give more powers to emerging economies were agreed by the G20 in 2010. The reforms could
not pass, however, until they were ratified by the US Congress,[151][152][153] since 85% of the Fund's voting power was required for the reforms to take
effect,[154] and the Americans held more than 16% of voting power at the time.[2] After repeated criticism,[155][156] the United States finally ratified the voting
reforms at the end of 2015.[157] The OECD countries maintained their overwhelming majority of voting share, and the United States in particular retained its
share at over 16%.[158]
The criticism of the American-and-European dominated IMF has led to what some consider 'disenfranchising the world' from the governance of the IMF. Raúl
Prebisch, the founding secretary-general of the UN Conference on Trade and Development (UNCTAD), wrote that one of "the conspicuous deficiencies of the
general economic theory, from the point of view of the periphery, is its false sense of universality."[159]
Support of dictatorships [ edit ]
The role of the Bretton Woods institutions has been controversial since the late Cold War, because of claims that the IMF policy makers supported military
dictatorships friendly to American and European corporations, but also other anti-communist and Communist regimes (such as Mobutu's Zaire and
Ceaușescu's Romania, respectively). Critics also claim that the IMF is generally apathetic or hostile to human rights, and labour rights. The controversy has
helped spark the anti-globalization movement.
An example of IMF's support for a dictatorship was its ongoing support for Mobutu's rule in Zaire, although its own envoy, Erwin Blumenthal, provided a
sobering report about the entrenched corruption and embezzlement and the inability of the country to pay back any loans.[160]
Arguments in favour of the IMF say that economic stability is a precursor to democracy; however, critics highlight various examples in which democratised
countries fell after receiving IMF loans.[161]
A 2017 study found no evidence of IMF lending programs undermining democracy in borrowing countries.[162] To the contrary, it found "evidence for modest
but definitively positive conditional differences in the democracy scores of participating and non-participating countries."[162]
On 28 June 2021 the IMF approved a 1 billion USD loan to the Ugandan government despite protests from Ugandans who protested in Washington, London
and South-Africa.[163][164]
Impact on access to food [ edit ]
A number of civil society organisations[165] have criticised the IMF's policies for their impact on access to food, particularly in developing countries. In October
2008, former United States president Bill Clinton delivered a speech to the United Nations on World Food Day, criticising the World Bank and IMF for their
policies on food and agriculture:
We need the World Bank, the IMF, all the big foundations, and all the governments to admit that, for 30 years, we all blew it, including me when I
was president. We were wrong to believe that food was like some other product in international trade, and we all have to go back to a more
responsible and sustainable form of agriculture.
— Former U.S. president Bill Clinton, Speech at United Nations World Food Day, October 16, 2008[166]
The FPIF remarked that there is a recurring pattern: "the destabilization of peasant producers by a one-two punch of IMF-World Bank structural adjustment
programs that gutted government investment in the countryside followed by the massive influx of subsidized U.S. and European Union agricultural imports
after the WTO's Agreement on Agriculture pried open markets."[167]
Impact on public health [ edit ]
A 2009 study concluded that the strict conditions resulted in thousands of deaths in Eastern Europe by tuberculosis as public health care had to be weakened.
In the 21 countries to which the IMF had given loans, tuberculosis deaths rose by 16.6%.[168] A 2017 systematic review on studies conducted on the impact
that Structural adjustment programs have on child and maternal health found that these programs have a detrimental effect on maternal and child health
among other adverse effects.[169]
In 2009, a book by Rick Rowden titled The Deadly Ideas of Neoliberalism: How the IMF has Undermined Public Health and the Fight Against AIDS, claimed
that the IMF's monetarist approach towards prioritising price stability (low inflation) and fiscal restraint (low budget deficits) was unnecessarily restrictive and
has prevented developing countries from scaling up long-term investment in public health infrastructure. The book claimed the consequences have been
chronically underfunded public health systems, leading to demoralising working conditions that have fuelled a "brain drain" of medical personnel, all of which
has undermined public health and the fight against HIV/AIDS in developing countries.[170]
In 2016, the IMF's research department published a report titled "Neoliberalism: Oversold?" which, while praising some aspects of the "neoliberal agenda,"
claims that the organisation has been "overselling" fiscal austerity policies and financial deregulation, which they claim has exacerbated both financial crises
and economic inequality around the world.[171][172][173]
Impact on environment [ edit ]
IMF policies have been repeatedly criticised for making it difficult for indebted countries to say no to environmentally harmful projects that nevertheless
generate revenues such as oil, coal, and forest-destroying lumber and agriculture projects. Ecuador, for example, had to defy IMF advice repeatedly to pursue
the protection of its rainforests, though paradoxically this need was cited in the IMF argument to provide support to Ecuador. The IMF acknowledged this
paradox in the 2010 report that proposed the IMF Green Fund, a mechanism to issue special drawing rights directly to pay for climate harm prevention and
potentially other ecological protection as pursued generally by other environmental finance.[174]
While the response to these moves was generally positive[175] possibly because ecological protection and energy and infrastructure transformation are more
politically neutral than pressures to change social policy, some experts[who?] voiced concern that the IMF was not representative, and that the IMF proposals to
generate only US$200 billion a year by 2020 with the SDRs as seed funds, did not go far enough to undo the general incentive to pursue destructive projects
inherent in the world commodity trading and banking systems—criticisms often levelled at the World Trade Organization and large global banking institutions.
In the context of the European debt crisis, some observers[who?] noted that[when?] Spain and California, two troubled economies[citation needed] within
respectively the European Union and the United States, and also Germany, the primary and politically most fragile supporter of a euro currency bailout would
benefit from IMF recognition of their leadership in green technology, and directly from Green Fund-generated demand for their exports, which could also
improve their credit ratings.[citation needed]
IMF and globalization [ edit ]
Globalization encompasses three institutions: global financial markets and transnational companies, national governments linked to each other in economic
and military alliances led by the United States, and rising "global governments" such as World Trade Organization (WTO), IMF, and World Bank.[176] Charles
Derber argues in his book People Before Profit, "These interacting institutions create a new global power system where sovereignty is globalized, taking
power and constitutional authority away from nations and giving it to global markets and international bodies".[176] Titus Alexander argues that this system
institutionalises global inequality between western countries and the Majority World in a form of global apartheid, in which the IMF is a key pillar.[177]
The establishment of globalised economic institutions has been both a symptom of and a stimulus for globalisation. The development of the World Bank, the
IMF, regional development banks such as the European Bank for Reconstruction and Development (EBRD), and multilateral trade institutions such as the
WTO signals a move away from the dominance of the state as the primary actor analysed in international affairs. Globalization has thus been transformative in
terms of a reconceptualising of state sovereignty.[178]
Following United States President Bill Clinton's administration's aggressive financial deregulation campaign in the 1990s, globalisation leaders overturned long
standing restrictions by governments that limited foreign ownership of their banks, deregulated currency exchange, and eliminated restrictions on how quickly
money could be withdrawn by foreign investors.[176]
Impact on gender equality [ edit ]
The IMF supports women's empowerment and tries to promotes their rights in countries with a significant gender gap.[179]
Scandals [ edit ]
Managing Director Lagarde (2011-2019) was convicted of giving preferential treatment to businessman-turned-politician Bernard Tapie as he pursued a legal
challenge against the French government. At the time, Lagarde was the French economic minister.[180] Within hours of her conviction, in which she escaped
any punishment, the fund's 24-member executive board put to rest any speculation that she might have to resign, praising her "outstanding leadership" and
the "wide respect" she commands around the world.[181]
Former IMF Managing Director Rodrigo Rato was arrested on 16 April 2015 for alleged fraud, embezzlement and money laundering.[182][183] On 23 February
2017, the Audiencia Nacional found Rato guilty of embezzlement and sentenced to 41⁄2 years' imprisonment.[184] In September 2018, the sentence was
confirmed by the Supreme Court of Spain.[185]
Alternatives [ edit ]
In March 2011, the Ministers of Economy and Finance of the African Union proposed to establish an African Monetary Fund.[186]
At the 6th BRICS summit in July 2014 the BRICS nations (Brazil, Russia, India, China, and South Africa) announced the BRICS Contingent Reserve
Arrangement (CRA) with an initial size of US$100 billion, a framework to provide liquidity through currency swaps in response to actual or potential short-term
balance-of-payments pressures.[187]
In 2014, the China-led Asian Infrastructure Investment Bank was established.[149]
In the media [ edit ]
Life and Debt, a documentary film, deals with the IMF's policies' influence on Jamaica and its economy from a critical point of view. Debtocracy, a 2011
independent Greek documentary film, also criticises the IMF. Portuguese musician José Mário Branco's 1982 album FMI is inspired by the IMF's intervention
in Portugal through monitored stabilisation programs in 1977–78. In the 2015 film, Our Brand Is Crisis, the IMF is mentioned as a point of political contention,
where the Bolivian population fears its electoral interference.[188]
See also [ edit ]
Bank for International Settlements Globalization Group of Thirty

Conditionality Group of Ten International financial institutions
List of IMF people Smithsonian Agreement
New Development Bank World Bank residual model
Notes [ edit ]
a. ^ There is no worldwide consensus on the status of the Republic of Kosovo: it is recognised as independent by 98 countries, while others consider it an
autonomous province of Serbia. See: International recognition of Kosovo.
References [ edit ]
Footnotes [ edit ]
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and Agency in International Organizations, pp. 77–106. Political Economy of Institutions and Decisions. Cambridge and New York: Cambridge University Press. ISBN 978-
0-521-86209-7.
Oatley, Thomas; Yackee, Jason (2004). "American Interests and IMF Lending" (PDF). International Politics. 41 (3): 415–429. doi:10.1057/palgrave.ip.8800085 .
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Press.
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MacFarlane, and Michael Mastanduno, eds.,US Hegemony and International Organizations, pp. 92–114. Oxford and New York: Oxford University Press. ISBN 978-0-19-
926142-0.
Bordo, M.D. (1993). Bordo, M.D.; Eichengreen, Barry (eds.). The Bretton Woods International Monetary System: A Historical Overview. A Retrospective
on the Bretton Woods System. London. doi:10.7208/chicago/9780226066905.001.0001 . ISBN 9780226065878.
deVries, Margaret Garritsen. The IMF in a Changing World, 1945–85, International Monetary Fund, 1986.
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Joicey, N. and Pickford, S. "The International Monetary Fund and Global Economic Cooperation" in Nicholas Bayne and Stephen Woolcock, The New
Economic Diplomacy: Decision-Making and Negotiation in International Relations , (Ashgate Publishing, 2011).
Keynes, J.M. The Collected Writings, Vol. XXVI. Activities 1941–1946: Shaping the Post-War World: Bretton Woods and Reparations, Cambridge, 1980.
Moschella, M. Governing Risk: The IMF and Global Financial Crises (Palgrave Macmillan; 2010).
Skidelsky, R. John Maynard Keynes: Fighting for Britain, London, 2000.
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Weiss, Martin A. The International Monetary Fund. (Washington, DC: Congressional Research Service, 24 May 2018).
Woods, N. The Globalizers: The IMF, the World Bank, and Their Borrowers, Ithaca, 2006
Woods, Ngaire and Lombardi, Domenico. (2006). Uneven Patterns of Governance: How Developing Countries are Represented in the IMF. Review of
International Political Economy. Volume 13, Number 3: 480–515.

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Asian Development Bank

Main page The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966,[4]
Asian Development Bank
Contents which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The
Current events company also maintains 31 field offices around the world[5] to promote social and economic development in
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Asia. The bank admits the members of the United Nations Economic and Social Commission for Asia and the
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Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional
Donate developed countries.[6] From 31 members at its establishment, ADB now has 68 members.
The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are
Contribute
distributed in proportion with members' capital subscriptions. ADB releases an annual report that summarizes its
Help
operations, budget and other materials for review by the public.[7] The ADB-Japan Scholarship Program (ADB-
Learn to edit
Community portal JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region.
Recent changes Upon completion of their study programs, scholars are expected to contribute to the economic and social
Upload file development of their home countries.[8] ADB is an official United Nations Observer.[9]
Abbreviation ADB
Tools As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. Formation 19 December 1966; 54 years
What links here China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.[10] ago
Related changes Type Multilateral Development
Contents [hide] Bank
Special pages
Permanent link 1 Organization Legal status Treaty
Page information 1.1 List of presidents Purpose Social and Economic
Cite this page 2 History Development
Wikidata item 2.1 1960s Headquarters Ortigas Center, Mandaluyong,
2.2 1970s–1980s Metro Manila, Philippines
Print/export
2.3 1990s Region Asia-Pacific
Download as PDF served
Printable version 2.4 2000s
2.5 2010s
In other projects President Masatsugu Asakawa (from 17
3 Objectives and activities
January 2020)[1]
Wikimedia Commons 3.1 Aim
Main organ Board of Governors[2]
3.2 Focus areas
Languages Staff 3,092[3]
4 Financings
Deutsch Website www.adb.org
Español 5 Private sector investments
Français 6 Cofinancing
한국어 7 Funds and resources
Italiano
8 Access to information
Русский
9 Notable projects and technical assistance
Tagalog
Tiếng Việt 10 Criticism
中文 11 Largest countries and regions by subscribed capital and voting power
12 Members
47 more Asian Development Bank member states
13 See also Outside regions
Edit links
14 References Asia-Pacific region
15 Further reading
16 External links
Organization [ edit ]
The highest policy-making body of the bank is the Board of Governors, composed of one representative
from each member state. The Board of Governors, in turn, elect among themselves the twelve members
of the board of directors and their deputies. Eight of the twelve members come from regional (Asia-
Pacific) members while the others come from non-regional members.[11]
The Board of Governors also elect the bank's president, who is the chairperson of the board of directors
and manages ADB. The president has a term of office lasting five years, and may be reelected.
Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always
been Japanese.
The current president is Masatsugu Asakawa. He succeeded Takehiko Nakao on 17 January 2020,[12]
who succeeded Haruhiko Kuroda in 2013.[13] ADB Headquarters in Mandaluyong, Metro Manila,
Philippines
The headquarters of the bank is at 6 ADB Avenue, Mandaluyong, Metro Manila, Philippines,[14][15] and it
has 42 field offices in Asia and the Pacific and representative offices in Washington, Frankfurt, Tokyo and
Sydney. The bank employs about 3,000 people, representing 60 of its 68 members.[16]
List of presidents [ edit ]
Name Dates Nationality

Takeshi Watanabe 1966–1972 Japanese
Shiro Inoue 1972–1976 Japanese President Rodrigo Duterte pose for a photo with
ADB President Takehiko Nakao and other officials of
Taroichi Yoshida 1976–1981 Japanese
ADB during the 51st ADB Annual Meeting in Ortigas
Masao Fujioka 1981–1989 Japanese Center, Mandaluyong, Philippines on May 5, 2018.
Kimimasa Tarumizu 1989–1993 Japanese

Mitsuo Sato 1993–1999 Japanese
Tadao Chino 1999–2005 Japanese
Haruhiko Kuroda 2005–2013 Japanese
Takehiko Nakao 2013–2020 Japanese
Masatsugu Asakawa (*) 2020–present Japanese
(*) As from 17 January 2020, Masatsugu Asakawa was president of ADB..[17]
History [ edit ]
1960s [ edit ]
As early as 1956, Japan Finance Minister Hisato Ichimada had suggested to United States Secretary of State John Foster Dulles that development projects in
Southeast Asia could be supported by a new financial institution for the region. A year later, Japanese Prime Minister Nobusuke Kishi announced that Japan
intended to sponsor the establishment of a regional development fund with resources largely from Japan and other industrial countries. But the US did not
warm to the plan and the concept was shelved. See full account in "Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development
Bank ," July 2017.
The idea came up again late in 1962 when Kaoru Ohashi, an economist from a research institute in Tokyo, visited Takeshi Watanabe, then a private financial
consultant in Tokyo, and proposed a study group to form a development bank for the Asian region. The group met regularly in 1963, examining various
scenarios for setting up a new institution and drew on Watanabe's experiences with the World Bank. However, the idea received a cool reception from the
World Bank itself and the study group became discouraged.
In parallel, the concept was formally proposed at a trade conference organized by the Economic Commission for Asia and the Far East (ECAFE) in 1963 by a
young Thai economist, Paul Sithi-Amnuai. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. 65). Despite an initial mixed
reaction, support for the establishment of a new bank soon grew.
An expert group was convened to study the idea, with Japan invited to contribute to the group. When Watanabe was recommended, the two streams
proposing a new bank—from ECAFE and Japan—came together. Initially, the US was on the fence, not opposing the idea but not ready to commit financial
support. But a new bank for Asia was soon seen to fit in with a broader program of assistance to Asia planned by U.S. President Lyndon B. Johnson in the
wake of the escalating US military support for the government of South Vietnam.
As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. However, eight other cities had also expressed an interest—Bangkok,
Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. To decide, the 18 prospective regional members of the new bank held three
rounds of votes at a ministerial conference in Manila in November/December 1965. In the first round on 30 November, Tokyo failed to win a majority, so a
second ballot was held the next day at noon. Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. In the third poll,
Tokyo gained eight votes to Manila's nine, with one abstention. Therefore, Manila was declared the host of the new development bank. The Japanese were
mystified and deeply disappointed. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to
a distant country." (Asian Development Bank publication, "Towards a New Asia", 1977, p. 16)
As intensive work took place during 1966 to prepare for the opening of the new bank in Manila, high on the agenda was choice of president. Japanese Prime
Minister Eisaku Satō asked Watanabe to be a candidate. Although he initially declined, pressure came from other countries and Watanabe agreed. In the
absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966.
By the end of 1972, Japan had contributed $173.7 million (22.6% of the total) to the ordinary capital resources and $122.6 million (59.6% of the total) to the
special funds. In contrast, the United States contributed only $1.25 million to the special fund.[6]
After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. At the time, Asia was one of the poorest
regions in the world.[18]
Early loans went largely to Indonesia, Thailand, Malaysia, South Korea and the Philippines; these nations accounted for 78.48% of the total ADB loans
between 1967 and 1972. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. Japan tied its special funds
contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $100 million donation for the Agricultural
Special Fund in April 1968.[6]
Watanabe served as the first ADB president to 1972.[19][20]
1970s–1980s [ edit ]
In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. The gradual
emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support economic growth. ADB focused on
improving roads and providing electricity. When the world suffered its first oil price shock, ADB shifted more of its assistance to support energy projects,
especially those promoting the development of domestic energy sources in member countries.[18]
Following considerable pressure from the Reagan Administration in the 1980s, ADB reluctantly began working with the private sector in an attempt to increase
the impact of its development assistance to poor countries in Asia and the Pacific. In the wake of the second oil crisis, ADB expanded its assistance to energy
projects. In 1982, ADB opened its first field office, in Bangladesh, and later in the decade it expanded its work with non-government organizations (NGOs).[18]
Japanese presidents Inoue Shiro (1972–76) and Yoshida Taroichi (1976–81) took the spotlight in the 1970s. Fujioka Masao, the fourth president (1981–90),
adopted an assertive leadership style, launching an ambitious plan to expand the ADB into a high-impact development agency.
1990s [ edit ]
In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. The decade also saw an
expansion of ADB's membership with the addition of several Central Asian countries following the end of the Cold War.[18]
In mid-1997, ADB responded to the financial crisis that hit the region with projects designed to strengthen financial sectors and create social safety nets for the
poor. During the crisis, ADB approved its largest single loan – a $4 billion emergency loan to the South Korea. In 1999, ADB adopted poverty reduction as its
overarching goal.[18]
2000s [ edit ]
The early years of 2000s saw a dramatic expansion of private sector finance. While the institution had such operations since the 1980s (under pressure from
the Reagan Administration) the early attempts were highly unsuccessful with low lending volumes, considerable losses and financial scandals associated with
an entity named AFIC. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. Over the course of
the next six years, the Private Sector Operations Department (PSOD) grew by a factor of 41 times the 2001 levels of new financings and earnings for the
ADB. This culminated with the Board's formal recognition if these achievements in March 2008, when the Board of Directors formally adopted the Long Term
Strategic Framework (LTSF). That document formally stated that assistance to private sector development was the lead priority of the ADB and that it should
constitute 50% of the bank's lending by 2020.
In 2003, the severe acute respiratory syndrome (SARS) epidemic hit the region and ADB responded with programs to help the countries in the region work
together to address infectious diseases, including avian influenza and HIV/AIDS. ADB also responded to a multitude of natural disasters in the region,
committing more than $850 million for recovery in areas of India, Indonesia, Maldives, and Sri Lanka which were impacted by the December 2004 Asian
tsunami. In addition, $1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan.[18]
In 2009, ADB's Board of Governors agreed to triple ADB's capital base from $55 billion to $165 billion, giving it much-needed resources to respond to the
global economic crisis. The 200% increase is the largest in ADB's history, and was the first since 1994.[18]
2010s [ edit ]
Asia moved beyond the economic crisis and by 2010 had emerged as a new engine of global economic growth though it remained home to two-thirds of the
world's poor. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. ADB responded
to this with loans and grants that encouraged economic growth.[18]
In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. In April 2014, ADB opened an office in
Myanmar and resumed making loans and grants to the country.[18]
In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). The result was to expand the
OCR balance sheet to permit increasing annual lending and grants to $20 billion by 2020 — 50% more than the previous level.[18]
In 2020, ADB gave a $2 million grant from the Asia Pacific Disaster Response Fund, to support the Armenian Government in the fight against the spread of
COVID-19 pandemic. In the same year bank committed a $20 million loan to Electric Networks of Armenia, that will ensure electricity for the citizens during the
pandemic, as well as approved $500,000 in regional technical assistance to procure personal protective equipment and other medical supplies. [21]
Objectives and activities [ edit ]
Aim [ edit ]
The ADB defines itself as a social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth,
environmentally sustainable growth, and regional integration. This is carried out through investments – in the form of loans, grants and information sharing – in
infrastructure, health care services, financial and public administration systems, helping nations prepare for the impact of climate change or better manage
their natural resources, as well as other areas.
Focus areas [ edit ]
Eighty percent of ADB's lending is concentrated public sector lending in five operational areas.[22]
Education – Most developing countries in Asia and the Pacific have earned high marks for a dramatic rise in primary education enrollment rates in the last
three decades, but daunting challenges remain, threatening economic and social growth.[23]
Environment, Climate Change, and Disaster Risk Management – Environmental sustainability is a prerequisite for economic growth and poverty reduction
in Asia and the Pacific.[24]
Finance Sector Development – The financial system is the lifeline of a country's economy. It creates prosperity that can be shared throughout society and
benefit the poorest and most vulnerable people. Financial sector and capital market development, including microfinance, small and medium-sized
enterprises, and regulatory reforms, is vital to decreasing poverty in Asia and the Pacific.This has been a key priority of the Private Sector Operations
Department (PSOD) since 2002. One of the most active sub-sectors of finance is the PSOD's support for trade finance. Each year the PSOD finances
billions of dollars in letters of credit across all of Asia and the rest of the world.[25]
Infrastructure, including transport[26] and communications,[27] energy,[28] water supply and sanitation,[29] and urban development.[30]
Regional Cooperation and Integration – Regional cooperation and integration (RCI) was introduced by President Kuroda when he joined the ADB in 2004.
It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. It plays
a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening
institutions.[31]
Private Sector Lending – This priority was introduced into the ADB's activities at the insistence of the Reagan Administration. However, that effort was
never a true priority until the administration of President Tadeo Chino who in turn brought in a seasoned American banker – Robert Bestani. From then on,
the Private Sector Operations Department (PSOD) grew at a very rapid pace, growing from the smallest financing unit of the ADB to the largest in terms of
financing volume. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008.
Financings [ edit ]
The ADB offers "hard" loans on commercial terms primarily to middle income countries in Asia and "soft" loans with lower interest rates to poorer countries in
the region. Based on a new policy, both types of loans will be sourced starting January 2017 from the bank's ordinary capital resources (OCR), which
functions as its general operational fund.[32]
The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. They also have the capability to
provide guarantees, equity and mezzanine finance (a combination of debt and equity).
In 2017, ADB lent $19.1 billion of which $3.2 billion went to private enterprises, as part of its "nonsovereign" operations. ADB's operations in 2017, including
grants and cofinancing, totaled $28.9 billion.[33]
ADB obtains its funding by issuing bonds on the world's capital markets. It also relies on the contributions of member countries, retained earnings from lending
operations, and the repayment of loans.[34]
Five largest borrowing countries[35][36]

2018 2017 2016 2015
Country
$ million % $ million % $ million % $ million %
China 17,015 16.6 16,284 16.9 15,615 24.8 14,646 25.2
India 16,115 15.7 14,720 15.2 13,331 21.2 12,916 22.2
Pakistan 10,818 10.6 10,975 11.4 4,570 7.3 4,319 7.4
Indonesia 10,356 10.1 9,393 9.7 8,700 13.8 8,214 14.1
Bangladesh 9,169 8.9 8,685 9.0 - - - -
Philippines - - - - 5,935 9.4 5,525 9.5
Others 38,998 38.1 36,519 37.8 14,831 23.5 12,486 21.6
Total 102,470 100.0 96,577 100.0 62,983 100.0 58,106 100.0
Private sector investments [ edit ]
ADB provides direct financial assistance, in the form of debt, equity and mezzanine finance to private sector companies, for projects that have clear social
benefits beyond the financial rate of return. ADB's participation is usually limited but it leverages a large amount of funds from commercial sources to finance
these projects by holding no more than 25% of any given transaction.[37]
Cofinancing [ edit ]
ADB partners with other development organizations on some projects to increase the amount of funding available. In 2014, $9.2 billion—or nearly half—of
ADB's $22.9 billion in operations were financed by other organizations.[38] According to Jason Rush, Principal Communication Specialist, the Bank
communicates with many other multilateral organizations.
Funds and resources [ edit ]
More than 50 financing partnership facilities, trust funds, and other funds – totalling several billion each year – are administered by ADB and put toward
projects that promote social and economic development in Asia and the Pacific.[39] ADB has raised Rs 5 billion or around Rs 500 crores from its issuance of 5-
year offshore Indian rupee (INR) linked bonds.
On 26 Feb 2020, ADB raises $118 million from rupee-linked bonds and supporting the development of India International Exchange in India, as it also
contributes to an established yield curve which stretches from 2021 through 2030 with $1 billion of outstanding bonds.[40]
Access to information [ edit ]
ADB has an information disclosure policy that presumes all information that is produced by the institution should be disclosed to the public unless there is a
specific reason to keep it confidential. The policy calls for accountability and transparency in operations and the timely response to requests for information
and documents.[41] ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as
well as other exceptions.[42]
Notable projects and technical assistance [ edit ]
Afghanistan: Hairatan to Mazar-e-Sharif Railway Project[43]

Armenia: Water Supply and Sanitation Sector Project[44]
Bhutan: Green Power Development Project[45]
India: Rural Roads Sector II Investment Program[46]
Indonesia: Vocational Education Strengthening Project[47]
Laos: Northern and Central Regions Water Supply and Sanitation Sector Project[48]
Mongolia: Food and Nutrition Social Welfare Program and Project[49]
Solomon Islands: Pacific Private Sector Development Initiative[50]
Criticism [ edit ]
Since the ADB's early days, critics have charged that the two major donors, Japan and the United States, have had extensive influence over lending, policy
and staffing decisions.[51]
Oxfam Australia has criticized the Asian Development Bank for insensitivity to local communities. "Operating at a global and international level, these banks
can undermine people's human rights through projects that have detrimental outcomes for poor and marginalized communities."[52] The bank also received
criticism from the United Nations Environmental Program, stating in a report that "much of the growth has bypassed more than 70 percent of its rural
population, many of whom are directly dependent on natural resources for livelihoods and incomes."[53]
There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. One of the most controversial ADB-
related projects is Thailand's Mae Moh coal-fired power station. Environmental and human rights activists say ADB's environmental safeguards policy as well
as policies for indigenous peoples and involuntary resettlement, while usually up to international standards on paper, are often ignored in practice, are too
vague or weak to be effective, or are simply not enforced by bank officials.[54][55]
The bank has been criticized over its role and relevance in the food crisis. The ADB has been accused by civil society of ignoring warnings leading up the
crisis and also contributing to it by pushing loan conditions that many say unfairly pressure governments to deregulate and privatize agriculture, leading to
problems such as the rice supply shortage in Southeast Asia.[56]
Indeed, whereas the Private Sector Operations Department (PSOD) closed out that year with financings of $2.4 billion, the ADB has significantly dropped
below that level in the years since and is clearly not on the path to achieving its stated goal of 50% of financings to the private sector by 2020. Critics also
point out that the PSOD is the only Department that actually makes money for the ADB. Hence, with the vast majority of loans going to concessionary (sub-
market) loans to the public sector, the ADB is facing considerable financial difficulty and continuous operating losses.
Largest countries and regions by subscribed capital and voting power [ edit ]
The following table are amounts for 20 largest countries by subscribed capital and voting power at the Asian Development Bank as of December 2020.[57]
The 20 largest countries and regions by subscribed capital and voting

power at the Asian Development Bank
Subscribed capital Voting power
Rank Country
(% of total) (% of total)
World 100.000 100.000
1 Japan 15.571 12.751
1 United States 15.571 12.751
3 China 6.429 5.437
4 India 6.317 5.347
5 Australia 5.773 4.913
6 Indonesia 5.434 4.641
7 Canada 5.219 4.469
8 South Korea 5.026 4.315
9 Germany 4.316 3.747
10 Malaysia 2.717 2.468
11 Philippines 2.377 2.196
12 France 2.322 2.152
13 Pakistan 2.174 2.033
14 United Kingdom 2.038 1.924
15 Italy 1.803 1.737
16 New Zealand 1.532 1.520
17 Thailand 1.358 1.381
18 Taiwan 1.087 1.164
19 Netherlands 1.023 1.113
20 Bangladesh 1.019 1.109
All Remaining Members 10.894 22.832
Members [ edit ]
ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, 19
members from Other Regions.[59] The year after a member's name indicates the year of membership. At
the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's
shares by the Bank as a part of the settlement of accounts with such country in accordance with the
provisions of paragraphs 3 and 4 of Article 43.[60]
Date of Nonregional Date of

Regional members Asian Development Bank – Developing Member
accession members accession
Countries (DMC) graduation stages[58]
Afghanistan 1966 Austria 1966 Outside regions
Australia Belgium Asia-Pacific region developed members

DMC graduated from assistance, Group-D
Cambodia Canada
India Denmark Ordinary Capital Resources (OCR) financing,
Group-C
Indonesia Finland OCR and ADF blended financing, Group-B
Japan Germany[66] Asian Development Fund (ADF) financing, Group-
A
Laos[61] Italy
Malaysia Netherlands
Nepal Norway
New Zealand Sweden
Pakistan United Kingdom
Philippines United States
Samoa Switzerland 1967
Singapore France 1970
South Korea Spain 1986
Sri Lanka Turkey 1991
Taiwan (as Taipei, Portugal 2002
China)[62][63] Luxembourg 2003
Thailand Ireland 2006
Vietnam[64]
Hong Kong[65] 1969
Fiji 1970
Papua New Guinea 1971
Tonga 1972
Burma
1973
Solomon Islands
Kiribati 1974
Cook Islands 1976
Maldives 1978
Vanuatu 1981
Bangladesh 1973
Bhutan 1982
China 1986
Federated States of 1990
Micronesia
Marshall Islands
Mongolia
1991
Nauru
Tuvalu 1993
Kazakhstan
1994
Kyrgyzstan
Uzbekistan 1995
Tajikistan 1998
Azerbaijan 1999
Turkmenistan 2000
Timor-Leste 2002
Palau 2003
Armenia 2005
Brunei Darussalam 2006
Georgia 2007
Niue 2019
See also [ edit ]
African Development Bank

Banks portal
Asian Clearing Union
Asian Development Bank Institute (ADBI)
Asian Infrastructure Investment Bank (AIIB)
Asia Cooperation Dialogue
Asia Council
Caribbean Development Bank
Eurasian Development Bank
International Monetary Fund
South Asia Subregional Economic Cooperation
World Bank
References [ edit ]
1. ^ "Masatsugu Asakawa Elected ADB President" . 2 December 2019. 22. ^ "Core Operational Areas" . Asian Development Bank. adb.org. Retrieved
2. ^ About: Management , adb.org. 14 December 2015.
3. ^ "ADB Annual Report 2016" . Asian Development Bank. 23. ^ "Education" . Asian Development Bank. adb.org. Retrieved 14 December
4. ^ "ADB History" . adb.org. Retrieved 26 November 2015. 2015.
5. ^ "Departments and Offices" . adb.org. Retrieved 26 November 2015. 24. ^ "Environment, Climate Change, and Disaster Risk Management" . Asian
6. ^ abc Ming, Wan (Winter 1995–1996). "Japan and the Asian Development Development Bank. adb.org. Retrieved 14 December 2015.
Bank" . Pacific Affairs. University of British Columbia. 68 (4): 509–528. 25. ^ "Finance Sector Development" . Asian Development Bank. adb.org.
doi:10.2307/2761274 . JSTOR 2761274 . Archived from the original on 7 Retrieved 14 December 2015.
August 2011. 26. ^ "Sustainable Transport for All" . Asian Development Bank. adb.org.
7. ^ Anonymous. "ADB Annual Reports" . Asian Development Bank. adb.org. Retrieved 14 December 2015.
Retrieved 26 November 2015. 27. ^ "Information and Communications Technology" . Asian Development Bank.
8. ^ "Scholarship Program: List of Academic Institutions" . Asian Development adb.org. Retrieved 14 December 2015.
Bank. 12 October 2017. 28. ^ "Energy" . Asian Development Bank. adb.org. Retrieved 14 December
9. ^ "Intergovernmental Organizations" . www.un.org. 2015.
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24 January 2020. 32. ^ Bank, Asian Development. "ADF-OCR Merger to Boost Support for Region's
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2015. "6 ADB Avenue, Mandaluyong 1550, Philippines" 34. ^ "FAQs" . Asian Development Bank. adb.org. Retrieved 27 November 2015.
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2015. December 2018.
17. ^ ADB, 'New ADB President Masatsugu Asakawa Assumes Office' , News 37. ^ "Private Sector (Nonsovereign) Financing" . Asian Development Bank.
Release, 17 January 2020. adb.org. Retrieved 14 December 2015.
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The World Bank: Perspectives . Brookings Institution Press. pp. 304–. 40. ^ "ADB raises $118 million from rupee-linked bonds" . The Economic Times.
ISBN 0-8157-2014-9. 26 February 2020. Retrieved 23 March 2020.
20. ^ Frank N. Magill (23 April 2014). Chron 20c Hist Bus Comer . Routledge. 41. ^ "Overview" . Asian Development Bank. adb.org. Retrieved 14 December
pp. 891–. ISBN 978-1-134-26462-9. 2015.
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14 December 2015.
43. ^ "Hairatan to Mazar-i-Sharif railway | Railways of Afghanistan" . 53. ^ "Inter Press Service – News and Views from the Global South" . Archived
www.andrewgrantham.co.uk. Retrieved 27 November 2015. from the original on 12 December 2007.
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27 November 2015. 56. ^ "ADB to meet amid food crisis, growing poverty" Archived July 17, 2011,
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46. ^ "Government signs loan agreement with ADB for Rural Roads Sector II 58. ^ "A Graduation Policy for the Bank's DMCs" . Asian Development Bank.
Investment Program–Project 4, Special Content – Association Releases – 59. ^ "Members" . Asian Development Bank.
ConstructionBiz360" . www.constructionbiz360.com. Archived from the 60. ^ Agreement Establishing the Asian Development Bank . Asian Development
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www.scoop.co.nz. Retrieved 27 November 2015. — a name it protests. Uniquely, this allows both sides of the Taiwan Straits to
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(4): 509–528. Retrieved 16 September 2010. 65. ^ Joined as "British Hong Kong", not "Hong Kong SAR"
52. ^ "The Asian Development Bank and Food Security" . Oxfam Australia. 66. ^ Founding member; joined as West Germany.
Huang, P.W. 1975. The Asian Development Bank: Diplomacy and Development in Asia. New York, NY: Vantage Press.
Krishnamurti, R. 1977. ADB: The Seeding Days. Manila: Asian Development Bank.
McCawley, Peter. 2017. Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank. Manila: Asian Development Bank,
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Watanabe, Takeshi. 1977 (reprinted 2010). Towards a New Asia. Manila: Asian Development Bank.
Wihtol, Robert. 1988. The Asian Development Bank and Rural Development: Policy and Practice. Hampshire, UK: Macmillan Press.
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Yasutomo, D.T. 1983. Japan and the Asian Development Bank. New York, NY: Praeger.

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G20
Main page For other uses, see G20 (disambiguation).

Contents
The G20 (or Group of Twenty) is an intergovernmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the global economy, such as international
Current events G20
Random article financial stability, climate change mitigation, and sustainable development.[3] Group of Twenty
About Wikipedia The G20 is composed of most of the world's largest economies, including both industrialized and developing nations. The group collectively accounts for around 90 percent of gross world product (GWP),[4]
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75-80 percent of international trade,[A 1] two-thirds of the world's population,[2] and roughly half the world's land area.
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The G20 was founded in 1999 in response to several world economic crises. Since 2008, the group convenes at least once a year, with summits involving each member's head of government or state,
Contribute finance minister, foreign minister, and other high-ranking officials; the EU is represented by the European Commission and the European Central Bank.[5][6][B 1] Other countries, international organizations,
Help and nongovernmental organizations are invited to attend the summits, some on a permanent basis.
Learn to edit
Community portal At its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation.[7] The group's stature has risen during the subsequent decade, and it is recognized by
Recent changes analysts as exercising considerable global influence;[8] it is also criticized for its limited membership,[9] lack of enforcement powers,[10] and its alleged undermining of existing international institutions.[9] Member countries in the G-20
Upload file Summits are often met with protests, particularly by anti-globalization groups.[11][12] Members of the European Union not
individually represented
Tools Contents [hide] 2019 guests
What links here 1 History Formation 26 September 1999; 21 years ago

Related changes 2008 (heads-of-state/heads-of-
1.1 Founding
Special pages government summits)
1.2 Early topics
Permanent link Purpose Bring together systemically
2 Summits
Page information important industrialized and
Cite this page 2.1 List of summits developing economies to discuss
Wikidata item 2.2 Chair rotation key issues in the global economy.[1]
3 Organization Membership 20 members [show]
Print/export
3.1 Proposed permanent secretariat Chairman Mario Draghi (2021)
Download as PDF
4 Members Staff None[2]
Printable version
4.1 Leaders Website G20.org
In other projects 4.1.1 Leaders
Wikimedia Commons
4.2 Member country data
4.3 Role of Asian countries
Languages 5 Invitees
Deutsch 6 Permanent guest invitees
Español
7 G20 Agenda
Français
7.1 Financial focus
한국어
7.2 Inclusive growth
Italiano
Русский 7.3 Interrelated themes
Tagalog 8 Criticisms
Tiếng Việt 8.1 Exclusivity of membership
中文 8.1.1 Norwegian perspective
75 more 8.1.2 Spanish position on membership

8.1.3 Polish aspirations
Edit links
8.1.4 Global Governance Group (3G) response
8.1.5 Foreign Policy critiques
8.2 Wider concerns
9 See also
10 Notes
11 References
11.1 Bibliography
12 Further reading
13 External links
History [ edit ]
Founding [ edit ]
The G20 is the latest in a series of post–World War II initiatives aimed at international coordination of economic policy, which include institutions such as the "Bretton Woods twins", the International Monetary Fund and the World Bank, and what is now the
World Trade Organization.[13]
The G20 was foreshadowed at the Cologne summit of the G7 in June 1999, and formally established at the G7 Finance Ministers' meeting on 26 September 1999 with an inaugural meeting on 15–16 December 1999 in Berlin. Canadian finance minister
Paul Martin was chosen as the first chairman and German finance minister Hans Eichel hosted the inaugural meeting.[14]
A 2004 report by Colin I. Bradford and Johannes F. Linn of the Brookings Institution asserted the group was founded primarily at the initiative of Eichel, the concurrent chair of the G7.[15] However, Bradford later described then-Finance Minister of Canada
(and future Prime Minister of Canada) Paul Martin as "the crucial architect of the formation of the G-20 at finance minister level", and as the one who later "proposed that the G-20 countries move to leaders level summits".[16] Canadian academic and
journalistic sources have also identified the G20 a project initiated by Martin and then-US Treasury Secretary Larry Summers.[17][18][19][20] All acknowledge, however, that Germany and the United States played a key role in bringing their vision into reality.
Martin and Summers conceived of the G20 in response to the series of massive debt crises that had spread across emerging markets in the late 1990s, beginning with the Mexican peso crisis and followed by the 1997 Asian financial crisis, the 1998
Russian financial crisis, and eventually impacting the United States, most prominently in the form of the collapse of the prominent hedge fund Long-Term Capital Management in the autumn of 1998.[17][18][19] It illustrated to them that in a rapidly globalizing
world, the G7, G8, and the Bretton Woods system would be unable to provide financial stability, and they conceived of a new, broader permanent group of major world economies that would give a voice and new responsibilities in providing it.[17][19]
The G20 membership was decided by Eichel's deputy Caio Koch-Weser and Summers's deputy Timothy Geithner. According to the political economist Robert Wade:
"Geithner and Koch-Weser went down the list of countries saying, Canada in, Portugal out, South Africa in, Nigeria and Egypt out, and so on; they sent their list to the other G7 finance ministries; and the invitations to the first meeting went
out."[21]
Early topics [ edit ]
The G20's primary focus has been governance of the global economy. Summit themes have varied from year to year. The theme of the 2006 G20 ministerial meeting was "Building and Sustaining Prosperity". The issues discussed included domestic
reforms to achieve "sustained growth", global energy and resource commodity markets, reform of the World Bank and IMF, and the impact of demographic changes due to an aging world population.
In 2007, South Africa hosted the secretariat with Trevor A. Manuel, South African Minister of Finance as chairperson of the G20.
In 2008, Guido Mantega, Brazil's Minister of Finance, was the G20 chairperson and proposed dialogue on competition in financial markets, clean energy, economic development and fiscal elements of growth and development.
On 11 October 2008 after a meeting of G7 finance ministers, US President George W. Bush stated that the next meeting of the G20 would be important in finding solutions to the burgeoning economic crisis of 2008.
Summits [ edit ]
The Summit of G20 Finance Ministers and Central Bank Governors, who prepare the leaders' summit and implement their decisions, was created as a response both to the financial crisis of 2007–2008 and to a growing recognition that key emerging
countries were not adequately included in the core of global economic discussion and governance. Additionally, the G20 summits of heads of state or government were held.
After the 2008 debut summit in Washington, DC, G20 leaders met twice a year: in London and Pittsburgh in 2009, and in Toronto and Seoul in 2010.[22]
Since 2011, when France chaired and hosted the G20, the summits have been held only once a year.[23] The 2016 summit was held in Hangzhou, China,[24] the 2017 summit was held in Hamburg, Germany and the 2018 summit was held in Buenos Aires,
Argentina.[25]
A number of other ministerial-level G20 meetings have been held since 2010. Agriculture ministerial meetings were conducted in 2011 and 2012; meetings of foreign ministers were held in 2012 and 2013; trade ministers met in 2012 and 2014, and
employment ministerial meetings have taken place annually since 2010.[26]
In 2012, the G20 Ministers of Tourism and Heads of Delegation of G20 member countries and other invited States, as well as representatives from the World Travel and Tourism Council (WTTC), World Tourism Organization (UNWTO) and other
organisations in the Travel & Tourism sector met in Mérida, Mexico, on May 16 at the 4th G20 meeting and focused on 'Tourism as a means to Job Creation'. As a result of this meeting and The World Travel & Tourism Council's Visa Impact Research,
later on the Leaders of the G20, convened in Los Cabos on 18–19 June, would recognise the impact of Travel & Tourism for the first time. That year, the G20 Leaders Declaration added the following statement: "We recognise the role of travel and tourism
as a vehicle for job creation, economic growth and development, and, while recognizing the sovereign right of States to control the entry of foreign nationals, we will work towards developing travel facilitation initiatives in support of job creation, quality work,
poverty reduction and global growth."[27]
In March 2014, the former Australian foreign minister Julie Bishop, when Australia was hosting the 2014 G20 summit in Brisbane, proposed to ban Russia from the summit over its role in the 2014 Crimean crisis.[28] The BRICS foreign ministers
subsequently reminded Bishop that "the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character."
In 2016, the G20 framed its commitment to the 2030 Agenda (Sustainable Development Goals) in three key themes; the promotion of strong sustainable and balanced growth; protection of the planet from degradation; and furthering co-operation with low-
income and developing countries. At the G20 Summit in Hangzhou, members agreed on an action plan and issued a high level principles document to member countries to help facilitate the agenda's implementation.[29][30]
Japan hosted the 2019 summit,[31] The 2020 summit was to be held in Saudi Arabia,[32] but was instead held virtually on 21–22 November 2020 due to the COVID-19 pandemic under the presidency of Saudi Arabia.
List of summits [ edit ]

Main article: List of G20 summits
Chair rotation [ edit ]
To decide which member nation gets to chair the G20 leaders' meeting for a given year, all members, except the European Union, are assigned to one of five different groupings, with all but one group having four members, the other having three. Nations
from the same region are placed in the same group, except Group 1 and Group 2. All countries within a group are eligible to take over the G20 Presidency when it is their group's turn. Therefore, the states within the relevant group need to negotiate among
themselves to select the next G20 President. Each year, a different G20 member country assumes the presidency starting from 1 December until 30 November. This system has been in place since 2010, when South Korea, which is in Group 5, held the
G20 chair. The table below lists the nations' groupings:[33][34]
Group 1 Group 2 Group 3 Group 4 Group 5

Australia India Argentina France China
Canada Russia Brazil Germany Indonesia
Saudi Arabia South Africa Mexico Italy Japan
United States Turkey United Kingdom South Korea
To ensure continuity, the presidency is supported by a "troika" made up of the current, immediate past and next host countries.[35]
Organization [ edit ]
The G20 operates without a permanent secretariat or staff. The group's chair rotates annually among the members and is selected from a different regional grouping of countries. The incumbent chair establishes a temporary secretariat for the duration of its
term, which coordinates the group's work and organizes its meetings. The 2019 chair was Japan, which hosted the 2019 summit in Osaka.[36] The current chair is held by Italy. The 2021 summit is planned to be held in Italy. The 2022, 2023 and 2024
summits will be hosted by Indonesia, India and Brazil respectively.[37]
Proposed permanent secretariat [ edit ]
In 2010, President of France Nicolas Sarkozy proposed the establishment of a permanent G20 secretariat, similar to the United Nations. Seoul and Paris were suggested as possible locations for its headquarters.[38] Brazil and China supported the
establishment of a secretariat, while Italy and Japan expressed opposition to the proposal.[38] South Korea proposed a "cyber secretariat" as an alternative.[38] It has been argued that the G20 has been using the OECD as a secretariat.[39]
Members [ edit ]
As of 2021 there are 20 members of the group: Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and
the United States. Spain is a permanent guest invitee.[40][41]
Representatives include, at the leaders' summits, the leaders of nineteen countries and of the European Union, and, at the ministerial-level meetings, the finance ministers and central bank governors of nineteen countries and of the European Union.
In addition, each year, the G20's guests include Spain;[42] the Chair of ASEAN; two African countries (the chair of the African Union and a representative of the New Partnership for Africa's Development (NEPAD) and a country (sometimes more than one)
invited by the presidency, usually from its own region.[2][43][44]
The first of the tables below lists the member entities and their heads of government, finance ministers and central bank governors. The second table lists relevant statistics such as population and GDP figures for each member, as well as detailing
memberships of other international organizations, such as the G7, BRICS and MIKTA. Total GDP figures are given in millions of US dollars.
Leaders [ edit ]
Member Leader position Leader Finance portfolio Portfolio minister Central bank Central bank governor
Argentina President Alberto Fernández Minister of Economy Martín Guzmán Central Bank of Argentina Miguel Ángel Pesce
Australia Prime Minister Scott Morrison Treasurer Josh Frydenberg Reserve Bank of Australia Philip Lowe
Brazil President Jair Bolsonaro Minister of Economy Paulo Guedes Central Bank of Brazil Roberto Campos Neto
Canada Prime Minister Justin Trudeau Minister of Finance Chrystia Freeland Bank of Canada Tiff Macklem
President[note 1]
China Xi Jinping Minister of Finance Liu Kun People's Bank of China Yi Gang
General Secretary
France President Emmanuel Macron Minister of the Economy Bruno Le Maire Bank of France François Villeroy de Galhau
Germany Chancellor Angela Merkel Minister of Finance Olaf Scholz Deutsche Bundesbank Jens Weidmann
India Prime Minister Narendra Modi Minister of Finance Nirmala Sitharaman Reserve Bank of India Shaktikanta Das
Indonesia President Joko Widodo Minister of Finance Sri Mulyani Bank Indonesia Perry Warjiyo
Italy Prime Minister Mario Draghi Minister of Economy and Finance Daniele Franco Bank of Italy Ignazio Visco
Japan Prime Minister Yoshihide Suga Minister of Finance Tarō Asō Bank of Japan Haruhiko Kuroda
South Korea President Moon Jae-in Minister of Economy and Finance Hong Nam-ki Bank of Korea Lee Ju-yeol
Mexico President Andrés Manuel López Obrador Secretary of Finance Arturo Herrera Gutiérrez Bank of Mexico Alejandro Díaz de León
Russia President Vladimir Putin Minister of Finance Anton Siluanov Bank of Russia Elvira Nabiullina
Saudi Arabia King Salman bin Abdulaziz Al Saud Minister of Finance Mohammed Al-Jadaan Saudi Arabian Monetary Authority Ahmed Abdulkarim Al-Khulaifi
South Africa President Cyril Ramaphosa Minister of Finance Tito Mboweni South African Reserve Bank Lesetja Kganyago
Turkey President Recep Tayyip Erdoğan Minister of Treasury and Finance Lütfi Elvan Central Bank of Turkey Şahap Kavcıoğlu
United Kingdom Prime Minister Boris Johnson Chancellor of the Exchequer Rishi Sunak Bank of England Andrew Bailey
United States President Joe Biden Secretary of the Treasury Janet Yellen Federal Reserve Jerome Powell
President of the European Council Charles Michel
European Union[45] Commissioner for Economy Paolo Gentiloni European Central Bank Christine Lagarde
President of the European Commission Ursula von der Leyen
Leaders [ edit ]
Argentina Australia Brazil Canada China France Germany India Indonesia

Alberto Fernández, Scott Morrison, Jair Bolsonaro, Justin Trudeau, Xi Jinping, Emmanuel Macron, Angela Merkel, Narendra Modi, Joko Widodo,
President Prime Minister President Prime Minister President[note 1] President Chancellor Prime Minister President
Italy Japan South Korea Mexico Russia Saudi Arabia South Africa Turkey United Kingdom
Mario Draghi, Yoshihide Suga, Moon Jae-in, Andrés Manuel López Vladimir Putin, Salman bin Abdulaziz Al Cyril Ramaphosa, Recep Tayyip Erdoğan, Boris Johnson,
Prime Minister Prime Minister President Obrador, President Saud, President President Prime Minister
President King
United States European Union European Union

Joe Biden, Charles Michel, Ursula von der Leyen,
President President of the President of the
European Council European Commission
Member country data [ edit ]
PPP GDP
Nom. GDP
Trade Nom. GDP PPP GDP per
per capita HDI Population Area IMF economy
Member bil. USD mil. USD mil. USD capita P5 G4 G7 BRICS MIKTA DAC OECD C'wth N11 OPEC CIVETS
USD (2019) (2018)[52] km2 classification[53][54
(2018)[citation needed] (2020)[46][47] (2019)[48] (2019)[49][50]
USD
(2019)[51]
Argentina 127 388,279 920,209 10,667 20,537 0.845 44,570,000 2,780,400 Emerging
Australia 481.1 1,359,330 1,369,392 56,698 52,373 0.944 25,182,000 7,692,024 Advanced
Brazil 650.0 1,434,080 3,596,000 8,955 17,016 0.765 210,869,000 8,515,767 Emerging
Canada 910 1,643,410 1,896,725 46,733 49,651 0.929 37,078,000 9,984,670 Advanced
China 4,629 14,722,840 27,331,166 10,276 18,110 0.761 1,396,982,000 9,596,960 Emerging
France 1,227.4 2,598,910 3,054,599 42,931 45,775 0.901 65,098,000 640,679 Advanced
Germany 2,834 3,803,010 4,467,238 48,670 52,559 0.947 82,786,000 357,114 Advanced
India 830.7 2,708,770 11,468,022 2,016 7,874 0.645 1,334,221,000 3,287,263 Emerging
Indonesia 368.9 1,059,640 3,743,159 4,120 13,230 0.718 265,316,000 1,904,569 Emerging
Italy 1,047.4 1,884,940 2,442,144 34,349 39,637 0.892 60,756,000 301,336 Advanced
Japan 1,486.6 5,048,690 5,749,550 39,306 44,227 0.919 126,431,000 377,930 Advanced
South Korea 1,140.4 1,630,870 2,229,779 32,046 41,351 0.916 51,665,000 100,210 Advanced
Mexico 915.2 1,076,160 2,658,041 9,807 20,602 0.779 124,738,000 1,964,375 Emerging
Russia 687.5 1,473,580 4,135,000 11,601 28,184 0.824 146,850,200 17,098,242 Emerging
Saudi Arabia 369.1 701,467 1,924,253 23,187 55,944 0.854 33,203,000 2,149,690 Emerging/Develop
South Africa 187.8 302,114 875,100 6,560 15,239 0.709 57,420,000 1,221,037 Emerging/Develop
Turkey 391 719,537 2,274,072 9,346 27,956 0.820 71,867,000 783,562 Emerging
United Kingdom 1,157.1 2,710,970 3,128,185 42,261 45,705 0.932 66,466,000 242,495 Advanced
United States 4,278 20,932,750 21,344,667 62,606 62,606 0.926 328,116,000 9,833,517 Advanced
European Union 15,167,820 22,761,233 33,715 41,091 0.900 512,600,000 4,233,262 N/A
In addition to these 20 members, the chief executive officers of several other international forums and institutions participate in meetings of the G20.[2] These include the managing director and Chairman of the International Monetary Fund, the President of
the World Bank, the International Monetary and Financial Committee and the Chairman of the Development Assistance Committee.
The G20's membership does not reflect exactly the 19 largest national economies of the world in any given year. The organization states:[1]
In a forum such as the G20, it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. There are no formal criteria for G20 membership and the composition
of the group has remained unchanged since it was established. In view of the objectives of the G20, it was considered important that countries and regions of systemic significance for the international financial system be included. Aspects such
as geographical balance and population representation also played a major part.
All 19 member nations are among the top 31 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund (IMF) for 2020.[55] Not represented by membership in the G20 are UN member states Switzerland
(ranked 18th by the IMF), Iran (22), Thailand (25) and Nigeria (27) even though they rank higher than some members; Taiwan (21), which is not a UN-member state, is also unrepresented. The Netherlands (17), Sweden (24), Poland (23), Belgium (26),
Austria (28) and Ireland (29) are included only as part of the EU, and not independently. Spain (13) is a permanent guest invitee.[42]
When the countries' GDP is measured at purchasing power parity (PPP) rates,[56][57] all 19 members are among the top 30 in the world for the year of 2017, according to the IMF. Iran (18), Thailand (20), Egypt (21), Taiwan (22), Nigeria (24), Pakistan (25),
Malaysia (26) and Philippines (29) are not G20 members, while Poland (23) and the Netherlands (28) are only included by virtue of being EU members, and Spain (15), is a permanent guest invitee. However, in a list of average GDP, calculated for the
years since the group's creation (1999–2008) at both nominal and PPP rates, only Spain, the Netherlands, Nigeria, Poland, Taiwan, Iran and Thailand appear above any G20 member in both lists simultaneously.
Spain, being the 13th largest economy in the world and 4th in the European Union in terms of nominal GDP, has been a "permanent guest" of the organization,[58] and as of 2010 the Spanish government's strategy is to not request official membership.[59] A
Spanish delegation has been invited to, and has attended, every G20 heads-of-state summit since the G20's inception.
Role of Asian countries [ edit ]
A 2011 report released by the Asian Development Bank (ADB) predicted that large Asian economies such as China and India would play a more important role in global economic governance in the future. The report claimed that the rise of emerging
market economies heralded a new world order, in which the G20 would become the global economic steering committee.[60] The ADB furthermore noted that Asian countries had led the global recovery following the late-2000s recession. It predicted that
the region would have a greater presence on the global stage, shaping the G20's agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand.[60]
Invitees [ edit ]
Typically, several participants that are not permanent members of the G20 are extended invitations to participate in the summits. Each year, the Chair of the Association of Southeast Asian Nations; the
Chair of the African Union; and a representative of the New Partnership for Africa's Development are invited in their capacities as leaders of their organisations and as heads of government of their home
states.[61] Additionally, the leaders of the Financial Stability Board, the International Labour Organization, the International Monetary Fund, the Organisation for Economic Co-operation and Development,
the United Nations, the World Bank Group and the World Trade Organization are invited and participate in pre-summit planning within the policy purview of their respective organisation.[62] Spain is a
permanent non-member invitee.[42][61]
Other invitees are chosen by the host country, usually one or two countries from its own region.[61] For example, South Korea invited Singapore. International organisations which have been invited in the
past include the Asia-Pacific Economic Cooperation (APEC), the Basel Committee on Banking Supervision (BCBS), the Commonwealth of Independent States (CIS), the Eurasian Economic Community
(EAEC), the European Central Bank (ECB), the Food and Agriculture Organization (FAO), the Global Governance Group (3G) and the Gulf Cooperation Council (GCC). Previously, the Netherlands had a G20 members (blue) and previously invited states
similar status to Spain while the rotating presidency of the Council of the European Union would also receive an invitation, but only in that capacity and not as their own state's leader (such as the Czech (pink) as of 2016
premiers Mirek Topolánek and Jan Fischer during the 2009 summits).
Permanent guest invitees [ edit ]
Invitee Officeholder State Official title

President
African Union (AU) Félix Tshisekedi DR Congo
(Chairperson)
Brunei
Hassanal Bolkiah Brunei
Association of Southeast Asian Nations (ASEAN) (2021 chair)
Lim Jock Hoi N/A Secretary-General
Financial Stability Board (FSB) Randal K. Quarles N/A Chairperson
International Labour Organization (ILO) Guy Ryder N/A Director General
International Monetary Fund (IMF) Kristalina Georgieva N/A Managing Director
Spain[42] Pedro Sánchez Spain Prime Minister
President
New Partnership for Africa's Development (AUDA-NEPAD) Paul Kagame Rwanda
(chair)
Organisation for Economic Co-operation and Development (OECD) José Ángel Gurría N/A Secretary-General
United Nations (UN) António Guterres N/A Secretary-General
World Bank Group (WBG) David Malpass N/A Acting President
World Trade Organization (WTO) Ngozi Okonjo-Iweala N/A Director General
G20 Agenda [ edit ]
Financial focus [ edit ]
The initial G20 agenda, as conceived by US, Canadian and German policy makers, was very much focused on the sustainability of sovereign debt and global financial stability, in an inclusive format that would bring in the largest developing economies as
equal partners. During a summit in November 2008, the leaders of the group pledged to contribute trillions to international finance organizations, including the World Bank and IMF, mainly for reestablishing the global financial system.[63][64]
Since inception, the recurring themes covered by G20 summit participants have related in priority to global economic growth, international trade and financial market regulation.[65]
Inclusive growth [ edit ]
After the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement in 2015, more "issues of global significance"[65][66] were added to the G20 agenda: migration, digitisation, employment, healthcare, the economic empowerment
of women and development aid.[67]
Interrelated themes [ edit ]
Wolfgang Schäuble, German Federal Minister of Finance, has insisted on the interconnected nature of the issues facing G20 nations, be they purely financial or developmental, and the need to reach effective, cross-cutting policy measures: "Globalization
has lifted hundreds of millions out of poverty, but there is also a growing rise in frustration in some quarters […] development, [national] security and migration are all interlinked"[66]
Criticisms [ edit ]
Exclusivity of membership [ edit ]
Although the G20 has stated that the group's "economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system",[68] its legitimacy has been challenged. A 2011
report for the Danish Institute for International Studies criticised the G20's exclusivity, particularly highlighting its underrepresentation of African countries and its practice of inviting observers from non-member states as a mere "concession at the margins",
which does not grant the organisation representational legitimacy.[69] With respect to the membership issue, former US President Barack Obama noted the difficulty of pleasing everyone: "Everybody wants the smallest possible group that includes them.
So, if they're the 21st largest nation in the world, they want the G21, and think it's highly unfair if they have been cut out."[70] Others stated in 2011 that the exclusivity is not an insurmountable problem, and proposed mechanisms by which it could become
more inclusive.[71]
Norwegian perspective [ edit ]
In line with Norway's emphasis on inclusive international processes, the United Nations and the UN-system, in a 2010 interview with Der Spiegel, former Norwegian foreign minister Jonas Gahr Støre called the G20 "one of the greatest setbacks since World
War II"[9] as 173 nations who are all members of the UN are not among the G20. This includes Norway, a major developed economy and the seventh-largest contributor to UN international development programs,[72] which is not a member of the EU, and
thus is not represented in the G20 even indirectly.[9] Norway, like other such nations, has little or no voice within the group. Støre argued that the G20 undermines the legitimacy of international organizations set up in the aftermath of World War II, such as
the IMF, World Bank and United Nations:
The G20 is a self-appointed group. Its composition is determined by the major countries and powers. It may be more representative than the G7 or the G8, in which only the richest countries are represented, but it is still arbitrary. We no longer
live in the 19th century, a time when the major powers met and redrew the map of the world. No one needs a new Congress of Vienna.[9]
Norway, under the government of Erna Solberg, attended the 2017 G20 summit in Hamburg, Germany,[73] and participates[when?] in working groups and sub-working groups, for instance on research.[citation needed] The Norwegian Minister of the Elderly will
participate[when?] under the 2019 Japanese presidency of the G20.[citation needed]
Spanish position on membership [ edit ]
The Spanish government's policy is to not request official membership. Despite being hit hard by the economic crisis after 2008, Spain is still the world's thirteenth largest economy by nominal GDP (the fourth in the European Union) and fifteenth largest by
purchasing power parity, clearly exceeding the numbers of several current members of the G20 such as Argentina or South Africa. In addition, since the 1990s several Spanish companies have gained multinational status, often expanding their activities in
culturally close Latin America, where Spain is the second biggest foreign investor after the United States and keeps an important influence. These facts have reinforced the idea that Spain should seek permanent membership of the G20.[42]
Polish aspirations [ edit ]
In contrast with the Spanish position, the Polish government has repeatedly asked to join the G20.
Before the 2009 G20 London summit, the Polish government expressed an interest in joining with Spain and the Netherlands and condemned an "organisational mess" in which a few European leaders speak in the name of all the EU without legitimate
authorisation in cases which belong to the European Commission.[citation needed]
During a 2010 meeting with foreign diplomats, Polish president Lech Kaczyński said:
Polish economy is according to our data an 18th world economy. The place of my country is among the members of the G20. This is a very simple postulate: firstly – it results from the size of Polish economy, secondly – it results from the fact
that Poland is the biggest country in its region and the biggest country that has experienced a certain story. That story is a political and economic transformation.[74]
In 2012, Tim Ferguson wrote in Forbes that swapping Argentina for Poland should be considered, claiming that the Polish economy was headed toward a leadership role in Europe and its membership would be more legitimate.[75][76] A similar opinion was
expressed by Marcin Sobczyk in the Wall Street Journal,.[77] Mamta Murthi from the World Bank said,"...To be in ‘a club’, what Poland can do is to behave as if it already is in the club it wants to join."[78]
In 2014 consulting company Ernst & Young published its report about optimal members for G20. After analyzing trade, institutional and investment links Poland was included as one of the optimal members.[79]
G20 membership has been part of Poland's Law and Justice party and President Andrzej Duda political program.[80] In March 2017, Deputy Prime Minister of Poland Mateusz Morawiecki took part in a meeting of G20 financial ministers in Baden-Baden as
the first Polish representative.[81][82]
Global Governance Group (3G) response [ edit ]
In June 2010, Singapore's representative to the United Nations warned the G20 that its decisions would affect "all countries, big and small", and asserted that prominent non-G20 members should be included in financial reform discussions.[83] Singapore
thereafter took a leading role in organizing the Global Governance Group (3G), an informal grouping of 30 non-G20 countries (including several microstates and many Third World countries) with the aim of collectively channelling their views into the G20
process more effectively.[84][85][86] Singapore's chairing of the 3G was cited as a rationale for inviting Singapore to the November 2010 G20 summit in South Korea,[87] as well as the 2011, 2013, 2014, 2015, 2016, and 2017 summits.[citation needed]
Foreign Policy critiques [ edit ]
The American magazine Foreign Policy has published articles condemning the G20, in terms of its principal function as an alternative to the supposedly exclusive G8. It questions the actions of some of the G20 members, and advances the notion that
some nations should not have membership in the first place. Furthermore, with the effects of the Great Recession still ongoing, the magazine has criticized the G20's efforts to implement reforms of the world's financial institutions, branding such efforts as
failures.[88]
Wider concerns [ edit ]
The G20's prominent membership gives it a strong input on global policy despite lacking any formal ability to enforce rules. There are disputes over the legitimacy of the G20,[89] and criticisms of its organisation and the efficacy of its declarations.[90]
The G20's transparency and accountability have been questioned by critics, who call attention to the absence of a formal charter and the fact that the most important G20 meetings are closed-door.[91] In 2001, the economist Frances Stewart proposed an
Economic Security Council within the United Nations as an alternative to the G20. In such a council, members would be elected by the General Assembly based on their importance to the world economy, and the contribution they are willing to provide to
world economic development.[92]
The cost and extent of summit-related security is often a contentious issue in the hosting country, and G20 summits have attracted protesters from a variety of backgrounds, including information activists, opponents of fractional-reserve banking and anti-
capitalists. In 2010, the Toronto G20 summit sparked mass protests and rioting, leading to the largest mass arrest in Canada's history.[citation needed]
See also [ edit ]
Model G20
Big Four (Western Europe)
Pacific Alliance
Emerging power
Group of Ten (economics)
Group of Eight or G8
Group of Seven or G7
BRICS
MIKTA
Great power
Middle power
Regional power
Global governance
List of countries by GDP (nominal)
List of countries by GDP (PPP)
List of country groupings
List of multilateral free-trade agreements
Notes [ edit ]
1. ^ a b The de jure head of government of China is the Premier, whose current holder is Li Keqiang. The President of China is legally a ceremonial office, but the General Secretary of the Chinese Communist Party (de facto leader) has always held this office since 1993 except for
the months of transition, and the current paramount leader is Xi Jinping.
1. ^ If excluding EU intra-trade, 75 percent.

1. ^ Summits were biannual in 2009 and 2010; since the November 2011 Cannes summit, G20 summits have been annual.
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BRICS
Main page For other uses, see Bric (disambiguation).

Contents
BRICS is the acronym coined to associate five major emerging economies: Brazil, Russia, India, China, and South Africa. The BRICS members are known BRICS
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for their significant influence on regional affairs.[1] Since 2009, the governments of the BRICS states have met annually at formal summits. Russia hosted the
Brazil, Russia, India, China and South Africa
About Wikipedia most recent 12th BRICS summit on 17 November 2020 virtually due to the COVID-19 pandemic.
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Originally the first four were grouped as "BRIC" (or "the BRICs") before the induction of South Africa in 2010.[2] The BRICS have a combined area of
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39,746,220 km2 (15,346,101.0 sq mi) and an estimated total population of about 3.21 billion,[3] or about 26.656% of the world land surface and 41.53% of the
Contribute world population. Four out of five members are among the world's ten largest countries by population and by area, except for South Africa, the twenty-fourth
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Members of G20, as of 2018, these five states had a combined nominal GDP of US$19.6 trillion, about 23.2% of the gross world product, a combined GDP
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(PPP) of around US$40.55 trillion (32% of the world's GDP PPP), and an estimated US$4.46 trillion in combined foreign reserves.[4][5] The BRICS have
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received both praise and criticism from numerous commentators.[6][7][8] Bilateral relations among BRICS states are conducted mainly based on non-
interference, equality, and mutual benefit.[9] The existence of the BRICS grouping does not signify a formal or informal alliance; there are multiple economic,
Tools territorial, and political disputes between the five governments. Logo of the 2021 13th BRICS summit
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Related changes Contents [hide]
Special pages 1 History
Permanent link 1.1 First BRIC summit
Page information
1.2 Entry of South Africa
Cite this page
1.3 Developments
Wikidata item
2 Geography
Print/export 3 Summits
The current set of BRICS leaders, from left to right: Xi
Download as PDF 4 Member countries
Jinping, Vladimir Putin, Jair Bolsonaro, Narendra Modi and
Printable version 5 Financial architecture Cyril Ramaphosa
5.1 New Development Bank
In other projects
5.2 BRICS CRA
Wikimedia Commons
5.3 BRICS payment system
Languages 6 Reception
Deutsch 6.1 BRICS Pro Tempore Presidency
Español 7 Coronavirus
Français 8 Current leaders
한국어 8.1 Current ministerial leaders
Italiano
9 See also The BRICS-nations
Русский
Tagalog
10 Citations
Member states and key leaders:
Tiếng Việt 10.1 Sources
Brazil President Jair Bolsonaro
中文 11 Further reading
Russia President Vladimir Putin
12 External links
61 more India (2021 host) Prime Minister Narendra Modi
Edit links China President Xi Jinping
History [ edit ] South Africa President Cyril Ramaphosa
Abbreviation BRICS
The term "BRIC" is believed to be coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication Building Better Named after Member states' initials
Global Economic BRICs.[10] But, it was actually coined by Roopa Purushothaman who was a Research Assistant in the original report.[11] The foreign Predecessor BRIC
ministers of the initial four BRIC General states (Brazil, Russia, India, and China) met in New York City in September 2006 at the margins of the General Formation September 2006 (UNGA 61st
Debate of the UN Assembly, beginning a series of high-level meetings.[12] A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June session)
1st BRIC summit: 16 June 2009
2009.[13]
Founder UNGA 61st session:
Celso Amorim
First BRIC summit [ edit ]
Sergey Lavrov
The BRIC grouping's 1st formal summit, also held in Yekaterinburg, commenced on 16 June 2009,[14] with Luiz Inácio Lula da Silva, Dmitry Medvedev, Pranab Mukherjee
Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India, and China, all attending.[15] The summit's focus was on improving the global Li Zhaoxing
Vladimir Putin
economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future.[14][15] There was further
1st BRIC summit:
discussion of ways that developing countries, such as 3/4 of the BRIC members, could become more involved in global affairs.[15]
Lula da Silva
In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be "diverse, Dmitry Medvedev
stable and predictable."[16] Although the statement that was released did not directly criticize the perceived "dominance" of the US dollar – something that Manmohan Singh
Hu Jintao
Russia had criticized in the past – it did spark a fall in the value of the dollar against other major currencies.[17]
Founded at UN HQ, NYC (UNGA 61st session)
Yekaterinburg (1st BRIC summit)
Entry of South Africa [ edit ]
Type Intergovernmental organization
In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year.[18] South Africa officially Purpose Political
became a member nation on 24 December 2010, after being formally invited by China to join[19] and subsequently accepted by other BRIC countries.[18] The
Headquarters BRICS Tower
group was renamed BRICS – with the "S" standing for South Africa – to reflect the group's expanded membership.[20] In April 2011, the President of South
Location Shanghai, China
Africa, Jacob Zuma, attended the 2011 BRICS summit in Sanya, China, as a full member.[21][22][23]
Fields International politics
Membership 5
Developments [ edit ]
(2021)
The BRICS Forum, an independent international organization encouraging commercial, political, and cultural cooperation between the BRICS nations, was Funding Member states
formed in 2011.[24] In June 2012, the BRICS nations pledged $75 billion to boost the lending power of the International Monetary Fund (IMF). However, this Website https://infobrics.org
loan was conditional on IMF voting reforms.[25] In late March 2013, during the fifth BRICS summit in Durban, South Africa, the member countries agreed to Formerly called BRIC
create a global financial institution intended to rival the western-dominated IMF and World Bank.[26] After the summit, the BRICS stated that they planned to
finalize the arrangements for this New Development Bank by 2014.[27] However, disputes relating to burden sharing and location slowed down the agreements.
At the BRICS leaders meeting in St Petersburg in September 2013, China committed $41 billion towards the pool; Brazil, India, and Russia $18 billion each; and South Africa $5 billion. China, holder of the world's
largest foreign exchange reserves and contributes the bulk of the currency pool, wants a more significant managing role, said one BRICS official. China also wants to be the location of the reserve. "Brazil and India
want the initial capital to be shared equally. We know that China wants more," said a Brazilian official. "However, we are still negotiating, there are no tensions arising yet."[28] On 11 October 2013, Russia's Finance
Minister Anton Siluanov said that creating a $100 billion fund designated to steady currency markets would be taken in early 2014. The Brazilian finance minister, Guido Mantega, stated that the fund would be
created by March 2014.[29] However, by April 2014, the currency reserve pool and development bank had yet to be set up, and the date was rescheduled to 2015.[30] One driver for the BRICS development bank is
that the existing institutions primarily benefit extra-BRICS corporations, and the political significance is notable because it allows BRICS member states "to promote their interests abroad... and can highlight the
strengthening positions of countries whose opinion is frequently ignored by their developed American and European colleagues."
In March 2014, at a meeting on the margins of the Nuclear Security Summit in The Hague, the BRICS Foreign Ministers issued a communique that "noted with concern, the recent media statement on the
forthcoming G20 Summit to be held in Brisbane in November 2014. The custodianship of the G20 belongs to all Member States equally, and no one Member State can unilaterally determine its nature and character."
In light of the tensions surrounding the 2014 Crimean crisis, the Ministers remarked that "The escalation of hostile language, sanctions and counter-sanctions, and force does not contribute to a sustainable and
peaceful solution, according to international law, including the principles and purposes of the United Nations Charter."[31] This was in response to the statement of Australian Foreign Minister Julie Bishop, who had
said earlier that Russian President Vladimir Putin might be barred from attending the G20 Summit in Brisbane.[32]
In July 2014, the Governor of the Russian Central Bank, Elvira Nabiullina, claimed that the "BRICS partners the establishment of a system of multilateral swaps that will allow to transfer resources to one or another
country, if needed" in an article which concluded that "If the current trend continues, soon the dollar will be abandoned by most of the significant global economies and it will be kicked out of the global trade
finance."[33]
Over the weekend of 13 July 2014, when the final game of the FIFA World Cup was held, and in advance of the BRICS Fortaleza summit, Putin met fellow leader Dilma Rousseff to discuss the BRICS development
bank, and sign some other bilateral accords on air defense, gas and education. Rouseff said that the BRICS countries "are among the largest in the world and cannot content themselves in the middle of the 21st
century with any kind of dependency."[34] The Fortaleza summit was followed by a BRICS meeting with the Union of South American Nations president's in Brasilia, where the development bank and the monetary
fund were introduced.[35] The development bank will have capital of US$50 billion with each country contributing US$10 billion, while the monetary fund will have US$100 billion at its disposal.[35]
On 15 July, the first day of the BRICS 6th summit in Fortaleza, Brazil, the group of emerging economies signed the long-anticipated document to create the US$100 billion
New Development Bank (formerly known as the "BRICS Development Bank") and a reserve currency pool worth over another US$100 billion. Documents on cooperation
between BRICS export credit agencies and an agreement of cooperation on innovation were also inked.[citation needed]
At the end of October 2014, Brazil trimmed down its holdings of US government securities to US$261.7 billion; India, US$77.5 billion; China, US$1.25 trillion; South Africa,
US$10.3 billion.[36]
In March 2015, Morgan Stanley stated that India and Indonesia had escaped from the 'fragile five' (the five major emerging markets with the most fragile currencies) by
instituting economic reforms. Previously, in August 2013, Morgan Stanley rated India and Indonesia, together with Brazil, Turkey, and South Africa, as the 'fragile five' due to
their vulnerable currencies. But since then, India and Indonesia have reformed their economies, completing 85% and 65% of the necessary adjustments respectively, while
Brazil had only achieved 15%, Turkey only 10%, and South Africa even less.[37]
After the 2015 summit, the respective communications ministers, under a Russian proposal, had a first summit for their ministries in Moscow in October where the host
minister, Nikolai Nikiforov, proposed an initiative to further tighten their information technology sectors and challenge the monopoly of the United States in the
sector.[citation needed]
Since 2012, the BRICS group of countries have been planning an optical fibre submarine communications cable system to carry telecommunications between the BRICS
countries, known as the BRICS Cable.[38] Part of the motivation for the project was the spying of the U.S. National Security Agency on all telecommunications that flowed in
BRICS Tower headquarters (former
and out of United States territory.[39]
Oriental Financial Centre) in Shanghai.
In August 2019, the communications ministers of the BRICS countries signed a letter of intent to cooperate in the Information and Communication Technology sector. This
agreement was signed in the fifth edition of meeting of communication ministers of countries member of the group.[40] The agreement was signed at the fifth meeting of BRICS
communications minister held in Brasilia.
Geography [ edit ]
The BRICS is an association formed by countries in four continents: Brazil in South America, Russia in Europe, India and China in Asia and South Africa in Africa. Its member states cover an area of over 39,000,000
square kilometers, which is approximately 27% of the world's land surface.
Iguazu Falls in Paraná, Brazil, Amazon rainforest in Mount Elbrus, located in the Volga River in Mari El, it is the Ganges river in the Northern Ganges Delta in West Bengal, Western Ghats in India, is a
is the largest waterfalls Amazonas, Brazil, is the Caucasus, is the highest point longest river in both Russia Plains in India is the 4th India and Bangladesh is the UNESCO World Heritage Site
system in the world. largest rainforest in the world, of both Russia and Europe. and Europe. largest river by discharge in largest river delta in the world. and is one of the eight "hottest
also known as "lungs of the the world. hot-spots" of biological diversity
earth". in the world.
Kanchenjunga located in Yangtze river in Yunnan, Drakensberg in Eastern

Sikkim, India and Nepal is the China, is the 3rd largest river Cape, South Africa and
3rd highest mountain in the by length in the world. Lesotho is the highest
world. mountain range in Southern
Africa.
Summits [ edit ]
The grouping has held annual summits since 2009, with member countries taking turns to host. Prior to South Africa's admission, two BRIC summits were held, in 2009 and 2010. The first five-member BRICS
summit was held in 2011. The most recent BRICS summit took place in Brazil from 13 to 14 November 2019. India will host the BRICS 2021 summit at New Delhi & amid tensions with China, Chinese leader Xi
Jinping had made a soft move by supporting India's Chairmanship in 2021. Experts are saying China is trying to rebuild its relation with India after Standoff[41]
Sr. Host
Date(s) Host country Location Notes
No. leader
The summit was to discuss the global recession taking place at the time, future cooperation between states,
Dmitry and trade. Some of the specific topics discussed were food, trade, climate trade, and security for the nations.
1st 16 June 2009 Russia Yekaterinburg (Sevastianov's House)
Medvedev They called out for a more influential voice and representation for up and coming markets. Note at the time
South Africa was not yet admitted to the BRICS organization at the time.[42]
Luiz Inácio Guests: Jacob Zuma (President of South Africa) and Riyad al-Maliki (Foreign Minister of the Palestinian National Authority). The
2nd 15 April 2010 Brazil Lula da Brasília (Itamaraty Palace) second summit continued on the conversation of the global recession and how to recover. They had a
Silva conversation on the IMF, climate change, and more ways to form cooperation between states.[42]
First summit to include South Africa alongside the original BRIC countries. The third summit had nations debating on the
3rd 14 April 2011 China Hu Jintao Sanya (Sheraton Sanya Resort)
global and internal economies of countries.[42]
The BRICS Cable announced an optical fibre submarine communications cable system that carries telecommunications between
Manmohan the BRICS countries. The fourth summit discussed how the organization could prosper from the global recession
4th 29 March 2012 India New Delhi (Taj Mahal Hotel)
Singh and how they could take advantage of that to help their economies. BRICS had the intention of improving their
global power and to provide adequate development for their state.[43]
Jacob .The fifth summit discusses the New Development Bank proposition and Contingent Reserve Agreement.
5th 26–27 March 2013 South Africa Durban (Durban ICC)
Zuma BRICS also announced the Business Council and its Think Tank Council.[43]
BRICS New Development Bank and BRICS Contingent Reserve Arrangement agreements signed.
Dilma Guest: Leaders of Union of South American Nations (UNASUR)[45][46] The members of BRICS conversed with each
[44]
6th 14–17 July 2014 Brazil Fortaleza (Centro de Eventos do Ceará)
Rousseff other about political coordination, development, and economic growth. They established the Fortaleza
Declaration and Action Plan.[47]
Vladimir Joint summit with SCO-EAEU. The seventh summit discussed global, economic problems, and better ways to
7th 8–9 July 2015 Russia Ufa (Congress Hall)[48]
Putin foster cooperation between member states.[47]
Joint summit with BIMSTEC. The eighth BRICS summit debated on topics like counter-terrorism, economies, and
Narendra
8th 15–16 October 2016 India Benaulim (Taj Exotica) climate change. BRICS also issued the Goa Declaration and Action Plan, hoping to harden their
Modi
relationships.[49]
Joint summit with EMDCD. The ninth summit was an event that talked about a bright future for BRICS and what
Xiamen (Xiamen International Conference
9th 3–5 September 2017 China Xi Jinping their goals intend to be. They still covered and debated on international and regional issues with one another;
Center)
hopeful to keep moving forward.[49]
Cyril Johannesburg (Sandton Convention The tenth summit had the members discuss their rising industries. Hoping they can cut a bigger slice of the
10th 25–27 July 2018 South Africa
Ramaphosa Centre) industry market.
The eleventh summit discussed advancements in the BRICS's science and innovation fields. Primarily trying to
13–14 November Jair
11th Brazil Brasília (Itamaraty Palace)[41] advance technology and digital currency. They made mutual agreements to help stop drug trafficking and
2019 Bolsonaro
organized crime; both internationally and internally
21–23 July 2020
(postponed due to
COVID-19 Joint summit with SCO. Discussing a mutual agreement on helping BRICS member countries to help foster better
Vladimir
12th pandemic)[50] Russia Saint Petersburg[52] living standards and quality of life for each countries people. Plans on focusing on peace, economies, and
Putin
17 November 2020 cultural societal issues.[53]
(video
conference)[51]
13th TBA India Narendra New Delhi BRICS Games 2021[54]
Modi
Member countries [ edit ]
Nom. PPP Nom. PPP

GDP GDP
Population GDP GDP GDP Foreign Life
per per
(in bil. bil. growth Exchange HFCE Government Literacy expectancy HDI
Country capita capita Exports[60] Imports[61]
Thousands) USD USD (2018 Reserves (2018) spending rate[62] (years, (2019)[64]
USD USD
(2018)[55][56] (2020 (2020 (2020 (2020 est.)[58] (2021)[59] avg.)[63]
est.)[57] est.)[57] est.)[57] est.)[57]
$355,620 $1,194,670
Brazil 210,869.000 1,363 4,593 6,450 17,016 1.0% $846.6 bn $393.2 bn $201.9 bn 94.4% 76.8 0.765 (high)
million bn
600,900 $856,329 0.824 (very
Russia 143,964.709 1,464 4,519 9,972 30,820 1.6% $414.0 bn $336.8 bn $212.7 bn 99.7% 72.7
million bn high)
$592,894 $1,729,560 0.645
India 2,592 12,363 1,877 9,027 7.1% $616.0 bn $303.4 bn $426.8 bn 72.1% 68.8
1,367,089.879 million bn (medium)
$3,198,200 $5,352,545
China 14,860 29,471 10,873 20,984 6.7% $2,031.0 bn $2,157.0 bn $1,731.0 bn 96.4% 76.4 0.761 (high)
1,415,045.928 million bn
$53,760 $211,693
South Africa 57,398.421 370 834 6,193 13,965 1.4% $95.27 bn $78.25 bn $80.22 bn 94.3% 63.6 0.709 (high)
million bn
$986,994 $1,868,959
Average 627,060.914 3,653.7 8,119.9 7,422 19,041 3.5% $800.574 bn $562.94 bn $446.68 bn 93% 71.2 0.741 (high)
million bn
Argentina, Bangladesh, Indonesia, Mexico and Turkey have expressed strong interest in full membership of the BRICS, while Egypt, Iran, Nigeria, Sudan, Syria and most recently Pakistan and Greece have also
expressed interest in joining BRICS.[65][66][67][68][69]
Bangladesh has been formally invited to join the organization in 2020. In February 2021, Bangladesh announced it has formally began the process to join the organization. According to finance minister Mustafa
Kamal, Bangladesh has formally proposed to acquire one percent of the Bank for $382 million with an option to increase its stake in the future, against .76 percent offered by BRICS New Development Bank.[70][71][72]
Financial architecture [ edit ]
Currently, there are two components that make up the financial architecture of BRICS, namely, the New Development Bank (NDB), or sometimes referred to as the BRICS Development Bank, and the Contingent
Reserve Arrangement (CRA). Both of these components were signed into treaty in 2014 and became active in 2015.
New Development Bank [ edit ]

Further information: New Development Bank
The New Development Bank (NDB), formally referred to as the BRICS Development Bank,[73] is a multilateral development bank operated by the five BRICS states. The
bank's primary focus of lending will be infrastructure projects[74][75] with authorized lending of up to $34 billion annually.[75] South Africa will be the African Headquarters of the
Bank named the "New Development Bank Africa Regional Centre."[76] The bank will have starting capital of $50 billion, with wealth increased to $100 billion over time.[77] Brazil,
Russia, India, China, and South Africa will initially contribute $10 billion each to bring the total to $50 billion.[76][77] It has so far 53 projects under way worth around $15 billion.[78]
BRICS CRA [ edit ]

Further information: BRICS Contingent Reserve Arrangement
The BRICS Contingent Reserve Arrangement (CRA) is a framework for providing protection against global liquidity pressures.[74][77][79] This includes currency issues where The New Development Bank
members' national currencies are being adversely affected by global financial pressures.[74][79] It is found that emerging economies that experienced rapid economic liberalization (NDB) is based in Shanghai.
went through increased economic volatility, bringing an uncertain macroeconomic environment.[80] The CRA is generally seen as a competitor to the International Monetary Fund
(IMF) and along with the New Development Bank is viewed as an example of increasing South-South cooperation.[74] It was established in 2015 by the BRICS countries. The
legal basis is formed by the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, signed at Fortaleza, Brazil on July 15, 2014. With its inaugural meetings of the BRICS CRA Governing Council
and Standing Committee, held on September 4, 2015, in Ankara, Turkey[81] it entered into force upon ratification by all BRICS states, announced at the 7th BRICS summit in July
2015.
BRICS payment system [ edit ]
At the 2015 BRICS summit in Russia, ministers from BRICS nations, initiated consultations for a payment system that would be an alternative to the SWIFT system. Russian
Deputy Foreign Minister Sergey Ryabkov stated in an interview, "The finance ministers and executives of the BRICS central banks are negotiating ... setting up payment systems
and moving on to settlements in national currencies. SWIFT or not, in any case we’re talking about ... a global multilateral payment system that would provide greater
The New Development Bank
independence, would create a definite guarantee for BRICS."[citation needed] (NDB) and Contingent Reserve
Arrangement (CRA) were signed
The Central Bank of Russia (CBR) also started consultations with BRICS nations for a payment system that would be an alternative to the SWIFT system. The main benefits
into treaty at the 2014 BRICS
highlighted were backup and redundancy in case there were disruptions to the SWIFT system. The Deputy Governor of the Central Bank of Russia, Olga Skorobogatova, stated summit in Brazil.
in an interview, "The only topic that may be of interest to all of us within BRICS is to consider and talk over the possibility of setting up a system that would apply to the BRICS
countries, used as a backup."[82]
China has also initiated the development of their own payment system called CIPS, that would be an alternative to the SWIFT system. The Cross-Border Inter-Bank Payments System (CIPS) is a planned alternative
payment system to SWIFT which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized, and reliable
environment.[83]
Reception [ edit ]
In 2012, Hu Jintao, the then President of China and Paramount leader, described the BRICS countries as defenders and promoters of developing countries and a force for world peace.[6] Western analysts have
highlighted potential divisions and weaknesses in the grouping, including significant economic instabilities,[84][85][86][87] disagreements between the members over the UN Security Council reform,[88] and India and
China's disputes[89] over territorial issues.[7]
On 9 April 2013, Isobel Coleman from the Council on Foreign Relations, director of CFR's Civil Society, Markets, and Democracy Program said that members of BRICS share a lack of consensus. They uphold
drastically different political systems, from a vibrant democracy in Brazil to entrenched oligarchy in Russia, and their economies are little integrated and are different in size by orders of magnitude. Also, she states
that the significant difference in GDP influences the reserves. China taking up over 41% of the contribution, which in turn leads to bigger political say within the association.[90]
Vijay Prashad, author and the Edward Said Chair at the American University of Beirut, has raised the BRICS limitations as a political and economic 'locomotive of the South' because they follow neoliberal policies.
They have established neither new counter-balancing institutions nor come up with an alternative ideology. Furthermore, the BRICS project, argues Prashad, has no ability to challenge the primacy of the United
States and NATO.[91]
BRICS Pro Tempore Presidency [ edit ]
The group at each summit elects one of the heads of state of the component countries to serve as President Pro Tempore of the BRICS. In 2019, the pro tempore presidency was held by the president of Brazil.[92]
The theme of the 11th BRICS summit was "BRICS: economic growth for an innovative future", and the priorities of the Brazilian Pro Tempore Presidency for 2019 are the following: Strengthening of the cooperation in
Science, technology and innovation; Enhancement of the cooperation on digital economy; Invigoration of the cooperation on the fight against transnational crime, especially against organized crime, money
laundering and drug trafficking; Encouragement to the rapprochement between the New Development Bank (NDB) and the BRICS Business Council.[93] Currently the new President Pro Tempore is Russia and their
goals are: investing into BRICS countries in order to strengthen everyone's economies, cooperating in the energy and environmental industries, helping with young children, and coming up with resolutions on
migration and peacekeeping.[94]
Coronavirus [ edit ]
The New Development Bank, located in China, plans on giving out $15 billion to member nation to help their struggling economies. Member countries are hoping for a smooth comeback and a continuation of
economic trade pre-COVID-19. The summit they plan on doing virtually in St. Petersburg, Russia will discuss how to handle the COVID-19 pandemic and how to fix their multilateral system by reforms.[95] The
COVID-19 accepting rate of taking the vaccine is a mixture in the BRICS community. China, India, and South Africa are the most willing to take the vaccine while Brazil and Russia have more skepticism than the
other three.[96]
Current leaders [ edit ]

Brazil Russia India China South Africa
Jair Bolsonaro, Vladimir Putin, Narendra Modi, Xi Jinping, Cyril Ramaphosa,
President President Prime Minister President President
Current ministerial leaders [ edit ]
Member Foreign minister Name Finance minister Name Central bank governor
Brazil Minister of Foreign Affairs Carlos Alberto França Minister of Economy Paulo Guedes Roberto Campos Neto
China Minister of Foreign Affairs Wang Yi Minister of Finance Liu Kun Yi Gang
India Minister of External Affairs Subrahmanyam Jaishankar Minister of Finance Nirmala Sitharaman Shaktikanta Das
Russia Minister of Foreign Affairs Sergei Lavrov Minister of Finance Anton Siluanov Elvira Nabiullina
South Africa Minister of International Relations and Cooperation Naledi Pandor Minister of Finance Tito Mboweni Lesetja Kganyago
See also [ edit ]
Brazil–China relations
Emerging and growth-leading economies
Emerging power
Group of Two
List of BRICS leaders
List of country groupings
List of multilateral free-trade agreements
List of potential superpowers
Shanghai Cooperation Organization
North Atlantic Treaty Organization
BRICS Games
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Machine . Retrieved 29 November 2012. 42. ^ a b c "What is BRICS | Africa Facts" . 15 October 2018. Retrieved 61. ^ "The World Factbook — Central Intelligence Agency" . Cia.gov.
25. ^ "Russia says BRICS eye joint anti-crisis fund" . Reuters. 21 June 3 November 2020. Archived from the original on 4 October 2008. Retrieved
2012. Archived from the original on 15 May 2013. Retrieved 43. ^ a b "How aid for trade could help SVEs integrate in the global 4 September 2017.
5 December 2012. economy" . Effectiveness of Aid for Trade in Small and Vulnerable 62. ^ "Field Listing :: Literacy" . The World Factbook. Central Intelligence
26. ^ jai shree ram "Brics eye infrastructure funding through new Economies. dx.doi.org. Economic Paper. 15 March 2011. pp. 30–37. Agency. Archived from the original on 24 November 2016. Retrieved
development bank" . The Guardian. 28 March 2013. Archived from doi:10.14217/9781848591004-6-en . ISBN 9781848591004. 6 March 2016.
the original on 30 October 2013. Retrieved 29 March 2013. Retrieved 3 November 2020. 63. ^ "World Health Statistics 2018" (PDF). Who.int. 6 June 2018.
27. ^ "India sees BRICS development bank agreed by 2014 summit" . 44. ^ "A Cúpula de Durban e o futuro dos BRICS" . Post-Western World. Archived (PDF) from the original on 6 December 2018. Retrieved
Reuters. 19 April 2013. Archived from the original on 28 May 2013. 4 July 2013. Archived from the original on 7 September 2013. 3 January 2019.
Retrieved 10 July 2013. Retrieved 7 November 2013. 64. ^ "Human Development Report 2020" (PDF). United Nations
28. ^ "BRICS may decide on $100 billion fund early 2014 - Russia | 45. ^ "Los líderes del BRICS, Unasur, Cuba, México y Costa Rica se citan Development Programme. 2020. Retrieved 9 March 2021.
Reuters" . In.reuters.com. 11 October 2013. Archived from the en Brasilia" . LaVanguardia.com. LaVanguardia. Retrieved 15 July 65. ^ "Syria Seeks to Join Shanghai Group, BRICS – Minister" . RIA
original on 1 February 2014. Retrieved 4 September 2017. 2014. Novosti. 27 April 2013. Archived from the original on 8 January
29. ^ Silvio Cascione; Patricia Duarte (10 October 2013). "Brazil's 46. ^ "BRICS summit: PM Modi to leave for Brazil tomorrow, will seek 2014. Retrieved 7 November 2013.
Mantega urges Fed to communicate tapering 'clearly' | Reuters" . reforms" . Hindustan Times. 12 July 2014. Archived from the 66. ^ "India quiere a Argentina en los BRICS, el club de los
In.reuters.com. Archived from the original on 1 February 2014. original on 13 July 2014. Retrieved 12 July 2014. emergentes" . Clarin. 3 May 2014. Archived from the original on 15
Retrieved 4 September 2017. 47. ^ a b "What is BRICS | Africa Facts" . 15 October 2018. Retrieved May 2014. Retrieved 12 May 2014.
30. ^ "rbth.com: "BRICS countries to set up their own IMF" 14 Apr 4 November 2020. 67. ^ "Russia invites Greece to join BRICS" . IBtimes. Archived from
2014" . 14 April 2014. Archived from the original on 31 May 2014. the original on 20 June 2015. Retrieved 5 June 2015.
Retrieved 15 July 2014.
68. ^ "EurActiv Sections" . Archived from the original on 20 June 79. ^ a b "BRICS currency fund to protect members from volatility - 87. ^ "Emerging economies: The Great Deceleration" . The Economist.
2015. Retrieved 5 June 2015. Russia's top banker" . Russia & India Report. 17 July 2014. 27 July 2013. Archived from the original on 26 July 2013. Retrieved
69. ^ Genin, Aaron (30 April 2019). "FRANCE RESETS AFRICAN Retrieved 20 July 2014. 27 July 2013.
RELATIONS: A POTENTIAL LESSON FOR PRESIDENT TRUMP" . 80. ^ Biziwick, Mayamiko; Cattaneo, Nicolette; Fryer, David (2015). "The 88. ^ "BRICS Leaders Fail to Create Rival to World Bank" Archived 4
The California Review. Retrieved 1 May 2019. rationale for and potential role of the BRICS Contingent Reserve September 2017 at the Wayback Machine . The New York Times. 29
70. ^ "BRICS's New Development Bank: Bangladesh interested in Arrangement". South African Journal of International Affairs. 22 (3): March 2012. Retrieved 18 June 2013.
membership" . The Daily Star. 2 February 2021. Retrieved 307–324. doi:10.1080/10220461.2015.1069208 . 89. ^ Global, IndraStra. "EXCERPT | A Test of China–India Cooperative
4 February 2021. S2CID 153695521 . Dynamics within the BRICS Framework" . IndraStra. ISSN 2381-
71. ^ "Bangladesh to be New Development Bank member" . The 81. ^ On the BRICS Contingent Reserve Arrangement (CRA) Governing 3652 . Archived from the original on 24 April 2017. Retrieved
Business Standard. 2 February 2021. Retrieved 4 February 2021. Council and Standing Committee inaugural meetings Archived 2 4 May 2017.
72. ^ "NDB boss to consider Bangladesh's 1.0pc stake" . The Financial October 2016 at the Wayback Machine 4 September 2015. Retrieved 90. ^ Coleman, Isobel. "Ten Questions for the New BRICS Bank" .
Express. Retrieved 4 February 2021. 22 September 2016 Foreign Policy. Archived from the original on 2 October 2016.
73. ^ "BRICS Bank to be headquartered in Shanghai, India to hold 82. ^ "Russia offers to discuss BRICS prototype of SWIFT global Retrieved 24 September 2016.
presidency" Archived 12 August 2014 at the Wayback Machine . system" . Russia & India Report. 1 June 2015. Retrieved 26 March 91. ^ Prashad, Vijay 2014. The Poorer Nations: A Possible History of the
Indiasnaps.com. 16 July 2014 2016. Global South. Verso. p10-11
74. ^ a b c d "What the new bank of BRICS is all about" . The Washington 83. ^ "Exclusive: China's international payments system ready, could 92. ^ "Archived copy" (PDF). Archived from the original (PDF) on 30
Post. 17 July 2014. Archived from the original on 17 July 2014. launch by end-2015 - sources" . Reuters. 9 March 2015. Archived July 2018. Retrieved 30 July 2018.
Retrieved 20 July 2014. from the original on 24 September 2015. Retrieved 10 March 2015. 93. ^ "BRICS BRASIL 2019 - Theme and priorities" .
75. ^ a b "New BRICS Bank a Building Block of Alternative World Order" . 84. ^ "Broken BRICs: Why the Rest Stopped Rising" . Foreign Affairs brics2019.itamaraty.gov.br.
The Huffington Post. 18 July 2014. Archived from the original on 19 (November/December 2012). November–December 2012. Archived 94. ^ "BRICS information portal" . BRICS. Retrieved 26 October 2020.
July 2014. Retrieved 20 July 2014. from the original on 20 December 2012. Retrieved 19 December 2012. 95. ^ "BRICS To Allocate $15 Billion For Rebuilding Economies Hit By
76. ^ a b "BRICS countries launch $100 billion developmental bank, 85. ^ "China Loses Control of Its Frankenstein Economy" . Bloomberg. COVID-19" . NDTV.com. Retrieved 20 October 2020.
currency pool" . Russia & India Report. 16 July 2014. Retrieved 24 June 2013. Archived from the original on 4 November 2013. 96. ^ "What do people in BRICS countries think about a COVID-19
20 July 2014. Retrieved 25 June 2013. vaccine?" . Devex. 20 October 2020. Retrieved 25 October 2020.
77. ^ a b c "BRICS Bank ready for launch - Russian Finance Minister" . 86. ^ "Brazil Stocks In Bear Market As Economy Struggles" .
Russia & India Report. 10 July 2014. Retrieved 20 July 2014. Investors.com. 26 June 2013. Archived from the original on 9
78. ^ "History" . New Development Bank. Retrieved 9 November 2020. November 2013. Retrieved 29 June 2013.
Sources [ edit ]
"Eighth Annual BRICS Summit in Goa: (Narendra Modi, Vladimir Putin, Michel Temer, and Xi Jinping)" , Dainik Bhaskar, 15 October 2016.
Carmody, Pádraig (2013). The Rise of BRICS in Africa: The Geopolitics of South-South Relations. Zed Books. ISBN 9781780326047.
Chun, Kwang (2013). The BRICs Superpower Challenge: Foreign and Security Policy Analysis. Ashgate Pub Co. ISBN 9781409468691.
Official sites
Wikiquote has quotations
The official Webpage of BRICS —in 2015 hosted by Russia related to: BRICS
Information and publications
BRICS Law Journal

BRICS Online Dossier —German Institute of Global and Area Studies (GIGA)
Centre for Rising Powers , University of Cambridge
The BRICS Post – News website with a focus on the BRICS.
BRICS Information Centre . University of Toronto. Retrieved 29 June 2013.
BRICS Information Sharing and Exchanging Platform , Fudan University
InfoBRICS Website
Articles
"Appendix B :: International Organizations and Groups" . The World Factbook. Central Intelligence Agency. Retrieved 24 January 2017.
"What the BRICS Are Building" . The Harvard Crimson. 1 September 2014. Retrieved 3 September 2014.
Pacheco Lopes Junior, Gutemberg (13 May 2015). "The Sino-Brazilian Principles in a Latin American and BRICS Context: The Case for Comparative Public Budgeting Legal Research" . Wisconsin International
Law Journal. 31 (1). Retrieved 7 September 2016.
"Goldman's O'Neill: Time to Move Beyond BRICs" . MarketWatch.com. 21 November 2011. Retrieved 17 June 2013.
"United States should learn from emerging powers such as India and Brazil in the economic arena" . Reuters. 14 October 2011. Retrieved 17 June 2013.
"BRICS flame continues to shine" . Russia & India Report. 29 February 2012. Retrieved 17 June 2013.
"BRICS – Multi-format Cooperation" . Russian Business Council for Cooperation with India. 2011. Retrieved 17 June 2013.
Sidaway, James D. (2012). "Geographies of Development: New Maps, New Visions?" The Professional Geographer. 64:1, pp. 49–62. Retrieved 8 August 2013.
Zhang Chunyan (13 April 2011). "BRIC(S) nations have become growth markets for the world economy and are no longer emerging markets" . China Daily. Retrieved 17 June 2013.
Articles related to BRICS [show]
Categories: BRICS Economic country classifications Foreign relations of Brazil Foreign relations of Russia Foreign relations of India Foreign relations of China Foreign relations of South Africa
Multilateral relations of China Multilateral relations of Russia Organizations established in 2009
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General Agreement on Tariffs and Trade

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The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose General Agreement on Tariffs and
Contribute Trade
overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or
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quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers Type Multilateral Treaty
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and the elimination of preferences, on a reciprocal and mutually advantageous basis." Signed 30 October 1947[1]
Community portal
Recent changes The GATT was first discussed during the United Nations Conference on Trade and Employment and was the Location Geneva, Geneva Canton,
Upload file Switzerland
outcome of the failure of negotiating governments to create the International Trade Organization (ITO). It was
Condition ratification by territories
signed by 23 nations[failed verification] in Geneva on October 30th, 1947, and was applied on a provisional basis
Tools representing 85% of trade of
January 1st, 1948.[1] It remained in effect until January 1st, 1995, when the World Trade Organization (WTO)
What links here signatories
was established after agreement by 123 nations in Marrakesh on April 15th, 1994, as part of the Uruguay Round
Related changes Provisional 1 January 1948[1]
Special pages Agreements. The WTO is the successor to the GATT, and the original GATT text (GATT 1947) is still in effect application
Permanent link under the WTO framework, subject to the modifications of GATT 1994.[2][3] Nations that were not party in 1995 Depositary Executive Secretary to the
Page information to the GATT need to meet the minimum conditions spelled out in specific documents before they can accede; in CONTRACTING PARTIES
Cite this page
September 2019, the list contained 36 nations.[4] Languages English and French
Wikidata item
The GATT, and its successor the WTO, have succeeded in reducing tariffs. The average tariff levels for the
Print/export major GATT participants were about 22% in 1947, but were 5% after the Uruguay Round in 1999.[5] Experts attribute part of these tariff changes to GATT and
Download as PDF the WTO.[6][7][8]
Printable version
Contents [hide]
Languages
1 History
1.1 Initial round
(тарашкевіца) 1.2 Annecy Round: 1949
Български 1.3 Torquay Round: 1951
Català 1.4 Geneva Round: 1955–56
Čeština 1.5 Dillon Round: 1960–62
Dansk 1.6 Kennedy Round: 1964–67
Deutsch
1.7 Tokyo Round: 1973–79
Eesti
1.8 Formation of Quadrilateral Group: 1981
Ελληνικά
Español 1.9 Uruguay Round: 1986–94
Esperanto 2 GATT and the World Trade Organization
Euskara 3 Effects on trade liberalization
4 Article 24
Français
5 See also
한국어
हद 6 References
Bahasa Indonesia 7 Further reading
Íslenska 8 External links
Italiano
‫עברית‬
ಕನ ಡ History [ edit ]
ქართული
Македонски The General Agreement on Tariffs and Trade is a multi-national trade treaty. It has been updated in a series of global trade negotiations consisting of nine
മലയാളം rounds between 1947 and 1995. Its role in international trade was largely succeeded in 1995 by the World Trade Organization.
‫ﻣﺼﺮى‬
The GATT was first conceived in the aftermath of the Allied victory in the Second World War at the 1947 United Nations Conference on Trade and
Bahasa Melayu
ြမန်မာဘာသာ
Employment (UNCTE), at which the International Trade Organization (ITO) was one of the ideas proposed. It was hoped that the ITO would be run alongside
Nederlands the World Bank and the International Monetary Fund (IMF). More than 50 nations negotiated ITO and organizing its founding charter, but after the withdrawal
日本語 of the United States these negotiations collapsed.[9]
Norsk bokmål
V ·T ·E [hide]
ਪੰਜਾਬੀ GATT and WTO trade rounds[10][11][12]
Polski
Name Start Duration Countries Subjects covered Achievements
Português
Română Signing of GATT, 45,000 tariff concessions affecting $10
April 1947 7 months 23 Tariffs
Русский Geneva billion of trade
Shqip
Slovenčina April 1949 5 months 34 Tariffs Countries exchanged some 5,000 tariff concessions
Annecy
Suomi
September Countries exchanged some 8,700 tariff concessions,
Svenska 8 months 34 Tariffs
Torquay 1950 cutting the 1948 tariff levels by 25%
Tagalog
தமி
Tariffs, admission of
ไทย Geneva January 1956 5 months 22 $2.5 billion in tariff reductions
Japan
Türkçe II
September
Tiếng Việt 11 months 45 Tariffs Tariff concessions worth $4.9 billion of world trade
Dillon 1960
中文
Edit links
May 1964 37 months 48 Tariffs, anti-dumping Tariff concessions worth $40 billion of world trade
Kennedy
September 74 months 102 Tariffs, non-tariff Tariff reductions worth more than $300 billion achieved
Tokyo 1973 measures, "framework"
agreements
Tariffs, non-tariff
The round led to the creation of WTO, and extended the
measures, rules,
range of trade negotiations, leading to major reductions
services, intellectual
September in tariffs (about 40%) and agricultural subsidies, an
87 months 123 property, dispute
Uruguay 1986 agreement to allow full access for textiles and clothing
settlement, textiles,
from developing countries, and an extension of
agriculture, creation of
intellectual property rights.
WTO, etc.
Tariffs, non-tariff
measures, agriculture,
labor standards,
The round has not yet concluded. The last agreement to
November environment,
? 159 date, the Bali Package, was signed on 7 December
Doha 2001 competition,
2013.
investment,
transparency, patents
etc.
Initial round [ edit ]
Preparatory sessions were held simultaneously at the UNCTE regarding the GATT. After several of these sessions, 23 nations signed the GATT on 30
October 1947 in Geneva, Switzerland. It came into force on 1 January 1948.[13][9]
Annecy Round: 1949 [ edit ]

Main article: Annecy Round
The second round took place in 1949 in Annecy, France. 13 countries took part in the round. The main focus of the talks was more tariff reductions, around
5,000 in total.
Torquay Round: 1951 [ edit ]

Main article: Torquay Round
The third round occurred in Torquay, England in 1951.[14][15] Thirty-eight countries took part in the round. 8,700 tariff concessions were made totaling the
remaining amount of tariffs to ¾ of the tariffs which were in effect in 1948. The contemporaneous rejection by the U.S. of the Havana Charter signified the
establishment of the GATT as a governing world body.[16]
Geneva Round: 1955–56 [ edit ]

Main article: Geneva Round
The fourth round returned to Geneva in 1955 and lasted until May 1956. Twenty-six countries took part in the round. $2.5 billion in tariffs were eliminated or
reduced.
Dillon Round: 1960–62 [ edit ]
Main article: Dillon Round
The fifth round occurred once more in Geneva and lasted from 1960 to 1962. The talks were named after U.S. Treasury Secretary and former Under
Secretary of State, Douglas Dillon, who first proposed the talks. Twenty-six countries took part in the round. Along with reducing over $4.9 billion in tariffs, it
also yielded discussion relating to the creation of the European Economic Community (EEC).
Kennedy Round: 1964–67 [ edit ]
This article should include a summary of Kennedy Round. See Wikipedia:Summary style for information on
how to incorporate it into this article's main text. (April 2020)
Main article: Kennedy Round
The sixth round of GATT multilateral trade negotiations, held from 1964 to 1967. It was named after U.S. President John F. Kennedy in recognition of his
support for the reformulation of the United States trade agenda, which resulted in the Trade Expansion Act of 1962. This Act gave the President the widest-
ever negotiating authority.
As the Dillon Round went through the laborious process of item-by-item tariff negotiations, it became clear, long before the Round ended, that a more
comprehensive approach was needed to deal with the emerging challenges resulting from the formation of the European Economic Community (EEC) and
EFTA, as well as Europe's re-emergence as a significant international trader more generally.
Japan's high economic growth rate portended the major role it would play later as an exporter, but the focal point of the Kennedy Round always was the
United States-EEC relationship. Indeed, there was an influential American view that saw what became the Kennedy Round as the start of a transatlantic
partnership that might ultimately lead to a transatlantic economic community.
To an extent, this view was shared in Europe, but the process of European unification created its own stresses under which the Kennedy Round at times
became a secondary focus for the EEC. An example of this was the French veto in January 1963, before the round had even started, on membership by the
United Kingdom.
Another was the internal crisis of 1965, which ended in the Luxembourg Compromise. Preparations for the new round were immediately overshadowed by the
Chicken War, an early sign of the impact variable levies under the Common Agricultural Policy would eventually have. Some participants in the Round had
been concerned that the convening of UNCTAD, scheduled for 1964, would result in further complications, but its impact on the actual negotiations was
minimal.
In May 1963 Ministers reached agreement on three negotiating objectives for the round:
1. Measures for the expansion of trade of developing countries as a means of furthering their economic development,
2. Reduction or elimination of tariffs and other barriers to trade, and
3. Measures for access to markets for agricultural and other primary products.
The working hypothesis for the tariff negotiations was a linear tariff cut of 50% with the smallest number of exceptions. A drawn-out argument developed about
the trade effects a uniform linear cut would have on the dispersed rates (low and high tariffs quite far apart) of the United States as compared to the much
more concentrated rates of the EEC which also tended to be in the lower held of United States tariff rates.
The EEC accordingly argued for an evening-out or harmonization of peaks and troughs through its cerement, double cart and thirty: ten proposals. Once
negotiations had been joined, the lofty working hypothesis was soon undermined. The special-structure countries (Australia, Canada, New Zealand and South
Africa), so called because their exports were dominated by raw materials and other primary commodities, negotiated their tariff reductions entirely through the
item-by-item method.
In the end, the result was an average 35% reduction in tariffs, except for textiles, chemicals, steel and other sensitive products; plus a 15% to 18% reduction
in tariffs for agricultural and food products. In addition, the negotiations on chemicals led to a provisional agreement on the abolition of the American Selling
Price (ASP). This was a method of valuing some chemicals used by the noted States for the imposition of import duties which gave domestic manufacturers a
much higher level of protection than the tariff schedule indicated.
However, this part of the outcome was disallowed by Congress, and the American Selling Price was not abolished until Congress adopted the results of the
Tokyo Round. The results on agriculture overall were poor. The most notable achievement was agreement on a Memorandum of Agreement on Basic
Elements for the Negotiation of a World Grants Arrangement, which eventually was rolled into a new International Grains Arrangement.
The EEC claimed that for it the main result of the negotiations on agriculture was that they "greatly helped to define its own common policy". The developing
countries, who played a minor role throughout the negotiations in this round, benefited nonetheless from substantial tariff cuts particularly in non-agricultural
items of interest to them.
Their main achievement at the time, however, was seen to be the adoption of Part IV of the GATT, which absolved them from according reciprocity to
developed countries in trade negotiations. In the view of many developing countries, this was a direct result of the call at UNCTAD I for a better trade deal for
them.
There has been argument ever since whether this symbolic gesture was a victory for them, or whether it ensured their exclusion in the future from meaningful
participation in the multilateral trading system. On the other hand, there was no doubt that the extension of the Long-Term Arrangement Regarding
International Trade in Cotton Textiles, which later became the Multi-Fiber Arrangement, for three years until 1970 led to the longer-term impairment of export
opportunities for developing countries.
Another outcome of the Kennedy Round was the adoption of an Anti-dumping Code, which gave more precise guidance on the implementation of Article VI of
the GATT. In particular, it sought to ensure speedy and fair investigations, and it imposed limits on the retrospective application of anti-dumping measures.
Kennedy Round took place from 1962 to 1967. $40 billion in tariffs were eliminated or reduced.
Tokyo Round: 1973–79 [ edit ]

Main article: Tokyo Round
Reduced tariffs and established new regulations aimed at controlling the proliferation of non-tariff barriers and voluntary export restrictions. 102 countries took
part in the round. Concessions were made on $19 billion worth of trade.
Formation of Quadrilateral Group: 1981 [ edit ]
The Quadrilateral Group was formed in 1982 by the European Union, the United States, Japan and Canada, in order to influence the GATT.
Uruguay Round: 1986–94 [ edit ]

Main article: Uruguay Round
The Uruguay Round began in 1986. It was the most ambitious round to date, as of 1986, hoping to expand the competence of the GATT to important new
areas such as services, capital, intellectual property, textiles, and agriculture. 123 countries took part in the round. The Uruguay Round was also the first set of
multilateral trade negotiations in which developing countries had played an active role.[17]
Agriculture was essentially exempted from previous agreements as it was given special status in the areas of import quotas and export subsidies, with only
mild caveats. However, by the time of the Uruguay round, many countries considered the exception of agriculture to be sufficiently glaring that they refused to
sign a new deal without some movement on agricultural products. These fourteen countries came to be known as the "Cairns Group", and included mostly
small and medium-sized agricultural exporters such as Australia, Brazil, Canada, Indonesia, and New Zealand.
The Agreement on Agriculture of the Uruguay Round continues to be the most substantial trade liberalization agreement in agricultural products in the history
of trade negotiations. The goals of the agreement were to improve market access for agricultural products, reduce domestic support of agriculture in the form
of price-distorting subsidies and quotas, eliminate over time export subsidies on agricultural products and to harmonize to the extent possible sanitary and
phytosanitary measures between member countries.
GATT and the World Trade Organization [ edit ]

See also: Member states of the World Trade Organization § List of members and accession dates
In 1993, the GATT was updated ('GATT 1994') to include new obligations upon its signatories. One of the most significant changes was the creation of the
World Trade Organization (WTO). The 76 existing GATT members and the European Communities became the founding members of the WTO on 1 January
1995. The other 51 GATT members rejoined the WTO in the following two years (the last being Congo in 1997). Since the founding of the WTO, 33 new non-
GATT members have joined and 22 are currently negotiating membership. There are a total of 164 member countries in the WTO, with Liberia and
Afghanistan being the newest members as of 2018.
Of the original GATT members, Syria,[18][19] Lebanon[20] and the SFR Yugoslavia have not rejoined the WTO. Since FR Yugoslavia (renamed as Serbia and
Montenegro and with membership negotiations later split in two), is not recognised as a direct SFRY successor state; therefore, its application is considered a
new (non-GATT) one. The General Council of WTO, on 4 May 2010, agreed to establish a working party to examine the request of Syria for WTO
membership.[21][22] The contracting parties who founded the WTO ended official agreement of the "GATT 1947" terms on 31 December 1995. Montenegro
became a member in 2012, while Serbia is in the decision stage of the negotiations and is expected to become a member of the WTO in the future.
Whilst GATT was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, and its scope
includes both traded goods and trade within the service sector and intellectual property rights. Although it was designed to serve multilateral agreements,
during several rounds of GATT negotiations (particularly the Tokyo Round) plurilateral agreements created selective trading and caused fragmentation among
members. WTO arrangements are generally a multilateral agreement settlement mechanism of GATT.[23]
Effects on trade liberalization [ edit ]
The average tariff levels for the major GATT participants were about 22 percent in 1947.[5] As a result of the first negotiating rounds, tariffs were reduced in the
GATT core of the United States, United Kingdom, Canada, and Australia, relative to other contracting parties and non-GATT participants.[5] By the Kennedy
round (1962–67), the average tariff levels of GATT participants were about 15%.[5] After the Uruguay Round, tariffs were under 5%.[5]
In addition to facilitating applied tariff reductions, the early GATT's contribution to trade liberalization "include binding the negotiated tariff reductions for an
extended period (made more permanent in 1955), establishing the generality of nondiscrimination through most-favored nation (MFN) treatment and national
treatment status, ensuring increased transparency of trade policy measures, and providing a forum for future negotiations and for the peaceful resolution of
bilateral disputes. All of these elements contributed to the rationalization of trade policy and the reduction of trade barriers and policy uncertainty."[5]
According to Dartmouth economic historian Douglas Irwin,[8]
The prosperity of the world economy over the past half century owes a great deal to the growth of world trade which, in turn, is partly the result of
farsighted officials who created the GATT. They established a set of procedures giving stability to the trade-policy environment and thereby
facilitating the rapid growth of world trade. With the long run in view, the original GATT conferees helped put the world economy on a sound
foundation and thereby improved the livelihood of hundreds of millions of people around the world.
Article 24 [ edit ]
Following the United Kingdom's vote to withdraw from the European Union, supporters of leaving the EU suggested that Article 24, paragraph 5B of the treaty
could be used to maintain a "standstill" in trading conditions between the UK and the EU in the event of the UK leaving the EU without a trade deal, hence
preventing the introduction of tariffs. According to proponents of this approach, it could be used to implement an interim agreement pending negotiation of a
final agreement lasting up to ten years.[24]
This claim formed the basis of the so-called "Malthouse compromise" between Conservative party factions as to how to replace the withdrawal agreement.[25]
However, this plan was rejected by parliament.[26] The claim that Article 24 might be used was also adopted by Boris Johnson during his 2019 campaign to
lead the Conservative Party.
The claim that Article 24 might be used in this way has been criticised by Mark Carney, Liam Fox and others as being unrealistic given the requirement in
paragraph 5c of the treaty that there be an agreement between the parties in order for paragraph 5b to be of use as, in the event of a "no-deal" scenario, there
would be no agreement. Moreover, critics of the GATT 24 approach point out that services would not be covered by such an arrangement.[27][28]
See also [ edit ]
Cultural exception
GATT special and differential treatment
Most favoured nation
References [ edit ]
1. ^ a b c "General Agreement on Tariffs and Trade. Treaty data" . Government 4. ^ "ACCESSIONS: Protocols of accession for new members since 1995,
of the Netherlands. Retrieved 30 December 2020. including commitments in goods and services" . World Trade Organization.
2. ^ "WTO legal texts: The Uruguay Round agreements" . World Trade Retrieved 5 September 2019.
Organization. 5. ^ a b c d e f Bown, Chad P.; Irwin, Douglas A. (December 2015). "The GATT's
3. ^ "Uruguay Round - General Agreement on Tariffs and Trade 1994" . World Starting Point: Tariff Levels circa 1947" . NBER Working Paper No. 21782.
Trade Organization. doi:10.3386/w21782 .
6. ^ Tomz, Michael; Goldstein, Judith L; Rivers, Douglas (2007). "Do We Really 17. ^ "The GATT Uruguay Round" . ODI briefing paper. Overseas Development
Know That the WTO Increases Trade? Comment". American Economic Institute. Archived from the original on 3 August 2012. Retrieved 28 June
Review. 97 (5): 2005–2018. doi:10.1257/aer.97.5.2005 . ISSN 0002-8282 . 2011.
7. ^ Goldstein, Judith L.; Rivers, Douglas; Tomz, Michael (2007). "Institutions in 18. ^ "Fiftieth Anniversary GATT" . Wto.org. Retrieved 16 August 2013.
International Relations: Understanding the Effects of the GATT and the WTO 19. ^ "Understanding the WTO - members" . WTO. Retrieved 16 August 2013.
on World Trade" . International Organization. 61 (1): 37–67. 20. ^ "Withdrawal of the Government of the Lebanon" (PDF). Wto.org. Retrieved
doi:10.1017/S0020818307070014 . ISSN 1531-5088 . 20 February 2019.
8. ^ a b Irwin, Douglas A. (9 April 2007). "GATT Turns 60" . Wall Street Journal. 21. ^ "Accession status: Syrian Arab Republic" . WTO. Retrieved 16 August
ISSN 0099-9660 . Retrieved 28 October 2017. 2013.
9. ^ a b "General Agreement on Tariffs and Trade (GATT)" . The Canadian 22. ^ "2010 News items – Working party established on Syria's membership
Encyclopedia. 6 June 2017. request" . WTO. Retrieved 16 August 2013.
10. ^ The GATT years: from Havana to Marrakesh , World Trade Organization 23. ^ What is the WTO? (Official WTO site)
11. ^ Timeline: World Trade Organization – A chronology of key events , BBC 24. ^ Leroux, Marcus (21 March 2017). "Trade rules that would mean no tariffs for
News decade" . The Times. Retrieved 15 July 2019.
12. ^ Brakman-Garretsen-Marrewijk-Witteloostuijn, Nations and Firms in the Global 25. ^ Paterson, Owen (13 March 2019). "Here's our plan for an orderly no-deal
Economy, Chapter 10: Trade and Capital Restriction Brexit, and delivered on time" . The Guardian. Retrieved 15 July 2019.
13. ^ "The WTO and GATT: A Principled History" (PDF). Brookings Institution. 26. ^ O'Carroll, Sinead (13 March 2019). "British MPs have voted against a no-deal
14. ^ "WTO | Understanding the WTO - The GATT years: from Havana to Brexit. So, what now?" . MSNBC. Retrieved 15 July 2019.
Marrakesh" . www.wto.org. Retrieved 6 July 2017. 27. ^ Morris, Chris (24 June 2019). "Gatt 24: Would obscure trade rule help with
15. ^ Bagwell, Kyle; Staiger, Robert W.; Yurukoglu, Ali (2020). "Multilateral Trade no-deal Brexit?" . BBC. Retrieved 13 July 2019.
Bargaining: A First Look at the GATT Bargaining Records" (PDF). American 28. ^ Wood, Vincent. "What is GATT 24: What is the WTO clause at the centre of
Economic Journal: Applied Economics. 12 (3): 72–105. Andrew Neil's grilling of Boris Johnson" . The Independent. Retrieved 13 July
doi:10.1257/app.20170574 . ISSN 1945-7782 . 2019.
16. ^ Michael Hudson, Super Imperialism: The Origin and Fundamentals of U.S.
World Dominance, 2nd ed. (London and Sterling, VA: Pluto Press, 2003), 258.
Aaronson Susan A. Trade and the American Dream: A Social History of Postwar Trade Policy & co (1996)
Goldstein, Judith (11 May 2017). "Trading in the Twenty-First Century: Is There a Role for the World Trade Organization?". Annual Review of Political
Science. 20 (1): 545–564.
Irwin, Douglas A. "The GATT in Historical Perspective," American Economic Review Vol. 85, No. 2, (May, 1995), pp. 323–28 in JSTOR
McKenzie, Francine. "GATT and the Cold War," Journal of Cold War Studies, Summer 2008, 10#3 pp. 78–109
Zeiler, Thomas W. Free Trade, Free World: The Advent of GATT (1999) excerpt and text search
Trade Talks Episode 9: Happy 70th GATTiversary—The Origins of Multilateral Trade

GATT Digital Library 1947–1994 at Stanford University
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Treaties extended to the British Western Pacific Territories History of Geneva October 1947 events
Uruguay Round
Main page The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and
Contents Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as "contracting parties". The Round led to the creation of the World Trade
Current events Organization, with GATT remaining as an integral part of the WTO agreements. The broad mandate of the Round had been to extend GATT trade rules to
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areas previously exempted as too difficult to liberalize (agriculture, textiles) and increasingly important new areas previously not included (trade in services,
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intellectual property, investment policy trade distortions).[1] The Round came into effect in 1995 with deadlines ending in 2000 (2004 in the case of developing
Donate country contracting parties) under the administrative direction of the newly created World Trade Organization (WTO).[2]
The Doha Development Round was the next trade round, beginning in 2001 and still unresolved after missing its official deadline of 2005.[3]
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1 Goals
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2 History
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2.2 Conclusion and signature
Tools 3 Achievements
What links here 4 Criticism
Related changes
5 See also
Special pages
6 References
Permanent link
Page information 7 External links
Cite this page
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Goals [ edit ]
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The main objectives of the Uruguay Round were:
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Printable version to reduce agricultural subsidies
to lift restrictions on foreign investment
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to begin the process of opening trade in services like banking and insurance.
to include the protection of intellectual property
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Español They also wanted to draft a code to deal with copyright violation and other forms of intellectual property rights.
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한국어
Bahasa Indonesia
History [ edit ]
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Tiếng Việt A set of updated documents was produced in Geneva by the office of the Director-General during July 1986 in order to prepare the way for progress to be
中文 made.[4] As described below, the round was launched in Punta del Este, Uruguay in September 1986,[5][6] followed by negotiations in Geneva, Brussels,
12 more Washington, D.C., and Tokyo.
Edit links Background [ edit ]
The 1986 Ministerial Declaration identified problems including structural deficiencies, spill-over impacts of certain countries' policies on world trade GATT
could not manage. To address these issues, the eighth GATT round (known as the Uruguay Round) was launched in September 1986, in Punta del Este,
Uruguay.[7] It was the biggest negotiating mandate on trade ever agreed: the talks were going to extend the trading system into several new areas, notably
trade in services and intellectual property, and to reform trade in the sensitive sectors of agriculture and textiles; all the original GATT articles were up for
review.[2]
The round was supposed to end in December 1990, but the US and EU disagreed on how to reform agricultural trade and decided to extend the talks.[8]
Finally, In November 1992, the US and EU settled most of their differences in a deal known informally as "the Blair House accord", and on 15 April 1994, the
deal was signed by ministers from most of the 123 participating governments at a meeting in Marrakesh, Morocco.[9] The agreement established the World
Trade Organization, which came into being upon its entry into force on 1 January 1995, to replace the GATT system.[2] It is widely regarded as the most
profound institutional reform of the world trading system since the GATT's establishment.[10]
The position of Developing Countries (GATT) was detailed in the book: Brazil in the Uruguay Round of the GATT: The Evolution of Brazil’s Position in the
Uruguay Round, with Emphasis on the Issue of Services. In this book, the polemics about the issue of services are described, as well as the opposition of
Developing Countries to the so called "New Issues".[11]
Conclusion and signature [ edit ]
The 20 agreements were signed in Marrakesh—the Marrakesh Agreement—in April 1994.
Achievements [ edit ]
The GATT still exists as the WTO's umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations (a distinction is made between
GATT 1994, the updated parts of GATT, and GATT 1947, the original agreement which is still the heart of GATT 1994).[12] The GATT 1994 is not, however, the
only legally binding agreement included in the Final Act; a long list of about 60 agreements, annexes, decisions and understandings was adopted. In fact, the
agreements fall into a simple structure with six main parts:
an umbrella agreement (the Agreement Establishing the WTO);

goods and investment (the Multilateral Agreements on Trade in Goods including the GATT 1994 and the Trade Related Investment Measures (TRIMS));
services (General Agreement on Trade in Services (GATS));
intellectual property (Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS));
dispute settlement (DSU);
reviews of governments' trade policies (TPRM).[13]
The agreements for the two largest areas under the WTO, goods and services, share a three-part outline:
broad principles (such as the General Agreement on Tariffs and Trade and General Agreement on Trade in Services);
extra agreements and annexes;
lengthy schedules (lists) of commitments made by individual countries.[2]
One of the achievements of the Uruguay round would be the Uruguay Round Agreement on Agriculture, administered by the WTO, which brings agricultural
trade more fully under the GATT. Prior to the Uruguay Round, conditions for agricultural trade were deteriorating with increasing use of subsidies, build-up of
stocks, declining world prices and escalating costs of support.[14] It provides for converting quantitative restrictions to tariffs and for a phased reduction of
tariffs. The agreement also imposes rules and disciplines on agricultural export subsidies, domestic subsidies, and sanitary and phytosanitary (SPS)
measures through the Agreement on the Application of Sanitary and Phytosanitary Measures
Criticism [ edit ]
Groups such as Oxfam have criticized the Uruguay Round for paying insufficient attention to the special needs of developing countries. One aspect of this
criticism is that figures very close to rich country industries—such as former Cargill executive Dan Amstutz—had a major role in the drafting of Uruguay Round
language on agriculture and other matters. As with the WTO in general, non-governmental organizations (NGOs) such as Health Gap and Global Trade Watch
also criticize what was negotiated in the Round on intellectual property and industrial tariffs as setting up too many constraints on policy-making and human
needs. An article asserts that the developing countries’ lack of experience in WTO negotiations and lack of knowledge of how the developing economies
would be affected by what the industrial countries wanted in the WTO new areas; the intensified mercantilist attitude of the GATT/WTO’s major power, the US;
the structure of the WTO that made the GATT tradition of decision by consensus ineffective, so that a country would not preserve the status quo, were the
reasons for this imbalance.[15]
See also [ edit ]
Cairns Group - interest group composed of 19 agricultural exporting nations, including Uruguay
Cultural exception - political concept arguing that culture is to be treated differently than commercial products
Doha Development Round - ongoing trade negotiation round; commenced in 2001
Golan v. Holder, a challenge to the copyright restoration provisions of the Uruguay Round Agreements Act, the implementation of the Uruguay Round
agreements in the United States Code. The Act was upheld.
Tokyo Round - trade negotiation round that aimed to control non-tariff barriers and voluntary export restrictions; 1973-79
References [ edit ]
1. ^ Cline, William (January 1995). "Evaluating the Uruguay Round". The World 5. ^ www.wto.org
Economy. 18 (1): 1. doi:10.1111/j.1467-9701.1995.tb00198.x . https://www.wto.org/english/thewto_e/minist_e/min98_e/slide_e/ur.htm .
2. ^ a b c d The Uruguay Round , World Trade Organization Retrieved 15 January 2021. Missing or empty |title= (help)
3. ^ "UNDERSTANDING THE WTO: THE DOHA AGENDA" . World Trade 6. ^
Organization. Retrieved 8 April 2013. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/at
4. ^ "GENERAL AGREEMENT ON TARIFFS AND TRADE - Text of the General tachment_data/file/272015/2579.pdf
Agreement" (PDF). GENEVA: Director-General of the GATT. July 1986. 7. ^ P. Gallagher, The First Ten Years of the WTO, 4
8. ^ A. Bredimas, International Economic Law, 16
9. ^ Even after agreement was reached in December 1993, and the Final Act was 13. ^ Overview: a Navigational Guide , World Trade Organization. For the
signed, the effort almost foundered in the US Congress, and the member states complete list of "The Uruguay Round Agreements", see WTO legal texts ,
engaged in a quarrel for close to a year about who would be the first Director World Trade Organization, and Urugua Round Agreements, Understandings,
General of the WTO (A.F. Lowenfeld, Preface, ix). Decisions and Declarations , WorldTradeLaw.net
10. ^ P. Gallagher, The First Ten Years of the WTO, 10 14. ^ Tanner, Carolyn (April 1996). "Agricultural Trade Liberalisation and the
* Martin-Winters, The Uruguay Round, 2 Uruguay Round". Australian Journal of Agricultural and Resource Economics.
*Kay, Adrian and Ackrill, Robert (2009) Institutional Change in the International 40 (1): 1. doi:10.1111/j.1467-8489.1996.tb00726.x . hdl:10.1111/j.1467-
Governance of Agriculture: A Revised Account , Governance 22.3: 483–506 8489.1996.tb00726.x . S2CID 154902825 .
11. ^ CALDAS, Ricardo. Brazil in the Uruguay Round of the GATT: The Evolution 15. ^ Finger, J. Michae; Julio J. Nogués (March 2002). "The Unbalanced Uruguay
of Brazil’s Position in the Uruguay Round, with Emphasis on the Issue of Round Outcome: The New Areas in Future WTO Negotiations". The World
Services. Economy. 25 (3): 321. doi:10.1111/1467-9701.00435 . hdl:10986/19413 .
12. ^ P. Gallagher, The First Ten Years of the WTO, 4
* The Uruguay Round , World Trade Organization
WTO history of the Uruguay Round

WTO Final Act of the Uruguay Round
Peter Gallagher (15 December 2005). The First Ten Years of the WTO: 1995-2005 . Cambridge University Press. ISBN 978-0-521-86215-8.
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Categories: World Trade Organization Diplomatic conferences in Japan Diplomatic conferences in Uruguay Diplomatic conferences in Morocco
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1990s economic history

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In international economic relations and international politics, most favoured nation (MFN) is a status or level of treatment accorded by one state to another in
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international trade. The term means the country which is the recipient of this treatment must nominally receive equal trade advantages as the "most favoured
Learn to edit
nation" by the country granting such treatment (trade advantages include low tariffs or high import quotas). In effect, a country that has been accorded MFN
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Recent changes status may not be treated less advantageously than any other country with MFN status by the promising country. There is a debate in legal circles whether
Upload file MFN clauses in bilateral investment treaties include only substantive rules or also procedural protections.[1] The members of the World Trade Organization
(WTO) agree to accord MFN status to each other. Exceptions allow for preferential treatment of developing countries, regional free trade areas and customs
Tools
unions.[2] Together with the principle of national treatment, MFN is one of the cornerstones of WTO trade law.
What links here
Related changes "Most favoured nation" relationships extend reciprocal bilateral relationships following both GATT and WTO norms of reciprocity and non-discrimination. In
Special pages bilateral reciprocal relationships a particular privilege granted by one party only extends to other parties who reciprocate that privilege, while in a multilateral
Permanent link reciprocal relationship the same privilege would be extended to the group that negotiated a particular privilege. The non-discriminatory component of the
Page information GATT/WTO applies a reciprocally negotiated privilege to all members of the GATT/WTO without respect to their status in negotiating the privilege. Most
Cite this page Favoured Nation status is given to an international trade partner to ensure non-discriminatory trade between all partner countries of the WTO. A country which
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provides MFN status to another country has to provide concessions, privileges, and immunity in trade agreements. It is the first clause in the General
Print/export Agreement on Tariffs and Trade (GATT).
Download as PDF Under rules of the World Trade Organisation (WTO), a member country is not allowed to discriminate between trade partners and if a special status is granted
Printable version to one trade partner, the country is required to extend it to all members of the WTO. In a nutshell, MFN is a non-discriminatory trade policy as it ensures equal
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trading among all WTO member nations rather than exclusive trading privileges.
‫اﻟﻌﺮﺑﯿﺔ‬ Contents [hide]

Български
1 History
Català
Čeština 2 Benefits
Deutsch 3 Exceptions
Español 4 Specific countries' policies
Esperanto 4.1 United States
4.2 India
Føroyskt
5 In contract law
Français
한국어 5.1 European Union
Bahasa Indonesia 6 See also
Italiano 7 References
‫עברית‬ 8 Further reading
Magyar
9 External links
Nederlands
日本語
Polski
Português
History [ edit ]
Română The earliest form of the most favoured nation status can be found as early as the 11th century. Today's concept of the most favoured nation status starts to
Русский appear in the 18th century, when the division of conditional and unconditional most favoured nation status also began.[3] In the early days of international
Suomi
trade, "most favoured nation" status was usually used on a dual-party, state-to-state basis. A nation could enter into a "most favoured nation" treaty with
Svenska
another nation. In the Treaty of Madrid (1667), Spain granted England "most favoured nation" trading status.[4] With the Jay Treaty in 1794, the US also
Tagalog
ไทย granted the same to Britain.
Türkçe After World War II, tariff and trade agreements were negotiated simultaneously by all interested parties through the General Agreement on Tariffs and Trade
‫اردو‬
(GATT), which ultimately resulted in the World Trade Organization in 1995. The WTO requires members to grant one another "most favoured nation" status. A
Tiếng Việt
"most favoured nation" clause is also included in most bilateral investment treaties concluded between capital exporting and capital importing countries after
中文
Edit links World War II.[citation needed]
Benefits [ edit ]
Trade experts consider MFN clauses to have the following benefits:[citation needed]
Increases trade creation and decreases trade diversion. A country that grants MFN on imports will have its imports provided by the most efficient supplier if
the most efficient supplier is within the group of MFN. Otherwise, that is, if the most efficient producer is outside the group of MFN and additionally, is
charged higher rates of tariffs, then it is possible that trade would merely be diverted from this most efficient producer to a less efficient producer within the
group of MFN (or with a tariff rate of 0). This leads to economic costs for the importing country, which can outweigh the gains from free trade.
MFN allows smaller countries, in particular, to participate in the advantages that larger countries often grant to each other, whereas on their own, smaller
countries would often not be powerful enough to negotiate such advantages by themselves.
Granting MFN has domestic benefits: having one set of tariffs for all countries simplifies the rules and makes them more transparent. Theoretically, if all
countries in the world confer MFN status to each other, there will be no need to establish complex and administratively costly rules of origin to determine
which country a product (that may contain parts from all over the world) must be attributed to for customs purposes. However, if at least one nation lies
outside the MFN alliance, then customs cannot be done away with.
MFN restrains domestic special interests from obtaining protectionist measures. For example, butter producers in country A may not be able to lobby for
high tariffs on butter to prevent cheap imports from developing country B, because, as the higher tariffs would apply to every country, the interests of A's
principal ally C might get impaired.
As MFN clauses promote non-discrimination among countries, they also tend to promote the objective of free trade in general.
Exceptions [ edit ]
Further information: Preferential trading area
GATT members recognized in principle that the "most favoured nation" rule should be relaxed to accommodate the needs of developing countries, and the UN
Conference on Trade and Development (established in 1964) has sought to extend preferential treatment to the exports of the developing countries.[5]:fol.93
Another challenge to the "most favoured nation" principle has been posed by regional trade blocs such as the European Union and the North American Free
Trade Agreement (NAFTA), which have lowered or eliminated tariffs among the members while maintaining tariff walls between member nations and the rest
of the world. Trade agreements usually allow for exceptions to allow for regional economic integration.[citation needed]
Specific countries' policies [ edit ]
This article appears to contradict the article Permanent normal trade relations. Please see discussion on
the linked talk page. (August 2009) (Learn how and when to remove this template message)
Main article: Permanent normal trade relations
In the 1990s, continued "most favoured nation" status for the People's Republic of China by the United States created controversy because of its sales of
sensitive military technology and China's serious and continuous persecution of human rights.[6] China's MFN status was made permanent on December 27,
2001. All of the former Soviet states, including Russia, were granted MFN status in 1996. On a bilateral level, however, the United States could not grant MFN
status to some members of the former Soviet Union, including the Russian Federation, because of the Jackson-Vanik amendment. This presented an obstacle
to those countries' accession to the WTO.[7] At the urging of Vice President Joe Biden,[8] the Jackson-Vanik amendment was repealed with Magnitsky Act
(which attempts to punish human rights violations without hampering trade) on December 14, 2012.[9]
In 1998, the "most favoured nation status" in the United States has been renamed "permanent normal trade relations" (NTR) as all but a handful of countries
had this status already. The country gives preferential treatment to some of its trading partners without this status. This is based on the U.S. Supreme Court
interpretation of MFN principle as a mere prohibition to enact discriminatory legislation concerning duties on goods of like character imported from an MFN
partner.[10] The court ruled that MFN does not constrain the U.S. from giving out special privileges to other countries.
The ideas behind MFN policies can first be seen in US foreign policy during the opening of Japan in the mid to late 1850s, when they were included as a
clause in the Commercial Treaty of 1858, which signalled the opening of the Japanese market.
Since 1998, the term normal trade relations (NTR) has replaced most favoured nation in all U.S. statutes. This change was included in section 5003 of the
Internal Revenue Service Restructuring and Reform Act of 1998 (P.L. 105-206). However, Title IV of the Trade Act of 1974 (P.L. 93-618) established conditions
on U.S. MFN/NTR tariff treatment to certain non-market economies, one of which is certain freedom-of-emigration requirements (better known as the Jackson-
Vanik amendment). The act authorizes the president to waive a country's full compliance with Jackson-Vanik under specified conditions, and this must be
renewed by June 3 of each year. Once the president does so, the waiver is automatic unless Congress passes (and avoids or overturns a presidential veto of)
a disapproval resolution.
MFN/NTR status for China, a non-market economy, which had been originally suspended in 1951, was restored in 1980 and was continued in effect through
subsequent annual Presidential extensions. Following the massacre of pro-democracy demonstrators in Tiananmen Square in 1989, however, the annual
renewal of China's MFN status became a source of considerable debate in the Congress; and legislation was introduced to terminate China's MFN/NTR
status or to impose additional conditions relating to improvements in China's actions on various trade and non-trade issues. Agricultural interests generally
opposed attempts to block MFN/NTR renewal for China, contending that several billion dollars annually in current and future U.S. agricultural exports could be
jeopardized if that country retaliated. In China's case, Congress agreed to permanent normal trade relations (PNTR) status in Pub.L. 106–286 (text) (pdf) ,
President Clinton signed into law on October 10, 2000.[11] PNTR paved the way for China's accession to the WTO in December 2001; it provides U.S.
exporters of agricultural products the opportunity to benefit from China's WTO agreements to reduce trade barriers and open its agricultural markets.
India [ edit ]
As per the obligation under their World Trade Organization (WTO) treaties of accession, the member countries of WTO automatically extend Most Favoured
Nation (MFN) status to each other unless otherwise specified in the agreement or schedule notified to the WTO by that member country. Pursuant to that
provision, India has extended MFN status for goods to most member countries of WTO.[citation needed]
Within the South Asian Association for Regional Cooperation (SAARC), Bangladesh, Maldives, Nepal, Pakistan and Sri Lanka are members of the WTO and
all excepting Pakistan have extended MFN status to India,[citation needed] which had extended MFN status to all SAARC countries. In 2020 the MFN status to
Pakistan was revoked.[12] So far as exception to MFN status (if any) is concerned, each member country has indicated the same services in its schedule of
services commitments, as notified to the WTO.[citation needed]
In contract law [ edit ]
A most favoured nation clause (also called a most favoured customer clause or most favoured licensee clause) is a contract provision in which a seller
(or licensor) agrees to give the buyer (or licensee) the best terms it makes available to any other buyer (or licensee). In some contexts, the use of such
clauses may become commonplace, such as when online ebook retailers contract with publishers for the supply of e-books.[13] Use of such clauses, in some
contexts, may provoke concerns about anticompetitive influences and antitrust violations, while in other contexts, the influence may be viewed as
procompetitive.[14]
One example where most favoured nation clauses may appear is in institutional investment advisory contracts, where if a certain number of conditions are
met, one client may be entitled to the lowest fee offered to other clients with a substantially identical investment strategy and the same or lower level of assets
under management.[15]
The most favoured nation clause can also be included in an agreement between a state and a company or an investor. This involves the provision of special
privileges and advantages although the state cannot use contractual mechanisms to avoid its MFN treatment obligations with other countries.[16] Unlike the
relationship among states where a nation accorded an MFN status cannot be treated less advantageously than another, the host nation does not breach MFN
treatment if it provides different privileges to different investors. The United Nations Conference on Trade and Development clarified this when it stated that "a
host country cannot be obliged to enter into an individual investment contract" and that "freedom of contract prevails over the MFN standard."[17] This general
principle, however, is not absolute.[16]
European Union [ edit ]
The current EU competition law position is that MFN clauses will infringe Article 101(i) if in the individual circumstances of the case result in an appreciable
adverse effect on competition in the European Union. This is likely to happen when the parties to the agreement have substantial market power.
It is recognised by EU courts and regulators that such clauses are widely used in a number of industries including most topically with online travel agents.
However the regulatory tide in the EU appears to be turning against the use of these clauses. In a number of recent EU cases in the UK and Germany, MFNs
have been condemned when used by companies with significant market power.[citation needed]
See also [ edit ]
Commercial treaty
Extraterritoriality
Prerogative
National treatment
Unequal treaty
References [ edit ]
1. ^ McCloure, Mike (2011-07-25). "Most Favoured Nation Clauses – No favoured 10. ^ Hu, Jiang; Vanhullebusch, Matthias (2014). Regional Cooperation and Free
view on how they should be interpreted" Archived 2011-10-07 at the Trade Agreements in Asia. Leiden: Brill Nijhoff. p. 354. ISBN 978-9004279858.
Wayback Machine. Kluwer Arbitration Blog. Retrieved 2011-07-26. 11. ^ Dumbaugh, Kerry RS20691: Voting on NTR for China Again In 2001, and
2. ^ "WTO – Regional Trade Agreements – goods (GATT) provisions" . Past Congressional Decisions at University of North Texas, April 27, 2001
Retrieved 12 May 2016. 12. ^ https://economictimes.indiatimes.com/news/politics-and-nation/pakistans-
3. ^ Yi, Seong Deong (2004). Commemorative Edition in Honour of Professor most-favoured-nation-status-crapped/articleshow/68018002.cms
Paik, Choong-Hyun on his Retirement : Articles ; Most-Favoured-Nation 13. ^ "The "Most Favored Nation" landmine" . Apr 10, 2012. Retrieved Nov 2,
Treatment: Its Historical Developments and Concept. Vol. 11 No. 1 2020.
4. ^ The Economist: Weekly Commercial Times, Banker's Gazette and Railway 14. ^ "Developing an Administrable MFN Enforcement Policy" (PDF). Retrieved
Monitor, Volume 1 . Economist Newspaper Limited. 1845. p. 551. Nov 2, 2020.
5. ^ Understanding the WTO Handbook at WTO official website. (Note that the 15. ^ Lemke and Lins, Regulation of Investment Advisers, §2:5.50 (Thomson West,
document's printed folio numbers do not match the pdf page numbers.) 2013).
6. ^ U.S.-China Trade and MFN Status , C-SPAN, June 12, 1991 16. ^ a b Newcombe, Paul; Paradell, Lluis (2009). Law and Practice of Investment
7. ^ Russia, Jackson-Vanik Amendment Could Be Lifted By End Of 2008 – JRL Treaties: Standards of Treatment. Austin: Wolters Kluwer. p. 227. ISBN 978-
5-31-07 9041123510.
8. ^ "Biden urges repeal of Jackson-Vanik amendment" . Archived from the 17. ^ UNCTAD (1999). Most-favoured-nation Treatment, Volume 3. New York:
original on 6 September 2012. Retrieved 12 May 2016. United Nations Publications. p. 6. ISBN 9211124506.
9. ^ "Statement by the Press Secretary on H.R. 6156" . whitehouse.gov.
Retrieved 12 May 2016 – via National Archives.

Davey, W.J.; Pauwelyn, J. (2000). "MFN-Unconditionality". In Cottier, T.; Mavroidis, P.C. (eds.). Regulatory Barriers and the Principle of Non-Discrimination
in World Trade Law: Past, Present, and Future. Ann Arbor: University of Michigan Press. ISBN 0472111000.
Most-favoured-Nation Clause – Bibliographies on the topics of the International Law Commission (no. 10 in the list) (UNOG Library)
World Bank's MFN Weighted Average Tariff World level for various products from 2008 to 2012
ITC's Market Access Map , an online database of customs tariffs and market requirements.
Categories: International trade law World Trade Organization
National treatment
Main page National treatment is a principle in international law.[1] Utilized in many treaty regimes involving trade and intellectual property,[2][3] it requires equal treatment
Contents of foreigners and locals. Under national treatment, a state that grants particular rights, benefits or privileges to its own citizens must also grant those
Current events advantages to the citizens of other states while they are in that country. In the context of international agreements, a state must provide equal treatment to
Random article
citizens of the other states participating in the agreement. Imported and locally produced goods should be treated equally — at least after the foreign goods
About Wikipedia
Contact us
have entered the market.[2]
Donate While this is generally viewed as a desirable principle, in custom it conversely means that a state can deprive foreigners of anything of which it deprives its
own citizens. An opposing principle calls for an international minimum standard of justice (a sort of basic due process) that would provide a base floor for the
Contribute
protection of rights and of access to judicial process. The conflict between national treatment and minimum standards has mainly played out between
Help
industrialized and developing nations, in the context of expropriations. Many developing nations, having the power to take control over the property of their
Learn to edit
Community portal own citizens, wished to exercise it over the property of aliens as well.[citation needed]
Recent changes Though support for national treatment was expressed in several controversial (and legally non-binding) United Nations General Assembly resolutions, the
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issue of expropriations is almost universally handled through treaties with other states and contracts with private entities, rather than through reliance upon
Tools international custom.
What links here National treatment only applies once a product, service or item of intellectual property has entered the market. Therefore, charging customs duty on an import
Related changes is not a violation of national treatment even if locally-produced products are not charged an equivalent tax.[2]
Special pages
Permanent link There is evidence that the national treatment principle is not being upheld, at least as far as intellectual property is concerned.[4][5] However, some
Page information mechanisms such as TRIPs seem to reduce bias against foreigners.[4] Furthermore, apparent discrimination against foreigners may be the result of a
Cite this page disparate impact of the local legislation on foreigners ("unintentional discrimination") rather than disparate treatment ("intentional discrimination").[5]
Wikidata item
Print/export GATT/WTO [ edit ]
Download as PDF National treatment is an integral part of many World Trade Organization agreements. Together with the most favoured nation principle, national treatment is
Printable version
one of the cornerstones of WTO trade law. It is found in all 3 of the main WTO agreements (GATT, GATS and TRIPS).[2]
Languages National treatment is a basic principle of GATT/WTO that prohibits discrimination between imported and domestically produced goods with respect to internal
‫اﻟﻌﺮﺑﯿﺔ‬ taxation or other government regulation. The principle of national treatment is formulated in Article 3 of the GATT 1947[6] (and incorporated by reference in
Deutsch GATT 1994); Article 17 of the General Agreement on Trade in Services (GATS); and in Article 3 of the Agreement on Trade-Related Aspects of Intellectual
Français Property Rights (TRIPS). The aim of this trade rule is to prevent internal taxes or other regulations from being used as a substitute for tariff protection.[7]
한국어
Русский
Tiếng Việt A good summary is found in Japan-Alcohol[8] which states; "[a] national treatment obligation is a general prohibition on the use of internal taxes and other
中文 internal regulatory measures so as to afford protection to domestic production".
5 more
Edit links
See also [ edit ]

Special and differential treatment
Privileges and Immunities Clause (United States Constitution, Article IV)
References [ edit ]
1. ^ "The national treatment standard" . LawTeacher.com. 2013-11-01. Archived from the original on 2015-05-11. Retrieved 2018-07-25.
2. ^ a b c d "Principles of the trading system" . World Trade Organization. Archived from the original on 2000-08-17. Retrieved 2018-07-25.
3. ^ Loewenheim, Ulrich (2009-01-01). "The Principle of National Treatment in the International Conventions Protecting Intellectual Property". Patents and Technological
Progress in a Globalized World. 6. pp. 593–599. doi:10.1007/978-3-540-88743-0_41 . ISBN 978-3-540-88742-3.
4. ^ ab de Rassenfosse, Gaetan; Jensen, Paul; Julius, T'Mir; Palangkaraya, Alfons; Webster, Elizabeth, "Are Foreigners Treated Equally under the Trade-Related Aspects
of Intellectual Property Rights Agreement?" , Journal of Law & Economics, 62 (4), pp. 663–685
5. ^ ab de Rassenfosse, Gaétan; Hosseini, Reza (2020), "Discrimination against foreigners in the U.S. patent system" , Journal of International Business Policy
6. ^ The General Agreement on Tariffs and Trade (GATT) http://www.wto.org/english/docs_e/legal_e/gatt47_01_e.htm
7. ^ CRS Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition - Order Code 97-905 Archived 2011-08-10 at the Wayback
Machine
8. ^ Report of the WTO Appellate Body 1994 http://www.worldtradelaw.net/reports/wtoab/japan-alcohol(ab).pdf
Categories: International law World Trade Organization Foreign direct investment
This page was last edited on 30 April 2021, at 23:09 (UTC).
World Trade Organization

From Wikipedia, the free encyclopedia Coordinates: 46°13′27″N 06°08′58″E
Main page "WTO" redirects here. For other uses, see WTO (disambiguation).
Contents
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates World Trade Organization
Current events
Random article international trade between nations. It officially commenced operations on 1 January 1995, pursuant to the 1994
Organisation mondiale du commerce
About Wikipedia Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been
(in French)
Contact us established in 1948. The WTO is the world's largest international economic organization, with 164 member Organización Mundial del Comercio
Donate states representing over 96% of global trade and global GDP.[6][7][8] (in Spanish)
Contribute The WTO facilitates trade in goods, services and intellectual property among participating countries by providing
Help a framework for negotiating trade agreements, which usually aim to reduce or eliminate tariffs, quotas, and other
Learn to edit restrictions; these agreements are signed by representatives of member governments[9]:fol.9–10 and ratified by
Community portal their legislatures.[10] The WTO also administers independent dispute resolution for enforcing participants'
Recent changes adherence to trade agreements and resolving trade-related disputes.[11] The organization prohibits
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discrimination between trading partners, but provides exceptions for environmental protection, national security,
Tools and other important goals.[11]
What links here The WTO is headquartered in Geneva, Switzerland.[12] Its top decision making body is the Ministerial
Related changes Conference, which is composed of all member states and usually convenes biannually; consensus is
Special pages
Members
emphasized in all decisions.[13] Day-to-day functions are handled by the General Council, made up of Members, dually represented by the EU
Permanent link
representatives from all members.[14] A Secretariat of over 600 personnel, led by the Director-General and four Observers
Page information
Cite this page deputies, provides administrative, professional, and technical services.[15] The WTO's annual budget is roughly Non-participant states
Wikidata item 220 million USD, which is contributed by members based on their proportion of international trade.[16]
Formation 1 January 1995; 26 years ago
Print/export
Studies show the WTO has boosted trade and reduced trade barriers.[17][18][11][19] It has also influenced trade Type Intergovernmental
agreement generally; a 2017 analysis found that the vast majority of preferential trade agreements (PTAs) up to organization
Download as PDF
Printable version that point explicitly reference the WTO, with substantial portions of text copied from WTO agreements.[20] Goal Purpose Reduction of tariffs and other
10 of the United Nations Sustainable Development Goals also referenced WTO agreements as instruments of barriers to trade
In other projects reducing inequality.[21] However, critics contend that the benefits of WTO-facilitated free trade are not shared Headquarters Centre William Rappard,
Wikimedia Commons
Geneva, Switzerland
equally, citing the outcomes of negotiations and data showing a continually widening gap between rich and poor
Wikiquote Coordinates 46°13′27″N 06°08′58″E
nations.[22][23]
Region Worldwide
Languages served
Contents [hide]
Deutsch Membership 164 member states[1]
Español 1 History Official English, French, Spanish[2]
Français
languages
1.1 GATT negotiations before Uruguay
한국어 Director- Ngozi Okonjo-Iweala[3]
1.2 Uruguay Round: 1986–1994 General
Italiano
1.3 Ministerial conferences Budget 197.2 million Swiss francs
Русский
Tagalog 1.4 Doha Round (Doha Agenda): 2001–present (approx. 220 million US$) in
Tiếng Việt 2 Functions 2020.[4]
中文 3 Principles of the trading system Staff 640[5]
4 Organizational structure Website www.wto.org

119 more
5 Decision-making
Edit links
6 Dispute settlement
7 Accession and membership
7.1 Accession process
7.2 Members and observers
8 Agreements
9 Office of director-general
9.1 List of directors-general
9.2 2020 Director-General selection
10 Budget
11 Criticism
12 Impact
13 See also
14 Notes and references
15 External links
History [ edit ]
Main article: History of the World Trade Organization
The WTO precursor General Agreement on Tariffs and Trade (GATT), was established by a multilateral treaty of 23 countries in 1947 after World War II in the
wake of other new multilateral institutions dedicated to international economic cooperation—such as the World Bank (founded 1944) and the International
Monetary Fund (founded 1944 or 1945). A comparable international institution for trade, named the International Trade Organization never started as the U.S.
and other signatories did not ratify the establishment treaty,[25][26][27] and so GATT slowly became a de facto international organization.[28]
GATT negotiations before Uruguay [ edit ]

See also: General Agreement on Tariffs and Trade
Seven rounds of negotiations occurred under GATT (1949 to 1979). The first real[citation needed] GATT trade rounds (1947 to 1960) concentrated on further
reducing tariffs. Then the Kennedy Round in the mid-sixties brought about a GATT anti-dumping agreement and a section on development. The Tokyo Round
during the seventies represented the first major attempt to tackle trade barriers that do not take the form of tariffs, and to improve the system, adopting a
series of agreements on non-tariff barriers, which in some cases interpreted existing GATT rules, and in others broke
entirely new ground. Because not all GATT members accepted these plurilateral agreements, they were often
informally called "codes". (The Uruguay Round amended several of these codes and turned them into multilateral
commitments accepted by all WTO members. Only four remained plurilateral (those on government procurement,
bovine meat, civil aircraft, and dairy products), but in 1997 WTO members agreed to terminate the bovine meat and
dairy agreements, leaving only two.[29]) Despite attempts in the mid-1950s and 1960s to establish some form of
institutional mechanism for international trade, the GATT continued to operate for almost half a century as a semi-
institutionalized multilateral treaty régime on a provisional basis.[30]
Uruguay Round: 1986–1994 [ edit ]

Well before GATT's 40th anniversary, its members concluded that the GATT system was straining to adapt to a new
globalizing world economy.[31][32] In response to the problems identified in the 1982 Ministerial Declaration (structural
deficiencies, spill-over impacts of certain countries' policies on world trade GATT could not manage, etc.), the eighth The economists Harry White (left)
GATT round—known as the Uruguay Round—was launched in September 1986, in Punta del Este, Uruguay.[31] and John Maynard Keynes at the
Bretton Woods Conference.[24]
It was the biggest negotiating mandate on trade ever agreed: the talks aimed to extend the trading system into
several new areas, notably trade in services and intellectual property, and to reform trade in the sensitive sectors of
agriculture and textiles; all the original GATT articles were up for review.[32] The Final Act concluding the Uruguay Round and officially establishing the WTO
regime was signed 15 April 1994, during the ministerial meeting at Marrakesh, Morocco, and hence is known as the Marrakesh Agreement.[33]
The GATT still exists as the WTO's umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations (a distinction is made between
GATT 1994, the updated parts of GATT, and GATT 1947, the original agreement which is still the heart of GATT 1994).[31] GATT 1994 is not. However, the
only legally binding agreement included via the Final Act at Marrakesh; a long list of about 60 agreements, annexes, decisions, and understandings was
adopted. The agreements fall into six main parts:
the Agreement Establishing the WTO

the Multilateral Agreements on Trade in Goods[34]
the General Agreement on Trade in Services
the Agreement on Trade-Related Aspects of Intellectual Property Rights
dispute settlement[35]
reviews of governments' trade policies[36]
In terms of the WTO's principle relating to tariff "ceiling-binding" (No. 3), the Uruguay Round has been successful in increasing binding commitments by both
developed and developing countries, as may be seen in the percentages of tariffs bound before and after the 1986–1994 talks.[37]
Ministerial conferences [ edit ]
The highest decision-making body of the WTO, the Ministerial Conference, usually meets every two years.[38] It brings together all members of the WTO, all of
which are countries or customs unions. The Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. Some
meetings, such as the inaugural ministerial conference in Singapore and the Cancun conference in 2003[39] involved arguments between developed and
developing economies referred to as the "Singapore issues" such as agricultural subsidies; while others such as the
Seattle conference in 1999 provoked large demonstrations. The fourth ministerial conference in Doha in 2001
approved China's entry to the WTO and launched the Doha Development Round which was supplemented by the
sixth WTO ministerial conference (in Hong Kong) which agreed to phase out agricultural export subsidies and to
adopt the European Union's Everything but Arms initiative to phase out tariffs for goods from the Least Developed
Countries. At the sixth WTO Ministerial Conference of 2005 in December, WTO launched the Aid for Trade initiative
and it is specifically to assist developing countries in trade as included in the Sustainable Development Goal 8 which
is to increase aid for trade support and economic growth.[40] The World Trade Organization
Ministerial Conference of 1998, in the
The Twelfth Ministerial Conference (MC12) was due to be held in Nur-Sultan, Kazakhstan, in June 2020 but was
Palace of Nations (Geneva,
canceled because of the COVID-19 pandemic. Switzerland).
Doha Round (Doha Agenda): 2001–present [ edit ]

Main article: Doha Development Round
The WTO launched the current round of negotiations, the Doha Development Round, at the fourth ministerial conference in Doha, Qatar in November 2001.
This was to be an ambitious effort to make globalization more inclusive and help the world's poor, particularly by slashing barriers and subsidies in farming.[41]
The initial agenda comprised both further trade liberalization and new rule-making, underpinned by commitments to strengthen substantial assistance to
developing countries.[42]
Progress stalled over differences between developed nations and the major developing countries on issues such as industrial tariffs and non-tariff barriers to
trade[43] particularly against and between the EU and the US over their maintenance of agricultural subsidies—seen to operate effectively as trade barriers.
Repeated attempts to revive the talks proved unsuccessful,[44] though the adoption of the Bali Ministerial Declaration in 2013[45] addressed bureaucratic
barriers to commerce.[46]
As of June 2012, the future of the Doha Round remained uncertain: the work programme lists 21 subjects in which the original deadline of 1 January 2005
was missed, and the round remains incomplete.[47] The conflict between free trade on industrial goods and services but retention of protectionism on farm
subsidies to domestic agricultural sectors (requested by developed countries) and the substantiation[jargon] of fair trade on agricultural products (requested by
developing countries) remain the major obstacles. This impasse has made it impossible to launch new WTO negotiations beyond the Doha Development
Round. As a result, there have been an increasing number of bilateral free trade agreements between governments.[48] As of July 2012 there were various
negotiation groups in the WTO system for the current stalemated agricultural trade negotiation.[49]
Functions [ edit ]
Among the various functions of the WTO, these are regarded by analysts as the most important:
It oversees the implementation, administration and operation of the covered agreements (with the exception is that it does not enforce any agreements
when China came into the WTO in Dec 2001)[50][51]
It provides a forum for negotiations and for settling disputes.[52][53]
Additionally, it is WTO's duty to review and propagate the national trade policies and to ensure the coherence and transparency of trade policies through
surveillance in global economic policy-making.[51][53] Another priority of the WTO is the assistance of developing, least-developed and low-income countries in
transition to adjust to WTO rules and disciplines through technical cooperation and training.[54]
1. The WTO shall facilitate the implementation, administration, and operation and further the objectives of this Agreement and the Multilateral Trade
Agreements, and shall also provide the framework for the implementation, administration, and operation of the multilateral Trade Agreements.
2. The WTO shall provide the forum for negotiations among its members concerning their multilateral trade relations in matters dealt with under the
Agreement in the Annexes to this Agreement.
3. The WTO shall administer the Understanding on Rules and Procedures Governing the Settlement of Disputes.
4. The WTO shall administer a Trade Policy Review Mechanism.
5. to achieve greater coherence in global economic policymaking, the WTO shall cooperate, as appropriate, with the International Monetary Fund (IMF)
and with the International Bank for Reconstruction and Development (IBRD) and its affiliated agencies.[55]
The above five listings are the additional functions of the World Trade Organization. As globalization proceeds in today's society, the necessity of an
International Organization to manage the trading systems has been of vital importance. As the trade volume increases, issues such as protectionism, trade
barriers, subsidies, violation of intellectual property arise due to the differences in the trading rules of every nation. The World Trade Organization serves as
the mediator between the nations when such problems arise. WTO could be referred to as the product of globalization and also as one of the most important
organizations in today's globalized society.
The WTO is also a center of economic research and analysis: regular assessments of the global trade picture in its annual publications and research reports
on specific topics are produced by the organization.[56] Finally, the WTO cooperates closely with the two other components of the Bretton Woods system, the
IMF and the World Bank.[52]
Principles of the trading system [ edit ]
The WTO establishes a framework for trade policies; it does not define or specify outcomes. That is, it is concerned with setting the rules of "trade policy." Five
principles are of particular importance in understanding both the pre-1994 GATT and the WTO:
1. Non-discrimination. It has two major components: the most favored nation (MFN) rule and the national treatment policy. Both are embedded in the
main WTO rules on goods, services, and intellectual property, but their precise scope and nature differ across these areas. The MFN rule requires that
a WTO member must apply the same conditions on all trade with other WTO members, i.e., a WTO member has to grant the most favorable conditions
under which it allows trade in a certain product type to all other WTO members.[57] "Grant someone a special favor and you have to do the same for all
other WTO members."[37] National treatment means that imported goods should be treated no less favorably than domestically produced goods (at
least after the foreign goods have entered the market) and was introduced to tackle non-tariff barriers to trade (e.g. technical standards, security
standards et al. discriminating against imported goods).[57]
2. Reciprocity. It reflects both a desire to limit the scope of free-riding that may arise because of the MFN rule and a desire to obtain better access to
foreign markets. A related point is that for a nation to negotiate, it is necessary that the gain from doing so be greater than the gain available from
unilateral liberalization; reciprocal concessions intend to ensure that such gains will materialize.[58]
3. Binding and enforceable commitments. The tariff commitments made by WTO members in multilateral trade negotiation and on accession are
enumerated in a schedule (list) of concessions. These schedules establish "ceiling bindings": a country can change its bindings, but only after
negotiating with its trading partners, which could mean compensating them for loss of trade. If satisfaction is not obtained, the complaining country may
invoke the WTO dispute settlement procedures.[37][58]
4. Transparency. The WTO members are required to publish their trade regulations, to maintain institutions allowing for the review of administrative
decisions affecting trade, to respond to requests for information by other members, and to notify changes in trade policies to the WTO. These internal
transparency requirements are supplemented and facilitated by periodic country-specific reports (trade policy reviews) through the Trade Policy Review
Mechanism (TPRM).[59] The WTO system tries also to improve predictability and stability, discouraging the use of quotas and other measures used to
set limits on quantities of imports.[37]
5. Safety values. In specific circumstances, governments are able to restrict trade. The WTO's agreements permit members to take measures to protect
not only the environment but also public health, animal health and plant health.[5]
There are three types of provision in this direction:
1. articles allowing for the use of trade measures to attain non-economic objectives;
2. articles aimed at ensuring "fair competition"; members must not use environmental protection measures as a means of disguising protectionist
policies.[5][60]
3. provisions permitting intervention in trade for economic reasons.[59]
Exceptions to the MFN principle also allow for preferential treatment of developing countries, regional free trade areas and customs unions.[9]:fol.93
Organizational structure [ edit ]
The highest authority of the WTO is the Ministerial Conference, which must meet at least every two years.[61]
In between each Ministerial Conference, the daily work is handled by three bodies whose membership is the same; they only differ by the terms of reference
under which each body is constituted.[61]
The General Council

The Dispute Settlement Body
The Trade Policy Review Body
The General Council, whose Chair as of 2020 is David Walker of New Zealand,[62] has the following subsidiary bodies which oversee committees in different
areas:
Council for Trade in Goods

There are 11 committees under the jurisdiction of the Goods Council each with a specific task. All members of the WTO participate in the committees. The
Textiles Monitoring Body is separate from the other committees but still under the jurisdiction of the Goods Council. The body has its chairman and only 10
members. The body also has several groups relating to textiles.[63]
Council for Trade-Related Aspects of Intellectual Property Rights

Information on intellectual property in the WTO, news and official records of the activities of the TRIPS Council, and details of the WTO's work with other
international organizations in the field.[64]
Council for Trade in Services

The Council for Trade in Services operates under the guidance of the General Council and is responsible for overseeing the functioning of the General
Agreement on Trade in Services (GATS). It is open to all WTO members and can create subsidiary bodies as required.[65]
Trade Negotiations Committee
The Trade Negotiations Committee (TNC) is the committee that deals with the current trade talks round. The chair is WTO's director-general. As of
June 2012 the committee was tasked with the Doha Development Round.[66]
The Service Council has three subsidiary bodies: financial services, domestic regulations, GATS rules, and specific commitments.[63] The council has several
different committees, working groups, and working parties.[67] There are committees on the following: Trade and Environment; Trade and Development
(Subcommittee on Least-Developed Countries); Regional Trade Agreements; Balance of Payments Restrictions; and Budget, Finance and Administration.
There are working parties on the following: Accession. There are working groups on the following: Trade, debt and finance; and Trade and technology transfer.
As of 31 December 2019, the number of WTO staff on a regular budget is 338 women and 285 men.[68]
Decision-making [ edit ]
The WTO describes itself as "a rules-based, member-driven organization—all decisions are made by the member governments, and the rules are the
outcome of negotiations among members".[69] The WTO Agreement foresees votes where consensus cannot be reached, but the practice of consensus
dominates the process of decision-making.[70]
Richard Harold Steinberg (2002) argues that although the WTO's consensus governance model provides law-based initial bargaining, trading rounds close
through power-based bargaining favoring Europe and the U.S., and may not lead to Pareto improvement.[71]
Dispute settlement [ edit ]
Main article: Dispute settlement in the WTO
The WTO's dispute-settlement system "is the result of the evolution of rules, procedures and practices developed over almost half a century under the GATT
1947".[72] In 1994, the WTO members agreed on the Understanding on Rules and Procedures Governing the Settlement of Disputes (DSU) annexed to the
"Final Act" signed in Marrakesh in 1994.[73] Dispute settlement is regarded by the WTO as the central pillar of the multilateral trading system, and as a "unique
contribution to the stability of the global economy".[74] WTO members have agreed that, if they believe fellow-members are violating trade rules, they will use
the multilateral system of settling disputes instead of taking action unilaterally.[75]
The operation of the WTO dispute settlement process involves case-specific panels[76] appointed by the Dispute Settlement Body (DSB),[77] the Appellate
Body,[78] The Director-General and the WTO Secretariat,[79] arbitrators,[80] and advisory experts.[81]
The priority is to settle disputes, preferably through a mutually agreed solution, and provision has been made for the process to be conducted in an efficient
and timely manner so that "If a case is adjudicated, it should normally take no more than one year for a panel ruling and no more than 16 months if the case is
appealed... If the complainant deems the case urgent, consideration of the case should take even less time.[82] WTO member nations are obliged to accept
the process as exclusive and compulsory.[83]
According to a 2018 study in the Journal of Politics, states are less likely and slower to enforce WTO violations when the violations affect states in a diffuse
manner.[84] This is because states face collective action problems with pursuing litigation: they all expect other states to carry the costs of litigation.[84] A 2016
study in International Studies Quarterly challenges that the WTO dispute settlement system leads to greater increases in trade.[85]
However, the dispute settlement system cannot be used to resolve trade disputes that arise from political disagreements. When Qatar requested the
establishment of a dispute panel concerning measures imposed by the UAE, other GCC countries and the US were quick to dismiss its request as a political
matter, stating that national security issues were political and not appropriate for the WTO dispute system.[86]
Accession and membership [ edit ]
Main article: World Trade Organization accession and membership
The process of becoming a WTO member is unique to each applicant country, and the terms of accession are dependent upon the country's stage of
economic development and the current trade regime.[87] The process takes about five years, on average, but it can last longer if the country is less than fully
committed to the process or if political issues interfere. The shortest accession negotiation was that of the Kyrgyz Republic, while the longest was that of
Russia, which, having first applied to join GATT in 1993, was approved for membership in December 2011 and became a WTO member on 22 August
2012.[88] Kazakhstan also had a long accession negotiation process. The Working Party on the Accession of Kazakhstan was established in 1996 and was
approved for membership in 2015.[89] The second longest was that of Vanuatu, whose Working Party on the Accession of Vanuatu was established on 11 July
1995. After a final meeting of the Working Party in October 2001, Vanuatu requested more time to consider its accession terms. In 2008, it indicated its
interest to resume and conclude its WTO accession. The Working Party on the Accession of Vanuatu was reconvened informally on 4 April 2011 to discuss
Vanuatu's future WTO membership. The re-convened Working Party completed its mandate on 2 May 2011. The General Council formally approved the
Accession Package of Vanuatu on 26 October 2011. On 24 August 2012, the WTO welcomed Vanuatu as its 157th member.[90] An offer of accession is only
given once consensus is reached among interested parties.[91]
A 2017 study argues that "political ties rather than issue-area functional gains determine who joins" and shows "how geopolitical alignment shapes the
demand and supply sides of membership".[92] The "findings challenge the view that states first liberalize trade to join the GATT/WTO. Instead, democracy and
foreign policy similarity encourage states to join."[92]
Accession process [ edit ]
A country wishing to accede to the WTO submits an application to the General Council,
and has to describe all aspects of its trade and economic policies that have a bearing on
WTO agreements.[94] The application is submitted to the WTO in a memorandum which
is examined by a working party open to all interested WTO Members.[95]
After all necessary background information has been acquired, the working party
focuses on issues of discrepancy between the WTO rules and the applicant's
international and domestic trade policies and laws. The working party determines the
terms and conditions of entry into the WTO for the applicant nation and may consider
transitional periods to allow countries some leeway in complying with the WTO rules.[87]
The final phase of accession involves bilateral negotiations between the applicant nation WTO accession progress:[93]
and other working party members regarding the concessions and commitments on tariff Draft Working Party Report or Factual Summary adopted
Goods or Services offers submitted
levels and market access for goods and services. The new member's commitments are
Working party meetings
to apply equally to all WTO members under normal non-discrimination rules, even
Memorandum on Foreign Trade Regime submitted
though they are negotiated bilaterally.[94] For instance, as a result of joining the WTO, Working party established
Armenia offered a 15 per cent ceiling bound tariff rate on accessing its market for goods.
Together with the tariff bindings being ad valorem there are no specific or compound
rates. Moreover, there are no tariff-rate quotas on both industrial and agricultural products.[96] Armenia's economic and trade performance growth was noted
since its first review in 2010, especially its revival from the 2008 global financial crisis, with an average annual 4% GDP growth rate, despite some fluctuations.
Armenia's economy was marked by low inflation, diminishing poverty, and essential progress in enhancing its macroeconomic steadiness in which trade in
goods and services, which is the equivalent of 87% of GDP, played a growing role.[97]
When the bilateral talks conclude, the working party sends to the general council or ministerial conference an accession package, which includes a summary
of all the working party meetings, the Protocol of Accession (a draft membership treaty), and lists ("schedules") of the member to be commitments. Once the
general council or ministerial conference approves of the terms of accession, the applicant's parliament must ratify the Protocol of Accession before it can
become a member.[98] Some countries may have faced tougher and a much longer accession process due to challenges during negotiations with other WTO
members, such as Vietnam, whose negotiations took more than 11 years before it became an official member in January 2007.[99]
Members and observers [ edit ]
The WTO has 164 members and 25 observer governments.[100] Liberia became the 163rd member on 14 July 2016, and Afghanistan became the 164th
member on 29 July 2016.[101][102] In addition to states, the European Union, and each EU country in its own right,[103] is a member. WTO members do not
have to be fully independent states; they need only be a customs territory with full autonomy in the conduct of their external commercial relations. Thus Hong
Kong has been a member since 1995 (as "Hong Kong, China" since 1997) predating the People's Republic of China, which joined in 2001 after 15 years of
negotiations. Taiwan acceded to the WTO in 2002 as the "Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu."[104] The WTO Secretariat
omits the official titles (such as Counsellor, First Secretary, Second Secretary and Third Secretary) of the members of Taiwan's Permanent Mission to the
WTO, except for the titles of the Permanent Representative and the Deputy Permanent Representative.[105]
As of 2007, WTO member states represented 96.4% of global trade and 96.7% of global GDP.[8] Iran, followed by Algeria, are the economies with the largest
GDP and trade outside the WTO, using 2005 data.[106][107] With the exception of the Holy See, observers must start accession negotiations within five years
of becoming observers. A number of international intergovernmental organizations have also been granted observer status to WTO bodies.[108] Ten UN
members have no affiliation with the WTO.
Agreements [ edit ]
The WTO oversees about 60 different agreements which have the status of international legal texts. Member countries must sign and ratify all WTO
agreements on accession.[109] A discussion of some of the most important agreements follows.
The Agreement on Agriculture came into effect with the establishment of the WTO at the beginning of 1995. The AoA has three central concepts, or "pillars":
domestic support, market access and export subsidies.
The General Agreement on Trade in Services was created to extend the multilateral trading system to service sector, in the same way as the General
Agreement on Tariffs and Trade (GATT) provided such a system for merchandise trade. The agreement entered into force in January 1995.
The Agreement on Trade-Related Aspects of Intellectual Property Rights sets down minimum standards for many forms of intellectual property (IP) regulation.
It was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) in 1994.[110]
The Agreement on the Application of Sanitary and Phytosanitary Measures—also known as the SPS Agreement—was negotiated during the Uruguay Round
of GATT, and entered into force with the establishment of the WTO at the beginning of 1995. Under the SPS agreement, the WTO sets constraints on
members' policies relating to food safety (bacterial contaminants, pesticides, inspection, and labeling) as well as animal and plant health (imported pests and
diseases).
The Agreement on Technical Barriers to Trade is an international treaty of the World Trade Organization. It was negotiated during the Uruguay Round of the
General Agreement on Tariffs and Trade and entered into force with the establishment of the WTO at the end of 1994. The object ensures that technical
negotiations and standards, as well as testing and certification procedures, do not create unnecessary obstacles to trade".[111]
The Agreement on Customs Valuation, formally known as the Agreement on Implementation of Article VII of GATT, prescribes methods of customs valuation
that Members are to follow. Chiefly, it adopts the "transaction value" approach.
In December 2013, the biggest agreement within the WTO was signed and known as the Bali Package.[112]
Office of director-general [ edit ]
Main article: Director-General of the World Trade Organization
The procedures for the appointment of the WTO director-general were updated in January 2003,[113] and include
quadrennial terms.[62] Additionally, there are four deputy directors-general. As of 13 June 2018 under director-general
Roberto Azevêdo, the four deputy directors-general are:
Yi Xiaozhun of China (since 1 October 2017),

Karl Brauner of Germany (since 1 October 2013),
Yonov Frederick Agah of Nigeria (since 1 October 2013) and
Alan W. Wolff of the United States (since 1 October 2017).[114]
List of directors-general [ edit ] The headquarters of the World

Trade Organization in Geneva,
Source: Official website[115] Switzerland.
Name Country Term

Peter Sutherland Ireland 1995
Renato Ruggiero Italy 1995–1999
Mike Moore New Zealand 1999–2002
Supachai Panitchpakdi Thailand 2002–2005
Pascal Lamy France 2005–2013
Roberto Azevêdo Brazil 2013–2021
Ngozi Okonjo-Iweala Nigeria 2021–
2020 Director-General selection [ edit ]

Further information: Director-General of the World Trade Organization § 2020 Director-General selection
In May 2020, Director-General Roberto Azevedo announced that he would step down on 31 August 2020.[116] As of October 2020, a nomination and selection
process is currently under way with eight candidates and the final selection is expected on 7 November 2020 with the consensus of 164 member
countries.[117] A strong consensus had formed around the candidacy of Ngozi Okonjo-Iweala but on 28 October it emerged that the US representative was
opposed to her appointment.[118]
WTO members made history on 15 February 2021 when the General Council agreed by consensus to select Ngozi Okonjo-Iweala of Nigeria as the
organization’s seventh Director-General.
Wage takes office on 1 March 2021. Dr Okonjo-Iweala will become the first woman and the first African to be chosen as Director-General. Her term,
renewable, will expire on 31 August 2025.
https://www.wto.org/english/news_e/news21_e/dgno_15feb21_e.htm
Budget [ edit ]
The WTO derives most of the income for its annual budget from contributions by its Members. These are established according to a formula based on their
share of international trade.
2019 Top 10 Members’ contributions to the

consolidated budget of the WTO[119]
Rank Country CHF Percentage
1 United States 22,660,405 11.59%
2 China 19,737,680 10.10%
3 Germany 13,882,455 7.10%
4 Japan 7,896,245 4.04%
5 United Kingdom 7,446,595 3.81%
6 France 7,440,730 3.81%
7 South Korea 5,777,025 2.96%
8 Netherlands 5,745,745 2.94%
9 Hong Kong 5,427,080 2.78%
10 Italy 5,096,685 2.61%
Others 94,389,355 48.28%
TOTAL 195,500,000 100.00%
Criticism [ edit ]
Main article: Criticism of the World Trade Organization

See also: 1999 Seattle WTO protests
Although tariffs and other trade barriers have been significantly reduced thanks to GATT and WTO, the promise that free trade will accelerate economic
growth, reduce poverty, and increase people's incomes has been questioned by many critics.[22] Some prominent skeptics[who?] cite the example of El
Salvador. In the early 1990s, they removed all quantitative barriers to imports and also cut tariffs. However, the country's economic growth remained weak. On
the other hand, Vietnam which only began reforming its economy in the late 1980s, saw a great deal of success by deciding to follow the China's economic
model and liberalizing slowly along with implementing safeguards for domestic commerce. Vietnam has largely succeeded in accelerating economic growth
and reducing poverty without immediately removing substantial trade barriers.[120][22]
Economist Ha-Joon Chang himself argues that there is a "paradox" in neo-liberal beliefs regarding free trade because the economic growth of developing
countries was higher in the 1960–1980 period compared to the 1980–2000 period even though its trade policies are now far more liberal than before. Also,
there are results of research that show that new countries actively reduce trade barriers only after becoming significantly rich. From the results of the study,
WTO critics argue that trade liberalization does not guarantee economic growth and certainly not poverty alleviation.[22]
Critics also put forward the view that the benefits derived from WTO facilitated free trade are not shared equally.[23] This criticism is usually supported by
historical accounts of the outcomes of negotiations and/or data showing that the gap between the rich and the poor continues to widen, especially in China
and India, where economic inequality is growing even though economic growth is very high.[22] In addition, WTO approaches aiming to reduce trade barriers
can harm developing countries. Trade liberalization that is too early without any prominent domestic barriers is feared to trap the developing economies in the
primary sector, which often does not require skilled labor. And when these developing countries decide to advance their economy utilizing industrialization, the
premature domestic industry cannot immediately skyrocket as expected, making it difficult to compete with other countries whose industries are more
advanced.[121]
Impact [ edit ]
Studies show that the WTO boosted trade.[17][18] Research shows that in the absence of the WTO, the average country would face an increase in tariffs on
their exports by 32 percentage points.[19][122] The dispute settlement mechanism in the WTO is one way in which trade is increased.[123][124][125][126]
According to a 2017 study in the Journal of International Economic Law, "nearly all recent [preferential trade agreements (PTAs) reference the WTO explicitly,
often dozens of times across multiple chapters. Likewise, in many of these same PTAs we find that substantial portions of treaty language—sometime the
majority of a chapter—is copied verbatim from a WTO agreement... the presence of the WTO in PTAs has increased over time."[20]
See also [ edit ]
Agreement on Trade Related Investment Measures Globality

Aide-mémoire Information Technology Agreement
Anti-globalization movement International Trade Centre
China and the World Trade Organization Labour Standards in the World Trade Organisation
Criticism of the World Trade Organization List of Geographical Indications in India
Foreign Affiliate Trade Statistics List of member states of the World Trade Organization
Geographical indication List of trade organisations
Geographical Indications of Goods (Registration and Protection) Act, 1999 Non-tariff barriers to trade
Global administrative law North American Free Trade Agreement
Subsidy Washington Consensus
Swiss Formula World Trade Organization Ministerial Conference of 1999 protest activity
Trade bloc World Trade Report
Notes and references [ edit ]
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98. ^ How to Become a Member of the WTO Archived 13 March 2007 at the 115. ^ "Previous GATT and WTO Directors-General" . WTO. Archived from the
Wayback Machine, WTO official site original on 15 October 2012. Retrieved 21 May 2011.
99. ^ Napier, Nancy K.; Vuong, Quan Hoang (2013). What we see, why we worry, 116. ^ "WTO chief Roberto Azevêdo to step down early" . The Financial Times. 14
why we hope: Vietnam going forward. Boise, ID: Boise State University CCI May 2020.
Press. p. 140. ISBN 978-0985530587. 117. ^ "Moon, allies intensify campaign for Yoo Myung-hee to head WTO" .
100. ^ "Members and Observers" . World Trade Organization. 24 August 2012. Joongang Daily. 12 October 2020. Archived from the original on 13 October
Archived from the original on 10 September 2011. Retrieved 10 September 2020.
2011. 118. ^ Bryce Baschuk (28 October 2020). "U.S. Sows WTO Turmoil by Vetoing
101. ^ "Liberia clears last hurdle to WTO accession | International Centre for Trade Front-Runner for Top Job" . Bloomberg. Retrieved 28 October 2020.
and Sustainable Development" . www.ictsd.org. Archived from the original 119. ^ "WTO Secretariat budget for 2019" (PDF). WTO.
on 24 June 2016. Retrieved 25 June 2016. 120. ^ "HOW TO SAVE GLOBALIZATION FROM ITS CHEERLEADERS" (PDF).
102. ^ "Afghanistan to become 164th WTO member on 29 July 2016" . Archived 8 February 2016. p. 14. Archived (PDF) from the original on 8 February
from the original on 17 August 2016. Retrieved 1 July 2016. 2016. Retrieved 19 May 2020.
103. ^ "The European Union and the WTO" . World Trade Organization. 121. ^ Joseph, Sarah; Joseph, Sarah Louise (14 April 2011). Blame it on the WTO?:
Archived from the original on 24 June 2016. Retrieved 2 August 2016. A Human Rights Critique . OUP Oxford. pp. 171–174. ISBN 978-0-19-
104. ^ Jackson, J.H. Sovereignty, 109 956589-4.
105. ^ "ROC Government Publication" (PDF). Archived (PDF) from the original 122. ^ Nicita, Alessandro; Olarreaga, Marcelo; Silva, Peri da (5 April 2018). "A trade
on 19 January 2012. Retrieved 12 June 2011. war will increase average tariffs by 32 percentage points" . VoxEU.org.
106. ^ "Annex 1. Statistical Survey" . World Trade Organization. 2005. Archived Archived from the original on 27 April 2018. Retrieved 27 April 2018.
from the original on 24 December 2013. Retrieved 22 December 2013. 123. ^ Bechtel, Michael M.; Sattler, Thomas (2015). "What Is Litigation in the World
107. ^ Arjomandy, Danial (21 November 2013). "Iranian Membership in the World Trade Organization Worth?". International Organization. 69 (2): 375–403.
Trade Organization: An Unclear Future". Iranian Studies. 47 (6): 933–50. doi:10.1017/S002081831400037X . ISSN 0020-8183 .
doi:10.1080/00210862.2013.859810 . S2CID 162297876 . 124. ^ Shin, Wonkyu; Ahn, Dukgeun (2019). "Trade Gains from Legal Rulings in the
108. ^ International intergovernmental organizations granted observer status to WTO Dispute Settlement System" . World Trade Review. 18 (1): 1–31.
WTO bodies Archived 12 March 2007 at the Wayback Machine at WTO doi:10.1017/S1474745617000544 . ISSN 1474-7456 .
official website 125. ^ Bown, Chad P. (2004). "On the Economic Success of GATT/WTO Dispute
109. ^ "Legal texts – the WTO agreements" . WTO. Archived from the original Settlement" . The Review of Economics and Statistics. 86 (3): 811–823.
on 24 May 2010. Retrieved 30 May 2010. doi:10.1162/0034653041811680 . S2CID 28108505 .
110. ^ Understanding the WTO – Intellectual property: protection and 126. ^ Bown, Chad P. (2004). "Trade Policy under the GATT/WTO: Empirical
enforcement Archived 1 August 2013 at the Wayback Machine. WTO. Evidence of the Equal Treatment Rule". The Canadian Journal of Economics.
Retrieved on 29 July 2013. 37 (3): 678–720. doi:10.1111/j.0008-4085.2004.00243.x . ISSN 0008-4085 .
111. ^ "A Summary of the Final Act of the Uruguay Round" . Wto.org. Archived JSTOR 3696011 . S2CID 5705448 .
from the original on 24 May 2010. Retrieved 30 May 2010.
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Dispute settlement in the World Trade Organization

Main page Dispute settlement or dispute settlement system (DSS) is regarded by the World Trade Organization (WTO) as the central pillar of the multilateral trading
Contents system, and as the organization's "unique contribution to the stability of the global economy".[1] A dispute arises when one member country adopts a trade
Current events policy measure or takes some action that one or more fellow members consider to be a breach of WTO agreements or to be a failure to live up to obligations.
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By joining the WTO, member countries have agreed that if they believe fellow members are in violation of trade rules, they will use the multilateral system of
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settling disputes instead of taking action unilaterally — this entails abiding by agreed procedures—Dispute Settlement Understanding—and respecting
Donate judgments, primarily of the Dispute Settlement Board (DSB), the WTO organ responsible for adjudication of disputes.[2]
A former WTO Director-General characterized the WTO dispute settlement system as "the most active international adjudicative mechanism in the world
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today."[3] Chad P. Bown of the Peterson Institute for International Economics and Petros Mavroidis of Columbia Law School remarked on the 20th anniversary
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of the dispute settlement system that the system is "going strong" and that "there is no sign of weakening".[4]
Learn to edit
Community portal The dispute settlement mechanism in the WTO is one way in which trade is increased.[5][6][7][8]
Recent changes
Upload file Contents [hide]
1 Dispute Settlement Understanding
Tools
2 From complaint to final report
What links here
3 WTO Appellate Body
Related changes
Special pages 4 Compliance
Permanent link 5 Compensation and retaliation
Page information 6 Developing countries
Cite this page
7 WTO bias
Wikidata item
8 Timing of trade disputes
Print/export 9 See also
Download as PDF 10 Notes
Printable version 11 References
12 External links
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Português
中文 Dispute Settlement Understanding [ edit ]
Edit links
Prompt compliance with recommendations or rulings of the DSB is essential in order to ensure effective resolution of disputes to the benefit of all
Members.
— World Trade Organization, Article 21.1 of the DSU
In 1994, the WTO members agreed on the Understanding on Rules and Procedures Governing the Settlement of Disputes or Dispute Settlement
Understanding (DSU) (annexed to the "Final Act" signed in Marrakesh in 1994).[9] Pursuant to the rules detailed in the DSU, member states can engage in
consultations to resolve trade disputes pertaining to a "covered agreement" or, if unsuccessful, have a WTO panel hear the case.[10] The priority, however, is
to settle disputes, through consultations if possible. By January 2008, only about 136 of the nearly 369 cases had reached the full panel process.[2]
The operation of the WTO dispute settlement process involves the parties and Duration of a Dispute Settlement procedure
third parties to a case and may also involve the DSB panels, the Appellate Body, These approximate periods for each stage of a dispute settlement
the WTO Secretariat, arbitrators, independent experts, and several specialized procedure are target figures
institutions.[11] The General Council discharges its responsibilities under the DSU The agreement is flexible. In addition, the countries can settle
through the Dispute Settlement Body (DSB).[12] Like the General Council, the DSB their dispute themselves at any stage.
is composed of representatives of all WTO Members. The DSB is responsible for Totals are also approximate.
administering the DSU, i.e. for overseeing the entire dispute settlement process. It
60 days Consultations, mediation, etc.
also has the authority to establish panels, adopt panel and Appellate Body reports,
45 days Panel set up and panellists appointed
maintain surveillance of implementation of rulings and recommendations, and
authorize the suspension of obligations under the covered agreements.[13] The 6 months Final panel report to parties
DSB meets as often as necessary to adhere to the timeframes provided for in the 3 weeks Final panel report to WTO members
DSU.[14] 60 days Dispute Settlement Body adopts report (if no appeal)
Total = 1 year (without appeal)
From complaint to final report [ edit ]
60–90 days Appeals report
If a member state considers that a measure adopted by another member state has 30 days Dispute Settlement Body adopts appeals report
deprived it of a benefit accruing to it under one of the covered agreements, it may
Total = 1 year 3 months (with appeal)
call for consultations with the other member state.[15] If consultations fail to resolve
Source:Understanding the WTO: Settling Disputes - A unique contribution
the dispute within 60 days after receipt of the request for consultations, the
complainant state may request the establishment of a Panel. It is not possible for the respondent state to prevent or delay the establishment of a Panel, unless
the DSB by consensus decides otherwise.[16] The panel, normally consisting of three members appointed ad hoc by the Secretariat, sits to receive written and
oral submissions of the parties, on the basis of which it is expected to make findings and conclusions for presentation to the DSB. The proceedings are
confidential, and even when private parties are directly concerned, they are not permitted to attend or make submissions separate from those of the state in
question.[17] Disputes can also arise under Non-violation nullification of benefits claims.[18]
The final version of the panel's report is distributed first to the parties; two weeks later it is circulated to all the members of the WTO. In sharp contrast with
other systems, the report is required to be adopted at a meeting of the DSB within 60 days of its circulation, unless the DSB by consensus decides not to
adopt the report or a party to the dispute gives notice of its intention to appeal.[19] A party may appeal a panel report to the standing Appellate Body, but only
on issues of law and legal interpretations developed by the panel. Each appeal is heard by three members of the permanent seven-member Appellate Body
set up by the Dispute Settlement Body and broadly representing the range of WTO membership. Members of the Appellate Body have four-year terms. They
must be individuals with recognized standing in the field of law and international trade, not affiliated with any government. The Appellate Body may uphold,
modify or reverse the panel's legal findings and conclusions. Normally appeals should not last more than 60 days, with an absolute maximum of 90 days.[20]
The possibility for appeal makes the WTO dispute resolution system unique among the judicial processes of dispute settlement in general public international
law.[21]
Members may express their views on the report of the Appellate Body, but they cannot derail it. The DSU states unequivocally that an Appellate Body report
shall be adopted by the DSB and unconditionally accepted by the parties, unless the DSB decides by consensus within thirty days of its circulation not to
adopt the report.[22] Unless otherwise agreed by the parties to the dispute, the period from establishment of the panel to consideration of the report by the
DSB shall as a general rule not exceed nine months if there is no appeal, and twelve months if there is an appeal.[23]
WTO Appellate Body [ edit ]
The WTO Appellate Body of judges was first established in 1995. While a full complement consists of seven judges, the Appellate Body can hear an appeal
with a minimum of three. The full term for an Appellate Body judge's appointment lasts four years with the a possibility of a reappointment for a second
term.[24]
By July 2018, there were only four judges remaining, as others had completed their 4-year terms and the term for one of these judges ends later in 2018.
According to an article by the Waterloo, Ontario-based independent think tank Centre for International Governance Innovation (CIGI)—supported by the
Canadian federal government, the Office of the United States Trade Representative, which is seeking WTO reforms, has blocked any re-appointments.[24]
The Appellate Body is designated with a level of authority, pertaining to procedural issues. The Appellate Body has been met with much criticism, as it is said
to have the potential to threaten the balance and exacerbate existing inequalities. The Appellate Body has accomplished several significant reforms;
broadened access of third parties in appellate proceedings, opened the door to amicus curiae submissions by private individuals, and endorsed private
counsels to represent governments. [25]
Compliance [ edit ]
The DSU addresses the question of compliance and retaliation. Within thirty days of the adoption of the report, the member concerned is to inform the DSB of
its intentions in respect of implementation of the recommendations and rulings. If the member explains that it is impracticable to comply immediately with the
recommendations and rulings, it is to have a "reasonable period of time" in which to comply. This reasonable amount of time should not exceed 15 months.[26]
If no agreement is reached about the reasonable period for compliance, that issue is to be the subject of binding arbitration; the arbitrator is to be appointed by
agreement of the parties. If there is a disagreement as to the satisfactory nature of the measures adopted by the respondent state to comply with the report,
that disagreement is to be decided by a panel, if possible the same panel that heard the original dispute, but apparently without the possibility of appeal from
its decision. The DSU provides that even if the respondent asserts that it has complied with the recommendation in a report, and even if the complainant party
or the panel accepts that assertion, the DSB is supposed to keep the implementation of the recommendations under surveillance.[27]
Compensation and retaliation [ edit ]
If all else fails, two more possibilities are set out in the DSU:
If a member fails within the "reasonable period" to carry out the recommendations and rulings, it may negotiate with the complaining state for a mutually
acceptable compensation. Compensation is not defined, but may be expected to consist of the grant of a concession by the respondent state on a product
or service of interest to the complainant state.[28]
If no agreement on compensation is reached within twenty days of the expiry of the "reasonable period", the prevailing state may request authorization
from the DSB to suspend application to the member concerned of concessions or other obligations under the covered agreements.[28] The DSU makes
clear that retaliation is not favored, and sets the criteria for retaliation.[29] In contrast to prior GATT practice, authorization to suspend concessions in this
context is semi-automatic, in that the DSB "shall grant the authorization [...] within thirty days of the expiry of the reasonable period", unless it decides by
consensus to reject the request.[30] Any suspension or concession or other obligation is to be temporary. If the respondent state objects to the level of
suspension proposed or to the consistency of the proposed suspension with the DSU principles, still another arbitration is provided for, if possible by the
original panel members or by an arbitrator or arbitrators appointed by the Director-General, to be completed within sixty days from expiration of the
reasonable period.[30]
While such "retaliatory measures" are a strong mechanism when applied by economically powerful countries like the United States or the United Kingdom or
organisations like the European Union, when applied by economically weak countries against stronger ones, they can often be ignored.[31] Whether or not the
complainant has taken a measure of retaliation, surveillance by the DSB is to continue, to see whether the recommendations of the panel or the Appellate
Body have been implemented.[32]
Developing countries [ edit ]
Like most of the agreements adopted in the Uruguay Round, the DSU contains several provisions directed to developing countries.[33] The Understanding
states that members should give "special attention" to the problems and interests of developing country members.[34] Further, if one party to a dispute is a
developing country, that party is entitled to have at least one panelist who comes from a developing country.[35] If a complaint is brought against a developing
country, the time for consultations (before a panel is convened) may be extended, and if the dispute goes to a panel, the deadlines for the developing country
to make its submissions may be relaxed.[36] Also, the Secretariat is authorized to make a qualified legal expert available to any developing country on request.
Formal complaints against least developed countries are discouraged, and if consultations fail, the Director-General and the Chairman of the DSB stand ready
to offer their good offices before a formal request for a panel is made.[37] As to substance, the DSU provides that the report of panels shall "explicitly indicate"
how account has been taken of the "differential and more favorable treatment" provisions of the agreement under which the complaint is brought. Whether or
not a developing country is a party to a particular proceeding, "particular attention" is to be paid to the interests of the developing countries in the course of
implementing recommendations and rulings of panels.[38] In order to assist developing countries in overcoming their limited expertise in WTO law and assist
them in managing complex trade disputes, an Advisory Centre on WTO Law was established in 2001. The aim is to level the playing field for these countries
and customs territories in the WTO system by enabling them to have a full understanding of their rights and obligations under the WTO Agreement.[39]
WTO bias [ edit ]
President Trump raised concerns that the WTO's dispute settlement system was biased against the US. Economists Jeffry Frieden and Joel Trachtman found
that the United States wins the vast majority of disputes it brings against other countries, winning "more than the average when it is complainant". Other
countries lose most of the cases brought against the US, losing "less than the average when it is [the] respondent". Frieden and Trachtman explain that the
US would only bring cases to the DSS when their cases are "relatively clearly justified by the law".[40]
Timing of trade disputes [ edit ]
In their 2017 article published in the Journal of International Economics, the authors examined WTO disputes filed by the United States between 1995 and
2014. They developed a theoretic model to explain the regularity with which incumbent presidential candidates filed trade disputes involving industries in
swing states in the year prior to presidential elections.[41]
See also [ edit ]
List of WTO dispute settlement cases

Mexican Avocado Dispute
Beef Hormone Dispute
Trade barrier
Notes [ edit ]
1. ^ WTO "Understanding The WTO" , World Trade Organization, accessed 17. ^ A.F. Lowenfeld, International Economic Law, 153
December 1, 2010. 18. ^ Faunce TA, Neville W and Anton Wasson A. Non Violation Nullification of
2. ^ a b Settling Disputes:a Unique Contribution , World Trade Organization Benefit Claims: Opportunities and Dilemmas in a Rule-Based WTO Dispute
3. ^ S. Panitchpakdi, The WTO at ten, 8 Settlement System in Bray M (ed) Ten Years of WTO Dispute Settlement:
4. ^ Bown, Chad P.; Mavroidis, Petros C. (2017-04-01). "WTO Dispute Settlement Australian Perspectives. Office of Trade Negotiations of the Department of
in 2015: Going Strong after Two Decades" . World Trade Review. 16 (2): Foreign Affairs and Trade.Commonwealth of Australia. 123-140
153–158. doi:10.1017/S1474745616000604 . ISSN 1474-7456 . 19. ^ Article 6.1 of the DSU
5. ^ Bechtel, Michael M.; Sattler, Thomas (2015). "What Is Litigation in the World 20. ^ Article 17 of the DSU.
Trade Organization Worth?" . International Organization. 69 (2): 375–403. 21. ^ M. Panizzon, Good Faith in the Jurisprudence of the WTO, 275
doi:10.1017/S002081831400037X . ISSN 0020-8183 . 22. ^ Article 17.14 of the DSU.
6. ^ Shin, Wonkyu; Ahn, Dukgeun (2019). "Trade Gains from Legal Rulings in the 23. ^ Article 20 of the DSU.
WTO Dispute Settlement System" . World Trade Review. 18 (1): 1–31. 24. ^ a b Bacchus, James (July 12, 2018). "Trump is Threatening the Rule of Law
doi:10.1017/S1474745617000544 . ISSN 1474-7456 . — What's at Stake?" . Centre for International Governance Innovation.
7. ^ Bown, Chad P. (2004). "On the Economic Success of GATT/WTO Dispute Waterloo, Ontario. Retrieved July 23, 2018.
Settlement" . The Review of Economics and Statistics. 86 (3): 811–823. 25. ^ Smith, James (August 2004). "Inequality in international trade? Developing
doi:10.1162/0034653041811680 . countries and institutional change in WTO dispute settlement". Review of
8. ^ Bown, Chad P. (2004). "Trade Policy under the GATT/WTO: Empirical International Political Economy. 11 (3): 542–573.
Evidence of the Equal Treatment Rule". The Canadian Journal of Economics. doi:10.1080/0969229042000252891 . JSTOR 4177510 .
37 (3): 678–720. doi:10.1111/j.0008-4085.2004.00243.x . ISSN 0008-4085 . 26. ^ Baker McKenzie (2013). "A4ID Legal Guide: Dispute Resolution at the
JSTOR 3696011 . WTO" (PDF). Advocates for International Development. Retrieved 15 August
9. ^ Stewart-Dawyer, The WTO Dispute Settlement System, 7 2013.[permanent dead link]
10. ^ A list of covered agreements is included in Appendix 1 to the DSU 27. ^ Article 21 of the DSU.
11. ^ WTO Bodies involved in the dispute settlement process , World Trade 28. ^ a b Article 22.2 of the DSU
Organization 29. ^ Article 22.3 and 22.4 of the DSU
12. ^ Article IV:3 of the WTO Agreement 30. ^ ab Article 22.6 of the DSU
13. ^ Article 2.1 of the DSU 31. ^ Obijiofor Aginam, Food Safety, South-North Asymmetries, and the Clash of
14. ^ Article 2.3 of the DSU Regulatory Regimes, 40 Vand. J. Transnat'l L. 1099, 1112 (2007).
15. ^ A.F. Lowenfeld, International Economic Law, 152 32. ^ Article 22.8 of the DSU
16. ^ Article 6.1 of the DSU 33. ^ A.F. Lowenfeld, International Economic Law, 174
34. ^ Article 4.10 of the DSU 40. ^ Frieden, Jeffry; Trachtman, Joel (June 15, 2018). "U.S. Trade Policy: Going it
35. ^ Article 8.10 of the DSU Alone vs. Abiding by the World Trade Organization" . EconoFact. Retrieved
36. ^ Article 12.10 of the DSU July 14, 2018.
37. ^ Article 24 of the DSU 41. ^ Conconia, Paola; DeRemer, David; Kirchsteiger, Georg; Trimarchi, Lorenzo;
38. ^ Article 12.11 of the DSU Zanardi, Maurizio (March 2017). "Suspiciously timed trade disputes" . Journal
39. ^ K. Van der Borght, The Advisory Center on the WTO Law, 723-728 of International Economics. 105: 57–76. doi:10.1016/j.jinteco.2016.12.001 .
Retrieved July 14, 2018.
References [ edit ]
Lowenfeld, Andreas F. (1991–2007). "Preface - First Thoughts on Dispute Settlement in the World Trade Organization". In Pierre Pescatore; William J.
Davey; Andreas F. Lowenfeld (eds.). Handbook of WTO/GATT Dispute Settlement. Translations Publishers, Inc. ISBN 978-0-929179-48-3.
Lowenfeld, Andreas F. (2002). "Dispute Settlement in the WTO" . International Economic Law. Oxford University Press. ISBN 978-0-19-825667-0.
Panizzon, Marion (2006). "Good Faith Non-interpretation by the WTO Appellate Body". Good Faith in the Jurisprudence of the WTO. Hart Publishing.
ISBN 978-1-84113-620-2.
Panitchpakdi, Supachai (2006). "The WTO at ten: Building on ten Years of Achievements". In Giorgio Sacerdoti; Alan Yanovich; Jan Bohanes (eds.). The
WTO at Ten: The Contribution of the Dispute Settlement System. Cambridge University Press. ISBN 978-0-521-86314-8.
"Settling Disputes:A Unique Contribution" . Understanding the WTO. World Trade Organization. Retrieved 2007-03-11.
Stewart, Terence P.; Dwyer, Amy S. (1991–2007). "The WTO Dispute Settlement System: an Overview". In Pierre Pescatore; William J. Davey; Andreas F.
Lowenfeld (eds.). Handbook of WTO/GATT Dispute Settlement. Translations Publishers, Inc. ISBN 978-0-929179-48-3.
Van der Borght, Kim (December 1999). "The Advisory Center on the WTO Law: Advancing Fairness and Equality" . Journal of International Economic
Law. 2 (4): 723–728. doi:10.1093/jiel/2.4.723 . Retrieved 2007-03-21.
"WTO Bodies Involved in the Dispute Settlement Process" . Dispute Settlement System Training Module. World Trade Organization. Retrieved
2007-03-11.
(in French) M.N. Johary ANDRIANARIVONY, "L'Organe d'appel au sein de l'Organisation Mondiale du Commerce : une instance originale investie d'une
mission constitutionnelle et normative ou De la structuration d'un droit international de la concurrence", Revue belge de droit international, n° 1/2000, 70
pages.
(in French) M.N. Johary ANDRIANARIVONY, "Un panel institué dans le cadre de l'Organisation Mondiale du Commerce n'est-il pas une juridiction ?",
Revue (française) de la Recherche juridique - Droit prospectif, 3/2000, 33 pages.
Official list of WTO dispute settlement cases

Dispute settlement
Categories: World Trade Organization Dispute resolution World Trade Organization dispute settlement cases
This page was last edited on 10 December 2020, at 15:45 (UTC).
Bilateral investment treaty

Main page A bilateral investment treaty (BIT) is an agreement establishing the terms and conditions for private investment by nationals and companies of one state in
Contents another state. This type of investment is called foreign direct investment (FDI). BITs are established through trade pacts. A nineteenth-century forerunner of
Current events the BIT is the "friendship, commerce and navigation treaty" (FCN).
Random article
About Wikipedia Most BITs grant investments—made by an investor of one Contracting State in the territory of the other—a number of guarantees, which typically include fair
Contact us and equitable treatment, protection from expropriation, free transfer of means and full protection and security. The distinctive feature of many BITs is that they
Donate allow for an alternative dispute resolution mechanism, whereby an investor whose rights under the BIT have been violated could have recourse to
international arbitration, often under the auspices of the International Centre for Settlement of Investment Disputes (ICSID), rather than suing the host State in
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its own courts.[1] This process is called investor-state dispute settlement (ISDS).
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Learn to edit The world's first BIT was signed on November 25, 1959 between Pakistan and Germany.[2][3] There are currently more than 2500 BITs in force, involving most
Community portal countries in the world.[4] and in recent years, the number of bilateral investment treaties and preferential trade agreements, in particular, has grown at a torrid
Recent changes pace; practically every country is a member of at least one.[5] Influential capital exporting states[citation needed] usually negotiate BITs on the basis of their own
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"model" texts (such as the Indian or U.S. model BIT).[6][7] Environmental provisions have also become increasingly common in international investment
Tools agreements, like BITs.[8]:104 As part of the effort to reform substantive standards of investment protection, states have sought to introduce the right to regulate
What links here into their new BITs,[9] with preliminary objections by states becoming more common in BIT cases.[10]
Related changes
Contents [hide]
Special pages
Permanent link 1 Criticism
Page information 2 Notes
Cite this page 3 See also
Wikidata item
4 External links
Print/export
Download as PDF
Printable version
Criticism [ edit ]
See also: International Centre for Settlement of Investment Disputes § Criticism

Languages
BITs give rights to investors, but give obligations only to States. NGOs have spoken against the use of BITs, stating that they are essentially designed to
Català
Deutsch
protect foreign investors and do not take into account obligations and standards to protect the environment, labour rights, social provisions or natural
Français resources. Moreover, when such clauses are agreed upon the formulation is legally very open-ended and unpredictable.[11] A counter-claim may be a way of
Italiano rebalancing investment law, by allowing States to file claims against investors, as a means to sanction investor misconduct.[12]
Nederlands
中文
Edit links
Notes [ edit ]
1. ^ See Jarrod Wong, "Umbrella Clauses In Bilateral Investment Treaties: Of 7. ^ "Bilateral Investment Treaties | United States Trade Representative" .
Breaches of Contract, Treaty Violations, and the Divide Between Developing ustr.gov. Retrieved 2019-11-05.
and Developed Countries In Foreign Investment Disputes" , George Mason 8. ^ Condon, Madison (2015-01-01). "The Integration of Environmental Law into
Law Review (14 Geo. Mason L. Rev. 135) (2007). International Investment Treaties and Trade Agreements: Negotiation Process
2. ^ "Germany - Pakistan BIT (1959)" . Retrieved August 10, 2015. and the Legalization of Commitments" . Virginia Environmental Law Journal.
3. ^ "bilaterals.org | The Bilateral Investment Treaty: Investment facilitator or host 33 (1): 102.
country albatross? - print" . 2006-02-13. Archived from the original on 9. ^ Titi, Aikaterini (2014). The Right to Regulate in International Investment
2006-02-13. Retrieved 2019-11-05. Law . Nomos. ISBN 978-3-8452-5178-3.
4. ^ See Rudolf Dolzer and Christoph Schreuer, Principles of International 10. ^ See Deepaloke Chatterjee, Ansung Housing v China, World Trade Review,
Investment Law, Oxford, 2008, p. 2. Also see UNCTAD, World Investment https://www.cambridge.org/core/journals/world-trade-review/article/ansung-
Report (2006) XVII, 26. housing-co-ltd-v-peoples-republic-of-
5. ^ https://www.cambridge.org/core/journals/world-politics/article/abs/bit-is-better- china/6B98780B7EDD5317B9B92F08A9BEB963
than-a-lot-bilateral-investment-treaties-and-preferential-trade- 11. ^ Protest against EU investment policy Transnational Institute
agreements/DD348D03EDB4599B3C2DE14D1B6A961F 12. ^ Arnaud de Nanteuil (17 August 2018). "Counterclaims in Investment
6. ^ "Model Text of the Indian Bilateral Investment Treaty" (PDF). mygov.in. Arbitration: Old Questions, New Answers?" . The Law & Practice of
Retrieved 25 October 2016. International Courts and Tribunals. Retrieved 23 November 2020.
See also [ edit ]
Agreement on Trade Related Investment Measures (WTO agreement)

International Centre for Settlement of Investment Disputes
Investor-state dispute settlement
Trade and Investment Framework Agreement (TIFA)
United Nations Conference on Trade and Development (UNCTAD) list of all current BITs between states, with links to treaty texts.
Canadian Treaty Information
Discover the dark side of investment Resources critiquing investment agreements for prioritising corporate profits above human rights and protection of
the environment
Categories: International trade law Foreign direct investment Commercial treaties
Convention on the Law Applicable to Contractual Obligations 1980

Main page The Convention on the Law Applicable to Contractual Obligations 1980, or the "Rome Convention",
Rome convention
Contents is a measure in private international law or conflict of laws which creates a common choice of law system
Current events Convention on the Law Applicable to
in contracts within the European Union. The convention determines which law should be used, but does
Random article Contractual Obligations
not harmonise the substance (the actual law). It was signed in Rome, Italy on 19 June 1980 and entered
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into force in 1991.
Donate It has now been replaced by the Rome I Regulation (593/2008)[2] except for in Denmark, which has an
opt-out from implementing regulations under the area of freedom, security and justice, and the Overseas
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countries and territories of European Union member states. In that respect, the convention is applicable
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in Aruba, the Caribbean Netherlands, Curaçao, Sint Maarten (Kingdom of the Netherlands), Faroer
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Community portal (Denmark), Saint-Pierre and Miquelon, Saint Barthélemy, French Polynesia, Wallis and Futuna and New
Recent changes Caledonia (France).[1] The agreement and regulation were applied by the United Kingdom during its
Upload file membership of the European Union, and following Brexit it still applies the regulation as part of its
domestic law.
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What links here Contents [hide]
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1 Scope of the convention
Special pages
2 The uniform rules
Permanent link
Page information 2.1 Express selection
Cite this page 2.2 Implied selection States applying Rome instruments
Rome I Regulation, Rome Convention
Wikidata item 2.3 Consumer contracts
Rome Convention
2.4 Contracts of employment
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2.5 Material validity Signed 19 June 1980
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2.6 Formal validity Location Rome
Printable version
2.7 Transfers of obligation Effective 1 April 1991[1]
Languages 2.8 Ordre public Condition 7 ratifications
Čeština 2.9 Composite or federated states Parties all Member States of the European Union
Deutsch 3 Signature, ratification and amendment Depositary Director-General of the Council of the
Español European Communities
4 See also
Français
5 Notes Languages Danish, Dutch, German, English, French,
Edit links
Irish and Italian (original)
6 External links
Scope of the convention [ edit ]
Under Article 1, the Convention's rules are to apply to all choice of law issues involving contractual obligations
Conflict of laws and
and, under Article 10, once selected, the lex causae will govern:
private international law
(a) interpretation; Preliminaries
(b) performance but, in relation to the manner of performance and the steps to be taken in the event of Characterisation
Incidental question
defective performance, regard shall be had to the lex loci solutionis, i.e. law of the place in which
Renvoi · Choice of law
performance takes place; Conflict of laws in the United States
(c) within the limits of the powers conferred on the forum court by its procedural law, the consequences of Public policy doctrine
Hague Conference
breach, including the assessment of damages in so far as it is governed by rules of law;
Definitional elements
(d) the various ways of extinguishing obligations, and the limitation of actions; and
Jurisdiction
(e) the consequences of nullity of the contract. Procedure
Forum non conveniens
Article 15 excludes the operation of renvoi. In addition, a number of issues with a separate characterisation are
Lex causae
excluded, namely: Lex fori · Forum shopping
Lis alibi pendens
the status or capacity of natural persons. Article 11 covers the situation where two persons physically
Connecting factors
present in the same state make a contract, and both parties have capacity under the lex loci contractus. One
Domicile · Lex domicilii
party cannot invoke incapacity under another law unless the other party was aware of this incapacity at the Habitual residence
time the contract was made or was not aware of the incapacity as a result of negligence. Nationality · Lex patriae
Lex loci arbitri
contractual obligations relating to succession and all rights claimed in property in a marriage or family
Lex loci rei sitae
relationship, particularly where the question of the entitlement of any child who is illegitimate is raised. Lex loci contractus
obligations arising under negotiable instruments including bills of exchange, cheques, and promissory notes Lex loci delicti commissi
Lex loci actus
and connected to their negotiable character;
Lex loci solutionis
arbitration agreements and agreements on the choice of court (see arbitration clauses and forum selection Lex loci protectionis
clauses); Proper law
Lex loci celebrationis
questions governed by the law of companies and other bodies corporate or unincorporate such as the
Choice of law clause
creation, by registration or otherwise, legal capacity, internal organisation or winding up of companies and Dépeçage
other bodies corporate or unincorporate, and the personal liability of officers and members for the obligations Forum selection clause
of the company or body; Substantive legal areas
Status · Capacity · Contract
the question whether an agent is able to bind a principal, or an organ to bind a company or body corporate or
Tort · Marriage
unincorporate, to a third party; Divorce
the constitution of trusts and the relationship between settlors, trustees and beneficiaries (see trusts Property
Forced heirship
(conflict));
Hague Trust Convention
evidence and procedure save that, under Article 14, the Applicable Law applies to the extent that it contains,
Enforcement
in the law of contract, rules which raise presumptions of law or determine the burden of proof. Thus, under Enforcement of foreign judgments
Article 14 (2) a contract or an act intended to have legal effect may be proved by any mode of proof Anti-suit injunctions
Revenue rule
recognised by the lex fori or by any of the laws referred to in Article 9 under which that contract or act is
V ·T ·E
formally valid, provided that such mode of proof can be administered by the forum court.
the question of whether a contracts of insurance covers a risk situated in the territories of one of the Member
States is determined under the municipal law of the relevant states. This exclusion does not apply to contracts of reinsurance.
The uniform rules [ edit ]
Express selection [ edit ]
Article 3 states the general rule that the parties to a contract have freedom of choice over the applicable law. To exercise this choice either express words may
be used or the intention should be demonstrated with reasonable certainty by the terms of the contract or the circumstances of the case.
The law chosen may apply to the whole or only a part of the contract, and the choice is not irrevocable. The parties can at any time agree to change the
applicable law and any such variation will not prejudice the formal validity of the agreement nor adversely affect the rights of third parties.
Where all the elements of a contract, at the time of its conclusion, are connected with only one country, Article 3 may not be used to evade the mandatory
provisions of that state (Article 3(4)).
To establish a choice demonstrated with reasonable certainty, there must have been a "real choice". That the parties would have chosen a particular law is not
sufficient.[3] The court will take into account both the terms of the contract and the circumstances of the case.[4]
The Guiliano-Lagarde Report gives three examples of situations where a real choice may be demonstrated with reasonable certainty:
Standard form contracts The report gives as an example a Lloyd's policy of marine insurance.
Jurisdiction and arbitration agreements
Course of dealing[5]
Implied selection [ edit ]
If there is no express choice, Article 4 provides that the contract shall be governed by the law of the country with which it is most closely connected. If the
agreement is severable, two applicable laws may be selected. For these purposes, it is presumed that the contract is most closely connected with the lex loci
solutionis, i.e. the law of the place where the contract is to be performed, or the law of the habitual residence of the person who is to perform, or, in the case of
a body corporate or unincorporate, where its central administration is located. However, if it is a commercial or professional contract, the applicable law will be
the law of the place in which the principal place of business is situated or, where under the terms of the contract the performance is to be effected through a
place of business other than the principal place of business, the country in which that other place of business is situated except that there is a rebuttable
presumption:
where the subject matter of the agreement is immovable property, the lex situs will apply; and
contracts for the carriage of goods and charter-parties are governed by the law of the place in which, at the time the contract is concluded, the carrier has
his principal place of business if that is also the place in which loading or discharge is to occur or the place where the consignor has his or her principal
place of business.
Consumer contracts [ edit ]
Article 5 applies to contracts for the supply of goods or services to a consumer for a non-commercial purpose, or to a contract for the provision of credit for
that object. Although Article 3 gives the parties a free choice of law, this choice cannot deprive the consumer of any protections available under the mandatory
law of the country in which he has his habitual residence if the consumer was responding to advertising material or a specific invitation and makes the
agreement in that country, or if the other party or his agent received the consumer's order in that country, or if the contract is for the sale of goods and the
consumer travelled from that country to another country and there gave his order, provided that the consumer's journey was arranged by the seller for the
purpose of inducing the consumer to buy. For these purposes, Article 7 defines "mandatory rules" as rules that must be applied whatever the Applicable Law.
In deciding whether rules are mandatory in the lex fori or a law with which the contract has a close connection, regard shall be had to their nature and purpose
and to the consequences of their application or non-application.
If the contract is silent on the choice of law, it will be governed by the law of habitual residence if it is entered into in the circumstances described above. But
this Article does not apply to:
(a) a contract of carriage;

(b) a contract for the supply of services where the services are to be supplied to the consumer exclusively in a country other than that in which he has his
habitual residence.
The Article does, however, apply to a contract which, for an inclusive price, provides for a combination of travel and accommodation.
Contracts of employment [ edit ]

See also: Posted Workers Directive
Under Article 6, no choice of law selection contained in a contract of employment can deprive the employee of the protection afforded to him by the mandatory
laws which would be applicable in the absence of that choice. If there is no express selection, an employment contract is governed,
(a) by the law of the country in which the employee habitually carries out his work in performance of the contract, even if he is temporarily
employed in another country; or
(b) if the employee does not habitually carry out his work in any one country, by the law of the country in which the place of business through
which he was engaged is situated;
unless it appears from the circumstances as a whole that the contract is more closely connected with another country, in which case the contract
shall be governed by the law of that country.
The provisions may only apply for the benefit of the employee.
Material validity [ edit ]
Under Article 8, the material validity of a contract, or of any term in a contract, shall be determined by the law which would govern it under the Convention if
the contract or term were valid (i.e. the putative Applicable Law). But, if this would produce an obviously unfair result, a party may rely upon the law of the
place of habitual residence to establish that he did not give a free consent.
Formal validity [ edit ]

Under Article 9, a contract concluded between persons who are in the same country is formally valid if it satisfies the formal requirements of either the
Applicable Law or the law of the country where it is concluded. A contract concluded between persons who are in different countries is formally valid if it
satisfies the formal requirements of either the Applicable Law or the law of one of those countries. Where a contract is concluded by an agent, the country in
which the agent acts is the relevant country for the purposes of the earlier tests. But a contract relating to immovable property is always subject to the
mandatory provisions of the lex situs.
Transfers of obligation [ edit ]
Article 12 deals with a voluntary assignment or novation. Whether the rights and/or obligations can be transferred, the nature of the relationship between the
assignee and the debtor that results from a transfer, the conditions under which the assignment can be invoked against the debtor, and any question whether
the debtor's obligations have been discharged, are determined by the Applicable Law of the original agreement. The Applicable Law of the transfer will
determine the mutual obligations of assignor and assignee as against the third party, i.e. "the debtor". Article 13 deals with subrogation so that whether a third
person may enforce an existing liability owed to a "creditor" by a "debtor" is determined by reference to the law which governs the debtor's duty to satisfy the
creditor.
Ordre public [ edit ]
Under Article 16, the forum court may invoke its own public policy as a justification for refusing to apply the lex causae.
Composite or federated states [ edit ]
Under Article 19, where the choice of law rules point to a country with more than one legal system, the Convention selects the most appropriate municipal law
(not the choice of law rules of that law given that renvoi is excluded).
Signature, ratification and amendment [ edit ]
The convention was signed by Belgium, Germany, France, Ireland and Italy, Luxembourg and the Netherlands on 19 June 1980, followed by Denmark and the
United Kingdom in 1981, thus covering all members of the European Communities. It entered into force in 1991 for 8 of those countries and one year later for
Ireland. During the enlargement of the Communities with Greece (1984), Spain and Portugal (1992) and Sweden, Finland and Austria (1996), and the 10
countries in 2004, treaties were concluded on the extension of the convention to those countries. Those Extension conventions were however not all ratified
by the United Kingdom, Denmark and Ireland and thus which hampered entry into force of the convention between those three countries and the acceding
countries. With the accession of Romania and Bulgaria, the council of the European Union was empowered to effect the accession to the treaty, which took
place in 2008.[6]
See also [ edit ]
Brussels Regime, regarding jurisdiction.

Rome II Regulation. The analogous EU regulation for torts and delicts arising from non-contractual obligations.
Notes [ edit ]
1. ^ ab "Agreement details" . Council of the European Union. Retrieved 31 March 2013.

for France, see Article 27 5. ^ See further Egon Oldendorff v Liberia Corp, 1 Lloyd's Rep 380 (1996).
2. ^ 593/2008 6. ^ "concerning the accession of the Republic of Bulgaria and of Romania to the
3. ^ "This Article does not permit the court to infer a choice of law that the parties Convention on the Law applicable to Contractual Obligations, opened for
might have made where they had no clear intention of making such a choice" signature in Rome on 19 June 1980" . Council of the European Union.
(Giuliano-Lagarde Report ). Retrieved 30 March 2013.
4. ^ See the examples in the Guiliano-Lagarde Report .
Text of Convention on EUR-Lex
Categories: Treaties of the European Union Conflict of laws 1980 in Italy 1980s in Rome Treaties concluded in 1980
Treaties entered into force in 1991 Contract law Law of obligations 1980 in law June 1980 events
This page was last edited on 2 January 2021, at 00:22 (UTC).
United Nations Convention on Contracts for the International Sale of Goods

Main page The United Nations Convention on Contracts for the International Sale of Goods (CISG), sometimes
CISG
Contents known as the Vienna Convention, is a multilateral treaty that establishes a uniform framework for international
Current events United Nations Convention on
commerce.[1][Note 1]
Random article Contracts for the International Sale of
About Wikipedia Designed to facilitate international trade, the CISG removes legal barriers among state parties (known as Goods
Contact us "Contracting States") and regulates the duties and obligations of parties to a commercial transaction, such as
Donate the delivery of goods, contract formation, and remedies for breach of contract.[2] Unless expressly excluded by
the contract,[3] the CISG is by default incorporated into the domestic laws of Contracting States with respect to a
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transaction of goods between their nationals.[4]
Help
Learn to edit The CISG was drafted by the United Nations Commission on International Trade Law (UNCITRAL) beginning in
Community portal 1968, drawing from previous efforts undertaken in the 1930s by the International Institute for the Unification of ratified
Recent changes signed, but not ratified
Private Law (UNIDROIT).[5] A draft text was introduced in the 1980 Vienna Diplomatic Conference,[6] and
Upload file Type multilateral uniform international
following weeks of negotiation and modification, was unanimously approved and opened for ratification; the
CISG subsequently came into force on 1 January 1988, after being ratified by 11 countries.[7] sales treaty
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Signed 11 April 1980
What links here As of 2020, the convention has been ratified by 94 countries, which collectively represent a significant proportion
Related changes Location Vienna, Austria
of world trade.[8][9] Consequently, the CISG is considered one of the greatest achievements of UNCITRAL and
Special pages Effective 1 January 1988
the "most successful international document" in unified international sales law,[10][11] as its parties represent
Permanent link Condition 10 ratifications
"every geographical region, every stage of economic development and every major legal, social and economic
Page information
Signatories 18
Cite this page system".[12] Of the uniform law conventions, the CISG has been described as having "the greatest influence on
Parties 94
Wikidata item the law of worldwide trans-border commerce", including among non-Contracting States.[13] It is also the basis of
the annual Willem C. Vis International Commercial Arbitration Moot, one of the largest and most prominent Depositary The Secretary-General of the
Print/export United Nations
international moot court competitions in the world.
Download as PDF Languages Arabic, Chinese, English, French,
Printable version Contents [hide] Russian, and Spanish
1 Adoption
Languages
2 Language, structure, and content
2.1 Part I: Sphere of Application and General Provisions (Articles 1–13)
Deutsch
Español 2.2 Part II: Formation of the Contract (Articles 14–24)
Français 2.3 Part III: Sale of Goods (Articles 25–88)
한국어 2.4 Part IV: Final Provisions (Articles 89–101)
Italiano 3 Commentary on the Convention
Русский 4 Reservations
Tiếng Việt
5 Major absentees
中文
6 Future directions
12 more 6.1 Prospective Contracting States
Edit links 7 Differences with country legislation relating to the sale of goods
7.1 Differences with U.S. legislation (the UCC)
7.2 Differences with UK legislation
8 See also
9 Notes
10 Footnotes
11 References
12 External links
Adoption [ edit ]
As of 25 September 2020, the following 94 states have ratified, acceded to, approved, accepted, or succeeded to the convention:[14]
Albania Congo Greece

Argentina Costa Rica Guatemala
Armenia Croatia Guinea
Australia Cuba Guyana
Austria Cyprus Honduras
Azerbaijan Czech Republic Hungary
Bahrain Democratic People's Republic of Korea Iceland
Belarus Denmark Iraq
Belgium Dominican Republic Israel
Benin Ecuador Italy
Bosnia and Herzegovina Egypt Japan
Brazil El Salvador Kyrgyzstan
Bulgaria Estonia Latvia
Burundi Fiji Laos
Cameroon Finland Lebanon
Canada France Lesotho
Chile Gabon Liberia
China Georgia Liechtenstein
Colombia Germany Lithuania
Luxembourg Paraguay Spain
Madagascar Peru Sweden
Mauritania Poland Switzerland
Mexico Portugal Syrian Arab Republic
Moldova Republic of Korea Turkey
Mongolia Romania Uganda
Montenegro Russian Federation Ukraine
Netherlands (European territory and Saint Vincent and the Grenadines United States of America
Aruba) San Marino Uruguay
New Zealand Serbia Uzbekistan
North Macedonia Singapore Vietnam
Norway Slovakia Zambia
State of Palestine Slovenia
The convention has been signed, but not ratified, by Ghana and Venezuela.
Language, structure, and content [ edit ]
The CISG is written using "plain language that refers to things and events for which there are words of common content".[15] This was intended to allow
national legal systems to be transcended through the use of a lingua franca that would be mutually intelligible among different cultural, legal, and linguistic
groups.[16] and to avoid "words associated with specific domestic legal nuances".[12] As is customary in UN conventions, all six official languages of the UN
are equally authentic.[17][18]
The CISG is divided into four parts:
Part I: Sphere of Application and General Provisions (Articles 1–13) [ edit ]
The CISG applies to contracts of the sale of goods between parties whose places of business are in different States, when the States are Contracting States
(Article 1(1)(a)). Given the significant number of Contracting States, this is the usual path to the CISG's applicability.
The CISG also applies if the parties are situated in different countries (which need not be Contracting States) and the conflict of law rules lead to the
application of the law of a Contracting State.[19] For example, a contract between a Japanese trader and a Brazilian trader may contain a clause that
arbitration will be in Sydney under Australian law[20] with the consequence that the CISG would apply. A number of States have declared they will not be
bound by this condition.[21]
The CISG is intended to apply to commercial goods and products only. With some limited exceptions, it does not apply to personal, family, or household
goods, nor does it apply to auctions, ships, aircraft,[22] or intangibles[23] and services.[24] The position of computer software is 'controversial' and will depend
upon various conditions and situations.[25][26]
Importantly, parties to a contract may exclude or vary the application of the CISG.[27]
Interpretation of the CISG must consider the "international character" of the convention, the need for uniform application, and the need for good faith in
international trade.[28]
A key point of controversy is whether or not a contract requires a written memorial to be binding. The CISG allows for a sale to be oral or unsigned,[29] but in
some countries, contracts are not valid unless written. In many nations, however, oral contracts are accepted, and those States had no objection to signing, so
States with a strict written requirement exercised their ability to exclude those articles relating to oral contracts, enabling them to sign as well.[30]
The CISG, by its own definition, does not govern all aspects of sales contracts subject to its application.[31] The matters listed in its Article 4 must be filled in
by the applicable national law under due consideration of the conflict of law rules applicable at the place of jurisdiction.[32] Gaps referring to matters that are
governed by the CISG but not expressly settled therein (a gap praeter legem), however, are to be preferably filled in accordance with "the principles on which
[the CISG] is based," and only in the absence of those should national law be applied.[33]
Part II: Formation of the Contract (Articles 14–24) [ edit ]
An offer to contract must be addressed to a person, be sufficiently definite – that is, describe the goods, quantity, and price – and indicate an intention for the
offeror to be bound on acceptance.[34] The CISG does not appear to recognise common law unilateral contracts[35] but, subject to clear indication by the
offeror, treats any proposal not addressed to a specific person as only an invitation to make an offer.[36] Further, where there is no explicit price or procedure to
implicitly determine price, then the parties are assumed to have agreed upon a price based upon that 'generally charged at the time of the conclusion of the
contract for such goods sold under comparable circumstances'.[37]
Generally, an offer may be revoked provided the withdrawal reaches the offeree before or at the same time as the offer, or before the offeree has sent an
acceptance.[38] Some offers may not be revoked; for example when the offeree reasonably relied upon the offer as being irrevocable.[39] The CISG requires a
positive act to indicate acceptance; silence or inactivity are not an acceptance.[40]
The CISG attempts to resolve the common situation where an offeree's reply to an offer accepts the original offer, but attempts to change the conditions. The
CISG says that any change to the original conditions is a rejection of the offer—it is a counter-offer—unless the modified terms do not materially alter the
terms of the offer. Changes to price, payment, quality, quantity, delivery, liability of the parties, and arbitration conditions may all materially alter the terms of
the offer.[41]
Part III: Sale of Goods (Articles 25–88) [ edit ]
Articles 25–88; sale of goods, obligations of the seller, obligations of the buyer, passing of risk, obligations common to both buyer and seller.
The CISG defines the duty of the seller, 'stating the obvious',[42] as the seller must deliver the goods, hand over any documents relating to them, and transfer
the property in the goods, as required by the contract.[43] Similarly, the duty of the buyer is to take all steps 'which could reasonably be expected'[44] to take
delivery of the goods, and to pay for them.[45]
Generally, the goods must be of the quality, quantity, and description required by the contract, be suitably packaged and fit for purpose.[46] The seller is
obliged to deliver goods that are not subject to claims from a third party for infringement of industrial or intellectual property rights in the State where the goods
are to be sold.[47] The buyer is obliged to promptly examine the goods and, subject to some qualifications, must advise the seller of any lack of conformity
within 'a reasonable time' and no later than within two years of receipt.[48]
The CISG describes when the risk passes from the seller to the buyer[49] but it has been observed that in practice most contracts define the 'seller's delivery
obligations quite precisely by adopting an established shipment term,[42] such as FOB and CIF.[50]
Remedies of the buyer and seller depend upon the character of a breach of the contract. If the breach is fundamental, then the other party is substantially
deprived of what it expected to receive under the contract. Provided that an objective test shows that the breach could not have been foreseen,[51] then the
contract may be avoided[52] and the aggrieved party may claim damages.[53] Where part performance of a contract has occurred, then the performing party
may recover any payment made or good supplied;[54] this contrasts with the common law where there is generally no right to recover a good supplied unless
title has been retained or damages are inadequate, only a right to claim the value of the good.[55]
If the breach is not fundamental, then the contract is not avoided and remedies may be sought including claiming damages, specific performance, and
adjustment of price.[56] Damages that may be awarded conform to the common law rules in Hadley v Baxendale[57] but it has been argued the test of
foreseeability is substantially broader[42] and consequently more generous to the aggrieved party.
The CISG excuses a party from liability to a claim of damages where a failure to perform is attributable to an impediment beyond the party's, or a third party
sub-contractor's, control that could not have been reasonably expected.[58] Such an extraneous event might elsewhere be referred to as force majeure, and
frustration of the contract.
Where a seller has to refund the price paid, then the seller must also pay interest to the buyer from the date of payment.[59] It has been said the interest rate is
based on rates current in the seller's State '[s]ince the obligation to pay interest partakes of the seller's obligation to make restitution and not of the buyer's
right to claim damages',[60] though this has been debated.[61] In a mirror of the seller's obligations, where a buyer has to return goods the buyer is accountable
for any benefits received.[62]
Part IV: Final Provisions (Articles 89–101) [ edit ]
Articles 89–101 (final provisions) include how and when the Convention comes into force, permitted reservations and declarations, and the application of the
convention to international sales where both States concerned have the same or similar law on the subject.
The Part IV Articles, along with the Preamble, are sometime characterized as being addressed "primarily to States",[63] not to business people attempting to
use the convention for international trade. They may, however, have a significant impact upon the CISG's practical applicability,[64] thus requiring careful
scrutiny when determining each particular case.
Commentary on the Convention [ edit ]
It has been remarked that the CISG expresses a practice-based, flexible and "relational" character. It places no or very few restrictions of form on formation or
adjustment of contracts; in case of non-performance (or over-performance) it offers a wide array of interim measures before the aggrieved party must resort to
avoiding the contract (e.g. unilateral pro-rated price reduction (Art. 50); suspension of performance (art. 71); the availability of cure as a matter of right of the
defaulting party (subject to some reservations, Art. 48); choice between expectation and market-based damages, etc.); additionally, the CISG does not
operate under a "perfect tender" rule and its criteria for conformity are functional rather than formal (art. 35).[65] Additionally, its rules of interpretation rely
heavily on custom as well as on manifest acts rather than on intent (Art. 8). The CISG does include a so-called Nachlass rule (i.e., legacy rule), but its scope is
relatively limited. On the other hand, its good faith obligation may seem relatively limited and in any case obscure (Art. 7). All communications require
"reasonable time."
Although the convention has been accepted by a large number of States, it has been the subject of some criticism. For example, the drafting nations have
been accused of being incapable of agreement on a code that "concisely and clearly states universal principles of sales law", and through the convention's
invitation to interpret taking regard of the convention's "international character"[66] gives judges the opportunity to develop "diverse meaning".[67] Put more
bluntly, the CISG has been described as "a variety of vague standards and compromises that appear inconsistent with commercial interests".[68]
A contrary view is that the CISG is "written in plain business language," which allows judges the opportunity to make the Convention workable in a range of
sales situations.[69] It has been said "the drafting style is lucid and the wording simple and uncluttered by complicated subordinating clauses", and the "general
sense" can be grasped on the first reading without the need to be a sales expert.[70]
Uniform application of the CISG is problematic because of the reluctance of courts to use "solutions adopted on the same point by courts in other
countries",[71] resulting in inconsistent decisions.[72] For example, in a case involving the export to Germany by a Swiss company of New Zealand mussels
with a level of cadmium in excess of German standards, the German Supreme Court held that it is not the duty of the seller to ensure that goods meet
German public health regulations.[73] This contrasted with a later decision in which an Italian cheese exporter failed to meet French packaging regulations,
and the French court decided it was the duty of the seller to ensure compliance with French regulations.[74]
These two cases were held by one commentator to be an example of contradictory jurisprudence.[69] Another commentator, however, saw the cases as not
contradictory, as the German case could be distinguished on a number of points.[75] The French court chose not to consider the German court's decision, in its
published decision. (Precedent, foreign or not, is not legally binding in civil law.)
CISG advocates are also concerned that the natural inclination of judges is to interpret the CISG using the methods familiar to them from their own State[76]
rather than attempting to apply the general principles of the convention or the rules of private international law.[72] This is despite the comment from one highly
respected academic that 'it should be a rare, or non-existent, case where there are no relevant general principles to which a court might have recourse' under
the CISG.[77] This concern was supported by research of the CISG Advisory Council which said, in the context of the interpretation of Articles 38 and 39,[78]
there is a tendency for courts to interpret the articles in the light of their own State's law, and some States have 'struggled to apply [the articles]
appropriately'.[79] In one of a number of criticisms[80] of Canadian court decisions to use local legislation to interpret the CISG, one commentator said the
CISG was designed to 'replace existing domestic laws and caselaw,' and attempts to resolve gaps should not be by 'reference to relevant provisions of [local]
sales law'.[81]
Critics of the multiple language versions of the CISG assert it is inevitable the versions will not be totally consistent because of translation errors and the
untranslatability of 'subtle nuances' of language.[82] This argument, though with some validity, would not seem peculiar to the CISG but common to any and all
treaties that exist in multiple languages. The reductio ad absurdum would seem to be that all international treaties should exist in only a single language,
something which is clearly neither practical nor desirable.
Other criticisms of the convention are that it is incomplete, there is no mechanism for updating the provisions, and no international panel to resolve
interpretation issues. For example, the CISG does not govern the validity of the contract, nor does it consider electronic contracts.[83] However, legal matters
relating to the use of electronic communications in relation to contracts for international sale of goods have been eventually dealt with in a comprehensive
manner in the United Nations Convention on the Use of Electronic Communications in International Contracts. Moreover, it is not to be forgotten that the CISG
is complemented by the Convention on the Limitation Period in the International Sale of Goods with respect to the limitation of actions due to passage of
time.[84]
Despite the critics, a supporter has said '[t]he fact that the costly ignorance of the early days, when many lawyers ignored the CISG entirely, has been
replaced by too much enthusiasm that leads to ... oversimplification, cannot be blamed on the CISG'.[85]
Reservations [ edit ]
The relatively widespread adoption of the CISG stems from its allowing Contracting States to take exception to certain specified articles; this flexibility was
instrumental in convincing states with disparate legal traditions to subscribe to an otherwise uniform code.[86] Contracting States can lodge reservations,
referred to therein as "declarations", which exempt them from certain provisions. Nevertheless, the vast majority of parties—69 of the current 92 Contracting
States—have acceded to the Convention without any declaration.
Of the approximate quarter of parties that have taken reservations, most have done so with respect to one or some of the following:
opting out of article 1(1)(b) CISG, which allows for the application of the CISG in cases when the rules of private international law point at the law of a
contracting State as the law applicable to the contract for sale of goods (article 95 CISG);
mandatory written form of the contract for sale of goods (articles 11, 12 and 96 CISG);
opting out of the application of Part II or Part III CISG (article 92 CISG);
not applying the CISG to contracts concluded between parties with place of business in "which have the same or closely related legal rules on matters
governed" by the CISG (article 94 CISG).
Some existing declarations have been reviewed and withdrawn by States. The Nordic countries (except Iceland) had originally opted out of the application of
Part II under Article 92, but rescinded this reservation and became party to Part II, except for trade among themselves (to which the CISG is not applied as a
whole due to a declaration lodged under Article 94).[87] Likewise, China,[88] Latvia,[89] Lithuania[90] and Hungary[91] withdrew their written form declaration, and
the Czech Republic withdrew its declaration preventing the application of article 1(1)(b).[92] The Government of Ukraine declared its intention to withdraw the
"Written Form" declaration.[93]
Some countries have expanded rather than restricted CISG application by removing one of the cumulative conditions for application within the CISG. For
example, Israeli law stipulates that the CISG will apply equally to a party whose place of business is in a State that is not a Contracting State.[94]
Major absentees [ edit ]
India, South Africa, Nigeria, and the United Kingdom are the major trading countries that have not yet ratified the CISG.
The absence of the United Kingdom, a leading jurisdiction for the choice of law in international commercial contracts, has been attributed variously to: the
government not viewing its ratification as a legislative priority, a lack of interest from business in supporting ratification, opposition from a number of large and
influential organisations, a lack of public service resources, and a danger that London would lose its edge in international arbitration and litigation.[95]
There is significant academic disagreement as to whether Hong Kong, Taiwan, and Macau are deemed parties to the CISG due to China's status as a
party.[96]
Future directions [ edit ]
Greater acceptance of the CISG will come from three directions. First, it is likely that within the global legal profession, as the numbers of new lawyers
educated in the CISG increases, the existing Contracting States will embrace the CISG, appropriately interpret the articles, and demonstrate a greater
willingness to accept precedents from other Contracting States.
Second, businesses will increasingly pressure both lawyers and governments to make international commercial disputes over the sale of goods less
expensive, and reduce the risk of being forced to use a legal system that may be completely alien to their own. Both of these objectives can be achieved
through use of the CISG.[25]
Finally, UNCITRAL will arguably need to develop a mechanism to further develop the convention and to resolve conflicting interpretation issues.[97] This will
make it more attractive to both business people and potential Contracting States.
Prospective Contracting States [ edit ]
Ethiopia[98] and Rwanda[99] have adopted laws authorising the adoption of the CISG, which will enter into force in each country after the instrument of
accession is deposited with the Secretary-General of the United Nations.
Differences with country legislation relating to the sale of goods [ edit ]
Depending on the country, the CISG can represent a small or significant departure from local legislation relating to the sale of goods, and in this can provide
important benefits to companies from one contracting state that import goods into other states that have ratified the CISG.
Differences with U.S. legislation (the UCC) [ edit ]
In the U.S., all 50 states have, to varying degrees, adopted common legislation referred to as the Uniform Commercial
Code ("UCC"). UCC Articles 1 (General Provisions) and 2 (Sales) are generally similar to the CISG. However, the
UCC differs from the CISG in some respects, such as the following areas that tend to reflect more general aspects of
the U.S. legal system:
Terms of Acceptance – Under the CISG, acceptance occurs when it is received by the offeror, a rule
similar to many civil law jurisdictions which contemplate for service to be effective upon receipt. By
contrast, the U.S. legal system often applies the so-called "mailbox rule" by which, acceptance, like
service, can occur at the time the offeree transmits it to the offeror.
"Battle of the Forms" – Under the CISG, a reply to an offer that purports to be an acceptance, but has
additions, limitations, or other modifications, is generally considered a rejection and counteroffer. The
UCC, on the other hand, tries to avoid the "battle of the forms" that can result from such a rule, and
allows an expression of acceptance to be operative, unless the acceptance states that it is conditioned
on the offeror consenting to the additional or different terms contained in the acceptance.
Writing Requirement – Unless otherwise specified by a ratifying State, the CISG does not require that a The official 2007 edition of the
UCC.
sales contract be reduced to a writing. Under the UCC's statute of frauds (inherited from the common
law), contracts selling goods for a price of $500 or more are generally not enforceable unless in writing.
Nevertheless, because the U.S. has ratified the CISG, it has the force of federal law and supersedes UCC-based state law under the Supremacy Clause of
the Constitution. Among the U.S. reservations to the CISG is the provision that the CISG will apply only as to contracts with parties located in other CISG
Contracting States, a reservation permitted by the CISG in Article 95. Therefore, in international contracts for the sale of goods between a U.S. entity and an
entity of a Contracting State, the CISG will apply unless the contract's choice of law clause specifically excludes CISG terms.
Conversely, in "international" contracts for the sale of goods between a U.S. entity and an entity of a non-Contracting State, to be adjudicated by a U.S. court,
the CISG will not apply, and the contract will be governed by the domestic law applicable according to private international law rules.
Differences with UK legislation [ edit ]
The sale of goods in the UK is regulated by:
the Sale of Goods Act 1979, (SGA) which is designed for both business-to-consumer and business-to-business transactions
the Consumer Rights Act 2015 (CRA: 2015) which provides solely for business-to-consumer transactions
Although the rights are broadly similar in business-to-consumer and business-to-business transactions, the remedies differ. Broadly speaking, the rights for
these transactions are also similar across EU states.[100]
See also [ edit ]
United Nations Commission on International Trade Law

Convention on the Limitation Period in the International Sale of Goods
United Nations Convention on the Use of Electronic Communications in International Contracts
Commercial law
International Commercial Terms (Incoterms)
International trade
International trade law
Uniform Commercial Code (UCC)
Notes [ edit ]
1. ^ Not to be confused with other treaties signed in Vienna.
Footnotes [ edit ]
1. ^ United Nations Convention on Contracts for the International Sale of Goods, 4. ^ This statement is only applicable for the US, The Czech Republic, and China,
Vienna, 11 April 1980, S.Treaty Document Number 98-9 (1984), UN Document See Article 1,1B/95 Verweyen, Foerster, Toufar Handbuch des Internationalen
Number A/CONF 97/19, 1489 UNTS 3. The full text of the CISG is available in Warenkaufs UN-Kaufrecht (CISG) Archived 2017-07-08 at the Wayback
pdf format at Machine 2. Auflage, 2008 pt. 21.2 pg 248 (in German)
http://www.uncitral.org/uncitral/en/uncitral_texts/sale_goods/1980CISG.html 5. ^ cisgw3.law.pace.edu https://cisgw3.law.pace.edu/cisg/linkd.html . Retrieved
at 22 December 2007. 2019-10-30. Missing or empty |title= (help)
2. ^ United States Department of Commerce, 'The U.N. Convention on Contracts 6. ^ "Legislative History: 1980 Vienna Diplomatic Conference" . Institute of
for the International Sale of Goods' "Archived copy" . Archived from the International Commercial Law. 2015-06-18. Retrieved 2020-11-29.
original on May 5, 2007. Retrieved April 2, 2007. at 22 December 2007. 7. ^ Argentina, China, Egypt, France, Hungary, Italy, Lesotho, Syria, the United
3. ^ Standard clauses in English and in German (opt-in/opt-out): See Verweyen, States, Yugoslavia, and Zambia.
Foerster, Toufar Handbuch des Internationalen Warenkaufs UN-Kaufrecht 8. ^ "The Lao People's Democratic Republic accedes to the United Nations
(CISG) Archived 2017-07-08 at the Wayback Machine 2. Auflage, 2008 pg. Convention on Contracts for the International Sale of Goods (CISG) | United
64 (in English and German) Nations Commission On International Trade Law" . uncitral.un.org. Retrieved
2019-10-30.
9. ^ "Guatemala accedes to United Nations Convention on Contracts for the 25. ^ a b Peter Schlechtriem, 'Requirements of Application and Sphere of
International Sale of Goods" . www.unis.unvienna.org. Retrieved 2019-12-14. Applicability of the CISG' (2005) 36 Victoria University of Wellington Law
10. ^ Joseph Lookofsky, 'Loose Ends and Contorts in International Sales: Review 781.
Problems in the Harmonization of Private Law Rules' (1991) 39 American 26. ^ Frank Diedrich, 'Maintaining Uniformity in International Uniform Law Via
Journal of Comparative Law 403. Autonomous Interpretation: Software Contracts and the CISG' (1996) 8 Pace
11. ^ Bruno Zeller, CISG and the Unification of International Trade Law (1st ed, International Law Review 303, 321, 322.
2007) 94. 27. ^ Articles 6, 12.
12. ^ ab John Felemegas, 'The United Nations Convention on Contracts for the 28. ^ Article 7.
International Sale of Goods: Article 7 and Uniform Interpretation (2000)' Pace 29. ^ Article 11.
Review of the Convention on Contracts for the International Sale of Goods 30. ^ Specifically, Argentina, Belarus, Chile, China, Hungary, Latvia, Lithuania,
(CISG) 115. Paraguay, Russian Federation, and Ukraine are not bound by Article 11.
13. ^ Peter Schlechtriem, 'Requirements of Application and Sphere of Applicability 31. ^ Article 4, 5
of the CISG' (2005) 36 Victoria University of Wellington Law Review 781. 32. ^ In the toolbox (CD-Rom, which is attached to the Verweyen, Foerster, Toufar
14. ^ The status of signatories to the Convention is listed at Handbuch des Internationalen Warenkaufs UN-Kaufrecht (CISG) Archived
https://treaties.un.org/Pages/ViewDetails.aspx?src=TREATY&mtdsg_no=X- 2017-07-08 at the Wayback Machine 2. Auflage, 2008, the parties can easily
10&chapter=10&clang=_en . identify the gaps and how they will be filled under the assumption of Swiss or
15. ^ John Honnold, Uniform Law for International Sales under the 1980 United German applicable law. This toolbox also comprises a software to determine
Nations Convention (3rd ed. 1999) 88. the application of the CISG
16. ^ Jan Hellner, 'The UN Convention on International Sales of Goods – An 33. ^ Article 7 (2)
Outsider's View' in Erik Jayme (ed) Ius Inter Nationes: Festschrift fur Stefan 34. ^ Article 14.
Riesenfeld (1983) 72, 76. 35. ^ See, for example, Carlill v. Carbolic Smoke Ball Company (1892) 2 QB 484.
17. ^ Article 101. 36. ^ Article 14 (2).
18. ^ Arabic, Chinese, English, French, Russian, and Spanish / non-official 37. ^ Article 55.
translations of the CISG See: http://www.fr-lawfirm.de/links/pages/UN- 38. ^ Articles 15, 16 (1).
Kaufrecht/Texte_Uebersetzungen/ .
39. ^ Article 16 (2).
19. ^ Article 1 (b). 40. ^ Article 18.
20. ^ More correctly, the law of New South Wales as mandated in Sale of Goods 41. ^ Article 19.
(Vienna Convention) Act 1986 (NSW).
42. ^ a b c Jacob Ziegel and Claude Samson 'Report to the Uniform Law
21. ^ Specifically, China, Germany, Czech Republic, Saint Vincent and the Conference of Canada on Convention on Contracts for the International Sale of
Grenadines, Singapore, Slovakia, and the United States of America. See Goods' (1981) Toronto 168–305.
http://www.uncitral.org/uncitral/en/uncitral_texts/sale_goods/1980CISG_statu
43. ^ Article 30.
s.html at 22 December 2007.
44. ^ Article 60.
22. ^ Article 2.
45. ^ Article 53.
23. ^ From Article 2 (d) and (f), intangibles such as stocks, shares, investment
46. ^ Article 35.
securities, negotiable instruments or money, and electricity.
47. ^ Articles 41, 42.
24. ^ Article 3- However, Sale of Goods contracts under the CISG may include
48. ^ Articles 38, 39, 40.
services (e.g., transport, erection, supervision, training) up to 50% of the
49. ^ Articles 66, 67, 68, 69, 70.
agreed contract price at the date of the signature of the contract (See
50. ^ See International Commercial Terms (Incoterms) in External Links.
Verweyen/Foerster/Toufar Handbuch des Internationalen Warenkaufs UN-
Kaufrechts (CISG) 2. Auflage, 2008 2.1.1 p. 46) 51. ^ Article 25.
52. ^ Article 49, 64.
53. ^ Articles 74, 75, 76, 77. 73. ^ Bundesgerichtshof VIII ZR 159/94. English language abstract available at
54. ^ Article 81. http://www.uncitral.org/clout/showDocument.do?documentUid=1326 at 22
55. ^ Cf Doulton Potteries v Bronotte (1971) 1 NSWLR 591 for example of December 2007. ). Full translation available at
damages as inadequate. http://www.cisg.law.pace.edu/cases/950308g3.html#ta at 22 December 2007.
56. ^ Articles 45, 46, 47, 48, 50, 51, 52, 61, 62, 63, 65, 74, 75, 76, 77. 74. ^ Caiato Roger v La Société française de factoring international factor France
57. ^ Hadley v Baxendale (1854) 9 Exch 341. (SA) (1995) 93/4126. English language abstract available at
58. ^ Article 79. http://www.uncitral.org/clout/showDocument.do?documentUid=1425 at 22
December 2007. Full translation available at
59. ^ Article 84 (1).
http://www.cisg.law.pace.edu/cases/950913f1.html at 22 December 2007.
60. ^ Commentary on the Draft Convention on Contracts for the International Sale
of Goods, Prepared by the Secretariat, UN Doc. A/CONF.97/5 (1979). 75. ^ Andrea Charters, 'Fitting the Situation: The CISG and the Regulated Market'
(2005) 4 Washington University Global Studies Law Review 1, 38.
61. ^ Peter Schlechtriem, Uniform Sales Law – The UN-Convention on Contracts
for the International Sale of Goods (1st ed, 1986) 99. 76. ^ Nicholas Whittington, 'Comment on Professor Schwenzer's Paper' (2005) 36
Victoria University of Wellington Law Review 809.
62. ^ Article 84 (2).
77. ^ John Felemegas, 'The United Nations Convention on Contracts for the
63. ^ Peter Winship, "Commentary on Professor Kastely's Rhetorical Analysis"
International Sale of Goods: Article 7 and Uniform Interpretation (2000)' Pace
(1988) 8 Northwestern Journal of Law & Business 623, 628.
Review of the Convention on Contracts for the International Sale of Goods
64. ^ Ulrich G. Schroeter, 'Backbone or Backyard of the Convention? The CISG's
(CISG) 115, 276.
Final Provisions', in: C.B. Andersen & U.G. Schroeter (eds.), Sharing
78. ^ Articles 38 and 39 discuss the notice to be given by the buyer to the seller of
International Commercial Law across National Boundaries: Festschrift for
non-conforming goods.
Albert H. Kritzer on the Occasion of his Eightieth Birthday, London: Wildy,
Simmonds & Hill (2008), 425 at 426. 79. ^ CISG-AC Opinion No 2, Examination of the Goods and Notice of Non-
Conformity – Articles 38 and 39, 7 June 2004. Rapporteur: Professor Eric
65. ^ Jonathan Yovel, The Buyer's Right to Avoid the Contract in International
Bergsten, Emeritus, Pace University New York 6, 7.
Sales, in John Felemegas, ed., AN INTERNATIONAL APPROACH TO THE
INTERPRETATION OF THE UNITED NATIONS CONVENTION ON 80. ^ See also for example, Antonin Pribetic, 'The (CISG) Road Less Travelled:
CONTRACTS FOR THE SALE OF GOODS (Cambridge University Press, GreCon Dimter Inc. v. J.R. Normand Inc.' (2006) 44 (1) Canadian Business Law
2007) Journal 92.
66. ^ Article 7 (1). 81. ^ Peter Mazzacano, 'Canadian Jurisprudence and the Uniform Application of
the UN Convention on Contracts for the International Sale of Goods' (2006) 18
67. ^ Arthur Rosett, 'CSIG laid Bare: A Lucid Guide to a Muddy Code' (1988) 21
(1) Pace International Law Review 46.
Cornell International Law Journal 575.
82. ^ Arthur Rossett, 'Critical Reflections on the United Nations Convention on
68. ^ Clayton Gillette and Robert Scott, 'The Political Economy of International
Contracts for the International Sale of Goods' (1984) 45 Ohio State Law
Sales Law' (2005) 25 International Review of Law and Economics 446.
Journal 265, 301.
69. ^ a b Nicholas Whittington, 'Comment on Professor Schwenzer's Paper' (2005)
83. ^ Jacob Ziegel, 'The Future of the International Sales Convention from a
36 Victoria University of Wellington Law Review 809.
Common Law Perspective' (2000) 6 New Zealand Business Law Quarterly 336,
70. ^ Jacob Ziegel, 'The Future of the International Sales Convention from a
345.
Common Law Perspective' (2000) 6 New Zealand Business Law Quarterly 336,
84. ^ Luca G. Castellani, The Contribution of UNCITRAL to the Harmonization of
338.
International Sale of Goods Law Besides the CISG, Belgrade Law Review, Year
71. ^ Michael Joachim Bonell and Fabio Liguori, 'The U.N. Convention on the
LIX (2011) no. 3 pp. 28-38, at 28-33, available online at
International Sale of Goods: A Critical Analysis of Current International Case
http://www.cisg.law.pace.edu/cisg/biblio/castellani3.html
Law' (1997) 2 Revue de Droit Uniforme 385.
85. ^ Franco Ferrari, 'What Sources of Law for Contracts for the International Sale
72. ^ a b Article 7 (2).
of Goods? Why One Has to Look Beyond the CISG' (2005) 25 International
Review of Law and Economics 314, 341.
86. ^ See list of signatories and their declarations at 95. ^ Moss, Sally (June 2005). "Why the United Kingdom Has Not Ratified the
https://uncitral.un.org/en/texts/salegoods/conventions/sale_of_goods/cisg/sta CISG" (PDF). Journal of Law and Commerce. 25: 483–485 – via
tus . UNCITRAL.
87. ^ "Norway Becomes a Party to Part II (Formation of the Contract) of the United 96. ^ See Innotex Precision Ltd. v. Horei Image Prods., Inc., 679 F. Supp. 2d 1356
Nations Convention on Contracts for the International Sale of Goods (N.D. Ga. 2009); America's Collectibles Network Inc. v. Timlly (hk), 746 F. Supp.
(CISG)" . www.unis.unvienna.org. Retrieved 2018-10-31. 2d 914 (E.D. Tenn., 2010); Ulrich G. Schroeter, The Status of Hong Kong and
88. ^ "China Withdraws "Written Form" Declaration Under the United Nations Macao under the United Nations Convention on Contracts for the International
Convention on Contracts for the International Sale of Goods (CISG)" . Sale of Goods, 16 Pace Int'l L. Rev. 307 (2004) Available at:
www.unis.unvienna.org. Retrieved 2018-10-31. http://digitalcommons.pace.edu/pilr/vol16/iss2/3).
89. ^ "Latvia Withdraws "Written Form" Declaration Under the United Nations 97. ^ See John Felemegas, 'The United Nations Convention on Contracts for the
Convention on Contracts for the International Sale of Goods (CISG)" . International Sale of Goods: Article 7 and Uniform Interpretation (2000)' Pace
www.unis.unvienna.org. Retrieved 2018-10-31. Review of the Convention on Contracts for the International Sale of Goods
90. ^ "Lithuania Withdraws "Written Form" Declaration Under the United Nations (CISG) Chapter 3 for a discussion on how this could be achieved.
Convention on Contracts for the International Sale of Goods (CISG)" . 98. ^ MOHAMMED, ABDUREZAK (26 June 2020). "House approves extradition
www.unis.unvienna.org. Retrieved 2018-10-31. agreements" (PDF) (248). The Ethiopian Herald. Retrieved 27 July 2020.
91. ^ "Hungary Withdraws "Written Form" Declaration Under the United Nations 99. ^ Law N°68/2013 of 30/08/2013 authorising the Accession to the United
Convention on Contracts for the International Sale of Goods (CISG)" . Nations Convention on Contracts for the International Sale of Goods Adopted
www.unis.unvienna.org. Retrieved 2018-10-31. in Vienna in 1980, Official Gazette nº51 of 23 December 2013
92. ^ "Czech Republic Withdraws Declarations under the CISG and the Limitation 100. ^ Rasmussen, Scott (2011). "English Legal Terminology: Legal Concepts in
Convention" . www.unis.unvienna.org. Retrieved 2018-10-31. Language, 3rd ed. By Helen Gubby. The Hague:Eleven International
93. ^ "Кабмин одобрил закон о заключении международных договоров в Publishing, 2011. Pp. 272. ISBN 978-90-8974-547-7. €35.00; US$52.50".
электронной форме" . РБК-Украина. Retrieved 24 November 2019. International Journal of Legal Information. 39 (3): 394–395.
94. ^ "CISG: participating countries - Israel" . Pace Law School Institute of doi:10.1017/s0731126500006314 . ISSN 0731-1265 .
International Commercial Law. 2003-07-08. Retrieved 2018-10-31.
References [ edit ]
Pace CISG Database, iicl.law.pace.edu

Andersen, Camilla Baasch & Schroeter, Ulrich G. (eds.), Sharing International Commercial Law across National Boundaries: Festschrift for Albert H.
Kritzer on the Occasion of his Eightieth Birthday, London: Wildy, Simmonds & Hill (2008)
Bonell, Michael and Liguori, Fabio, 'The U.N. Convention on the International Sale of Goods: A Critical Analysis of Current International Case Law' (1997)
2 Revue de Droit Uniforme 385.
CISG-AC Opinion No 2, Examination of the Goods and Notice of Non-Conformity – Articles 38 and 39, 7 June 2004. Rapporteur: Professor Eric Bergsten,
Emeritus, Pace University New York 6, 7.
Dholakia, Shishir, 'Ratifying the CISG – India's Options' (2005) Celebrating Success: 25 Years United Nations Convention on Contracts for the
International Sale of Goods (Collation of Papers at UNCITRAL SIAC Conference 22–23 September 2005, Singapore) 186.
Felemegas, John, 'The United Nations Convention on Contracts for the International Sale of Goods: Article 7 and Uniform Interpretation (2000)' Pace
Review of the Convention on Contracts for the International Sale of Goods (CISG).
Ferrari, Franco, 'What Sources of Law for Contracts for the International Sale of Goods? Why One Has to Look Beyond the CISG' (2005) 25 International
Review of Law and Economics 314.
Graffi, Leonardo, 'Case Law on the Concept of "Fundamental Breach" in the Vienna Sales Convention, Revue de droit des affaires internationales /
International Business Law Journal (2003) No. 3, 338–349.
Hellner, Jan, 'The UN Convention on International Sales of Goods – An Outsider's View' in Erik Jayme (ed) Ius Inter Nationes: Festschrift fur Stefan
Riesenfeld (1983) 72.
Kastely, Amy, 'Unification and Community: A Rhetorical Analysis of the United Nations Sales Convention' (1988) 8 Northwestern Journal of International
Law and Business 574.
Kolsky Lewis, Meredith, 'Comments on Luke Nottage's Paper' (2005) 36 Victoria University of Wellington Law Review 859.
Martinussen, Roald, "Overview of International CISG Sales Law. Basic Contract Law according to the UN Convention on Contracts for the International
Sale of Goods(CISG)." 120.
Moss, Sally, 'Why the United Kingdom Has Not Ratified the CISG' (2005) 1 Journal of Law and Commerce 483.
Pace International Law Review, (ed) Review of the Convention on Contracts for the International Sale of Goods (CISG) (1st ed, 1998).
Rossett, Arthur, 'Critical Reflections on the United Nations Convention on Contracts for the International Sale of Goods' (1984) 45 Ohio State Law Journal
265.
Schlechtriem, Peter, Uniform Sales Law – The UN-Convention on Contracts for the International Sale of Goods (1st ed, 1986).
Schlechtriem, Peter & Schwenzer, Ingeborg (eds.), Kommentar zum Einheitlichen UN-Kaufrecht – CISG - (6th ed, 2013).
Ingeborg Schwenzer & Edgardo Muñoz (eds.), Schlechtriem & Schwenzer: Comentario sobre la convencion de las Naciones Unidas sobre los contratos
de compraventa internacional de mercaderias, Cizur Menor (Navarra): Editorial Aranzadi SA 2011, ISBN 978-84-9903-761-5 .
Schroeter, Ulrich G., UN-Kaufrecht und Europäisches Gemeinschaftsrecht: Verhältnis und Wechselwirkungen Munich: Sellier. European Law Publishers
(2005)
Sharma, Rajeev, 'The United Nations Convention On Contracts For The International Sale of Goods: The Canadian Experience' (2005) 36 Victoria
University of Wellington Law Review 847.
United States Department of Commerce, 'The U.N. Convention on Contracts for the International Sale of Goods'
https://web.archive.org/web/20070505032243/http://www.osec.doc.gov/ogc/occic/cisg.htm at 22 December 2007.
Verweyen, Foerster, Toufar Handbuch des Internationalen Warenkaufs UN-Kaufrechts (CISG) Boorberg Publishing Munich (2nd Edition, 2008) (in
German)
Whittington, Nicholas, 'Comment on Professor Schwenzer's Paper' (2005) 36 Victoria University of Wellington Law Review 809.
Zeller, Bruno, CISG and the Unification of International Trade Law (1st ed, 2007).
Ziegel, Jacob, 'The Future of the International Sales Convention from a Common Law Perspective' (2000) 6 New Zealand Business Law Quarterly 336.
Text of the CISG and ratifications

United Nations Status of Treaties: United Nations Convention on Contracts for the International Sale of Goods
CISG Advisory Council (CISG-AC)
Uniform Sales Law (CISG): Synopsis of selected texts / Compilation of texts
Pace Law School database on the CISG and International Commercial Law.
Online Commentary on the CISG ccisg.org
US Department of Commerce Commentary
CISG online Database of the University of Basel, Switzerland
CISG-France Application of the CISG by French courts
Introductory note by Harry M. Flechtner, procedural history note and audiovisual material on the United Nations Convention on Contracts for the
International Sale of Goods in the Historic Archives of the United Nations Audiovisual Library of International Law
Lecture by Harry M. Flechtner entitled The United Nations Convention on Contracts for the International Sale of Goods (CISG), Lecture I: Purposes,
Background, History, Nature, Scope and Application in the Lecture Series of the United Nations Audiovisual Library of International Law
Lecture by Harry M. Flechtner entitled The United Nations Convention on Contracts for the International Sale of Goods (CISG), Lecture II: Issues
Covered and Key Substantive Provisions in the Lecture Series of the United Nations Audiovisual Library of International Law
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Treaties of North Macedonia Treaties of Turkey Treaties of Uganda Treaties of the Ukrainian Soviet Socialist Republic Treaties of the United States
Treaties of Uruguay Treaties of Uzbekistan Treaties of Vietnam Treaties of Zambia 1980 in Austria Treaties extended to Aruba
Treaties extended to Greenland Treaties extended to the Faroe Islands Treaties extended to West Berlin


Wikipedia Notes - International Economic Law

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Bretton Woods Conference

The agreements [ edit ]

Encouraging open markets [ edit ]

Structure of the conference [ edit ]

The Bank for International Settlements controversy [ edit ]

Monetary order in a post-war world [ edit ]

Failed proposals [ edit ]

International Trade Organization [ edit ]

International Clearing Union [ edit ]

State Delegation members[18]

Ratification of Bretton Woods Final Act and Savannah Conference [ edit ]

See also [ edit ]

Further reading [ edit ]

External links [ edit ]

Authority control [hide]

General VIAF (1 ) · WorldCat

National libraries United States · Czech Republic

This page was last edited on 8 June 2021, at 23:50 (UTC).

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New International Economic Order

Main Principles and Reforms [ edit ]

The main principles of the NIEO are:

The main reforms required by the NIEO are:

See also [ edit ]

Further reading [ edit ]

External links [ edit ]

Centre for Research on New International Economic Order (CReNIEO)

V ·T ·E South–South cooperation and Third Worldism [show]

This page was last edited on 26 April 2021, at 01:21 (UTC).

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Print/export 1.1.1 Origins of policy agenda

Origins of policy agenda [ edit ]

In Williamson's own words from 2002:

Broad sense [ edit ]

Anti-globalization movement [ edit ]

Proponents of the "European model" and the "Asian way" [ edit ]

Alternative usage vis-à-vis foreign policy [ edit ]

See also [ edit ]

American imperialism Bretton Woods system Business and

Primary sources [ edit ]

Secondary sources [ edit ]

External links [ edit ]

This page was last edited on 17 May 2021, at 16:23 (UTC).

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Millennium Development Goals

Human capital, infrastructure and human rights [ edit ]

Goal 1: Eradicate extreme poverty and hunger [ edit ]

Goal 3: Promote gender equality and empower women [ edit ]

Goal 4: Reduce child mortality rates [ edit ]

Goal 5: Improve maternal health [ edit ]

Goal 6: Combat HIV/AIDS, malaria, and other diseases [ edit ]

Goal 7: Ensure environmental sustainability [ edit ]

Goal 8: Develop a global partnership for development [ edit ]

Alleged lack of legitimacy [ edit ]

Human rights [ edit ]

Human capital [ edit ]

Women's issues [ edit ]

Graphs from the Millennium Development Goals Report 2010

Malaria deaths declined by more than one-third, saving millions of lives.[60]

Funding commitment [ edit ]

European Union [ edit ]

United States [ edit ]