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Author's Posts

India’s new farm laws mirror international financial institutions’ vision of agriculture

For more than 100 days, thousands of farmers in India have been in the streets protesting three new farm laws introduced in parliament. The new laws open the agriculture sector to reforms advocated by...

Read more March 19, 2021 at 1:36 pm Maju Varghese

Time to give Covid burial, not suspend, World Bank’s ‘flawed’ Doing Business ranking

On August 27, the World Bank came out with a statement suspending the Doing Business Report. The statement said that a number of irregularities have been reported regarding changes to the data in the Doing Business...

Read more September 7, 2020 at 12:36 pm Maju Varghese

Give Doing Business report a COVID burial

On August 27th, the World Bank came out with a statement suspending the Doing Business Report. The statement said that a number of irregularities have been reported regarding changes to the data in the...

Read more September 3, 2020 at 9:35 pm Maju Varghese

The Corona Pandemic, Debt and Default

The world was witnessing a massive buildup of debt, even before the pandemic began. World Bank described it as the largest, fastest and most broad based amounting to 230 percentage of the Global GDP. ...

Read more August 26, 2020 at 2:47 pm Maju Varghese

Updates from IMF: Forecast for Post-COVID Economy and Debt Levels

The International Monetary Fund (IMF) released two updates in the month of June – first was the World Economic Outlook, titled A Crisis Like No Other, An Uncertain Recovery and another was the Financial...

Read more July 15, 2020 at 9:07 am Maju Varghese

A Financial Package with Little Relief Contents, Govt pushes Policy Reforms which Benefits Corporates but not the People

The financial package, amounting to Rs 20 lakh Crore and claimed to be 10% of the GDP was announced by the Prime Minister with much fanfare. Yet when details were announced by the Finance...

Read more May 26, 2020 at 7:48 pm Maju Varghese

Elite Capture of resources, the continuing saga of exploitation: A case of World Bank

World Bank Aid or that matter any aid and its impact on countries has been a controversial discussion in development finance circles.  While it is true that aid provides an important source of income...

Read more March 25, 2020 at 6:59 pm Maju Varghese

When Chief Economists leave the Bank, Credibility Walks Out too

Chief Economist, Pinelopi Koujianou Goldberg known as Penny Goldberg announced her resignation from the World Bank from 1st March 2020. She will be going back to her teaching job at Yale University. This marks...

Read more March 12, 2020 at 11:16 am Maju Varghese

The Invisible hand of International Financial Institutions (IFIs)

(How Public Banks are going to be privatised and land, labor reforms are being gradually pushed in the country) In a capitalist system, it is said that the market correct itself through the invisible...

Read more January 13, 2020 at 6:39 pm Maju Varghese

Ease of Doing Business – what does it conceal?

India is now a poster boy for the World Bank’s much-criticised Doing Business Report (DBR), and its associated country rankings index (EODB) (see Observer Winter 2018). The country has drastically improved its place in the EODB index, rising...

Read more December 17, 2019 at 4:40 pm Maju Varghese

People over business – Why Ease of Doing Business hurt people and environment 

In the last week, we saw two indices, which were released globally. One on hunger and another on Ease of Doing Business. India slipped from 95th position to 102nd position out of 117 countries...

Read more October 26, 2019 at 4:46 pm Maju Varghese

The Accountability of Climate Crisis also Lies with the Financial System

‘We are in the beginning of a mass extinction, and all you can talk about is money and fairy tales of eternal economic growth – how dare you!’ These are the words of young...

Read more September 27, 2019 at 9:29 am Maju Varghese

Snippets from the World of International Financial Institutions – August, 2019

IMF Chief Election Over 100 organisations across the world recently signed an open letter demanding an end to the ‘Gentleman Agreement,’ as per which only Europeans are selected as the Managing Director of the International...

Read more August 30, 2019 at 12:42 pm Maju Varghese

Kerala Enters into Partnership with the World Bank

Kerala became the first state to enter into a state partnership with World Bank based on their new Country Partnership Framework   2018-22. The partnership is for a development policy loan of USD 500 million...

Read more July 29, 2019 at 4:10 pm Maju Varghese

Snippets from the World of International Financial Institutions – July, 2019

The Resignation of IMF Chief, and Western Dominance in IFIs Christine Lagarde, IMF’s Managing Director, resigned this month after she was nominated to head the European Central Bank. She previously served as France’s finance minister during...

Read more July 27, 2019 at 2:01 pm Maju Varghese
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