November 29, 2021

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[Communiqué] World Bank and IMF Annual Meetings: Afzal Vacuum

In the October 15 press release [1], Development Committee, “Group Forum World Bank
World Bank
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The International Bank for Reconstruction and Development (IBRD) was established in Bretton Woods (United States) in July 1944, at the initiative of the 45-nation United Nations Monetary and Finance Conference. In 2011, 187 countries were members.

Created in 1944 in Bretton Woods within the framework of the new International Monetary Fund, bank capital was provided by member states and above all borrowed in international capital markets. The Bank finances public or private sector projects targeting Third World countries and the former Soviet Union. It is made up of the following five subsidiaries:
International Bank for Reconstruction and Development (Bird, 189 members in 2017) provides loans for large-scale operations (agriculture and energy), mainly to middle-income countries.
International Association for Development (AID, or IDA According to its English-speaking name, 164 members in 2003) specialized for the longest period of time (35 to 40 years, including 10 grace) at zero or lowest prices at the lowest interest rates. BMA).
International Financial Institution (SFI) Is a subsidiary of the Bank, which is responsible for finance companies or private companies in the Third World.
Finally, the International Center for Investment Disputes (ICSID) The Multilateral Investment Guarantee Agency (MIGA) manages interest conflicts when trying to encourage investment in developing countries. As debt has increased, the World Bank has agreed with the IMF to develop its interventions from a larger economic perspective. Therefore, the Bank is increasingly pushing for the implementation of adjustment policies aimed at balancing the payments of the heavily indebted countries. The bank will not “hesitate” to reduce budget deficits, mobilize internal savings, encourage foreign investors and liberalize exchange rates and prices for countries subject to IMF treatment. Finally, the Bank has been financially participating in these projects by providing structural adjustment loans to countries that have followed this policy since 1982.

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Types of loans provided by WB:

1) Project Loans: Classic loans for thermal power plants, petroleum sector, forest industries, agricultural projects, dams, roads, water supply and sanitation.
2) Sector adjustment loans targeting the entire sector of a national economy: energy, agriculture, industry, etc.
3) Loans to companies that serve to look at the policies of certain companies towards foreign trade and to pave the way for multinationals. They also finance the privatization of public services.
4) Structural adjustment loans should alleviate the debt crisis, which supports a new liberal policy.
5) Debts to fight poverty.
Site: and from International Monetary Fund
IMF
International Monetary Fund

The IMF was formed in 1944 in Bretton Woods (with the World Bank, its twin company). Its purpose is to stabilize the international financial system by regulating the movement of capital.

To date, 188 countries are members (similar to the World Bank).

Click More. Established at the ministry level to facilitate the search for consensus among governments on development issues. [2]The IMF / World Bank approved all the hopes of the South Indian countries for new measures to respond to their debt situation and release the resources required for human rights satisfaction, especially to the health sector.

The Development Committee acknowledged all the hopes of the South for the IMF / World Bank to respond to their debt situation and release the resources needed for human rights satisfaction, especially for new measures in the health sector.

Despite the severe recession in the world economy and its negative effects on the impact of the South [3], As needed UNCTAD
United Nations Conference on Trade and Development
UNCTAD

It was created in 1964 to balance the GATT (WTO’s forerunner) under pressure from developing countries.
Website:

To reduce or cancel debts [4], Unprecedented and anxiously rising This
This
Multilateral credit : Loans to regional development banks such as the World Bank, IMF, African Development Bank and other multinationals such as the European Development Fund.
Private credit : Loans contracted by private lenders regardless of lender.
Public loan : All loans are contracted by public borrowers.

From low-income countries and more widely from all over the South [5]And, calls from dozens of countries in the South to cancel their loans on 76e UN General Assembly at the end of September [6]Neither the IMF nor the World Bank will take any further action in the service of the South.

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Next to the summit G20
G20
G20: The Twenty20 (G20) is a group of nineteen countries and the European Union, which meets regularly with its ministers, central bank heads and heads of state. Created in 1999 after the financial crisis of the 1990s. It aims to promote international consultation by integrating the policy of comprehensive dialogue in view of the growing economic burden considered by a limited number of countries. Members: Germany, South Africa, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, USA, France, India, Indonesia, Italy, Japan, Mexico, United Kingdom, Russia, Turkey, European Union (Board and European Central) Referred to by the Chairman of the Bank).
October 13 [7]Both Bretton Woods companies announced the end of a sufficient initiative to suspend. Credit service
Credit service
Interest and repayment of borrowed capital.
(ISSD) and reaffirmed their support and blind faith in the inefficient “common structure” that not even a single private lender has been able to engage in debt restructuring since its launch in November 2020. Special drawing rights (SDRs) from the IMF, although 135 developing countries receive only 40% of this amount, 60% of the so-called 55 developed countries [8].

Instead of responding to the current crisis, the actions of the industrial powers and international organizations in the North are more concerned with financial stability, financial stability and supply chains than the living conditions of the majority of the world’s population.

Under these conditions, CADTM again calls for the creation of a United Front of Southern States to order the immediate cessation of credit service by transforming these institutions and triggering a fundamental change in the level of demand and situation. Thanks to the participatory audit of citizens, they continue to reject illegal, illegal, bad and unbearable debts altogether.

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