WHO EXACTLY ARE THEY?
The World Bank (WB) = 5 agencies that make loans or guarantee credit to 181 member countries. In addition to financing projects such as roads, power plants and schools, the Bank also funds Structural Adjustment Programs (SAP's) to restructure a countries economic system .
The International Monetary Fund (IMF) was established in order to supply member states with money, to help them overcome short-term-balance-of-power payment difficulties. The money is only made available after recipients have agreed to policy reforms in their economies - to implement an SAP.
ARE THEY DEMOCRATIC?
No. All Decisions are voted on and richer countries get more votes. Therefore, the US has roughly 17% of the vote and the G-7 countries have 45% of the vote. At the same time, developing countries have relatively little power, so they have no control over policies or decisions, which have directly impact their own countries.
SO WHAT ?
The IMF pressurises these countries into :
_cut backs in spending on Health and Education,
_implementing "User Fees" for these services in the poorest countries
_privatisating public facilities,.
_deregulating and replacing staple food crops for cash crops etc.
This leads directly to:
_rises in unemployment,
_cut backs in wages
_increased illness, suffering and death..
In Zambia a UNICEF researcher saw a 14 year old boy with acute malaria turned away from a health clinic for want of a 33 cent registration fee. According to the report , "within 2 hours, the boy was brought back dead"
In Dar es Salaam, the three public hospitals saw attendance drop by 53.4% after user fees were introduced.
Replacing staple food crops for cash crops has led to a glut on the market ,as many poorer countries grow the same crops, directly leading to a fall in prices. Therefore, workers on plantations and farms get lower wages than ever.
It is the world's largest debtors who are chopping down their forests the fastest. Brazil is cutting a staggering 50,000 sq km of forest every year to help repay loans of US$112 billion.
The 55th Annual meeting of the WB and the IMF is on September 26th .
On this day, there will also be worldwide protests about the policies of these institutions .
GET INVOLVED
Attend a meeting about organising a local protest.
For details - call 086 893 1600, or
Email s26cork@hotmail.com