CADTM successfully held 7 workshops at the World Social Forum in Kathmandu (Nepal)

These activities were a great success and attracted a large audience and many Nepali people. There has also been a lot of communication from his CADTM team on the ground, which bodes well for the future.

IMF
IMF
international monetary fund
The IMF, along with the World Bank, was established on the day the Bretton Woods Agreement was signed. Its first mission was to support a new system of standard exchange rates.

When the Bretton Wood fixed rate system ended in 1971, the IMF’s primary role became that of both policeman and firefighter of global capital. It plays the role of a police officer when implementing structural adjustment policies, and the role of a firefighter when intervening in structural adjustment policies. To assist governments that are at risk of defaulting on debt repayments.

For the World Bank, a weighted voting system is operated according to the amount each member country pays in contributions. Changes to the IMF Charter require 85% of the vote (meaning the US, with 17.68% of the vote, has a de facto veto over any changes).

This institution is controlled by five countries: the United States (16,74%), Japan (6,23%), Germany (5,81%), France (4,29%) and the United Kingdom (4,29%). I am. .
The other 183 member states are divided into groups led by one country. The most important vote (6.57% of votes) is led by Belgium. The least important group of countries (her 1.55% of the vote) is led by Gabon, which brings together African countries.

http://imf.org

/world bank
world bank
W.B.
The World Bank was established in 1944 as part of the new international monetary system established at Bretton Woods. Its capital is provided by contributions from member states and loans on international financial markets. It financed public and private projects in Third World and Eastern European countries.

It is made up of several closely related institutions, including:

1. The International Bank for Reconstruction and Development (IBRD, with 189 members in 2017), which provides financing to productive sectors such as agriculture and energy.

2. International Development Association (IDA, membership 159 in 1997). It provides long-term financing (35-40 years) at very low interest rates (1%) to underdeveloped countries.

3. International Finance Corporation (IFC). We provide both loans and equity financing for business expansion in developing countries.

As Third World debt worsens, the World Bank (along with the IMF) tends to adopt a macroeconomic perspective. For example, it has implemented adjustment policies aimed at balancing the payments of heavily indebted countries. The World Bank advises countries subject to IMF therapy on how to reduce budget deficits, devalue savings, induce foreign investors to settle within their borders, and free prices and exchange rates. are doing.

80 years is enough: the cases of Sri Lanka, Pakistan, Bangladesh, Kenya, Ukraine and Argentina

David Otieno (Kenya League de Paysannes & CADTM Africa de Resto)

On Saturday, February 17, 2024, at 9:00 a.m., a workshop was held on the great harm caused by the IMF and World Bank in the Global South. Mr. Farooq Tariq (Pakistan Kisan Ravita Committee), Mr. David Otieno (Kenya Farmers Federation and CADTM East Africa), and Ms. Amari Wedagedara (CADTM South Asia) are the leaders of two international financial institutions in Pakistan, Kenya and Sri Lanka. The following policies were analyzed one after another. Farouk Tariq and David Otieno focused specifically on gasoline price inflation as a result of the IMF’s conditions on issuing loans to troubled countries in exchange for cuts in subsidies for essential goods. 30 people participated in the workshop.

Climate justice and environmental debt

Melani Gunathilaka (Climate Change Debt)

A few hours later, a workshop on climate justice and environmental debt was held jointly by Debt for Climate, ATTAC France and CADTM. 30 people participated. Maxime Perriot (CADTM International) opened the session with a statistical analysis of the ecological debt that the North, and in particular its richest countries, owes to the Global South. Melani Gunathilaka (Climate Change Debt) goes on to accurately describe Sri Lanka’s environmental debt, particularly the large-scale, pointless and polluting projects financed by international financial institutions that have hugely inflated the country’s debt. He mentioned the project he is bringing to the table. Husnain Jamil Faridi (Asia-Europe People’s Forum) did the same for Pakistan. He lamented the numerous floods that have hit people in recent decades. Rauf Mohamed (Climate Debt), who attended COP 28 in Dubai, spoke at the international conference about the false solutions promoted by green capitalism. Finally, Mr. Ian Vidal (ATTAC France) focused his speech on the need for action and daily mobilization to fight the capitalist system. The intervention was followed by an extensive discussion with participants.

All speakers called for the cancellation of the debts of southern countries and the payment of reparations.

Emerging Development Bank, Asian Infrastructure Investment Bank, and other new creditors

The workshop, which attracted approximately 20 participants, featured Patrick’s analysis. hook up
hook up
A bond is a stock of debt issued by a company or government agency. The creditor, who is the holder of the bond, is entitled to interest and repayment of the principal. If the company is listed, holders can also sell their bonds on the stock exchange.
(University of Johannesburg Center for Social Change) brick countries
brick countries
The term BRICS (an acronym for Brazil, Russia, India, China and South Africa) was first used in 2001 by Jim O’Neill, then an economist at Goldman Sachs. Coupled with the strong economic growth and important geopolitical position of these countries (these five countries bring together almost half of the world’s population on four continents and almost a quarter of the world’s GDP), BRICS has an international It has become a major player in economic and financial activities.
New Development Bank. He explained why we can talk about sub-imperialism when it comes to BRICS. The behavior of the BRICS is really no different from that of the Western countries. The presentation was followed by a discussion with Eric Toussaint, Abdul Khaliq and David Otieno.

Presentation of the book “The World Bank: A Critical History”

Eric Toussaint (CADTM International)

The presentation of the book The World Bank: A Critical History, which attracted about 20 people, was introduced by Amari Wedagedara (CADTM South Asia), which focused on the harmful policies imposed by the World Bank in Sri Lanka. Solange Kone (CADTM Africa – World Women’s March) took the same approach regarding Ivory Coast. Eric Toussaint then considers some of the arguments developed in the book, particularly that all World Bank presidents are American men, and that the former CEO of Mastercard As Bank Governor Ajay Banga pointed out: is no exception.

Amari Wedagedala (CADTM Asie du Sud) & Solange Koné (CADTM International & Marche mondiale des femmes)

Debt crisis, food sovereignty and climate change

The event, co-organized by CADTM, World Council of Churches (WCC), GRAIN, Debt for Climate Change, Faith and Justice Network, Alliance to Fight Inequality, KHANI and Kenya Farmers Federation, highlighted the link between the debt crisis and food sovereignty. focused on. And climate change. Afsar Jafri (GRAIN), David Otieno (Kenya Farmers Federation), Tolbert Thomas Jarrah (Liberia, Faith and Justice Network), Jenny Rix (South Africa, FIA), Rauf Ben Med Gofa (Tunisia, Climate Debt), Philip Vinod Peacock (India/Germany, World Council of Reformed Churches) and Umme Sarma Poppy (KHANI-Food Security Network, Bangladesh) all made valuable contributions. Approximately 50 people attended the event.

Eric Toussaint also represented CADTM in a plenary session entitled “Capitalism, Authoritarianism, Resistance and Alternatives”. He spoke of the upcoming mass mobilization.