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Finance and debt

Countries are losing a total of over $427 billion in tax each year to international corporate tax abuse and private tax evasion, costing countries altogether the equivalent of nearly 34 million nurses’ annual salaries every year – or one nurse’s annual salary every second.  As pandemic-fatigued countries around...
The Transnational Institute sets out ten proposals to mobilise resources to cover the cost of the global COVID-19 pandemic and to pay for the transition away from the fossil fuel economy. Caught between crises California has this year seen the largest forest fires on record. The smoke, whipped up by the flames...
Over 1,000 health professionals from 66 countries have signed a letter urging the G20 to cancel the debt of developing countries, ahead of an extraordinary G20 Finance Ministers meeting. The letter, organized by Oxfam International, urges the G20 to cancel the debt so that countries can devote funds to...
As the World Bank and IMF sound the alarm on debts driven sky high by Covid-19 in some of the world’s poorest nations, debt ‘relief’ will not cut it – we need a thoroughgoing transformation of the global economy. By Nick Dearden for the New Internationalist. ‘[P]eople, even the world’s poorest and most destitute,...
Despite its own warnings, the International Monetary Fund is risking another ‘lost decade’ for development, reports Soren Ambrose for openDemocracy. In the wake of the 2007-2008 financial crisis, a report by the International Monetary Fund’s independent evaluation office into the institution’s handling of the...
An exit strategy from the World Bank and IMF could lead to serious efforts to create a new system of international governance based on the principles of mutual respect, equality, and cooperation, argues Walden Bellow for FocusWeb. As they mark their 76th year, the International Monetary Fund and the World Bank have...
More than five hundred of the world’s leading charities, social groups and academics have sent a letter to the International Monetary Fund warning that its support programs, which have had to be ramped up to cope with COVID-19, were condemning many countries to years of austerity. We, the undersigned, call on the...
In an encyclical, the most authoritative form of papal teaching, Francis lamented poor cooperation among countries and warned the forces of “myopic, extremist, resentful and aggressive nationalism are on the rise.” Pope Francis criticized the failures of global cooperation in response to the coronavirus pandemic in...
Last week marked 15 years since the G8 Summit in Gleneagles, Scotland, when leaders of the world’s richest countries agreed debt cancellation for many of the world’s poorest heavily indebted countries.  This hard won victory was the culmination of more than a decade of campaigning by the global movement which came...
Despite decades of protests against them, the IMF and World Bank continue to force the same discredited policies on poor governments and their people, writes Lara Merling for Jacobin. The International Monetary Fund (IMF) and World Bankplayed a central role in shaping our current model of globalization, imposing...
Far from being the 'great leveller', COVID-19 has exposed and deepened socio-economic inequalities, writes Meera Karunananthan for openDemocracy. "Those who led us into debt were gambling, as if they were in a casino... there is talk of a crisis. No. They gambled. They lost... We cannot repay the debt because we...
Now is the time for citizens to ensure that world leaders forcefully respond to the COVID-19 crisis in accordance with human rights, write Isabel Ortiz and Walden Bello. The coronavirus (COVID-19) pandemic has created an unprecedented human and economic crisis. Governments are taking strong actions, enforcing...
International aid and development organisations stress that suspending debt payments during a major global economic and health emergency may not be enough to fight the crises.  Financial officials of the Group of 20 (G20) major economies have said they agreed on a coordinated approach for a suspension of debt...
The time has come for a massively ambitious plan to overcome the impacts of the coronavirus crisis in developing countries, and on a scale we’ve never seen before in our lifetimes. By Chema Vera from Oxfam International.  Forty million people. That many people could die worldwide from coronavirus unless we see ...
While the world's richest have seen a dip in their stock holdings, those on the bottom of the wealth scale will bear the heaviest burden of the crisis, writes Max Lawson for Inequality.org At first glance, the coronavirus seems to be a great leveler, with everyone — rich and poor — seeming to be equally at risk. ...