HIPC Initiative will not serve the world’s poorest with the IMF in control
September 18, 1999
 

The Köln Debt Initiative: An Initial Response
 
In many ways, it can be seen as the end of the beginning, rather than the beginning of the end.
-Roy Culpeper, President the North-South Institute
 
The Köln Initiative, measured by its rhetoric, is two steps forward, one step backwards. In reality we may not have moved much at all.

"Two steps forward, one step back"
 
Presentation by Derek MacCuish, program coordinator, Social Justice Committee, Montreal, and policy analyst, Halifax Initiative Coalition
 
Forum: Debt after the Cologne Initiative, hosted by the North-South Institute, Ottawa
23 June 1999
 

 
MEDIA RELEASE
"Civil Society Takes Initiative on Reform of Global Financial Architecture"

For immediate release June 7, 1999
 

Halifax Initiative coalition submission to the 1999 Heavily Indebted Poor Country (HIPC) Debt Initiative Review and C

...what the World Bank and IMF require, and how it hurts the poor
The World Bank and IMF adopted new rhetoric about reducing poverty, and linking debt relief primarily to poverty actions in the fall. But countries entering the debt relief process are still facing the same old conditions that have nothing to do with poverty reduction, and can actually increase the hardships of the poor.

Guinea - Conditions for debt relief include: privatization of energy, privatization of telecommunications, deregulation of petroleum prices, removal of subsidies for public transportation (December 1999).

Honduras - Conditions for debt relief include: privatization of telecommunications, liberalization of mining sector, implementation of bank service fees (November 1999).

Here is what these kinds of "structural adjustments" have done, and are still doing, to the poor:

Halifax Initiative condemns debt relief conditioned on IMF austerity programs
April 27, 1999
Washington - The Halifax Initiative, a Canadian coalition of social justice, development, faith and environment oganizations, is dismayed by the failure of the international financial institutions to remove structural adjustment conditionality as a requirement for implementation of their debt reduction program.

Halifax Initiative condemns debt relief conditioned on IMF austerity programs
27 April 1999
Washington - The Halifax Initiative, a Canadian coalition of social justice, development, faith and environment oganizations, is dismayed by the failure of the international financial institutions to remove structural adjustment conditionality as a requirement for implementation of their debt reduction program.

For full pdf, go here.

Government action on debts of poorest countries a progressive move
says Halifax Initiative Coalition, and backs Canada to take a stronger position at the World Bank, IMF.
For immediate release 28 March, 1999
Ottawa -- Today's announcement that Canada will cancel 100% of debts owed by the poorest countries in the world is welcomed by the Halifax Initiative, a national coalition of environment, development, social justice and faith groups.