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

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

For immediate release June 7, 1999
 

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.

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.

Bail out the people of Central America, not the banks, says NGO coalition

Bail out the people of Central America, not the banks, says NGO coalition 

Canadian organizations and individuals today called for an immediate stop on debt payments coming out of Nicaragua and Honduras.

4 November 1998 - In letters to the heads of the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IDB), Finance Minister Paul Martin and External Affairs Minster Lloyd Axworthy, they asked that a freeze on debt payments be enacted for 90 days, in light of the disaster affecting the people in Central America.

Both Nicaragua and Honduras are considered heavily indebted poor countries by the international financial institutions, and pay out millions of dollars each month to outside creditors. Much of this money goes to the IMF, World Bank, and IDB. The two countries sent out US$888 million dollars last year - or $2.43 million per day.

Four \myths\ of debt relief were outlined in an article written in The Guardian in November, 1998, by Jack Boorman, Director of the IMF�s Policy Development and Review Department.

The following information dispels these arguments maintained by the IMF surrounding debt relief.

As the IMF delays and minimizes debt relief available through the HIPC Initiative, it is using the program to increase its control of national economic policies and creating myths to justify its actions�

MEDIA RELEASE
CITIZENS ANNOUNCE 6 POINT PLAN TO DEAL WITH GLOBAL FINANCIAL TURMOIL