To receive debt reduction through the World Bank and International Monetary Fund (IMF), low- income countries must prepare of a Poverty Reduction Strategy Paper (PRSP) to show how money freed up from debt servicing will be used to alleviate poverty. PRSPs describe the country's macroeconomic, structural and social policies and programmes to promote growth and reduce poverty, as well as outline associated external financing needs and major sources of financing. The World Bank and the IMF Board of Directors approve the PRSP produced in each country.
G8 Debt Cancellation a Major Step - But G8 Leaders Still Have a Lot of Unfinished Business
2004 marks the 60th Anniversary of the World Bank and the International Monetary Fund.
For too many years now, the policies and practices of these two institutions have increased inequality, raised unemployment rates, undermined healthcare and education and contributed to environmental degradation in over 100 developing countries.
Revised - June 18 2003
Structural Adjustment in Canada
Most Canadians would be surprised to learn that economists from the International Monetary Fund (IMF) annually visit Canada to dispense advice. We tend to think of the IMF as an institution that prescribes strong medicine, known as Structural Adjustment Programs (SAPs), only to less developed countries. In fact our governments regularly follow the same bitter prescriptions.
In 1990 Prime Minister Brian Mulroney boldly declared that Canada needed to undergo structural adjustment which he promised to deliver through free trade agreements with the US and Mexico and harsh spending cuts. Little changed when the Liberals came to power. Much of the content of Finance Minister Paul Martin’s crucial 1995 budget that slashed our social safety net followed directives that came straight from the IMF.
The World Bank, the IMF and FTAA
Halifax Initiative Statement on the FTAA
TABLE OF CONTENTS
Letter to Canadian IMF Director on Proposed New Debt Restructuring Mechanism
Mr. Ian Bennett
IMF Executive Director for Canada
Re.: IMF board meeting on SDRM on December 18, 2002
Dear Mr. Bennett,
On December 18, the Board will discuss the IMF’s most recent version of an insolvency procedure for states, labelled the “Sovereign Debt Restructuring Mechanism” (SDRM).
International financial institutions need injection of democracy
Coalition calls on Canadian government to take up UNDP recommendations at the Annual meetings of the World Bank and IMF governors
For immediate release
NGOs respond to G8 Action Plan for Africa
NGOs are looking for commitments and follow-through in the following areas:
Bring NEPAD Home for Democratic Debate