International plans

The Global Week of Action against Debt and the International Financial Institutions will see debt campaigns in over 30 countries take action against the continuing global debt crisis.

The debt problem is not over, despite all the promises and schemes offered by lending governments and international financial institutions (IFIs).

The debt continues to exacerbate poverty and rob the peoples of Africa, Latin America and the Caribbean, Asia and the Pacific of their human rights

• to health, education, housing, water and all the other essential goods and basic services which should be available to all
• to livelihoods, living wages and job security
• to healthy environment and sustainable use of ecological resources
• to independence and political autonomy
• to self-determination in economic development and all other aspects of national life

It is a scandal that the rich world continues to demand hundreds of millions of dollars every day from the South, in payment of ‘debts’ that have emerged from unjust economic relations that impoverish the South and enrich the North. These debts include those

• contracted without democratic processes
• accompanied by unjust terms and obligations
• perpetuated through fraud and deception
• lost to corruption and failed projects
• that supported repressive governments
• that financed policies harmful to people and the environment

Debt continues to be used as an instrument of control by lending governments and international institutions. Conditionalities attached to loans and debt relief enforces neoliberal policies and projects,

• facilitating the entry and unaccountable operations of transnational corporations
• securing trade deals favorable to transnational corporations and rich countries at the expense of the economies, livelihoods and resources of the peoples of the South
• promoting invasive foreign and military policy and strategies
• allowing the plunder and resource extraction from recipient countries and hastening environmental destruction and climate change
• undermining democratic decision-making

We urge you all to join the WEEK OF GLOBAL ACTION VS DEBT and IFIs – a week of various forms of citizen’s actions and mobilizations worldwide from October 14 to 21, 2007.

Several important events will mark that week:

• October 15 - the 20th anniversary of the death of Thomas Sankara, former President of Burkina Faso, who called for repudiation of debt
• October 16 – World Food Day
• October 17 – International Day to Eradicate Poverty; Stand Up and Speak Out Mobilizations
• October 20 – World Youth Day
• October 19-21 – IMF-WB Annual meetings

Together let us challenge and confront northern governments, international banks, transnational companies, and multilateral institutions such as the IMF, World Bank, and WTO to take responsibility for debt domination and illegitimate debt

Let us also demand past and present governments and government officials in the South to be accountable for their role in the debt problem. Let us declare our readiness to stand in solidarity with those who choose to repudiate illegitimate debt.

Let us pursue alternative and responsible financial relations, principles and standards to stop the re-accumulation of illegitimate debt. These will involve major changes in international and national structures, processes and policies towards the establishment of equitable and just economic, financial and political relations.

>> For more information about the global week of action, see the International Debt Week site