Committee for the Abolition of Illegitimate Debt

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The verdict is finally out! The Supreme Court of the United States has
ruled that international organizations like the World Bank World Bank
WB The World Bank was founded as part of the new international monetary system set up at Bretton Woods in 1944. Its capital is provided by member states’ contributions and loans on the international money markets. It financed public and private projects in Third World and East European countries.

It consists of several closely associated institutions, among which :

1. The International Bank for Reconstruction and Development (IBRD, 189 members in 2017), which provides loans in productive sectors such as farming or energy ;

2. The International Development Association (IDA, 159 members in 1997), which provides less advanced countries with long-term loans (35-40 years) at very low interest (1%) ;

3. The International Finance Corporation (IFC), which provides both loan and equity finance for business ventures in developing countries.

As Third World Debt gets worse, the World Bank (along with the IMF) tends to adopt a macro-economic perspective. For instance, it enforces adjustment policies that are intended to balance heavily indebted countries’ payments. The World Bank advises those countries that have to undergo the IMF’s therapy on such matters as how to reduce budget deficits, round up savings, enduce foreign investors to settle within their borders, or free prices and exchange rates.

Group are
not above immunity and may be arraigned in US courts. Sushovan Dhar analyses
this historic judgement and shows that is quite possible to bring
the World Bank or the other IFIs to account.

Eric Toussaint explains how the World Bank and the IMF IMF
International Monetary Fund Along with the World Bank, the IMF was founded on the day the Bretton Woods Agreements were signed. Its first mission was to support the new system of standard exchange rates.

When the Bretton Wood fixed rates system came to an end in 1971, the main function of the IMF became that of being both policeman and fireman for global capital: it acts as policeman when it enforces its Structural Adjustment Policies and as fireman when it steps in to help out governments in risk of defaulting on debt repayments.

As for the World Bank, a weighted voting system operates: depending on the amount paid as contribution by each member state. 85% of the votes is required to modify the IMF Charter (which means that the USA with 17,68% % of the votes has a de facto veto on any change).

The institution is dominated by five countries: the United States (16,74%), Japan (6,23%), Germany (5,81%), France (4,29%) and the UK (4,29%).
The other 183 member countries are divided into groups led by one country. The most important one (6,57% of the votes) is led by Belgium. The least important group of countries (1,55% of the votes) is led by Gabon and brings together African countries.

http://imf.org supported the
apartheid regime of South Africa. In another article, he comments on
the racial and social segregation that still exists in that country in
spite of the fall of apartheid. Patrick Bond Bond A bond is a stake in a debt issued by a company or governmental body. The holder of the bond, the creditor, is entitled to interest and reimbursement of the principal. If the company is listed, the holder can also sell the bond on a stock-exchange. exposes the
capitalist crisis in South Africa.

While the campaign for the European elections on 26 May 2019 draws
very little interest Interest An amount paid in remuneration of an investment or received by a lender. Interest is calculated on the amount of the capital invested or borrowed, the duration of the operation and the rate that has been set. , the initiative launched by ReCommonsEurope with
its ‘Manifesto for a new popular internationalism in Europe’ is on to
a promising start. The Manifesto is now endorsed by over 160 eminent personalities
from 21 different European countries, among whom are a majority are women.

We look back at the 1994 Rwandan genocide and how the policy
prescriptions made the Breton Woods institutions accomplice to the crimes. In
another article, Andy Storey explains the structural violence and the
ugly power struggle that led to such genocidal outcomes.

Also read articles on Algeria, Haiti, Corporate Debt, Mozambique and India.

CADTM mourns with deep sadness the lose of Paulino Nuñez, an active
member of the Venezuelan anti-debt network. We salute this untiring
standard bearer,avid reader, inquirer into the reality of his
country and all the popular processes developing in the Americas and
across the world.

Hasta la victoria siempre, Dear Paulino !