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COVID-19 Time for a Renewed Anti-Debt Movement
by Collectif
29 May 2020

Join us Friday, May 29th, 15:00-17:00 (GMT+2) for a renewed look at building a global anti-debt movement.

15:00-17:00 (GMT+2

LIDY NACPIL (Asian peoples movement on debt & development)
DOTTIE GUERRERO (Global Justice Now)
BEVERLY KEENE (Diálogo 2000 - Jubileo Sur Argentina)
ERIC TOUSSAINT (Committee for the abolition of illegitimate debt)

The coronavirus and global lockdowns mark 2020 as the year in which we re-confront these same issues, only this time with even greater life-or-death urgency, as leaders in one country after another, responding primarily to their own immediate fears, have introduced hitherto unthinkable emergency measures.

The economic and social consequences of those measures came as secondary afterthoughts. Yet, it is those postscripts that now threaten to be worse than the disease they are supposed to cure - particularly in the euphemistically labelled developing or less-developed world.

Unlike the re-emergence of essentially the same issues as 20 years ago, the IMF of today claims to be different. However, is it really any different? The IMF’s latest Fiscal Monitor still calls for the same post-coronavirus “fiscal consolidation”.

To respond effectively, and especially to debate whether and how IMF re-empowerment through Special Drawing Right (SDR) issuance can accompany anti-debt campaigning, we need to come together from all over the world - including progressives from the Global North - to harness our collective knowledge and experiences - to answer additional questions such as :

Against the scale of the economic crisis and unfolding global depression, do we need a more flexible attitude to our governments borrowing money from the IMF and World Bank - and should we be pushing the IMF to issue SDRs as some progressives have been arguing? Is the BRICS’ New Development Bank an alternative meriting pushing for a bigger role? Is sovereign debt default a feasible strategy for indebted nations? What are the precedents and possibilities?

These are some of the many issues our webinar on the new debt crisis and the role of the IFIs will discuss.


ORGANISERS: AIDC, Ciudad del Cabo, Sudáfrica
CO-ORGANISERS: APMDD, Global Justice Now, CADTM, Jubileo Sur/Américas