Committee for the Abolition of Illegitimate Debt

The participation of young activists was remarkable, particularly as it featured a predominantly female cohort from Nepal, Bangladesh, Pakistan, the Philippines, Indonesia, China/Hong Kong, and the United States. Additionally, the CADTM International delegation participated at the school. The team included Omar Aziki (Morocco), Sushovan Dhar (India), Éric Toussaint (Belgium), and Fernanda Gadea (Spain). Jawad Moustakbal (Morocco) is scheduled to join the team on 7 June.

This session featured three interventions that connected the themes of migration and debt, with a particular focus on South Asia. In recent decades, both South and Southeast Asia have experienced significant levels of internal, regional, and overseas migration. The neoliberal era has intensified issues related to migration, forced labour, and involuntary displacement, often in contexts of extreme vulnerability.

Goldy Omelio examined the historical development of international migration during the colonisation period (from 1500 to 1800), followed by the industrial era (from 1800 to the early 1900s). She then explored the complexities of contemporary migration, highlighting anti-migrant policies exacerbated by the rise of far-right movements globally, the impact of post-Covid-19 pandemic migration in countries like China, and emphasising the significance of analysing migration through an ecofeminist perspective.

Her presentation is attached below.

Éric Toussaint examined the policies implemented by 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.

and the International Monetary Fund 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 , both globally and particularly within the countries of the Global South. He revealed how the policy recommendations that these institutions regularly make to the states in which they operate affect migratory phenomena and the resulting consequences. Additionally, he highlighted the dramatic effects of unpayable and unrelenting debt on populations. These consequences are observable not only in the destinations of migrant populations but also in their places of origin. Toussaint asserts that the global interference of the World Bank and IMF in states is motivated not only by economic factors but also by political considerations.

To conclude the interventions, Sushovan Dhar delivered a presentation on the migration situation in South Asia, intriguingly titled ’How many kilometres are you prepared to walk to flee hunger?’ This title encapsulated the multifaceted aspects of the migration phenomenon, including marginality; distress in the agrarian and rural sectors due to a lack of prospects; climate change and its associated catastrophic atmospheric events; as well as the forced displacements that compel individuals to migrate under dire conditions of poverty and insecurity. Additionally, taking into account the significant rise in the urban population compared to the rural population over the past 45 years, alongside the substantial increase in female migration, Sushovan Dhar outlined a troubling migration map of South Asia. He thoroughly analysed the causes of these trends and, more importantly, the dramatic consequences that ensued.

An engaging debate featuring reflections and questions from the participants followed the three presentations. Over the course of more than an hour, a series of contributions further investigated the topics discussed, revealing additional insights relating to the countries mentioned in the presentations. These features enhanced the overall experience significantly. By the end of the activity, participants expressed a blend of satisfaction with the work accomplished and frustration over the injustices and social outrages that persist globally.