Committee for the Abolition of Illegitimate Debt

The WSF was created in 2001 as a counterbalance to the elitism of the World Economic Forum (WEF). The WEF, founded and chaired by a private financial sector foundation, fosters the influence of the corporate world among governments in the luxury ski resort of Davos (Switzerland).

By contrast, the WSF was created as an arena for alternative thinking, where the grassroots and social avant-garde could gain a voice, challenging the neoliberal idea that “there is no alternative” (TINA); instead affirming that “another world is possible” built upon peace, human rights, real democracy, equity Equity The capital put into an enterprise by the shareholders. Not to be confused with ’hard capital’ or ’unsecured debt’. , and justice.

While Davos is the meeting for the 1%, the wealthiest people in the planet, Kathmandu is the meeting for the rest of us. The UN Secretary-General extended his best wishes for WSF 2024 for “restoring hope and finding innovative solutions for people and the planet.”

Indeed, the WSF 2024 was hotbed of ideas, alternative experiences and strategies. There is no concluding summary or annual declaration because the WSF organizers seek to maintain a plurality and diversity of messages. The following points reflect my personal overview of the key topics discussed:

• Denouncing the genocide in Gaza, a demand for an immediate ceasefire and the establishment of a free state of Palestine.
• Refuse militarization and wars: Cut military spending and power, promote peace and democracy. Defense spending is increasing while austerity policies cut social spending, this trend must be reversed.
• Organize against the rise of the far right: Radical right governments around the world have eroded democracy, human rights and civil society. Reports were made of censorship, repression, abuses of justice, unjustified raids and unfair imprisonment of progressive citizens, by the governments of Modi in India, Duterte in Philippines, Orban in Hungary, Duda in Poland, Al-Sisi in Egypt, Trump in the US, Bolsonaro in Brazil, among others There were also many reports of abusive litigation by corporations and politicians against journalists, activist researchers and CSOs, that are silencing critical voices.
• Fight inequality to counter the excessive concentration of power and wealth in the hands of a small elite. Inequality is the result of deliberate political and economic choices, and it can be reversed to build a just, equal and sustainable world.
• End Austerity, illegitimate debt and neoliberal economic policies that have failed citizens resoundingly. These outdated policies, imposed by international financial institutions (IFIs) like 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 and 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.
  
  through the Ministries of Finance and G20 G20 The Group of Twenty (G20 or G-20) is a group made up of nineteen countries and the European Union whose ministers, central-bank directors and heads of state meet regularly. It was created in 1999 after the series of financial crises in the 1990s. Its aim is to encourage international consultation on the principle of broadening dialogue in keeping with the growing economic importance of a certain number of countries. Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, Italy, India, Indonesia, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, USA, UK and the European Union (represented by the presidents of the Council and of the European Central Bank). , mostly benefit corporations and investors in the US and in a few Northen countries, result in real and lasting harm to the lives of ordinary people. There are alternative economic policies, such as the adequate taxation of wealthy millionaires and corporations, that can finance prosperity for people and planet.
• Redress violations of human rights for women, Dalits (the ‘untouchables’) and lower castes, LGBT, persons with disabilities and different ethnicities; demanding enactment and implementation of inclusive policies and strategies to eliminate class, caste, gender and race-based disparities.
• The 2024 Feminist Forum focused on addressing systemic barriers that impede women’s rights, from patriarchy to macroeconomic policies, through transformative feminist action that leads to change.
• Ensure public services, universal social security or social protection, and labor rights for all, including informal workers and migrants, instead of the current austerity driven trend to privatize or corporatize public services, to reduce welfare benefits and to deregulate the labor market.
• Peasant protests and movements: La Via Campesina is the largest movement today with two hundred million peasant members fighting for food security, against agribusiness and GMOs. It is very active, has alliances with unions, indigenous peoples’ movements and it is a good model for other movements.
• Climate Justice: A number of sessions discussed climate catastrophes, the IFIs support for fossil fuels, just transitions, habitat, and sustainable development.

The lack of will of the world’s political and economic elites to resolve today’s multiple crisis fuels discontent among citizens and disillusionment with conventional parties. People everywhere are losing faith in governments, institutions, and economic and political systems. Governments and world leaders would do well to listen and to act upon the ideas coming from the World Social Forum.