Sunday, September 17, 2006

U.K. Takes a Stance Against the World Bank

UK Withholds World Bank Donation
BBC News
Sept. 14, 2006

The United Kingdom ("U.K.") is withholding £50m it pledged to the World Bank ("Bank") in protest at the conditions the Bank attaches before giving aid to developing countries. Mr. Hilary Benn, U.K. International Development Secretary voiced concerns that the conditions are too strict and basically tell poor nations how to run the affairs of their own countries. Mr. Benn said that the Bank has a duty to help those in poverty despite the actions of their governments. His comments were made on the eve of the World Bank and International Monetary Fund's annual meetings.

The Bank has for a long time insisted that the poorer countries meet economic targets and engage in trade liberalization before distributing aid. Trade liberalization is the reduction of tariffs and trade barriers to permit more foreign competition and foreign investment in the economy. Since last year, the Bank has also tried tackle corruption in poor countries, and as a result, hundreds of thousands of dollars of loans and contracts to countries like Chad, Congo, Ethiopia and Bangladesh have been suspended.

Last year, the UK provided £1.3bn to the World Bank to help poorer countries and promised to donate a further £50m in 2007, provided it eased the strings attached to aid. The U.K. is unhappy with the World Bank's lack of progress at removing the strict conditions from the financial assistance. The U.K. has decided to delay donating the money until it is satisfied that the World Bank has eased it position on economic liberalization.

"[D]eveloping countries ought to make their own decisions and I do believe that this is one of the ways that we can increase the voice of the poorest countries of the world," Mr. Benn added.

Organizations like Oxfam and Christian Aid say the World Bank's current policies often leave people in developing countries worse off than before. Christian Aid points to the example of Ghana where the World Bank's demand for a ban on tariffs and subsidies for the poultry market has led to an influx of cheap European imports and seen many thousands of Ghanaians lose their jobs and livelihoods.

"Imagine what life would be like if you had to run every decision you made by your bank manager and if he or she didn't like it, you would have to change it," Christian Aid policy manager Anna Thomas said.

  1. Is the U.K's stance against the World Bank correct? Are the World Bank's policies and strategies too strict?
  2. Is the Bank tackling corruption in poorer countries?

Related link: Debt Relief for Developing Countries and the Heavily Indebted Poor Countries Initiative

1 comment:

Morpheus said...

IMF immunity from Taxation and Judicial actions, Section IX,1944

Full text - IMF Articles of Incorporation,1944

The IMF, Bank of England and the Federal Reserve are all immune from audit and taxation. The owners of these banks control the Planet and all its slaves.

The G# Central Banks are all controlled by the same owners.

How long will it be before their ability to create money from thin air and their accumulated usury is used to buy all the assets of the Planet?

In the last decade all Utility companies worldwide were turned into public corporations and the shares sold -- to whom? There are rumours of big commissions paid to those who sold out the citizens of their utility infrastructure.

From now to about 2012 chaos will increase worldwide and a Global Theocracy will be established to quell the chaos resulting in a slave planet.

Will the IMF incorporation clause claiming immunity save them from their hideous actions against humanity?

Humans have rights superceding all statute man made laws, the right to life, freedom and liberty from all forms of slavery including ecconomic slavery.

How many at the University of Iowa have read the 1944 Articles of Incorporation of the IMF?

The more discerning will see through the illusion - Morpheus