As the World Bank and IMF sound the alarm on debts driven sky high by Covid-19 in some of the world’s poorest nations, debt ‘relief’ will not cut it – we need a thoroughgoing transformation of the global economy. By Nick Dearden for the New Internationalist.
An exit strategy from the World Bank and IMF could lead to serious efforts to create a new system of international governance based on the principles of mutual respect, equality, and cooperation, argues Walden Bellow for FocusWeb.
More than five hundred of the world’s leading charities, social groups and academics have sent a letter to the International Monetary Fund warning that its support programs are condemning many countries to years of austerity.
In an encyclical, the most authoritative form of papal teaching, Francis lamented poor cooperation among countries and warned the forces of “myopic, extremist, resentful and aggressive nationalism are on the rise.”
Last week marked 15 years since the G8 Summit in Gleneagles, Scotland, when leaders of the world’s richest countries agreed debt cancellation for many of the world’s poorest heavily indebted countries.