Clare Short, UK Secretary of State for International Development, has called in parliament for the reform of the IMF‘s ESAF loans to make them pro-poor. Commenting on the HIPC debt Initiative discussions, she said that it was important that efforts to link HIPC to poverty reduction were complemented by reforms in ESAF programmes to ensure they too supported poverty reduction. UK NGOs are discussing how to take this forward.
After 4 years of on-off negotiation and public opposition, the government of Egypt has signed a loan deal with the IMF whose impacts civil society fears will encroach upon human rights, social protection and social provision, like health and education, upon which the poorest depend.
Investments by the World Bank-hosted Global Financing Facility (GFF) do not reflect the family planning priorities identified by developing countries and local communities. The GFF also continues to suffer from a lack of transparency and meaningful civil society participation, raising doubts about the new mechanism’s effectiveness.
Donate to the Bretton Woods Project
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).