Upcoming Events

International | Miscellaneous

no events match your query!

New Events

International

no events posted in last week

Blog Feeds

Anti-Empire

Anti-Empire

offsite link White House Press Corps Wears New Cheerl... Sat Jan 23, 2021 10:55 | The Babylon Bee

offsite link Poll: Less Than Half of Voters Think Ele... Sat Jan 23, 2021 09:00 | Monica Showalter

offsite link Press Secretary: Biden Exempt From His O... Sat Jan 23, 2021 07:20 | Jordan Davidson

offsite link California’s Newsom Makes COVID Data T... Sat Jan 23, 2021 00:07 | Don Thompson

offsite link Syria Sends First Message to President B... Fri Jan 22, 2021 12:15 | Tom O’Connor

Anti-Empire >>

The Saker
A bird's eye view of the vineyard

offsite link American Dystopia ? The Propaganda Mask and the Utopia Syndrome Sun Jan 24, 2021 22:40 | amarynth
By Larry Romanoff for the Saker Blog In an article in the NYT on America’s “Racial Democracy” (or racist democracy), (1) Jason Stanley and Vesla Weaver noted “The philosopher Elizabeth

offsite link AMERICA 2021 (Paul Joseph Watson) Sun Jan 24, 2021 21:46 | The Saker

offsite link Deir Ezzor is a Sign of Things to Come Sat Jan 23, 2021 23:07 | amarynth
by The Ister for The Saker Blog The billowing wheat fields of Syria once were a staple that kept the people sated through times of struggle. Until the beginning of

offsite link Moveable Feast Cafe 2021/01/23 ? Open Thread Sat Jan 23, 2021 09:00 | Herb Swanson
2021/01/23 09:00:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link Why Donald Trump Had to Go Fri Jan 22, 2021 17:58 | amarynth
By Peter Koenig for the Saker Blog There is an agenda. A huge agenda. It is a Globalist agenda that is in the process of inflicting gigantic harm to humanity.

The Saker >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Mainstream media: Failing to speak truth to power

offsite link David Quinn’s selective tolerance Anthony

offsite link A Woulfe in judges clothing Anthony

offsite link Sarah McInerney and political impartiality Anthony

offsite link Did RTE journalists collude against Sinn Fein? Anthony

Public Inquiry >>

Spirit of Contradiction

offsite link The Party and the Ballot Box Sun Jul 14, 2019 22:24 | Gavin Mendel-Gleason

offsite link On The Decline and Fall of The American Empire and Socialism Sat Jan 26, 2019 01:52 | S. Duncan

offsite link What is Dogmatism and Why Does It Matter? Wed Mar 21, 2018 08:10 | Sylvia Smith

offsite link The Case of Comrade Dallas Mon Mar 19, 2018 19:44 | Sylvia Smith

offsite link Review: Do Religions Evolve? Mon Aug 14, 2017 19:54 | Dara McHugh

Spirit of Contradiction >>

IMF Annual Meetings Focus on High Debt Burdens and Global Inequality

category international | miscellaneous | news report author Friday April 11, 2014 20:54author by Arielle Retrosi Report this post to the editors

G24 Concerned with IMF Quotas and SCOTUS Argentina Case

The annual International Monetary Fund (IMF) and World Bank meetings are focusing on the role of high debt burdens in both global economic recovery and increasing inequality. At the onset of the meetings, the G24 released an IMF statement noting that the IMF's failure to implement quota reform and the outcome of the US Supreme Court Argentina/NML Capital case impacts global inequality.

"The G24 knows that emerging markets have a lot to lose if the Supreme Court decides in favor of the hedge funds and against Argentina," stated Eric LeCompte, Executive Director of Jubilee USA Network, a religious development coalition.

The G24's broader disappointments stem from the failure in implementing the 2010 IMF Quota Reform agreement. The reforms sought to offer fairer representation in the governance and efforts of the IMF. The reforms have stalled because the US Congress has not approved them. Since the United States government has the dominant vote in the IMF, the reforms can not move forward until they are approved by the US Congress.

"The Obama Administration believes in the reforms and urgently wants Congress to pass them," noted LeCompte. "At this time, Congress is actively questioning what is the appropriate role for the fund."

Ahead of the meetings, IMF Managing Director Christine LaGarde and World Bank President Jim Kim spoke publicly about inequality and focused on the IMF's April World Economic Outlook Report. The report forecasts cautious improvement for several advanced and emerging economies, including the United States, but notes that the recovery is uneven and vast inequality persists. One of the principle issues the report reviews is how sustainable the debt loads are for both G20 and developing countries. Over the last year, the G20 has vigorously debated how to deal with unsustainable country debts and speculative investments, root causes of the global financial crisis. One year ago in Washington, G20 Financial Ministers discussed the possibility of an international sovereign bankruptcy process in order to provide stability in the international financial system. The IMF staff also released a paper ahead of last year's meetings, which explored aspects of the process. Last fall during the St. Petersburg Summit, G20 heads of state discussed the process and invited the IMF to continue to review debt sustainability and debt issues. IMF staff continues to actively explore more stable debt restructuring processes.

"The IMF is right to focus the conversation on high debt burdens that promote inequality and limit recovery," shared Eric LeCompte. "Everyone agrees there is a problem and hopefully everyone is moving to agreement that more orderly and predictable debt restructuring processes are the answer."

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

© 2001-2021 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy