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The Saker Indymedia Ireland is a volunteer-run non-commercial open publishing website for local and international news, opinion & analysis, press releases and events. Its main objective is to enable the public to participate in reporting and analysis of the news and other important events and aspects of our daily lives and thereby give a voice to people.
Public InquiryInterested in maladministration. Estd. 2005
Human Rights in IrelandIndymedia Ireland is a volunteer-run non-commercial open publishing website for local and international news, opinion & analysis, press releases and events. Its main objective is to enable the public to participate in reporting and analysis of the news and other important events and aspects of our daily lives and thereby give a voice to people.
Lockdown Skeptics
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Drop the Debt Ireland: New IMF/World Bank report - Their own present debt mechanism is failing national |
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news report
 Friday May 24, 2002 10:20 by Michael Ronan O'Connell - Drop the Debt, SWP michaeloconnell2001 at yahoo dot com
 www.debtireland.org The IMF and World Bank have finally acknowledged that the Heavily Indebted Poor Country initiative, which promised an end to the debt crisis is failing. Debt is on the agenda at the G8 Heads of State meeting in Kananakis, Cananda, June 26-27th. DDCI and Jubilee Ireland will hold a public event to highlight the meeting, details to follow soon (on website if not here also). No Surprise: IMF/World Bank report that the present mechanism for dealing with Debt (HIPC) is failing. The IMF and World Bank have finally acknowledged that the Heavily Indebted Poor Country initiative (HIPC), which promised an end to the debt crisis, is failing. The recently published report blames the downturn in the global economy together with falling commodity prices for the fact that up to 10 countries will continue to have massive and unsustainable debt burdens after they receive debt relief under HIPC. The failure of HIPC is no surprise to debt campaigners, but blaming the deterioration in commodity prices or the downturn in the global economy is misleading. In fact, even before the fall in commodity prices, 6 countries were due to be left with unsustainable debt burdens after receiving debt relief under HIPC. As debt campaigns have pointed out on numerous occasions, the IMF and World Bank have been using over optimistic projections for both export earnings and for growth levels to calculate the amount of debt relief a country should receive. In 2001, Patrick Marren of DDCI in a report on Zambia, pointed out that HIPC was unlikely to provide a solution to Zambia's debt crisis partly because of over optimistic assumptions about economic growth levels. The report showed that between 1965 and 1998 GDP per capita in Zambia decreased by an average of 2 % per annum. However, when calculating the amount of debt relief that Zambia should receive, the IMF and the World Bank disregarded this past performance and instead forecast GDP per capita growth rates of up to 5%. Eurodad point out that when calculating debt relief for Mali, the World Bank predicted that from 2000 to 2005, cotton prices would grow at an annual rate of 10%. However, in other reports, unrelated to debt, the World Bank predicted that cotton prices would grow at only 4.4% per annum. Meanwhile, the Cotton Advisory Committee have predicted growth in cotton prices at only 1.1% per annum. What solutions do the IMF and World Bank propose? Extra debt reduction: Under the HIPC initiative, extra debt reduction can be granted at completion point if the country's debt indicators have deteriorated significantly due to unforeseeable, external shocks. However, the tone of the IMF/World Bank paper shows an anxiety to restrict the use of this facility. Clearly the aim is to keep costs down. Diversify exports: Although this has been a key target in structural adjustment programmes since at least the early 1990s, the IMF and World Bank now recognise that many low income countries have not diversified their export base. This, say the IMF and World Bank is to down to failures on the part of low income countries. What the IMF and World Bank fail to ask is whether their programmes, which imposed privatisation and liberalisation on countries actually hindered diversification. Canada The Canadian Finance Minister stated at the IMF/World Bank Spring meetings that debt would be the key issue at the G7 Finance Ministers' Meeting in Canada in June. It is also on the agenda of the Heads of State meeting in Kananaskis on June 26-27. Ireland Ireland has been saying for over a year that HIPC3 is needed and that they are willing to help pay for it. A new debt policy has been agreed but is being kept under wraps until after the election. We wonder why? The IMF and Paris Club have suspended debt relief for Gambia, Guinea, Guinea Bissau, Guyana, Malawi and Zambia since the end of 2001 as they are 'off track' on their economic reforms. Home | About us | Resources | Updates | Members | E-mail us
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Jump To Comment: 1 2 3 4 5 6 7 8See IMF and World Bank Wanted For Fraud Campaign, e-mail ALISC
Guinea Bissau to be a member state of the Global Country of World Peace
On 31 January 2006 Global Good News reported: A delegation from the government of Guinea Bissau recently visited Maharishi European Research University (MERU), The Netherlands, to work on plans for the West African nation to become a member state of the Global Country of World Peace.
Welcomed as guests of His Holiness Maharishi Mahesh Yogi, the delegation from the government of this beautiful West African country attended meetings at MERU on the last day of the year, 31 December 2005.
The total population of the world is six billion. One quarter of the world's population–1.5 billion people–are living in extreme poverty.
In order to raise the yearly income of this segment of the population to US$ 2,000 per person per year, and eliminate poverty worldwide, US$ 3 trillion need to be generated every year on a permanent basis.
Data from the FAO1 suggests that in forty developing countries alone there are more than one billion hectare of unutilized land with agricultural potential.
Even one half of this–500 million hectare–will be able to generate US$ 3 trillion per year.
Broadly considering the profit from organic farming at the rate of US$ 6,000 per hectare per year, farming on 500 million hectare will generate US$ 3 trillion per year.
In view of the global perspective mentioned above, our initial programme is to cultivate 500 million hectare of unused agricultural land, i.e. half of the available land in these forty countries.
1 "World Agriculture: Toward 2010, An FAO Study" ISBN 92-5-103590-3
The economic plan that Obama has proposed has already received lots of negative criticisms. While the president is busy on solving the economic crisis, people have also find a way on how they are going to cope in the present situation and that is through payday loan. The economy is slipping further into trouble. After several countries have seen banks fail, or in the case of Iceland – all of the banks failed. The stock exchange values keep dropping, faster than a payday loan can keep up with. There doesn't seem to be too much good news on the economic horizon, but it will get better. In the meantime, you can get a payday loan if you need one.
The debt that needs to be dropped is the Irish debt both public and private. And then start anew.
Nobel Laureate Joseph Stiglitz has proposed this for Britain. its much more necessary in Ireland.
"The UK has been hit hard because the banks took on enormously large liabilities in foreign currencies. Should the British taxpayers have to lower their standard of living for 20 years to pay off mistakes that benefited a small elite?" he said. " This analysis applies even more so to Ireland.
http://www.telegraph.co.uk/finance/newsbysector/banksan....html
AH Yes ..The best baromoter who we ALL ignored during the Celtic Tiger could be credited to the Housewives, who for 12 months prior to the great
discovery that Ireland Inc was in deep Horse Manure , and nobody took a blind bit of notice...price increases by the day was the norm..
The Rest Is History...... Lets Wait And See What ' Frank Sinatra and his Orchestra '' come up with in the next day or so .
David did'nt beg .
Biffo has a puss on him .
Lets wait for the 10.30 watershed and see the Pain .
Get rid of the lot of these parasites . Big blabbermouths are not worth a toss .
And WE employ those yokes to do the housekeeping on our behalf .
Brian Cowen Has Spoken , still dont understand how his Government , or rather our employees have the neck to further confuse the already confused.
Will put away the cigarettes and out with the roll ups and wait for George Lee , Bloody scandalous to think of the tax payers money which was squandered
over the past 18 years by the Do Gooders within our society on visitors to our shores who fleeced our exchequer for all they could .
Time For Changes all round , This Government is Not Working ,OUT with the old and in with the new ,
Next election we must learn to believe nothing from the beggars mouths , Anarchy is just around the corner ,