Soren Ambrose is the Development Finance Coordinator at ActionAid International, based in Nairobi, Kenya.
The federal government needs to cut military spending to free up the money needed to meet the climate challenge.
The IMF is still attaching onerous conditions to its loans to low-income countries.
The IMF has introduced reforms with some positive features. But it has not questioned, much less shifted away from, the “market-fundamentalist” orientation it has prescribed and enforced for so long.
The International Monetary Fund is increasingly irrelevant and even its own assessment found major flaws in its track record in the poorest countries.
A shuffling of the Fund’s voting shares slashed Africa’s already minimal decision-making power. While unfair, the move is just a symptom of what’s wrong with the IMF.
A global movement called Jubilee 2000, which calls for external debt cancellation for the poorest and most indebted countries, has gained great momentum.
For most of the worlds impoverished countries, multilateral debt looms larger than other debts because of the status of IFIs as preferred creditors assigned them by the Group of 7 (G-7) industrialized countries.
For most of the worlds poorest countries, multilateral debt looms larger than other debts because of the IFIs status as “preferred creditors,” as providers of core development and balance-of-payment loans.
Multilateral debt, the result of lending by the International Financial Institutions (IFIs), is contributing to the economic and social crisis that is overtaking many Low Income Countries (LICs).