From owner-stop-imf@venice.essential.org Sun Jan 9 22:14:39 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by venice.essential.org (Postfix) with ESMTP id 46E0D21B05 for ; Sun, 9 Jan 2000 22:14:39 -0500 (EST) Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by milan.essential.org (8.9.3/8.9.3) with ESMTP id WAA02041 for ; Sun, 9 Jan 2000 22:14:38 -0500 Date: Sun, 9 Jan 2000 22:14:38 -0500 (EST) From: Robert Weissman To: stop-imf@venice.essential.org Message-ID: MIME-Version: 1.0 Content-Type: TEXT/PLAIN; charset=US-ASCII Subject: [stop-imf] Kenyan campaign against IMF Copyright 2000 InterPress Service, all rights reserved. Worldwide distribution via the APC networks. *** 06-Jan-0* *** Title: ECONOMY-KENYA: New Pressure Group Opposes IMF Plan To Resume Aid By Judith Achieng' NAIROBI, Jan 6 (IPS) - Kenyan opposition groups have launched a new pressure body to campaign against the resumption of aid to the East African country by the International Monetary Fund (IMF). Finance minister Chris Okemo said this week that an IMF team is expected in Kenya by Jan 24 to resume negotiations which will lead to the eventual resumption of aid suspended three years ago. The new lobby group, made up of eight opposition members of parliament, lawyers and civil society, is unconvinced that the government of president Daniel arap Moi has met all the conditions set by the IMF to warrant resumption of aid to Kenya. The pressure body, known as Stakeholders Support Group (SSG) also challenges the Bretton Woods institution to tabulate achievements made by Moi's government on each of the conditions it had set, if it is truly committed to ensuring accountability and transparency in Kenya. ''We are deeply surprised that the IMF is now convinced that the government has put in place sufficient reforms to merit the resumption of aid to Kenya,'' the group's spokesperson Apollo Njonjo told journalists this week. The IMF and other major donors suspended funding to Kenya in July 1997 citing inability by Moi's government to stamp out official corruption which has seen millions of shillings from government treasury going into the pockets of a few individuals close to power. Since then, many development projects have stalled in the East African country, roads have deteriorated and have become impassable due to lack of maintenance. The IMF says Kenya needs a significant and sustained efforts to curb corruption in the government before it can put in place a new lending programme. But the government says it has fulfilled all the conditions spelt out, which includes the setting up of an anti-corruption authority and trimming down of the country's bloated civil service. Kenya seeks IMF aid under its subsidised Poverty Reduction and Growth Facility, which provides low interest loans to countries which cannot afford private loans with high interest rates. In December last year, the IMF gave the go-ahead of final round of negotiations with the Kenyan government in a long process which is expected to result in resumption of aid this year. For the government, resumption of aid at this point is crucial for its fragile economy, coming at a time when it is relying on IMF to settle 30 billion shillings required to pay off some 600, 000 civil servants in its retrenchment programme. With an average growth rate of about 1.7 percent, the former British colony's economy is at a near standstill, and the shilling which in 1997 used to change for 60 to the dollar has now fallen to 72. Kenya is also ranked among the 40 developing countries that spend large shares of their revenues on servicing growing debts, with about 25 percent of its resources going back to donors, compared with 6.8 percent on education and 2.7 percent going to health. The anti-aid lobby says the Bretton Woods institution would only be taking part in the political power game which has maintained Moi's regime for 21 years in power and which has impoverished Kenya's 30 million people. ''The Kenyan people will not accept to pay back opaque loans contracted by a theft-ridden regime,'' says Njonjo. The group also wants resumption of aid to Kenya tied to the constitutional reform process to reduce presidential powers, which has hit a snag, with the opposition accusing the ruling Kenya African National Union (KANU) of frustrating the process in a bid to maintain its hold on to power. The constitutional reform process began in 1992, with the change of clauses which transformed Kenya into a multiparty state, and also reduced the head of state's term of service from life to a minimum of two five-year terms. The lobby group says it fears the current constitution will give the ruling party power to extend Moi's term, which expires in 2002. The members have also accused the British government of prevailing upon the IMF to resume aid to Kenya in a bid to maintain Moi's regime, which, they say, has helped retain thousands of British Asians. ''We are aware of the activities of the British High Commission and (sir) Jeffrey James (High Commissioner) in particular, in cajoling the IMF, the World Bank and other donors into resuming aid under the guise of impeding the break up of the country,'' says Njonjo. ''The British have interpreted that the preservation of British Asians in Kenya can only be assured by the continuation of Moi and KANU at the helm of state affairs after 2002,'' he claims. There has been no reaction from the British High Commission in Kenya. Despite the campaign, economists say donor aid is badly needed to restore the Kenyan economy, only if the money will not end up in the pockets of a few individuals close to power. ''The government should not have power over the (donor) money anymore. Kenyans have become poorer, through corrupt deals and tendering procedures,'' says Beth Mugo, who runs the Nairobi-based Council for Economic Empowerment of Women in Africa (CEEWA). ''There is absolutely nothing wrong with aid. Our people just have the misconception that aid is free. They don't know that we have to pay for it,'' says Mugo. Kenya's economic analyst, Robert Shaw agrees. ''For any resumed donor support, the government has to be absolutely clear and transparent on how it's going to send the money. It is not a question of the money going into a pot,'' he says. For ordinary Kenyans like Jackson Mwangi, a shoe shiner on a Nairobi street, the prospect of aid resumption is good news and those opposing it have not felt the pinch. ''Ordinary Kenyans have been suffering since 1997. It is good that we are going to get aid finally,'' he says. ''Most of the people opposing aid are rich, their children are abroad, we are the ones who are suffering,'' he says.(END/IPS/ja/mn/00) From owner-stop-imf@venice.essential.org Sun Jan 9 22:26:41 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by venice.essential.org (Postfix) with ESMTP id 6440F21B05 for ; Sun, 9 Jan 2000 22:26:41 -0500 (EST) Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by milan.essential.org (8.9.3/8.9.3) with ESMTP id WAA02153 for ; Sun, 9 Jan 2000 22:26:41 -0500 Date: Sun, 9 Jan 2000 22:26:40 -0500 (EST) From: Robert Weissman To: stop-imf@venice.essential.org Message-ID: MIME-Version: 1.0 Content-Type: TEXT/PLAIN; charset=US-ASCII Subject: [stop-imf] Germany To Write Off Debts Worth 5 Billion Dollars (fwd) Copyright 2000 InterPress Service, all rights reserved. Worldwide distribution via the APC networks. *** 06-Jan-0* *** Title: DEVELOPMENT: Germany To Write Off Debts Worth 5 Billion Dollars By Ramesh Jaura BONN, Jan 6 (IPS) - Responding to strong campaigning pressure by the global Jubilee 2000 Coalition, Germany's Development Minister Heidemarie Wieczorek-Zeul has confirmed that the Berlin government will write off 100 percent of the bilateral debts of some 30 poorest countries of the world. The initiative will begin to be translated into action this year, said Wieczorek-Zeul in a statement made available to IPS this week. "We plan to cancel debts worth about 9 billion marks (five billion dollars)". The figure includes commercial loans that have yet to be paid back. In addition, Germany will back the 15-nation European Union's debt cancellation initiative, contributing about 360 million dollars, said Wieczorek-Zeul. While she did not name the countries whose debts will be cancelled, an official at the development ministry said, countries which would benefit from the debt write-offs are those included in the Heavily Indebted Poor Countries initiative (HIPC). HIPC is the international vehicle for debt rescheduling and cancellation, managed by the International Monetary Fund (IMF) and the World Bank. 41 of the world's poorest qualify for HIPC, but they have to prove their ability to meet stringentic conditions before any debt cancellation. Countries enjoying debt forgiveness are required to put into place a comprehensive and participatory poverty reduction strategy, said Wieczorek-Zeul. "We want to ensure that wide sections of the population in developing countries really gain from debt cancellation - by way of better opportunities for education, improved health care and proper counselling for family planning," she added. The rationale behind debt forgiveness was to give highly indebted countries a "room for financial manoeuvre The affirmation of Germany's vow to write off the debts of world's poorest countries came within three months of President Bill Clinton pledging cancellation for poor-countrmeetings in Washington last September. Earlier, Canada had committed similar pledges to writing off the debts of world's poorest countries. Last month, Britain followed suit, with the Jubilee 2000 Coalition of some 1,800 church and other non-governmental organisations, praising the "magnanimous gesture", but warning that it was "not yet clear cut" whether Britain's actions will make a difference and save children's lives. 19,000 children a day are dying because of the debt burden, claims Jubilee 2000 drawing upon the latest annual report of the UN Children's Fund (Unicef). The world-wide Jubilee 2000 Coalition has emerged from years of campaigning by southern movements on debt and the ternal debt burdens and new credit agreements. Jubilee 2000 in the south comes out of many of those struggles, says Friedel Huetz-Adams of Erlassjahr 2000, Germany chapter of the Jubilee 2000 Coalition. As the developing ith offers of big loans at very low rates of interest. Many countries in Latin America took up the offer and soon found that with interest rate rises and commodity price decreases they couldn't keep up the repayments. Countries in Africa, which proclaimed independence later, were forewarned about the pitfalls of the debt trap butt. Still lacking control over their own resources, they were desperate for credit to match the high expectations of their people and inevitably took the loans eagerly offer conditions attached to these loans became onerous to the population, who found they were not benefiting from the international lending process. >From Argentina to Zambia, initial resistance took the form of strikes and demonstrations when the first price rises for basic goods followed the implementation of various programmes based on the adjustment models of the IMF and World Bank. As debt and adjustment continued, a more coordinated people's response emerged. This mass opposition has prompted policy-makers in the developing world to propose various alternatives to the IMF's Structural Adjustment Programmes (SAPs). For example, the African Alternative Framework to SAPs (AAF-SAP) was put forward in 1989 by the U.N. Economic Commission for Africa under the bayo Adedeji who later became an Under Secretary-General of the world body. Later adopted by the Organisation of African Unity (OAU) and receiving the support of the U.N. General Assemblyk and IMF and western leaders. An official at the German development ministry dismissed suggestions that Germany - which claims the third largest poor- country debt, amounting to 6.1 billion dollars, after France's 11.7 billion dollars and Japan's 10.5 billion dollars - was dithering on implementing the debt cancellation initiative. The plan was first agreed at the Cologne summit of the Group of Seven (G-7) major industrial countries. "This was very much an initiative taken by us,reen Party - in power since October 1998 - has been leading the debt cancellation initiative. Nevertheless, because of complicated mechanisms involved, most of the 41 countries considered to qualify - in principle - for the HIPC initiative will have to wait for some time to enjoy the benefit of debt cancellation. Until now seven countries - Bolivia, Burkina Faso, Cote d'Ivoire, Guyana, Mali, Mozambique and Uganda - have qualified for debt relief under the HIPC initiative totalling about 3.4 billion dollars in Net Present Value (NPV) Terms. The sustainable level.(END/IPS/raj/mn/00) From owner-stop-imf@venice.essential.org Mon Jan 10 10:51:51 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by venice.essential.org (Postfix) with ESMTP id 9BB2C21B05 for ; Mon, 10 Jan 2000 10:51:51 -0500 (EST) Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by milan.essential.org (8.9.3/8.9.3) with ESMTP id KAA07563 for ; Mon, 10 Jan 2000 10:51:51 -0500 Date: Mon, 10 Jan 2000 10:51:51 -0500 (EST) From: Robert Weissman To: stop-imf@venice.essential.org Message-ID: MIME-Version: 1.0 Content-Type: TEXT/PLAIN; charset=US-ASCII Subject: [stop-imf] IMF Head Urges More Reforms IMF Head Urges More Reforms January 10, 2000 PARIS (AP) via NewsEdge Corporation - Michel Camdessus, the outgoing managing director of the International Monetary Fund, said today that the IMF should be given better-defined responsibilities and more political weight. ``I believe in the political responsibility of multilateral institutions,'' Camdessus said in an interview with the French financial daily Les Echos. Camdessus said that the IMF's interim committee _ currently a consultative grouping with no executive powers _ should be transformed into a full-fledged decision-making body. He also said that he would like to turn the G7 summit into a wider gathering every two years by including the IMF's 24 board member countries, the World Bank and the secretary-general of the United Nations. ``This would, at last, enable us to establish a coordination of strategies,'' he said. The G7, or Group of Seven major industrial nations, gathers the political leaders of the United States, Canada, Japan, Britain, France, Germany and Italy for periodic meetings. Camdessus, who has made it clear he will resign in mid-February, said he is proud of the support the IMF provided during his tenure to countries such as Poland. ``Today Poland can hope to join not only the European Union, but also the euro,'' Camdessus said, referring to the single European currency. ``They are aiming for a balanced budget in 2003, inflation below 4 percent and, by that date, they should have completed privatization.'' He warned that the dispute between the IMF and Russia was yet to be resolved. He said that although Russia has met economic criteria set by the IMF, the Russian Parliament has failed to adopt two key pieces of legislation. One covers financial institution bankruptcies and the other, transfers to state coffers from government-owned monopolies. From owner-stop-imf@venice.essential.org Mon Jan 10 13:21:55 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by venice.essential.org (Postfix) with ESMTP id 3A8BE21B05 for ; Mon, 10 Jan 2000 13:21:55 -0500 (EST) Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by milan.essential.org (8.9.3/8.9.3) with ESMTP id NAA12504 for ; Mon, 10 Jan 2000 13:21:54 -0500 Date: Mon, 10 Jan 2000 13:21:53 -0500 (EST) From: Robert Weissman To: stop-imf@venice.essential.org Message-ID: MIME-Version: 1.0 Content-Type: TEXT/PLAIN; charset=US-ASCII Subject: [stop-imf] IMF managing director update (fwd) World Bank Development News, 01/10/00. NEGOTIATIONS FOR IMF TOP JOB ADVANCING: KOCH-WESER. The negotiations surrounding the choice of a successor to IMF Managing Director Michel Camdessus are advancing, Les Echos (France, p.10) reports German Deputy Finance Minister Caio Koch-Weser said last Friday. "I can't really comment on this subject, but what I can say is that the political process has advanced," he said on the sidelines of the G7 deputy finance ministers' meeting in Tokyo. "There is a feeling that we need to come quickly to a conclusion," he added, declining to comment on the strength of European support for his candidacy. The news comes as Jim Hoagland writes in the International Herald Tribune (p.8) and the Washington Post (p. B7) that national pride and national political ambition survive into the global era. The hunt for a new managing director for the IMF has turned into a quagmire of subterfuge and rivalry among rich nations. The governments that have relentlessly preached to their citizens the need to adjust to the era of globalization should take their own words to heart and see that the IMF gets the leadership it needs at this critical moment. "As we re-examine the role of the Fund, we must not underestimate what is our bread and butter," IMF Deputy Managing Director Stanley Fischer is quoted as saying in a Washington Post story reprinted in the IHT. "Crisis lending is a critical part of what we do, but it is far from the most important thing we do...The Fund is one of the most important ways, possibly the most important way, that the international community promotes good macroeconomic policies around the world." Europolitique meanwhile also reports on German press reports that US Treasury Secretary Lawrence Summers has proposed to Europeans that if they withdrew Koch-Weser's candidacy for the IMF job, the next World Bank president could go to Europe. World Bank President James Wolfensohn has already been reappointed to a second five-year term, notes the story. From owner-stop-imf@venice.essential.org Mon Jan 10 17:52:19 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by venice.essential.org (Postfix) with ESMTP id 0292121AFF for ; Mon, 10 Jan 2000 17:52:19 -0500 (EST) Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by milan.essential.org (8.9.3/8.9.3) with ESMTP id RAA20500 for ; Mon, 10 Jan 2000 17:52:18 -0500 Date: Mon, 10 Jan 2000 17:52:18 -0500 (EST) From: Robert Weissman To: stop-imf@venice.essential.org Message-ID: MIME-Version: 1.0 Content-Type: TEXT/PLAIN; charset=X-UNKNOWN Content-Transfer-Encoding: QUOTED-PRINTABLE Subject: [stop-imf] =?X-UNKNOWN?Q?WORKER_RIGHTS_KEY_TO_DEVELOPMENT_-_WORLD__B?= =?X-UNKNOWN?Q?ANK=92S_STIGLITZ=3B_Reuters_?= Reuters January 8, 2000 WORKER RIGHTS KEY TO DEVELOPMENT - WORLD BANK=92S STIGLITZ BOSTON - In a new broadside against Washington=92s response to the Asian financial crisis, the World Bank=92s outgoing chief economist said Saturday that workers=92 rights should be a central focus of development. =09Joseph Stiglitz, who leaves the bank later this month after a string of well-publicized complaints of the way the international community responded to the crisis, said policy makers had been so anxious to ensure investors did not take flight that they neglected the social costs of their policy prescriptions. =09=93A standard message was to increase labor market flexibility, and the not-so-subtle subtext was to lower wages and lay off workers,=94 Stiglitz told the American Economics Association in a keynote address, which won him a standing ovation from his fellow analysts. =09=93In East Asia it was reckless lending by international banks and other financial institutions, combined with reckless borrowing by domestic financial institutions ... which may have precipitated the crisis. But the costs, in terms of soaring unemployment and plummeting wages, were borne by the workers.=94 =09Stiglitz, a former economic adviser to President Clinton, has repeatedly angered the Washington establishment with his blunt criticism of the way it responded to financial problems in Asia and beyond. Complaining about initial proposals from the so-called Washington consensus of the World Bank, the International Monetary Fund and the U.S. Treasury, he said lenders=92 demands that countries curb spending and raise interest rates had made the crisis worse. =09=93Not only was the Washington consensus too narrow in its objectives, in its focus on GDP, but also in what it saw as the instruments of development,=94 he said Saturday. He added: =93I believe tha= t there is some chance that some of the disastrous economic decisions that were made in responding to the East Asian economic crisis would not have occurred had workers had a voice in the decision making.=94 =09Stiglitz has also lobbied for capital controls to shield countries from volatile flows of money and investment and he said on Saturday that free capital movements had brought few benefits for ordinary workers. =09=93Capital market liberalization has not only not brought people the prosperity they were promised, but it has also brought these crises, with wages falling 20 or 30 percent, and unemployment going up by a factor of two, three, four or 10,=94 he said. =09The Asian crisis started in Thailand in July 1997, some months after Stiglitz joined the bank. Initially viewed in Washington as a local problem affecting one not particularly significant country, it spread quickly across Asia and beyond, pushing countries into recession and forcing unemployment up. =09=93When the crisis hit, the international institutions forced, encouraged, the countries to raise interest rates and to engage in contractionary fiscal policies which led to severe recession,=94 he said. =93Firms were encouraged to lay off workers.=94 =09Stiglitz admitted lenders had also encouraged countries to develop a social safety net to help those laid off in the post-crisis recessions. But this would not solve the problems. =93There is no safety net that can fully replace the security provided by an economy running at full employment, no welfare system will ever restore the dignity that comes from work,=94 he said. =93It is imperative that countries not only work to put into place policies that prevent crises and minimize their magnitude and adverse consequences, but respond to these crises in ways that maintain as high a level of employment as possible.=94 From owner-stop-imf@venice.essential.org Thu Jan 13 12:15:34 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by venice.essential.org (Postfix) with ESMTP id B842C21B07 for ; Thu, 13 Jan 2000 12:15:34 -0500 (EST) Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by milan.essential.org (8.9.3/8.9.3) with ESMTP id MAA13419 for ; Thu, 13 Jan 2000 12:15:34 -0500 Date: Thu, 13 Jan 2000 12:15:34 -0500 (EST) From: Robert Weissman To: stop-imf@venice.essential.org Message-ID: MIME-Version: 1.0 Content-Type: TEXT/PLAIN; charset=US-ASCII Subject: [stop-imf] IMF looks to broader base of support for restructuring programs IMF looks to broader base of support for restructuring programs SINGAPORE, Jan 13 (AFP) - The International Monetary Fund (IMF) will secure broader support for its programs from various sectors of society to make them more effective and sucessful, an IMF official said Thursday. "Clearly, we think that programs work better and quicker if there is this broader sense of ownership," said Thomas Dawson, IMF director for external relations. "When a budget is drawn up, and targets are agreed to, an assessment has to be made as to its viability," he told a gathering of foreign correspondents here. This is why "fund missions do regularly meet with elements in the opposition, with elements in civil society, labor unions in particular to ... make a judgment of what is doable and achieveable," he added. He cited the success of the IMF's program in South Korea, attributing it to that country's leadership and its willingness to support financial restructuring. Dawson was responding to a question on whether IMF programs, especially for the ailing Asian economies during the financial crisis, could have been more effective if it had gained more support from sectors of society apart from government. The IMF spearheaded rescue packages worth billions of dollars for the economies of Indonesia, South Korea and Thailand in exchange for their adherence to reform measures, some of which were met with widespread protest. Dawson said his trip through Japan and Singapore were among a series of visits by IMF officials to gain feedback on the Fund's programs, including from the media, opposition groups and labor unions. The IMF is at the forefront of efforts to devise new financial architecture that can help prevent a repeat of the financial crisis which plunged most of Asia into recession in 1998. Dawson expected speculation to grow on who would be the successor to IMF chief Michel Camdessus in the run to the Group of Seven finance ministers' meeting in Tokyo on January 22. Camdessus is to step down in February after nearly 13 years in office. "There's a G7 ministers' meeting in about 10 days in Tokyo so I suspect speculation will increase," said Dawson, noting a "growing rather than shrinking list" of candidates for the top position. The G7 is made up of Britain, Canada, France, Germany, Italy, Japan, and the United States. From owner-stop-imf@venice.essential.org Fri Jan 14 10:59:27 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by venice.essential.org (Postfix) with ESMTP id 0082521B49 for ; Fri, 14 Jan 2000 10:59:26 -0500 (EST) Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by milan.essential.org (8.9.3/8.9.3) with ESMTP id KAA00683 for ; Fri, 14 Jan 2000 10:59:26 -0500 Date: Fri, 14 Jan 2000 10:59:25 -0500 (EST) From: Robert Weissman To: stop-imf@venice.essential.org Message-ID: MIME-Version: 1.0 Content-Type: TEXT/PLAIN; charset=X-UNKNOWN Content-Transfer-Encoding: QUOTED-PRINTABLE Subject: [stop-imf] Report on April 16 IMF action planning Report from 50 Years is Enough on very important upcoming demonstration: Report on WASHINGTON, D.C. MEETING TO PLAN IMF/WORLD BANK PROTEST FOR APRIL 16 - 17, 2000 On Tuesday, January 11, 2000 a group of 62 activists met in Washington at the University of the District of Columbia to begin planning in earnest for a big mobilization around the IMF/World Bank Spring Meetings, April 16-17, 2000. This is seen as a logical follow-up to the WTO protests in Seattle. The energy level is high and people from a great array of organizations are coming together to make this happen. We are working toward, and looking forward to, an amazing event on Sunday, April 16 in Washington, DC. The meeting reviewed the reasons for targeting the IMF and World Bank, and the 13-year history of mobilizations at their meetings. We also talked about the organizing that is already going on around the U.S. and the world. Meetings have taken place in many cities to report back on the events in Seattle. At many of those meetings -- including at least those in San Francisco, Chicago, Boston, Baltimore, Burlington [VT], Winnipeg, and Washington -- the April mobilizations in Washington have been discussed and greeted with a lot of enthusiasm. Word has gone out internationally, as groups work to bring people from the countries most affected by IMF/World Bank policies (i.e., those in the South -- Africa, Latin America, Asia-Pacific). Many of the groups that were most active in organizing for Seattle are also working toward April 16 - 17 and several were represented at the meeting. Those that fall into one or both categories include: Direct Action Network, Global Exchange, Rainforest Action Network, Art & Revolution, Ruckus Society, Public Citizen's Global Trade Watch, and Friends of the Earth. Also many local groups are very interested in working on a shut-down of the meetings. We discussed the organizing structure that was used for Seattle (working groups, affinity groups, organizing collective, spokescouncil). On the agenda for the next meeting (January 25th) is a discussion about our organizing structure for the April 16 - 17 Mobilization. Other aspects of the Seattle organizing -- action guidelines, solidarity agreements, legal teams, media teams -- were also highlighted as possible models for our organizing and actions. We noted the need to put out a call of action very soon to get organizations around the country and world committed and stating what kind of support they can offer for this effort. The heart of the meeting was brainstorming about the kind of action(s) we'd like to see and what working groups we would need to make that happen. We finally broke into the working groups listed below, with the proviso that we will remain flexible as needs and opportunities develop. Included in this list is the tasks each agreed on and the next meeting time/place and contact person. For those reading this outside of Washington, feel free to pass this information on to D.C. activists who would like to get involved. MEDIA Work: Developing press kit, identify target media, work on press lists, core group to talk to media, talk to TV bookers. Avoid reinventing wheel by talking to those who did this in Seattle. Identify issue experts and spokespeople on behalf of the organizing coalition. Next Meeting: Monday 1/24 at 7 p.m, 2100 19th St. NW #702 OUTREACH Work: Lots of interest in local outreach and interest in other kinds of outreach to students, faith-based groups, labor, etc Next Meeting: Tues 1/18 at 7 pm, Wilson High School Room 113 - Nebraska Ave. & Chesapeake St. (Tenleytown metro) LOGISTICS Work: Arrange for nurses, doctors, water, port-a-potties, transportation (blocks of buses, picking up people at airport). Blocks of rooms at cheap hotels, churches, campgrounds, volunteer for homestays. Need to talk right away with people who handled this in Seattle. Looking for workspace/ office space. Next Meeting: Mon 1/17 at 7 pm, 1640 Hobart St. NW FUNDRAISING Work: Take existing letter from Seattle and adapt. Find a 501c3 to funnel money thru, with suggestion it could be Alliance for Global Justice. In Seattle, lots of sponsoring organizations kicked in between $3k-$10k. Set a minimum co-sponsorship contribution for the April 16 - 17 mobilization of US$1.00. Next Meeting: 1/20 1 pm (lunch) at Zorba's Dupont Circle - 21st Street TRAINING/WORKSHOPS Work: Good to do Ruckus type camp from April 1-8. Talked about puppets, props etc. Next Meeting: Thursday 1/13, 7 pm, Xando on R/Connecticut NW COMMUNICATIONS: Work: Set up website for central info which would be for prep and during meeting. Identify ways to communicate with Jubilee 2000, School Of the Americas Watch, Earth Day, etc. Establish listserv for local and national. "Day of" communications: cell phones, radios etc. Reliable calendar of events. Next Meeting: 1/18 Tuesday 7 pm at Woodley Caf=E9 across from Woodley Park Metro station. PROPAGANDA/MESSAGE: Work: Develop messages & write documents. Do outreach to organizations (including in South) to develop message. Work with Training, Media, etc. to get messages out. Next Meeting: Wed 1/19 at 6:00 at CIEL 1367 Conn. Ave #300. South exit of Dupont. SCENARIO/ACTION: Work: Week-long of buildup activities and trainings prior to April 16 - 17. Set up in-kind committee to get donated materials (make this a subset of Fundraising). Next Meeting: Wed 1/19 at Friends of the Earth at noon: 1025 Vermont Ave NW #300. McPherson Square metro. [Note: No one was present for the Legal Working Group; it will be formed later] We are interested in getting people outside of Washington involved in appropriate working groups. If you have a contribution to make, please contact the appropriate person or the provisional clearinghouse. We are also exploring possibilities for meetings by conference call in order to include/involve organizers around the country. For the time being, the Alliance for Global Justice and the 50 Years Is Enough Network have agreed to serve as central contact points for information on the mobilization. We can be reached at wb50years@igc.org (web: www.50years.org) 202/IMF-BANK or 202/544-9355, respectively. The next meeting of the large group is Tuesday, January 25 at 7 p.m. It will probably be at the same location (UDC), but we have to confirm with the university. From owner-stop-imf@venice.essential.org Fri Jan 14 15:23:59 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by venice.essential.org (Postfix) with ESMTP id 94A6221B06 for ; Fri, 14 Jan 2000 15:23:59 -0500 (EST) Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by milan.essential.org (8.9.3/8.9.3) with ESMTP id PAA07064 for ; Fri, 14 Jan 2000 15:23:59 -0500 Date: Fri, 14 Jan 2000 15:23:59 -0500 (EST) From: Robert Weissman To: stop-imf@venice.essential.org Message-ID: MIME-Version: 1.0 Content-Type: TEXT/PLAIN; charset=US-ASCII Subject: [stop-imf] IMF news (fwd) 1/14/00, World Bank Development News IMF LOOKS TO BROADER BASE OF SUPPORT FOR ADJUSTMENT PROGRAMS. The IMF will secure broader support for its programs from various sectors of society to make them more effective and successful, AFP reports an IMF official said yesterday. "Clearly, we think that programs work better and quicker if there is this broader sense of ownership," IMF External Relations Director Thomas Dawson said in Singapore. "When a budget is drawn up, and targets are agreed to, an assessment has to be made as to its viability." This is why "Fund missions do regularly meet with elements in the opposition, with elements in civil society, labor unions in particular to...make a judgment of what is doable and achievable," he added, citing the success of the IMF's program in South Korea, where there was leadership and willingness to support financial restructuring. Dawson said his trip through Japan and Singapore were among a series of visits by IMF officials to gain feedback on the Fund's programs, including from the media, opposition groups, and labor unions. Meanwhile, AFP notes in a separate report that Japanese Foreign Minister Yohei Kono said in Paris yesterday Japan had no candidate to succeed outgoing IMF Managing Director Michel Camdessus. "Japan has no concrete proposal," he said during an address to the French Institute for International Relations (IFRI). Traditionally, notes the story, the top job at the IMF goes to a European, but this is being increasingly called into question. Former Japanese Vice Finance Minister Eisuke Sakakibara has been mooted for the job, but Kono said: "In my opinion, there will be different proposals and different candidates. It is not necessary to give the job to a specific region. From owner-stop-imf@venice.essential.org Fri Jan 14 23:05:21 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by venice.essential.org (Postfix) with ESMTP id D7E6721B06 for ; Fri, 14 Jan 2000 23:05:20 -0500 (EST) Received: from milan.essential.org (milan.essential.org [216.0.124.12]) by milan.essential.org (8.9.3/8.9.3) with ESMTP id XAA14231 for ; Fri, 14 Jan 2000 23:05:20 -0500 Date: Fri, 14 Jan 2000 23:05:20 -0500 (EST) From: Robert Weissman To: stop-imf@venice.essential.org Message-ID: MIME-Version: 1.0 Content-Type: TEXT/PLAIN; charset=US-ASCII Subject: [stop-imf] ECONOMY: Confessions of the Washington Ideologues (fwd) Excellent piece by Abid Aslam: Robert Weissman Essential Information | Internet: rob@essential.org Copyright 2000, Inter Press Service ECONOMY: Confessions of the Washington Ideologues Analysis - By Abid Aslam WASHINGTON, Jan 14 (IPS) - The past week has seen remarkable confessions from officials at the World Bank and International Monetary Fund (IMF) about policy positions that have affected millions of people in borrowing countries. First, Joseph Stiglitz, outgoing chief economist and senior vice president of the World Bank, faulted not only the results but also the very intent of the agencies' response to the "Asian financial crisis." This, he said, had been designed to coddle investors at the expense of workers. "A standard message was to increase labour market flexibility, and the not-so-subtle subtext was to lower wages and lay off workers," Stiglitz declared. The results included spiraling unemployment and severe deflation - falling prices as a result of declining economic activity - a combination that consigned 40 percent of the global economy to recession. This, even as IMF-led emergency financing poured more than 100 billion dollars on the financial wildfire that engulfed Asia and spread to Latin America. Also this week, a team of IMF staffers admitted - albeit implicitly - that their agency had been driven by ideology rather than empirical observation in doggedly opposing capital controls. These are measures to regulate the speed and volatility with which short-term and speculative investment - so-called "hot money" - is allowed to cross borders. Investors would shun countries using controls, the IMF has long argued, setting back long-term hopes of tapping relatively cheap financing for national development. This week, the agency's Monetary and Exchange Affairs Department admitted in a report that controlling both the inflows and outflows of capital has, to varying degrees, helped countries to protect themselves from crisis. Indeed, overwhelming capital inflows precipitated Asia's woes by encouraging investment in projects of questionable financial pedigree and economic merit. The experience of countries that have sought to control short-term capital inflows showed that "to be effective, the coverage of the controls needs to be comprehensive, and the controls need to be forcefully implemented." Case studies included Brazil in 1993-97, Chile in 1991-98, and Malaysia in 1994. What's more, the IMF team conceded, Malaysian moves to control outflows since 1998 - first by preventing, then by regulating foreigners seeking to repatriate their investments - appear to have paid off. "Since the introduction of the controls, there have been no signs of speculative pressures on the exchange rate, despite the marked relaxation of fiscal and monetary policies to support weak economic activity," the IMF admitted. "Nor have there been signs that a parallel or nondeliverable forward market is emerging; and no significant circumvention of efforts have been reported." Technical jargon notwithstanding, "it's so nice to see this arrogant and disdainful agency have to eat crow," or admit it was wrong in slamming Malaysia for introducing controls against IMF advice, said Doug Hellinger, executive director of the Development Group for Alternative Policies (DGAP), a Washington think tank. That pleasure, Hellinger told IPS, was tempered by the knowledge that vulnerable countries have been denied what the Fund now admits is a legitimate policy tool. What's more, the confession was not without considerable qualification. "This review of...capital controls in 14 countries cannot be considered exhaustive and it again illustrates the difficulty of precisely assessing the effect of capital controls, which may have benefits as well as costs," the IMF report said. As far as Malaysia was concerned, "the jury is still out," insisted Stefan Ingves, a former Swedish central banker who now heads the department that produced the IMF report. Malaysia was well on its way to recovery, but time would reveal whether the country would be punished with higher costs of access to international capital markets. Nor could the IMF tell how much of Malaysia's improvement was due to the capital controls and how much was because of other domestic and international factors. In any event, according to the report, "capital controls cannot substitute for sound macroeconomic policies. Countries with serious macroeconomic imbalances, and no credible prospect for improvement in the short run, were regularly unable to address large-scale capital flows or their adverse economic effects by using capital controls." Thus, the Fund appeared to balance its retreat on capital controls with a renewed push for economic restructuring in borrowing countries. "Now that they're wrong, they raise other factors," Hellinger said. "They never raised them before when their position was simple and outright rejection of controls." For years, the Fund has been urging countries to open their capital markets to overseas investors and, until last year, had actively sought to amend its charter so it could require member states to do so. Enthusiasm for this idea has waned amid the financial crises of the past three years. Successive meetings of IMF and World Bank member states have seen a growing number of delegates from borrowing countries question the merits of removing all restraints on what they see as herds of roaming speculators. By late 1998, the IMF had begun to shift its emphasis, urging a gradual and properly-sequenced process of liberalisation to help countries mitigate unsettling side-effects. By last September's annual meetings of the Bretton Woods siblings, there was no formal talk of the need to liberalise - much less make this part of the IMF's central mission. This does not mean the agenda has been abandoned, however. Fund and outside analysts alike said this week that the agency was updating its hymnal but its underlying religion remained unchanged. "In the long run," Ingves argued, "capital controls are bad." (END/IPS/12/EF/aa/ks/00) From owner-stop-imf@venice.essential.org Mon Jan 17 03:57:39 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from smtp7.atl.mindspring.net (smtp7.atl.mindspring.net [207.69.128.51]) by venice.essential.org (Postfix) with ESMTP id 38D6C21B45 for ; Mon, 17 Jan 2000 03:57:39 -0500 (EST) Received: from oemcomputer (user-2iveohd.dialup.mindspring.com [165.247.98.45]) by smtp7.atl.mindspring.net (8.9.3/8.8.5) with SMTP id DAA19727 for ; Mon, 17 Jan 2000 03:57:32 -0500 (EST) Message-ID: <001301bf60c9$e327e9c0$2d62f7a5@oemcomputer> From: "Soren Ambrose" To: Date: Mon, 17 Jan 2000 04:02:51 -0500 MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_NextPart_000_000F_01BF609F.B93B48C0" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 5.00.2615.200 X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2615.200 Subject: [stop-imf] Frontrunner for IMF job faces opposition This is a multi-part message in MIME format. ------=_NextPart_000_000F_01BF609F.B93B48C0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Monday January 17 2000 - Financial Times Frontrunner for IMF job faces opposition=20 Koch-Weser is the favourite, though only Berlin wants him, reports Ed = Crooks. But a long struggle for succession could be worse The race to succeed Michel Camdessus as managing director of the = International Monetary Fund is a curious contest. Promising contenders = are being kept out of it, and the current favourite, according to almost = everyone but his backers, is unfit. Caio Koch-Weser, a German finance ministry official who has spent 25 = years with the World Bank, is the frontrunner, but he faces powerful = opposition. Feelings about him in all the G7 capitals except Berlin = range from grudging acceptance to hostility. The issue will be discussed at the Group of Seven industrialised nations = finance ministers' meeting in Tokyo next weekend, but will not be = resolved there. The danger is that the IMF could see a long and damaging struggle for = succession, as the World Trade Organisation experienced last year. Governments and analysts argue that the IMF's failure to prevent the = financial crises in Asia and Russia shows it urgently needs reform, = which cannot be achieved without strong leadership. The German government has stepped up a gear in its support for Mr = Koch-Weser. Chancellor Gerhard Schr=F6der is writing to all 24 of the = IMF's executive directors. Today in Berlin 40 foreign ambassadors will = be briefed by Mr Schr=F6der's chief foreign policy adviser. But on Friday night Larry Summers, US Treasury secretary, dropped heavy = hints that he would not support the German campaign. The new head of the = IMF must have "stature, expertise, ability to command global support and = commitment to a process of ongoing reform", he said. Mr Summers has said he wants an IMF that is much more focused on crisis = prevention and resolution, and much less involved in long-term lending = for development - a role that does not suit Mr Koch-Weser's experience. = Washington also doubts that Mr Koch-Weser possesses the necessary = intellect and negotiating skills to handle complex negotiations with = governments in financial crisis. The IMF post has traditionally been a European fiefdom, and if Europe = were to agree on a candidate, the US would find it hard to resist. = Europe, however, is deeply divided. The French are now backing Laurent Fabius, former prime minister, as an = alternative. He is unlikely to win much backing: his premiership was = overshadowed by a scandal over contaminated blood, and few other = countries want another French MD, especially not one seen as an = old-style socialist. It is a measure of how strongly the French feel about Mr Koch-Weser, = though, that they would even prefer to see a Briton appointed. Andrew Crockett, head of the Bank for International Settlements in = Basle, has a high reputation in London. His problem is that the UK = government is refusing to back him, partly because it does not want = another row with a fellow EU member. Italy has a similar problem with the director of its Treasury, Mario = Draghi. The Italians are seen as having their share of top jobs since = Romano Prodi became European Commission president. Non-European alternatives look even less convincing. Jacob Frenkel, = former Bank of Israel governor, is admired in the US but would be a = controversial choice. It looks as though Stanley Fischer, the first deputy MD, may end up = running the IMF for some time after Mr Camdessus departs next month. He = might even get the job. But having made such a public show of support, it would be hugely = embarrassing for Mr Schr=F6der to see Caio Koch-Weser fail. If deals are cut, he could still be successful. The UK might be offered = a compromise on EU withholding tax. Jean-Claude Trichet, Bank of France = governor and another IMF possible), could take over at the European = Central Bank earlier than expected. But the IMF seems now to be faced with two unappealing alternatives: a = painful, protracted battle for succession, or accepting by default a = candidate whom almost nobody really wants ------=_NextPart_000_000F_01BF609F.B93B48C0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable

Monday January 17 2000 – Financial Times

Frontrunner for IMF job faces opposition

Koch-Weser is the favourite, though only Berlin wants him, reports Ed = Crooks.=20 But a long struggle for succession could be worse

The race to succeed Michel Camdessus as managing director of the=20 International Monetary Fund is a curious contest. Promising contenders = are being=20 kept out of it, and the current favourite, according to almost everyone = but his=20 backers, is unfit.

Caio Koch-Weser, a German finance ministry official who has spent 25 = years=20 with the World Bank, is the frontrunner, but he faces powerful = opposition.=20 Feelings about him in all the G7 capitals except Berlin range from = grudging=20 acceptance to hostility.

The issue will be discussed at the Group of Seven industrialised = nations=20 finance ministers' meeting in Tokyo next weekend, but will not be = resolved=20 there.

The danger is that the IMF could see a long and damaging struggle for = succession, as the World Trade Organisation experienced last year.

Governments and analysts argue that the IMF's failure to prevent the=20 financial crises in Asia and Russia shows it urgently needs reform, = which cannot=20 be achieved without strong leadership.

The German government has stepped up a gear in its support for Mr = Koch-Weser.=20 Chancellor Gerhard Schr=F6der is writing to all 24 of the IMF's = executive=20 directors. Today in Berlin 40 foreign ambassadors will be briefed by Mr=20 Schr=F6der's chief foreign policy adviser.

But on Friday night Larry Summers, US Treasury secretary, dropped = heavy hints=20 that he would not support the German campaign. The new head of the IMF = must have=20 "stature, expertise, ability to command global support and commitment to = a=20 process of ongoing reform", he said.

Mr Summers has said he wants an IMF that is much more focused on = crisis=20 prevention and resolution, and much less involved in long-term lending = for=20 development - a role that does not suit Mr Koch-Weser's experience. = Washington=20 also doubts that Mr Koch-Weser possesses the necessary intellect and = negotiating=20 skills to handle complex negotiations with governments in financial = crisis.

The IMF post has traditionally been a European fiefdom, and if Europe = were to=20 agree on a candidate, the US would find it hard to resist. Europe, = however, is=20 deeply divided.

The French are now backing Laurent Fabius, former prime minister, as = an=20 alternative. He is unlikely to win much backing: his premiership was=20 overshadowed by a scandal over contaminated blood, and few other = countries want=20 another French MD, especially not one seen as an old-style = socialist.

It is a measure of how strongly the French feel about Mr Koch-Weser, = though,=20 that they would even prefer to see a Briton appointed.

Andrew Crockett, head of the Bank for International Settlements in = Basle, has=20 a high reputation in London. His problem is that the UK government is = refusing=20 to back him, partly because it does not want another row with a fellow = EU=20 member.

Italy has a similar problem with the director of its Treasury, Mario = Draghi.=20 The Italians are seen as having their share of top jobs since Romano = Prodi=20 became European Commission president.

Non-European alternatives look even less convincing. Jacob Frenkel, = former=20 Bank of Israel governor, is admired in the US but would be a = controversial=20 choice.

It looks as though Stanley Fischer, the first deputy MD, may end up = running=20 the IMF for some time after Mr Camdessus departs next month. He might = even get=20 the job.

But having made such a public show of support, it would be hugely=20 embarrassing for Mr Schr=F6der to see Caio Koch-Weser fail.

If deals are cut, he could still be successful. The UK might be = offered a=20 compromise on EU withholding tax. Jean-Claude Trichet, Bank of France = governor=20 and another IMF possible), could take over at the European Central Bank = earlier=20 than expected.

But the IMF seems now to be faced with two unappealing alternatives: = a=20 painful, protracted battle for succession, or accepting by default a = candidate=20 whom almost nobody really wants

------=_NextPart_000_000F_01BF609F.B93B48C0-- From owner-stop-imf@venice.essential.org Tue Jan 18 00:03:23 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from smtp10.atl.mindspring.net (smtp10.atl.mindspring.net [207.69.200.246]) by venice.essential.org (Postfix) with ESMTP id 8DEB121B02 for ; Tue, 18 Jan 2000 00:03:23 -0500 (EST) Received: from oemcomputer (user-2iveol1.dialup.mindspring.com [165.247.98.161]) by smtp10.atl.mindspring.net (8.9.3/8.8.5) with SMTP id AAA12631 for ; Tue, 18 Jan 2000 00:03:18 -0500 (EST) Message-ID: <000a01bf6172$9eaf0720$a162f7a5@oemcomputer> From: "Soren Ambrose" To: Date: Tue, 18 Jan 2000 00:11:37 -0500 MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_NextPart_000_0007_01BF6148.96405000" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 5.00.2615.200 X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2615.200 Subject: [stop-imf] Camdessus on IMF's discovery of poverty This is a multi-part message in MIME format. ------=_NextPart_000_0007_01BF6148.96405000 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Since announcing his resignation (effective mid-February), IMF Managing = Director Michel Camdessus has been making frequent speeches about the = necessity of combatting poverty and the role that the IMF sees itself = playing in that pursuit with its new Poverty Reduction and Growth = Facility, the new name for its notorious Enhanced Structural Adjustment = Facility (ESAF). The following article is one of many detailing = Camdessus's charm offensive, but is particularly notable for the last = few sentences, in which Camdessus is asked to explain why it took so = long for the Fund to recognize that SAPs would win little support so = long as they continue to oppress people. Camdessus urges developed nations to cut arms sales to Africa LIBREVILLE, Jan 17 (AFP) - IMF Director General Michel Camedessus on = Monday urged developed nations to slash their arms exports to Africa, = saying "the other name for development is peace." Speaking ahead of a two-day summit on poverty reduction in Africa, = Camdessus said: "A third of African countries are at war and 90 percent = of the weapons used are sold by G-8 nations," referring to the group of = eight most industrialised countries. Camdessus told a press conference ahead of the summit, to be held = Tuesday and Wednesday under the aegis of the International Monetary = Fund, that the IMF was pressing African regimes to cut back their = military spending. "The other name for development is peace," he said, calling on rich = countries to cut exports "not only of heavy weaponry but also of the = light arms which are carried by children in the front line of the = conflicts." "When a country we support goes to war, we go into discussions with it: = Do you want war or development? It's a pretty tough dialogue," he said. Some 20 African heads of state and government are expected to attend the = gathering along with top staff of the IMF, the World Bank and the = African Development Bank. A preliminary ministerial meeting was being held Monday. Ministers and experts from across the continent have already prepared a = document containing proposals for alleviating poverty. Camdessus estimated that Africa should be able to reach sustained annual = growth rates of six to seven percent, rather than the current four to = five percent, with an objective of eliminating 50 percent of extreme = poverty by 2015. The IMF director general is confidently promoting a new facility for = poverty reduction and growth, through which the Fund is to abandon its = "all macro-economic" approach. "The fundamental aspect of these programmes is recognition of the = circular relationships among the effort to reduce inflation, (to = establish) good macro-economic balance, and the reduction of poverty and = inequalities," he said. "We have found that the more you obtain reductions in poverty and = inequalities, the more you give validity to your monetary and = macro-economic programmes, which become stronger and further reduce = poverty and inequalities," he added. Asked how long the IMF had taken to draw this conclusion, Camdessus said = that such principles had only recently been recognised by economists. "Economic progress takes time," he said. "Our institutions are serious = institutions which don't wish to sell illusions." ------=_NextPart_000_0007_01BF6148.96405000 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Since announcing his resignation = (effective=20 mid-February), IMF Managing Director Michel Camdessus has been making = frequent=20 speeches about the necessity of combatting poverty and the role that the = IMF=20 sees itself playing in that pursuit with its new Poverty Reduction and = Growth=20 Facility, the new name for its notorious Enhanced Structural Adjustment = Facility=20 (ESAF).  The following article is one of many detailing Camdessus's = charm=20 offensive, but is particularly notable for the last few sentences, in = which=20 Camdessus is asked to explain why it took so long for the Fund to = recognize that=20 SAPs would win little support so long as they continue to oppress=20 people.
 

Camdessus urges developed nations to cut arms sales to Africa

LIBREVILLE, Jan 17 (AFP) - IMF Director General Michel Camedessus on = Monday=20 urged developed nations to slash their arms exports to Africa, saying = "the other=20 name for development is peace."

Speaking ahead of a two-day summit on poverty reduction in Africa, = Camdessus=20 said: "A third of African countries are at war and 90 percent of the = weapons=20 used are sold by G-8 nations," referring to the group of eight most=20 industrialised countries.

Camdessus told a press conference ahead of the summit, to be held = Tuesday and=20 Wednesday under the aegis of the International Monetary Fund, that the = IMF was=20 pressing African regimes to cut back their military spending.

"The other name for development is peace," he said, calling on rich = countries=20 to cut exports "not only of heavy weaponry but also of the light arms = which are=20 carried by children in the front line of the conflicts."

"When a country we support goes to war, we go into discussions with = it: Do=20 you want war or development? It's a pretty tough dialogue," he said.

Some 20 African heads of state and government are expected to attend = the=20 gathering along with top staff of the IMF, the World Bank and the = African=20 Development Bank.

A preliminary ministerial meeting was being held Monday.

Ministers and experts from across the continent have already prepared = a=20 document containing proposals for alleviating poverty.

Camdessus estimated that Africa should be able to reach sustained = annual=20 growth rates of six to seven percent, rather than the current four to = five=20 percent, with an objective of eliminating 50 percent of extreme poverty = by=20 2015.

The IMF director general is confidently promoting a new facility for = poverty=20 reduction and growth, through which the Fund is to abandon its "all=20 macro-economic" approach.

"The fundamental aspect of these programmes is recognition of the = circular=20 relationships among the effort to reduce inflation, (to establish) good=20 macro-economic balance, and the reduction of poverty and inequalities," = he=20 said.

"We have found that the more you obtain reductions in poverty and=20 inequalities, the more you give validity to your monetary and = macro-economic=20 programmes, which become stronger and further reduce poverty and = inequalities,"=20 he added.

Asked how long the IMF had taken to draw this conclusion, Camdessus = said that=20 such principles had only recently been recognised by economists.

"Economic progress takes time," he said. "Our institutions are = serious=20 institutions which don't wish to sell = illusions."

------=_NextPart_000_0007_01BF6148.96405000-- From owner-stop-imf@venice.essential.org Mon Jan 24 16:25:02 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from thehub.knight-hub.com (thehub.knight-hub.com [205.177.16.3]) by venice.essential.org (Postfix) with ESMTP id 3D88B21B02 for ; Mon, 24 Jan 2000 16:25:02 -0500 (EST) Received: from soren ([209.8.160.158]) by thehub.knight-hub.com (8.9.3/8.9.3) with SMTP id QAA23175; Mon, 24 Jan 2000 16:23:53 -0500 From: soren@igc.org Sender: "Soren Ambrose" To: Cc: Date: Mon, 24 Jan 2000 16:21:33 -0500 Message-ID: MIME-Version: 1.0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 8bit X-Priority: 3 (Normal) X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook 8.5, Build 4.71.2173.0 X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2314.1300 Importance: Normal Subject: [stop-imf] G7 discusses reforms at IMF and World Bank Monday January 24 2000 Financial Times G7 to review IMF, World Bank roles By Stephen Fidler and Gillian Tett in Tokyo Group of Seven governments agreed at the weekend to a comprehensive review of financing procedures used by the International Monetary Fund and to examine the roles of the World Bank and the regional development banks. The decision represents agreement to consider at least some of the reform proposals for the IMF being urged by the US Treasury. Larry Summers, US treasury secretary, has called for the IMF to focus more narrowly on providing emergency support for countries in crisis and to reduce significantly its long-term financing role in developing economies. The agreement to look at the role of the multilateral development banks "in the context of changing global conditions" suggests the reform agenda is wider than previously indicated. However, despite US calls for a strong figure to lead the reform effort at the IMF after the retirement next month of Michel Camdessus as managing director, little headway was made on the issue. The matter was raised in bilateral meetings on the sidelines of the G7 meeting. The lack of progress means Mr Camdessus will almost certainly retire without a successor having been found. This will leave the institution under the charge, at least for a time, of Stanley Fischer, his deputy. There was no indication, however, that the G7 was yet ready to look outside Europe - in whose gift the choice of IMF head traditionally resides - for a candidate. While Mr Fischer has been seen as a strong deputy and there have been suggestions that he could take over until the end of Mr Camdessus's term in 2002, there were questions about whether he would carry the political weight needed to head the organisation. France insisted over the weekend that it had not attempted to put forward its own, formal candidate. "We do not have an official French candidate," Christian Sautter, French finance minister, said, adding that he was sure that a "European candidate of high level of confidence" would be found. However, some German officials indicated that they had not yet won firm backing from the French for Europe's only overt candidate: Caio Koch-Weser, deputy finance minister. "It would be an advance if we knew exactly what the French position was," said Hans Eichel, German finance minister. Mr Summers said the IMF review would look at the pricing of its loans, the question of long-term funding and the repeated use of financing by countries. He said the Fund board took the first step on Friday by abolishing little used procedures for financing commodity buffer stocks. The international moves come amid expectations of more criticism from the US Congress of the institutions. A committee, mandated by Congress and chaired by the economist Allan Meltzer, is expected to report critically on their role in the next few months. A Japanese idea to revive its proposal for an Asian monetary fund - under a different title - also received little backing. Mr Summers said the issue was not discussed at the G7 meeting, and the US continued to have reservations. Monday January 24 2000 Financial Times Little progress by the G7 (editorial) Larry Summers, the US Treasury secretary, has argued that structural reform is needed to promote economic growth in Europe and Japan. He has also stated that the vacancy at the top of the International Monetary Fund provides an opportunity to refocus the institution. On both points, he is right. It is unclear, however, whether the weekend meeting of finance ministers and central bankers from the Group of Seven industrial nations in Tokyo took either much further. These were two important topics for discussion, but they were not the only ones. As expected, there were complex manoeuvrings over what to say, and not to say, about exchange rates. In the end, the hosts obtained what they wanted: a reference to the undesirable strength of the yen. The main challenge highlighted in the G7 statement is securing a more balanced pattern of world growth. It is particularly important, argues the communiqué, for countries to take advantage of investment opportunities created by information technology. Structural reform is required to improve investment opportunities and create jobs. But while serving as an example of remarkable economic performance, the US economy also poses some of the largest risks to stability in the international economy. The current account deficit, forecast by the OECD to exceed 4 per cent of gross domestic product this year, in part reflects the weaknesses of economies elsewhere. But it also reflects the danger of overheating in the US economy. Domestic demand, buoyed by a highly valued stock market, continues to outstrip the growth of domestic supply. The current account provides a helpful safety valve. But non-inflationary finance of the deficit relies on a continuation of the remarkably strong foreign demand for US assets. The G7 statement also notes the need for the functions of the IMF to reflect the changes in the global financial landscape. It refers specifically to "a greater focus in promoting the flow of information to markets and reducing liquidity and balance sheets risks". That is fine, as far as it goes. But it should go further. Mr Summers has argued rightly that the IMF should concentrate on short-term funds to help countries recover rapidly from financial disruptions. Logically, this would leave the chief responsibility for long-term lending to the World Bank, though the IMF would need to play a strong supporting role. But this raises a host of difficult questions about the relationship between the IMF and the Bank - questions that the new managing-director will have to address. Replacing Michel Camdessus was not a part of the formal agenda. But until a credible new head is found, the needed IMF reforms will remain in limbo. ========================================================================= **In accordance with Title 17 U.S.C. section 107,this material is distributed without profit or payment to those who have expressed a prior interest. This information is for non-profit research and education purpuses only.** ========================================================================= From owner-stop-imf@venice.essential.org Tue Jan 25 17:06:00 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from thehub.knight-hub.com (thehub.knight-hub.com [205.177.16.3]) by venice.essential.org (Postfix) with ESMTP id 817A621AFF for ; Tue, 25 Jan 2000 17:05:59 -0500 (EST) Received: from soren ([209.8.160.158]) by thehub.knight-hub.com (8.9.3/8.9.3) with SMTP id RAA16260; Tue, 25 Jan 2000 17:04:45 -0500 From: soren@igc.org Sender: "Soren Ambrose" To: , Date: Tue, 25 Jan 2000 17:02:19 -0500 Message-ID: MIME-Version: 1.0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 8bit X-Priority: 3 (Normal) X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook 8.5, Build 4.71.2173.0 Importance: Normal X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2314.1300 Subject: [stop-imf] DC folks: event on structural adjustment/IMF/Nicaragua Mark your Calendars Nicaragua is at another turning point in her history. President, Aleman and the leader of the Sandinista opposition party, Ortega, have come together and created a pact that will substantially alter Nicaragua’s constitution. Nicaragua has reached the decision point for HIPC and desires relief of her $6.1 billion debt, the highest per capita debt in this hemisphere. After Hurricane Mitch, Nicaragua received millions of dollars of foreign aid, but charges of corrupt usage have been made. Trade continues to be of primary concern as Nicaragua imports $1.5 billion and exports $600 million. A group of 14 congressional staff and Quest for Peace activists just completed a travel seminar studying debt, trade and aid in Nicaragua. Come hear Quest for Peace and a panel of Congressional Staff share their experiences in Nicaragua. Monday, January 31, 2000 12:30-1:30 Methodist Building 110 Maryland Ave. NE Light refreshments will be provided. Any questions? 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AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA== --------------B448576814F75A7C149A33CB-- From owner-stop-imf@venice.essential.org Thu Jan 27 03:39:01 2000 Return-Path: Delivered-To: stop-imf@venice.essential.org Received: from gromit.ombwatch.org (www.ombwatch.org [198.3.148.25]) by venice.essential.org (Postfix) with ESMTP id 7C94021AFF for ; Thu, 27 Jan 2000 03:39:00 -0500 (EST) Received: from doc [198.3.148.32] by gromit.ombwatch.org (SMTPD32-6.00) id A3BBAEF02F6; Thu, 27 Jan 2000 03:37:15 -0500 Message-ID: <001901bf68a6$e8aa54c0$209403c6@rtk.net> Reply-To: "Robert Naiman" From: "Robert Naiman" To: , References: Date: Thu, 27 Jan 2000 04:14:21 -0500 MIME-Version: 1.0 Content-Type: multipart/mixed; boundary="----=_NextPart_000_0016_01BF687C.FD580220" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 5.00.2615.200 X-MimeOLE: Produced By Microsoft MimeOLE V5.00.2615.200 Subject: [stop-imf] Sign-on in support of taxing speculation This is a multi-part message in MIME format. ------=_NextPart_000_0016_01BF687C.FD580220 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Dear colleagues: The Center for Economic and Policy Research, a not-for-profit research and educational institution in Washington, DC, along with the Halifax Initiative in Vancouver, Canada, is conducting a program of research and education on the benefits of a small tax on financial transactions to discourage speculation, increase the efficiency of financial markets and the tax system, raise revenues, and shift the burden of taxation away from the bottom of the income distribution. As part of this program, we are circulating 3 documents: 1. A (draft) sign-on statement in support of a transactions tax, reproduced below. 2. A survey of organizations working in support of a transactions tax, attached to this message. 3. A paper by CEPR co-director Dean Baker, which we would welcome your comments on, attached to this message. These documents are also available on the CEPR web site at http://www.cepr.net For the sign-on statement, please send us your comments on this draft and let us know if you would like to sign. Please send your comments by Tuesday, February 22, as we would like to finalize the statement then. The survey is intended to help us produce a document that would serve as a guide to international activity in support of a transactions tax as a tool for organizations working on these issues. Concerning the paper, we would like to know if you find it useful. While some of the details of the paper are specific to the context of the United States, the argument is more general. We would be pleased to work with organizations in different countries to adapt the arguments to different national contexts. In addition, should you decide to translate any of these materials to other languages, please let us know, as this would be quite useful. Please send signatures, surveys, comments and queries to: signon@preamble.org, by email, or to Robert Naiman, Senior Researcher Center for Economic and Policy Research 1737 21st NW Washington, DC 20009 202-265-3647 (fax) Thank you for your assistance. SIGN ON STATEMENT IN SUPPORT OF A TAX ON FINANCIAL and Currency TRANSACTIONS The undersigned organizations subscribe to the following: That financial speculation constitutes a form of gambling. As such, public policy should treat it no differently than other forms of gambling. This means that financial speculation should be subject to the same sort of taxes as other forms of gambling, since government tax policy should not favor one form of gambling over another. That financial speculation can be more harmful than other forms of gambling, since it can destabilize financial markets, sometimes with socially devastating consequences. That the economic purpose of financial and currency markets is to allocate savings for investment and to facilitate international trade. Reducing speculation in financial assets and currencies makes these markets more efficient in fulfilling their economic functions. That speculation is unproductive activity and that therefore taxing speculation is more efficient than taxing productive activity. That financial speculation is predominantly conducted by people with higher incomes. Therefore taxing speculation will reduce the burden of taxation on lower income people. That in light of these arguments, governments should consider implementing small taxes on financial and currency transactions, along with other efficient regulations on capital flows, and international financial institutions should support these measures where they are implemented. ------=_NextPart_000_0016_01BF687C.FD580220 Content-Type: application/msword; name="Speculation Tax Survey.doc" Content-Transfer-Encoding: base64 Content-Disposition: attachment; filename="Speculation Tax Survey.doc" 0M8R4KGxGuEAAAAAAAAAAAAAAAAAAAAAPgADAP7/CQAGAAAAAAAAAAAAAAABAAAACwAAAAAAAAAA EAAADAAAAAEAAAD+////AAAAAAoAAAD///////////////////////////////////////////// //////////////////////////////////////////////////////////////////////////// //////////////////////////////////////////////////////////////////////////// //////////////////////////////////////////////////////////////////////////// //////////////////////////////////////////////////////////////////////////// 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