[stop-imf] Camdessus on IMF's discovery of poverty
Soren Ambrose
soren@igc.org
Tue, 18 Jan 2000 00:11:37 -0500
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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."
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<DIV><FONT face=3DArial size=3D2>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.</FONT></DIV>
<DIV> </DIV>
<DIV><B><FONT size=3D2>
<P>Camdessus urges developed nations to cut arms sales to Africa</P></B>
<P>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."</P>
<P>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.</P>
<P>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.</P>
<P>"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."</P>
<P>"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.</P>
<P>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.</P>
<P>A preliminary ministerial meeting was being held Monday.</P>
<P>Ministers and experts from across the continent have already prepared =
a=20
document containing proposals for alleviating poverty.</P>
<P>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.</P>
<P>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.</P>
<P>"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.</P>
<P>"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.</P>
<P>Asked how long the IMF had taken to draw this conclusion, Camdessus =
said that=20
such principles had only recently been recognised by economists.</P>
<P>"Economic progress takes time," he said. "Our institutions are =
serious=20
institutions which don't wish to sell =
illusions."</P></FONT></DIV></BODY></HTML>
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