posted on Dec, 2 2004 @ 10:31 AM
The International Monetary Fund (IMF) and World Bank (WB) both stand accused of policies that force poor and developing nations to forgo much needed
health care. In much of the world the IMF and WB control money that third world and developing countries need for economic growth. Now the focus is
on life threatening AIDS and HIV treatment which borrowing countries claim is being short-changed by IMF and WB policies. Claims of policies that are
even more harmful to women and girls were also thrown at the two international money groups.
Watchdog development groups accused the World Bank and the International Monetary Fund (IMF) Wednesday of doing too little to help the global battle
against HIV/AIDS, but the two institutions responded that they are at the forefront of the struggle.
-further in story-
They blame the institutions' budget austerity measures, which borrowing nations must accept before obtaining much needed loans, for forcing
governments to cut health spending.
Participants at the noon rally in downtown Washington also called for cancelling in full the debts of all impoverished nations, arguing that debt
servicing also hinders those countries' abilities to spend on the HIV/AIDS crisis.
-later in the story-
"While Africa faces the worst health crisis in human history, the World Bank and IMF continue to insist that African countries prioritise repayments
of illegitimate debts over spending on HIV/AIDS programmes."
Please visit the link provided for the complete story.
Most people do not realize the stranglehold the IMF and WB can exert over a nation. Both organizations were ostensibly created to provide funds and
guarantees for developing nations. Throughout the history of the two monetary groups charges of economic colonialism have been laid against them.
After public outcry the World Bank admits it may have to increase efforts for AIDS/HIV care while at the same time touting its contributions.
Further, both organizations deny they impose anything (control) on a country. After decades of turmoil raised against both IMF and World Bank such
claims must ring hollow.
Sometimes these borrowing nations are industrial countries such as Argentina that blamed the IMF and WB for its economic collapse a few years back.
Argentina is still wrangling with the IMF as is Bulgaria, Pakistan, Zimbabwe and a host of other countries. This while the World Bank provides funds
with heavy strings to the Palestinian Authority, Israel, Tanzania and its host of recipient countries.
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[edit on 2-12-2004 by JoeDoaks]