Pétitions - 5 April 2011

en - 3$ billion to spend!

The International Monetary Fund is meeting on Wednesday to discuss how to spend a $3 billion windfall from the financial crisis – following gold sales and increased lending. Join our call for the money to go on debt relief for impoverished countries affected by the crisis.

a cause of migration - poverty,

a cause of poverty - external debt

The financial crisis has been a blessing for the International Monetary Fund. By 2007 its years of forcing free market economic policy conditions on developing countries had meant many countries were reluctant to borrow from the IMF at all. The governments which run the international institution decided to sell 400 tonnes of IMF gold, and invest the proceeds to get new income.

The gold has just finished being sold, and with prices reaching record highs, the IMF has made nearly $3 billion more than it expected. At the same time, it is also set to make $500 million ‘profit’ from the massive increase in lending sanctioned at the G20 London summit in 2009. Despite cheerleading financial deregulation, the IMF has cashed in on the crisis it helped to create. Meanwhile, developing countries are still seeing debts increase.

Please click on the link to the Jubilee debt campaign to sign the petition at the bottom of the page