Ireland's experience should inform Government policy on reform of IMF, World Bank, says DDCI

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Released by: Debt and Development Coalition Ireland
30th May, immediate release

Ireland's experience should inform Government policy on reform of IMF, World Bank, says DDCI

Time for IFIs to put social wellbeing rather than financial interests at heart of policymaking

Speaking at today's launch of Debt and Development Coalition Ireland's 2013 World Bank - IMF Watch report, the organisation's Coordinator Nessa Ní Chasaide said that Ireland has a responsibility to ensure that International Financial Institutions (IFIs) put the wellbeing of people, rather than the interests of big finance, at the heart of policymaking.
DDCI is calling on the Irish Government to publish and monitor its own policy objectives as a member of the IFIs; to advocate for debt audits and debt cancellation; to legislate for curbs on vulture funds; to press for suspension of the World Bank's Doing Business Rankings until problems of labour and tax policy analysis have been addressed; to press for suspension of World Bank International Finance Corporation investment in damaging projects; and to advocate for the IMF to promote fair and progressive taxation policies in place of regressive 'quick-win' policies such as VAT increases.

"During the past few years, Ireland has experienced how international financial institutions' insistence on a particular policy prescription can wreak economic and social havoc, benefitting the interests of big finance over the interests of the public."

"Ireland has also experienced the consequences of unsustainable debt - private and public. In this regard, DDCI is calling on the Irish Government, as a member of the IMF and World Bank, to put the debt cancellation needs of Southern countries back on the international political agenda", Ms Ní Chasaide said.

"Over the past three years, Ireland has contributed €50 million annually to the World Bank and IMF. While we welcome the Government's attempt to ensure that these funds are targeted at the world's most impoverished people, Ireland cannot stay silent on the issues highlighted in this report", Ms Ni Chasaide said.

ENDS

For further information or to arrange an interview contact Nessa Ní Chasaide, 087 7507001 / 01 6174835

Notes for Editors:
- Debt and Development Coalition Ireland seeks to empower people in Ireland to take informed action for greater financial justice in Ireland and in the Global South: http://www.debtireland.org
- The organisation's 2013 World Bank - IMF Watch report is available for download at http://www.debtireland.org and here
- A summary is available here