Press Release: DDCI says Irish budget debate must take account of international debt and tax Injustice

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Immediate Release

Issued by: Debt and Development Coalition Ireland

New global report on World Bank and IMF shows Ireland siding with creditor countries

DDCI says Irish budget debate must take account of international debt and tax Injustice

As Ireland debates its own budget options, campaign group Debt and Development Coalition Ireland (DDCI), will launch two major reports highlighting the acute financial crises facing developing countries. 'World Bank - IMF Watch Ireland 2014’ and ‘Financial Vulnerabilities in Malawi’ will be launched this morning (Thursday 25th September) from 9.30 to 11.40am in Buswell’s Hotel, Dublin. They highlight the intense poverty caused in developing countries by unsustainable debt payments, and the massive losses in tax revenue, due to global tax dodging.

DDCI Coordinator Nessa Ní Chasaide said, "As we face into our own budget decisions, people living in developing countries are experiencing levels of debt distress similar to that of Ireland. Yet Ireland is failing to act for global debt justice. Our report, published today, demonstrates that Ireland is now siding with creditor countries at the United Nations, and has, in recent days, voted against establishing fair global solutions to sovereign debt crises."

Morína O’ Neill, policy analyst with DDCI and author of ‘World Bank IMF Watch Ireland 2014’, commented,“Our analysis highlights that Ireland is not using its membership of the World Bank and IMF to fight for the rights of developing countries The IMF is attaching increasing levels of damaging policy conditions to its loans. The World Bank is investing in high-risk, private sector led projects, such as that in the Lower Aguan Valley in Honduras, Central America, which has escalated into alarming levels of violent conflict and human rights abuses, resulting in the deaths of people in the affected communities [1].“

Dr Sheila Killian, of University of Limerick, and author of the second report published jointly with Trócaire today, ‘Financial Vulnerabilities in Malawi,’ commented,
“The shocking case of Malawi highlights the devastating impact of the indifference of wealthier countries and their unwillingness to act together on tax rules which are unfair in a global context. If countries like Malawi are to emerge from debt, they urgently need the capacity to collect tax revenue from business as well as individuals to sustain their societies. Wealthier countries, including Ireland, must not only consider their own interests in this debate, but also the skewed impact of our global tax system on the poorest countries in the world."

The reports will be launched at a policy forum, jointly held jointly with Trócaire, on: Thursday 25th Sept, 9.30am - 11.40am in Buswell's Hotel, 23-27 Molesworth Street, Dublin 2

For interviews contact:Nessa Ní Chasaide, Debt and Development Coalition Ireland, 01 6174835, 087 7507001

Further Information:

[1] DDCI’s World Bank-IMF Watch Ireland 2014 Report will highlight the case of a World Bank Group loan to Dinant Corporation in the lower Aguan Valley in Honduras for Palm Oil extraction. The loan has contributed to highly questionable purchases by Dinant Corporation of land from peasants in the region, resulting in a violent conflict during which 129 people have died or disappeared on both sides.

- Thursday’s policy forum will feature the launch of 2 reports:

World Bank/IMF Watch Ireland 2014: which tracks policy and practice at the World Bank and IMF in developing countries over the last year and the engagement of the Irish Government with both institutions. The report is authored by Morína O' Neill, of Debt and Development Coalition Ireland.

Financial Vulnerabilities in Malawi: which explores the root causes and consequences of financial vulnerabilities in Malawi, with special attention to debt and tax policies, and possible solutions. The report is authored by Dr. Sheila Killian, Assistant Dean of Research, of Kemmy Business School, University of Limerick.