Spread the word: urge your Congresscritters to support HR 5085, "IMF Reform Act of 2000." ----- Original Message ----- From: "Soren" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Tuesday, August 01, 2000 6:41 PM Subject: (50 Years) Support U.S. legislation for major IMF restrictions > Rep. Bernie Sanders (I-Vermont) last Thursday introduced in the U.S. House > of Representatives the "IMF Reform Act of 2000" (HR 5085). This bill is a > substantial effort to get the IMF out of the countries where it has been > doing inestimable harm for two decades. We urge all economic justice > activists in the U.S. to support this bill by contacting their > Representatives and urging their support. At this time the bill has three > cosponsors: Tom Campbell (R-California), Dennis Kucinich (D-Ohio), and Peter > DeFazio (D-Oregon). > > Congress does not of course have direct power over the IMF. Provisions 1-6 > listed below are thus what the President would be required to advocate at > the IMF and other international fora. The U.S., of course, carries great > weight in these places. But please see points 7-10 for what the bill has > the power to accomplish immediately -- including, most importantly, the > withholding of funds for the IMF and World Bank until the reforms demanded > are enacted. > > 1) President to advocate cancellation of all debt owed by IMF by > impoverished countries. This cancellation is to be a write-off -- that is, > if the IMF wants to balance its books on these debts, it will have to take > funds from its own accounts. The bill specifically suggests that the $6 > billion in the Poverty Reduction & Growth Facility (the new name of the > Enhanced Structural Adjustment Facility) is a good place to look for such > money. The Comptroller General is directed to prepare a report on what IMF > resources are available for this task. > > 2) Countries eligible for cancellation cannot be required to wait any longer > than 4 months from the time of their application; this limits the IMF's > opportunity to find ways to put conditions on them. Additionally, the bill > states that "the provision of debt cancellation to poor countries shall not > be condition on any country adopting or implementing any structural > adjustment program" (the last term is specifically defined to prevent the > IMF from trying to duck this). > > 3) Countries benefiting from cancellation are urged to abide by the UN's > 20/20 initiative -- i.e., devoting 20% of national budget, including savings > from debt cancellation, to provision of basic services. > > 4) Countries benefiting from debt cancellation by the IMF will be barred > from receiving new IMF loans or credits for three years. > > 5) The IMF would renounce its status as a "preferred creditor." > > 6) The U.S. would oppose linkage of World Bank loans to adherence to IMF > programs. > > > Measures that would take immediate effect (i.e., which are *not* contingent > on the President's advocacy of them in international fora): > > 7) The creation of an advisory commission to report on the debts owed to > the international financial institutions; debts resulting from projects > acknowledged to be failures; ecological damage caused by the institutions' > projects; and increases in "mortality and morbidity" linked to structural > adjustment. The commission would make recommendations on how to > definitively resolve the debt crisis and avert future crises. The President > is also instructed to call for a conference of IMF member governments to act > on those recommendations. > > 8) No funds can be made available to the IMF until it has canceled all debt > owed it by impoverished countries; until it has "taken actions to protect > eligible poor countries against harmful IMF policies"; and until the ESAF > and its successors (e.g. the PRGF) have been terminated and debt relief has > ceased to be conditioned on structural adjustment. This provision would not > apply to any funds appropriated strictly for debt relief. > > 9) U.S. agencies (such as USAID) are banned from requiring that countries > have agreements with the IMF or are adhering to such agreements in order to > get bilateral assistance or loans. Such agencies may also not require > specific economic policies (independent of the IMF) without explicit > approval from Congress. > > 10) No funds for the World Bank, including callable capital, until it > complies with provision #6. Again, funds strictly devoted to debt relief > are exempted. > > > > > =========================================================== > 50 Years Is Enough Network http://www.50years.org > To unsubscribe, email [EMAIL PROTECTED] with > unsubscribe > in the body of the message. Questions? email [EMAIL PROTECTED] <A HREF="http://www.ctrl.org/">www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. 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