Why am I not surprised?
IMF motives have never been correct regarding Africans.
What are going to do to save our children and their children from these
burdens of IMF?
Everyone reading this message, have an enjoyable but productive new week!
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IMF Fails Liberia
=================
Take Action
Take Action! Visit this page:
http://capwiz.com/africaaction/issues/alert/?alertid=10461051&queueid=1498810451
Dear Friend,The brutal regime of Samuel Doe ran up much of Liberia's
illegitimate debt, with no benefit to the people of Liberia. Today,
Liberia has a $4.5 billion debt to the International Monetary Fund
(IMF), World Bank and other creditors. During the years of civil war,
Liberia failed to make its scheduled payments, resulting in huge
arrears, which the IMF insists must be cleared before Liberia can enter
the debt cancellation process. Despite the fact that Liberia has met
all of the onerous requirements by the IMF, the International Financial
Institutions (IFIs) failed to take the action needed to clear the
arrears and cancel Liberia's debt this weekend at the Annual Meetings.
Please take action today by writing to the Executive Directors of the
IMF, challenging them to be accountable for irresponsible lending and
take the action necessary to achieve complete debt cancellation for
Liberia.
More than three quarters of the population of Liberia lives on less
than $1 per day, the unemployment rate hovers around 85%, life
expectancy is less than 50 years, two thirds of the population is
illiterate, and at least 8% is infected with HIV/AIDS. According to the
UN's human development index, Liberia ranks among the most impoverished
countries in the world.
A rapid resolution of Liberia's debt problem is crucial for several
reasons. First, debt cancellation is essential so that desperately
needed development assistance and external finance can be mobilized to
rebuild the country's infrastructure and meet the basic needs of its
population. Second, Liberia is in a delicate transition from 14 years
of war to a new democracy. Resolving the debt issue would provide a
tangible sign of progress to the Liberian people, bolstering the
democratically elected government. Third, the sooner the debt issue is
resolved, the sooner the government's senior officials can devote their
full attention to other key issues of poverty reduction, financial
management, and good governance. For a spotlight on the illegitimate
nature of Liberia's debt click here.
Shareholders at the IMF have been working for more than 18 months to
devise a plan to clear the $800 million in arrears the country owes to
the IMF. A complex formula to mobilize the needed resources has been
developed, but a funding gap of $60-90 million remains. IMF
shareholders are currently debating who should cover the remaining
costs. Some argue the G-8 should chip in more; others argue that the
IMF should use its substantial internal resources to make up the
difference; while others argue middle-income countries should do more
to contribute their fair share. Meanwhile, the impoverished majority in
Liberia pays the price for the IMF's inaction.
The IMF is playing a blame game rather than investing the time and
energy necessary to come up with the remaining cash. The reality is
that IMF management, the Bush administration, and other leading
shareholders including middle-income countries, all share
responsibility for this failure. If this administration is serious
about supporting Liberian President Ellen Johnson-Sirleaf, President
Bush, Secretary Paulson and the U.S. Executive Directors at the IMF and
World Bank need to get on the phone with key shareholders and make a
deal or come up with the extra money themselves now. Every delay
amplifies this injustice; now is the time for accountability on the
part of the creditors. Please take action today!
In the Struggle for Freedom from Debt,
The Staff @ Africa Action
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