What Ireland can learn from the Global South

New Publication from Afri

PRESS RELEASE, 31 December 2010

A campaigning group is calling for the cancellation of Irish bank debt on the grounds that it is unjust and unsustainable, and for a renegotiation of the EU-IMF ‘bail out’. The call will be made at a press conference (taking place at 12 noon in the Central Hotel, Dublin, on Friday 31st January) to launch an Afri Report entitled ‘The IMF and Ireland: What We Can Learn from the Global South’.

Action from Ireland (Afri) claims the loans from the EU and the IMF will be used to repay the bondholders (mainly European financial institutions) who lent to those Irish banks that have now crashed and burned, and whose liabilities the Irish state has recklessly guaranteed. Afri chairperson Andy Storey said that “these debts were not incurred to run Irish public services but by private speculators chasing a quick buck – why should ordinary Irish citizens now pick up that tab?”

He accused the Irish government of acting as debt collectors for foreign banks. Afri, he said, has extensive experience of the negative impact of the IMF, especially in Developing Countries, and, based on this experience, is well placed to warn of the danger of accepting diktats from such international institutions. Continue reading “What Ireland can learn from the Global South”

Campaigners Call for Immediate Debt Cancellation for Pakistan

PRESS RELEASE, 14 September 2010

Issued by Debt and Development Coalition Ireland

Debt cancellation campaigners today called for immediate and unconditional debt cancellation for Pakistan. Debt and Development Coalition Ireland highlighted that since being hit by disastrous floods, Pakistan still owes €42 billion to external lenders and pays out a third of its revenue each year in interest repayments on debt. This is despite the fact that over 20 million Pakistani people are suffering loss of livelihoods, homelessness and illnesses, pushing Pakistan to the brink of collapse. Continue reading “Campaigners Call for Immediate Debt Cancellation for Pakistan”

Haiti’s Debt Still Not Cancelled – Take Action Now!

Contrary to the recent media reports, Haiti’s debt still is not cancelled. While the G7 announced that they will cancel the debts due to them from Haiti, this represents a minimal amount of Haiti’s debt (not more than US$ 122 million). The bulk of Haiti’s debt – US$ 650 million – still remains to be cancelled by international financial institutions such as the Inter-American Development Bank, the IMF and the World Bank.

Ireland is implicated in this failure through our membership of the IMF and World Bank. The government of Canada represents Ireland’s views at the executive boards of these institutions. Yet despite Ireland’s support for debt cancellation for the poorest countries in the world such as Haiti, Canada has still not insisted that the institutions cancel Haiti’s debt.

We need to put pressure on both the Irish and Canadian governments to cancel Haiti’s debt immediately and unconditionally. This is an urgent action as concern about Haiti’s debt has now disappeared from public attention. Continue reading “Haiti’s Debt Still Not Cancelled – Take Action Now!”

Haiti’s debt burden – the real story

Published by the European Network on Debt and Development, 4 February 2010

Despite much talk and announcements of debt relief for Haiti in the aftermath of the dramatic earthquake that hit the country last month, Eurodad’s new analysis, ‘’Haiti’s debt burden- the real story’’ by Murat Kotan, reveals that the country is still expected to pay back as much as $1.2 billion to the International Financial Institutions. Even before the earthquake, Haiti – with more than three quarters of its population living on less than 2$ a day – was expected to use almost one tenth of its revenue to pay back debts to the International Financial Institutions. With declining revenue and increasing debts, Haiti’s debt repayments will most likely swell well above one tenth of its revenues. If new debt relief is not delivered soon, prospects for recovery in Haiti will be dire. Continue reading “Haiti’s debt burden – the real story”

Campaigners Call for Haiti’s Debt to be Cancelled

PRESS RELEASE, 21 January 2010

Issued by the Debt and Development Coalition Ireland and Christian Aid

Justice campaigners today criticised the International Monetary Fund (IMF) for offering a US$ 100 million loan to Haiti as emergency assistance.

Nessa Ní Chasaide of Debt and Development Coalition Ireland, said, “It is shocking that the International Monetary Fund (IMF) has offered financial assistance to Haiti in the form of a loan when Haiti has over US$ 800 million of debts in urgent need of cancellation. The Irish government should ensure that Haiti receives debt cancellation and grant based financial support – not loans – at this difficult time.” Continue reading “Campaigners Call for Haiti’s Debt to be Cancelled”