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| Demand 9: END TRADE CONDITIONS IMPOSED BY THE IMF AND WORLD BANK The World Bank and IMF impose risky and unproven economic reforms on poor countries by attaching conditions to debt relief and aid, criticizes the S2B-network: |
| Countries are pressured to cut public spending, to open their markets to foreign trade and investment, to cut state subsidies and to privatise state-owned enterprises, including public services. Many poor countries also require an IMF seal of approval in order to receive aid from other countries, giving the IMF immense influence ‘behind the scenes’.
EU governments, who are major shareholders in the World Bank and IMF, say that they oppose the use of conditions and support ‘country-owned’ development strategies. However, the World Bank and IMF continue to exercise huge influence, shaping countries’ strategies through policy advice that is often biased in favour of free trade, and ‘signing-off’ the final document. Imposing trade conditions on countries in return for giving aid is unfair, undemocratic and ineffective. Poor countries should be in control of their own economic development. Demand 9 EU Governments should use their influence to stop the World Bank and IMF imposing trade conditions on poor countries. |
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