Multilateral Debt:The Unbearable Burden
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Overview: Multilateral debt is that portion of a country’s external debt burden owed to international financial institutions (IFIs) such as the International Monetary Fund (IMF) and the World Bank. For most of the world’s impoverished countries, multilateral debt looms larger than other debts because of the status of IFIs as “preferred creditors” assigned them by the Group of 7 (G-7) industrialized countries. The IMF and the World Bank are “preferred creditors” who gain power over impoverished countries, as the amounts owed to them increase. The revised IMF/World Bank debt plan of 1999 is designed less to provide meaningful relief than to ensure that countries continue to implement neoliberal economic policies. Thus, an international body, with strict requirements of fair representation, with an orientation to sustainable and equitable development, and with authority over the IMF and the World Bank, should determine the legitimacy of debts and adjudicate their cancellation and reduction.
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Format: PDF | Size: 89KB | Date: Nov 2001 | Pages: 4
