• Stephen Hurt, Senior Lecturer in International Relations at Oxford Brookes.
• Patrick Watt, Senior Policy Officer at ActionAid.
• Peter Hardstaff, Head of Policy at WDM.
Both the World Bank and IMF lend money to developing countries, often in times of crisis. However, they impose harmful conditions on those countries: among other things they frequently demand cuts in social spending – on health, education and water – and demand that these services are privatised, which compounds poverty.
Joseph Stiglitz, winner of the Nobel Prize for Economics and former Chief Economist at the World Bank, said "When a nation is down and out, the IMF takes advantage and squeezes the last pound of blood out of them. They turn up the heat until, finally, the whole cauldron blows up. It has condemned people to death. They don't care if people live or die. The policies undermine democracy...it's a little like the Middle Ages or the Opium Wars."
Oxford WDM Secretary Kevin Meaney said, "We want people in Oxford to have an opportunity to hear from three experts on these institutions, to consider the evidence and to discuss alternatives for change."
1. The World Development Movement was founded in 1970. We campaign to tackle the underlying causes of poverty and lobby decision makers to change the policies that keep people poor. We research and promote positive alternatives, working closely with grassroots organisations in the developing world to stand up to injustice.
2. For further information please see: http://www.wdm.org.uk/resources/briefings/debt/outoftime.pdf
Tel: 01993 705 133