World Bank/IMF Fail to Agree on Plan to Cancel Debt or Increase Aid to Poorest Nations

Interview with Virginia Setshedi, of the South African Anti-Privatization Forum, conducted by Scott Harris

Five years ago, tens of thousands of demonstrators staged militant protests in Washington, D.C. to oppose the policies of the World Bank and International Monetary Fund toward impoverished nations, while demanding the cancellation of crippling debt. Although the giant financial institutions have adopted some of the rhetoric of global social justice activists in the intervening years, they have not altered their neo-liberal economic model of privatization and free trade. While fewer in number, protesters in Washington again this year expressed anger and dissatisfaction with the Bank's policies -- sentiments shared by millions in the developing world.

During their spring meeting in Washington, delegates to the World Bank and IMF failed to reach agreement on canceling the debt of poor countries and increasing aid directed toward their people. Among those inside and outside the World Bank, there is growing concern that the goal established five years ago to reduce global poverty by 2015, could be undermined by right-wing ideologue and Iraq war architect Paul Wolfowitz, named by President Bush to become the Bank's next president.

Between The Lines' Scott Harris spoke with Virginia Setshedi of the Anti-Privatization Forum, based in Johannesburg, South Africa, a group that assists poor residents in Soweto to restore water and electricity service shut off by private utilities. Setshedi, who was in Washington to speak out during the meetings, explains why she is critical of World Bank/IMF development policies and her concern about the bank's future under the direction of its new president Paul Wolfowitz.

Contact the 50 Years is Enough Network at (202) IMF-BANK or visit their website at www.50years.org Visit the Anti-Privatization Forums' website at www.apf.org.za.

Related links:

* www.globalizethis.org

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