G20: One rule for rich, another for poor
CAFOD response to the G20 communique from the London Summit, April 2, 2009
There is one rule for the rich and one for the poor. With this G20 package rich countries are able to use the money to stimulate their economy in the way in which they see fit.
This is still not the case for poor countries. Their money is still linked to good governance as stipulated by the World Bank and IMF.
If market fundamentalism is dead why aren’t the G20 dancing on its grave. Where is their commitment to breaking with the old ties in order to build a better system that puts the poorest first?
Regulation of the shadow banking system is welcomed. But looking at it through the lens of a poor country it is unclear as to whether the proposals will really empower them to halt the financial flows out of their countries.
What is clear is that this regulation still doesn’t open the books of companies to poor countries to find out the payments and taxes that these companies are contributing to their country governments.
Democratic discussion on the future of the international architecture has been dealt another blow. There is no mention of the forthcoming UN Conference in May, on the global and financial economic crisis and its impact on development.
Media: For interviews with CAFOD’s Head of Policy Joanne Green or CAFOD’s Head of Advocacy Neil Thorns – please contact Pascale Palmer on: 07785 950 585 or email: ppalmer@cafod.org.uk or Nana Anto-Awuakye on: 07799 477 541 or email: nanto-awuakye@yahoo.com
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