Washington, DC – The Annual International Monetary Fund (IMF) and World Bank Meetings are focusing on building an inclusive global economy and creating jobs. Ahead of the meetings, IMF Managing Director Christine LaGarde called for “bolder policies to inject a ‘new momentum'” into the global economy. LaGarde warned of high debt and unemployment and increased geopolitical risks associated with conflict and disease.
“The risks the IMF raises are real. We need to address inequality if we are going to grow the global economy,” said Eric LeCompte, Executive Director of the religious anti-poverty organization, Jubilee USA.
The IMF notes that sovereign indebtedness is a root cause of inequality and has released a series of papers over the past 18 months aimed at addressing the debt issue. In April of 2013, the IMF released an important paper advocating aspects of an international bankruptcy process to address global inequality. This past June, the IMF released a paper aimed at adding flexibility to the debt restructuring process in a paper on debt profiling. Debt sustainability was a major theme of this year’s Spring Meetings. On Monday, the IMF released a significant paper that addresses predatory hedge fund behavior and so-called hold-out investors.
“The IMF needs to be commended for reviewing a number of approaches to stop vulture funds,” noted LeCompte. “The IMF recognizes that if predatory and disruptive behavior persists, there need to be changes in US law to prevent the behavior.”
The United Nations voted in September to challenge predatory financial behavior by beginning a dialogue on a global bankruptcy process. The UN process seeks to make sovereign defaults less likely and prevent hold-outs from obstructing debt restructurings. The vote puts pressure on the IMF to address the issue and offer solutions. Jubilee USA and the Jeanne Sauvé Foundation are holding a panel during the IMF meetings on Thursday to address some of these issues. The event includes panelists from the IMF, Bank of England, Franklin Templeton, Columbia University and the United Nations.
Read a list of Jubilee USA’s IMF events.
Review the press advisory for the IMF debt panel event.
Read more about the IMF’s “Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring” paper to stop predatory hedge funds.
Read about the IMF’s World Economic Outlook Report.
Help us Prepare for Trump’s Day One
Trump is busy getting ready for Day One of his presidency – but so is Truthout.
Trump has made it no secret that he is planning a demolition-style attack on both specific communities and democracy as a whole, beginning on his first day in office. With over 25 executive orders and directives queued up for January 20, he’s promised to “launch the largest deportation program in American history,” roll back anti-discrimination protections for transgender students, and implement a “drill, drill, drill” approach to ramp up oil and gas extraction.
Organizations like Truthout are also being threatened by legislation like HR 9495, the “nonprofit killer bill” that would allow the Treasury Secretary to declare any nonprofit a “terrorist-supporting organization” and strip its tax-exempt status without due process. Progressive media like Truthout that has courageously focused on reporting on Israel’s genocide in Gaza are in the bill’s crosshairs.
As journalists, we have a responsibility to look at hard realities and communicate them to you. We hope that you, like us, can use this information to prepare for what’s to come.
And if you feel uncertain about what to do in the face of a second Trump administration, we invite you to be an indispensable part of Truthout’s preparations.
In addition to covering the widespread onslaught of draconian policy, we’re shoring up our resources for what might come next for progressive media: bad-faith lawsuits from far-right ghouls, legislation that seeks to strip us of our ability to receive tax-deductible donations, and further throttling of our reach on social media platforms owned by Trump’s sycophants.
We’re preparing right now for Trump’s Day One: building a brave coalition of movement media; reaching out to the activists, academics, and thinkers we trust to shine a light on the inner workings of authoritarianism; and planning to use journalism as a tool to equip movements to protect the people, lands, and principles most vulnerable to Trump’s destruction.
We urgently need your help to prepare. As you know, our December fundraiser is our most important of the year and will determine the scale of work we’ll be able to do in 2025. We’ve set two goals: to raise $86,000 in one-time donations and to add 1260 new monthly donors by midnight on December 31.
Today, we’re asking all of our readers to start a monthly donation or make a one-time donation – as a commitment to stand with us on day one of Trump’s presidency, and every day after that, as we produce journalism that combats authoritarianism, censorship, injustice, and misinformation. You’re an essential part of our future – please join the movement by making a tax-deductible donation today.
If you have the means to make a substantial gift, please dig deep during this critical time!
With gratitude and resolve,
Maya, Negin, Saima, and Ziggy