Global Call to Action Against Poverty (GCAP), alongside several civil society organizations, has signed a statement demanding an end to 80 years of IMF-World Bank financial dominance that has left the Global South in perpetual debt, exploitation and ecological harm. From October 15-27, 2024, groups around the world will mobilize under the banner of the “Global Days of Action” to call for urgent reforms to the global financial system, targeting debt cancellation, climate reparations and economic justice.

Read the statement: https://t.ly/6HrD9 

Download the statement in Arabic, English, Filipino, French, German, Spanish, Sinhala, Urdu

The statement criticizes the IMF and World Bank for maintaining policies that prioritize creditors’ profits, primarily in the Global North, while pushing unsustainable debt on developing countries. It highlights how these institutions, under the influence of G7 nations, have worsened inequality, suppressed democratic processes, and exacerbated environmental degradation, particularly in the Global South. GCAP and other signatories stand in solidarity with affected communities and advocate for reparations to those impacted by these exploitative systems.

Global South Paying the Price for a Crisis They Didn’t Create

The statement reveals that in 2024 alone, the Global South is expected to pay an unprecedented $487 billion in debt service, further deepening poverty and inequality. Much of this payment goes to private lenders in the Global North, while austerity measures linked to debt relief have led to cuts in essential services like healthcare, education, and social protection, hitting women and marginalized communities the hardest.

The organizations demand that the Global North cancel illegitimate and unsustainable debts and meet their financial obligations to the Global South, particularly in providing non-debt creating climate finance. They call for a UN-led mechanism to address and prevent future debt crises, free from the influence of the IMF and World Bank.

Campaigning for Climate Justice and Reparations

The statement emphasizes the need for a reformed financial system that prioritizes human rights, environmental sustainability and social welfare. It holds the IMF, World Bank, and G7 governments accountable for perpetuating a global system of debt domination that has fueled the climate crisis and exacerbated global inequality. The mobilization demands reparations for the Global South, including debt cancellation and grant-based climate finance, to address the damage caused by decades of harmful financial policies.

As GCAP and its allies continue their push for debt, economic and climate justice, the Global Days of Action serve as a critical moment for global solidarity against systemic exploitation. Their message –It is time to dismantle the financial structures that perpetuate inequality and build a more just and sustainable world.

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