Opposing practices of global financial institutions

A study released April 20, 2002 by London-based World Development Movement (WDM) indicates that civil resistance and protests against IMF and World Bank policies increased globally in 2001. According to the report, "millions of desperately poor people around the world have been brave enough to protest against IMF policies: doctors, farmers, priests, teachers, trade unionists and indigenous people, from Angola and Argentina to Zimbabwe and Zambia" are saying enough to the IMF-imposed free market, one-size-fits-all blueprint of economic development. "By undermining democracy and rolling back the state, developing country governments may be left powerless to act in the interest of their citizens," says the report. Poor governments are forced to implement loan conditionalities because they are unlikely to be able to borrow money from private institutions unless the IMF and the Bank has given them the "Seal of Good Housekeeping." IMF and World Bank loan conditions call for a reduction of government expenditures in health, education and social welfare services, the privatization of industries, currency devaluation and export promotion, higher interest rates to tackle inflation, and the removal of price controls. But civil disobedience has not come without a heavy price. In 23 developing countries, a total of 76 people died and thousands have been injured and arrested in the protests. Of the 77 episodes of peaceful protests, 18 ended with the deployment of riot police or the army. As the IMF and the World Bank insists on its ideologically driven policies and prescriptions, the peoples' movement challenging it continues to grow worldwide.