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More than five hundred of the world’s leading charities, social groups and academics have sent a letter to the International Monetary Fund warning that its support programs are condemning many countries to years of austerity.
In an encyclical, the most authoritative form of papal teaching, Francis lamented poor cooperation among countries and warned the forces of “myopic, extremist, resentful and aggressive nationalism are on the rise.”
Last week marked 15 years since the G8 Summit in Gleneagles, Scotland, when leaders of the world’s richest countries agreed debt cancellation for many of the world’s poorest heavily indebted countries.
Despite decades of protests against them, the IMF and World Bank continue to force the same discredited policies on poor governments and their people, writes Lara Merling.
