Jubilee Debt Campaign Tells World Bank, IMF to Cut Strings on Debt Relief

The Jubilee Debt Campaign has called for the World Bank and IMF to "cut the strings" on aid and debt relief at their annual meeting in Singapore.

The call follows the release of new research which found that conditions imposed on poor countries by World Bank and IMF are damaging democracy and prolonging poverty

The report shows that, despite promises by the G8 in 2005 to allow countries to determine their own development policies, conditions are still being attached to aid and debt relief by the World Bank and IMF, institutions effectively controlled by the G8.

It finds that Burundi and the Democratic Republic of the Congo are just the latest in a long line of countries to face conditions such as forced privatisations and trade liberalisation in order to qualify for debt relief.

Trisha Rogers, Director of Jubilee Debt Campaign said, "The conditions imposed by the IMF and World Bank are devastating lives and damaging democracy. They must stop."

|QUOTE|Caroline Pearce, Senior Policy and Campaigns Officer said, "While governments must spend money well, it is up to local people, not unelected, Washington-based bureaucrats, to make sure this happens."

The call to "cut the strings" comes as campaigners challenge current World Bank proposals to fight corruption, warning that the institution must not use efforts to tackle corruption as an excuse to bring in more harmful conditions.

Stephen Rand, Co-Chair of Jubilee Debt Campaign concluded, "There is a risk that World Bank efforts to fight corruption become a Trojan horse, pushing controversial economic reforms such as privatisation through the back door."