Issues / Labor, Trade, & Finance

The international financial institutions (IFIs), particularly the International Monetary Fund (IMF) and the World Bank, but also including the regional development banks such as the Asian Development Bank and the Inter-American Development Bank, have come under unprecedented criticism in the United States.
For most of the world’s impoverished countries, multilateral debt looms larger than other debts because of the status of IFIs as “preferred creditors” assigned them by the Group of 7 (G-7) industrialized countries.
Not since anticommunism was used to excuse the arming and training of repressive governments during the cold war has there been such a broad, fail-safe rationale to provide military aid and arms to disreputable foreign militaries.
When Former Coalition Provisional Authority (CPA) administrator L. Paul Bremer III left Baghdad after the highly publicized “transfer of sovereignty” in June 2004, he left his imprint through 100 orders that he enacted as chief of the occupation authority in Iraq.
On February 4th and 5th, leaders of the G-7 nations convened in London to discuss options for ending the grievous cycle of debt that has plagued the world’s most impoverished nations for years.
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