IMF Report: In 2020, World Debt Increased to $ 226 Trillion

The Progressive International called for the creation of a financial plan to replace the IMF

Facade of the International Monetary Fund (IMF) that received harsh criticism from the Progressive International (File Photo)

The Progressive International (IP), organization that brings together economists, lawyers, sociologists and politicians from all over the worlddemanded on Friday the creation of a new financial order that replaces the operation of the International Monetary Fund (IMF).

“It is no longer enough to resist, to say no, to lash out at the IMF. It’s time we had a global plana progressive plan that replaces, if we ever come close to power in our countries, on our continents, in the world, the system that has turned the IMF into the bailiff of the oligarchy around the world,” said Yanis Varoufakis, a former Greek finance minister.

Varoufakis He did so as a member of the team of 12 economists, lawyers and specialists from four continents who they will investigate the actions of the IMF around the worldthrough a videoconference that brought together the IP.

The IMF has become “the bailiff of the oligarchies around the world,” he said and made a public call to design “a global plan” to replace the current “toxic” system headed by the IMF for one that contributes “to improving the financial stability of the countries” and helps to support “the development policies” of the nations, said the former Greek minister.

In her turn, the former deputy of the Frente de Todos, Fernanda Vallejos, warned about the risks that Argentina will not be able to pay the agreed commitments in 2026 in a new agreement with the Fund to face the “illegal” credit for US$ 44,500 received by the former president, Mauricio Macri in 2018, “with which the capital flight was financed”.

In this sense, Vallejos warned with concern that “it is expected that when the new loan has to be repaid in 2026, the necessary foreign currency will not be available because the debt is simply unpayable”.

In the virtual presentation coordinated from Washington DC also exposed Andrés Arauz, former candidate for President of Ecuador, Karina Patricio (Brazil), researcher at the British University of Leeds, England, Jayati Ghosh (India), Professor of Economics at Jawaharlal Nehru University in New Delhi, Francisco Verbic (Argentina) , researcher and founder of the FV&A / Law Firm, Akmal Hussain (Pakistan), economist and dean of the Faculty of Humanities and Social Sciences of the University of Information Technology in Lahore, Luci Cavallero (Argentina), Martín Ogindo, of the Coalition for Kenyan Reforms and Democracy.

The experts agreed on their criticism of the IMF and outlined the general guidelines of an action plan to denounce in international and local legal forums the act illegallyly in violation of all norms of public international law Y from the human rights to which the Monetary Fund systematically resorts in consonance with local governments.

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