Global and Public Finance - News

Asian groups urge a “no” vote in Greek referendum [PR]

PRESS RELEASE

MANILA, 3 July 2015 – In solidarity with the Greek people and government, an Asian alliance of social movements and organizations stated their support for the call for a "no" vote in this Sunday's historic referendum.

"We and many other peoples of the global south share the struggle of the people of Greece against​ ​illegitimate debt,​ ​austerity​ ​measures and neo​-​liberal economic policies. We know only too well the devastating impacts of debt and anti-people policies imposed by the International Monetary Fund, other international financial institutions and lender governments," said Lidy Nacpil, coordinator of the Asian Peoples' Movement on Debt and Development,​ ​a part of​ ​the​ ​global anti-debt network
Jubilee South.

"Thus we​ ​support the call of the​ ​Syriza​ ​government​ ​for a 'no' vote,​ ​and​ ​the right​ ​of the people of Greece​ ​to chart their own future free from the troika's stranglehold," she added in a statement.

On Sunday, July 5, Greeks will take part in a national referendum on a technically-defunct bailout offer which would enforce stronger austerity measures in their debt-ridden country. Greece missed a $1.7 billion loan payment to the IMF last Tuesday, the first developed country to do so.

A "yes" victory will pave the way towards the negotiation of a new bailout, with tougher budget cuts and tax rises, and undermine the Syriza government. A "no" victory, on the other hand, would support the government's rejection of the imposition of the "troika" – the IMF, European Central Bank and European Commission.

APMDD is also a signatory of an international statement released today which blamed the "troika" for Greece's current situation.

"The world has experienced how debt burdens and neoliberal impositions have created havoc on economies, depleted natural resources, exacerbated inequalities, and impoverished peoples while siphoning off billions of dollars to global capitalist banks, giant corporations and imperialist governments," the organizations said in the joint statement expressing solidarity with the Greek people.

"Your struggle is our struggle. Your victory is our victory," they also stated.

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The Asian Peoples' Movement on Debt and Development (formerly Jubilee South–Asia Pacific Movement on Debt and Development) is a regional alliance of peoples' movements and organizations, coalitions, and nongovernmental organizations.

Contact Denise Fontanilla at This email address is being protected from spambots. You need JavaScript enabled to view it. for more information.

Asian movements push for global tax body [PR]

MANILA, June 29, 2015 -- Asian movements are joining the global call for governments to demand the establishment of a global tax body at the ongoing negotiations in the UN Financing for Development process, which will culminate in a conference in Ethiopia next month.

“Civil society groups in Asia are criticizing the United States and European Union for opposing a global tax body that would be more democratic than the OECD and G20, which rich countries dominate,” said Lidy Nacpil, coordinator of the Asian Peoples’ Movement on Debt and Development (APMDD).

“Setting up a tax body is a crucial first step towards a better global financial system which works to uplift the majority and not further enrich the wealthy. It can level the playing field against tax evaders and provide more funds for developing countries,” she added.

The outcome of the third Financing for Development conference, which will be held on July 13-16 in Addis Ababa, Ethiopia, will also impact the Sustainable Development Goals, which are also currently being negotiated.

“The adoption of post-2015 development goals will mean nothing if there is no financing to ensure its implementation,” she added.

APMDD is one of more than a thousand organizations which are part of the Global Alliance for Tax Justice (GATJ).

“Currently, the world’s poorest countries are excluded from decision making on global tax standards, and international systems often don’t take into account their realities and interests. This means lower tax income and thereby less available financing for development in these countries,” according to a list of ten reasons in favor of a tax body released by several GATJ members.

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The Asian Peoples’ Movement on Debt and Development (formerly Jubilee South–Asia Pacific Movement on Debt and Development) is a regional alliance of peoples' movements and organizations, coalitions, and nongovernmental organizations.

For more information, please contact Denise Fontanilla at This email address is being protected from spambots. You need JavaScript enabled to view it. .

Cancel Nepal’s debt – Nepali, Asian people’s groups [PR]

KATHMANDU, 24 June 2015 – Civil society alliances around the world reiterated the call for the cancelation of Nepal’s entire debt, ahead of tomorrow’s International Conference on Nepal's Reconstruction 2015.

“If governments, international financial institutions, international banks, and other lenders truly stand in solidarity with Nepal, they must immediately, totally, and unconditionally cancel the country’s debts,” said Lidy Nacpil, coordinator of the Asian Peoples Movement on Debt and Development. “The billions of dollars of debt claimed from Nepal would be much better put into use in the long and hard road to recovery.”

The call for total and unconditional debt cancellation for Nepal is supported by international, regional and national networks and organizations all around the world and led by LDC Watch and the Asian Peoples’ Movement on Debt and Development.

These organizations are alarmed by the World Bank’s statement on Tuesday that it has promised a loan of up to USD 500 million for Nepal’s recovery.

"Our current external debt of around USD 3 billion is already unsustainable," said Prerna Bomzan, LDC Watch advocacy coordinator in Nepal. "This year alone, a debt servicing amount of USD 373 million is due which could be redirected towards recovery and reconstruction. Nepal must demand for full cancellation of debt maintaining consistency with the LDC Group's call regionally and globally".

Nepal’s planning commission has released a report showing at least $6.6 billion is required for the country’s recovery.

“Loans for relief and recovery will only put Nepal deeper into debt," said Dr. Sarba Khadka of Rural Reconstruction Nepal, an APMDD and LDC Watch member organization which endorsed the alliance’s statement.

The alliance’s other Nepalese member organizations signed the statement along with international and national movements and organizations, including Jubilee USA Network, European Network on Debt and Development, Jubilee Debt Campaign UK, Christian Aid UK, Oxfam, Jubileo Sur Americas, NGO Forum on ADB, Bretton Woods Project and the Third World Network.

The Finance Committee of the parliament of Nepal has responded positively to the call. Yesterday it passed a directive asking the Nepal government to propose debt cancelation at the reconstruction conference tomorrow, June 25, in Kathmandu. 

About 9,000 people have died and an estimated eight million people have been affected by the first, magnitude-7.8 earthquake which hit Nepal last April 25. A magnitude-7.3 aftershock followed on May 12.

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CONTACT

Prerna Bomzan, LDC Watch (Kathmandu): This email address is being protected from spambots. You need JavaScript enabled to view it. , 9860898753

Denise Fontanilla, APMDD (Manila): This email address is being protected from spambots. You need JavaScript enabled to view it. , +639178514890

NOTES TO THE EDITOR

LDC Watch is a global alliance of national, regional and international civil society organisations (CSOs), networks and movements based in the Least Developed Countries and supported by civil society from development partner countries. It is a member network of the Asian Peoples’ Movement on Debt and Development (APMDD).

APMDD, formerly the Jubilee South–Asia Pacific Movement on Debt and Development, is a regional alliance of peoples' movements and organisations, coalitions, and CSOs.

The full statement calling for Nepal’s debt cancellation can be accessed at http://www.apmdd.org/our-programs/global-and-public-finance/statements/288-total-and-unconditional-debt-cancellation-for-nepal

The latest debt report of the Nepali government can be accessed at http://www.fcgo.gov.np/wp-content/uploads/Quarterly-Debt-Position_3rd_quarter_2071-72.pdf

[PR] Cancel Nepal’s debt – Asian people’s groups

Asian Peoples’ Movement on Debt and Development
PRESS RELEASE

Cancel Nepal’s debt – Asian people’s groups

MANILA, 14 May 2015 -- An Asian civil society alliance and its partners today called for the cancellation of all of Nepal’s debts in the aftermath of two strong earthquakes that struck the country.

“We stand in solidarity with our colleagues and the rest of the Nepal in these critical moments. We ask governments, international financial institutions, international banks, and other lenders to do the same by immediately, totally, and unconditionally cancelling the country’s debts,” said Lidy Nacpil, coordinator of the Asian Peoples’ Movement on Debt and Development (APMDD).

Nepal’s finance ministry reported that the country owes a total of almost US$3.5 billion in external debts as of last October. Just above US$3 billion are owed to multilateral banks such as the Asian Development Bank and International Development Association.

“Already a Least Developed Country, Nepal is pushed back at least by a decade in its development efforts by these devastating earthquakes,” said Dr. Sarba Khadka of Rural Reconstruction Nepal, an APMDD member organization, which endorsed the alliance’s statement.

The alliance’s other Nepalese member organizations – mostly rural, human rights, and women’s groups currently providing relief support – supported the call along with movements from other countries.

More than 8,000 people have died and an estimated eight million people have been affected by the first, magnitude-7.8 earthquake which hit Nepal last April 25. A magnitude-7.3 quake followed 2 days ago (May 12), claiming the lives of at least 76 more also in India and Tibet.

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CONTACT

Denise Fontanilla: This email address is being protected from spambots. You need JavaScript enabled to view it. , dmfontanilla (Skype), +63 917 851 4890

NOTES TO THE EDITOR

The Asian Peoples’ Movement on Debt and Development (formerly Jubilee South–Asia Pacific Movement on Debt and Development) is a regional alliance of peoples' movements and organizations, coalitions, and non-governmental organizations.

APMDD’s Nepalese members Rural Reconstruction Nepal, Right to Food Network Nepal, Jagaran Nepal, and Campaign for Climate Justice–Nepal support the call for debt cancellation, along with its Nepal-based networks South Asia Alliance for Poverty Eradication and LDC [Least Developed Countries] Watch.

The Nepali debt report can be accessed at http://www.fcgo.gov.np/wp-content/uploads/QuarterlyDebtPosition_1st_Quarter_2071-72.pdf

Asia holds tax justice assembly; Asian Tax Justice Network formed

2014.sept.tax.justice.newsletter.cover

Uniting on a commitment to work and promote common advocacies and campaigns on tax and fiscal justice

Last September 1-2, 58 participants from social movements, people’s organizations, coalitions, unions and NGOs from different Asian regions formed the Asia Tax Justice Network. The pioneering move was inspired by a commitment to work and promote common advocacies and campaigns on tax and fiscal justice.

The East Asia, South Asia and Southeast Asia subregions were represented by organizations from Indonesia, Philippines, Malaysia, Thailand, Burma, Vietnam, Cambodia, India, Sri Lanka, Nepal, Bangladesh, Pakistan, Korea, Japan, Hong Kong, China and Australia.

JSAPMDD led in organizing the assembly with co-convenors that included Economic Reforms (AER), Bantay Kita, EquityBD, Freedom from Debt Coalition (FDC), Indian Social Action Forum (INSAF),Koalisi Anti-Utang (KAU), Prakarsa Indonesia, Praxis India, Public Services International (PSI) Asia/Pacific, Monitoring Sustainability of Globalization (MSN), Tax Justice Network Australia, Revenue Watch, Rural Reconstruction Nepal (RRN), South Asian Alliance for Poverty Eradication (SAAPE), LDC Watch.

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