entlhiidmsth

DEVELOPMENT FINANCE

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The system of debt continues to devastate the lives of people around the world. People in the South face the daily impacts and consequences of the financial indebtedness of their countries, which far from having been "relieved" is growing in step with the crisis and the pursuit of extraordinary profits by the most concentrated forms of capital. They continue also to bear the burden of the unpaid historical, social, ecological, and climate debts which are increasing as well to the rhythm of false solutions to the global crisis.

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The whole nation of Pakistan continues to reel from devastating impacts of the unprecedented disaster that hit the country over a month ago.

The responses thus far from the international community are far from adequate and, in the case of the IMF, World Bank and ADB, even deplorable. These institutions have chosen to offer more loans rather than cancel the debts they claim from Pakistan. Together, loans from these institutions and other multilateral financial institutions constitute more than 50% of Pakistan's total outstanding external debts. As of 2009 outstanding credits from the IMF are US$5.1B, outstanding loans from the World Bank amount to US$11.5B and from the ADB it is US$9B. Bilateral loans comprise more than 30%. The major bilateral lenders are Japan (US$6.67B), France (US$B2.17B), Germany (US$1.82B), USA (US$1.51), and China (US$1.88B). Total external debt of Pakistan as of 2009 is US$50.7B. (for more information see Annexes)

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The Jubilee South-Asia/Pacific Movement on Debt and Development (JS-APMDD) joins the international community in expressing deep solidarity with the people of Pakistan who continue to suffer from the devastating floods that has so far claimed more than a thousand lives, left four million people homeless and damaged 7.9 million acres of farmland and other economic structures. Not only did the floods wreak havoc to lives and property, it also intensely exacerbated the already dire situation of the Pakistani people.

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This September 2 to 4, the "Third High-Level Forum on Aid Effectiveness" will be held in Accra, Ghana. This meeting will bring together ministers from over 100 countries, and heads of bilateral and international financial institutions from around the world. We join our voices with other movements and civil society organizations that have expressed issues and concerns regarding the process, agenda and outcome of this Forum. In addition to the recommendations endorsed in the common civil society position paper, we present the following calls and challenges: