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Irish Left Review
Joined up thinking for the Irish Left

offsite link New Books Worth Reading Mon Sep 19, 2016 23:25 | Seán Sheehan

offsite link 13 Billion ? Lucky for some? Mon Sep 05, 2016 13:04 | Tony Phillips

offsite link Rebuilding Ireland: Long on Promise, Short on Detail Mon Aug 29, 2016 22:20 | Eoin O'Mahony

offsite link Brexit and Other Issues: Comments on the Current Situation Mon Aug 29, 2016 21:52 | Brendan Young

offsite link Bin Charges: From Private Circus to Public Service Tue Jun 21, 2016 12:38 | Michael Taft

Irish Left Review >>

Spirit of Contradiction

offsite link What is Dogmatism and Why Does It Matter? Wed Mar 21, 2018 08:10 | Sylvia Smith

offsite link The Case of Comrade Dallas Mon Mar 19, 2018 19:44 | Sylvia Smith

offsite link Review: Do Religions Evolve? Mon Aug 14, 2017 19:54 | Dara McHugh

offsite link Fake News: The Epistemology of Media Wed Jun 07, 2017 11:52 | Gavin Mendel-Gleason

offsite link Officials and Provisionals Sat Apr 01, 2017 22:54 | James O'Brien

Spirit of Contradiction >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Alison O’Connor and professional deceit

offsite link Educating Marian Finucane Anthony

offsite link Denis O’Brien: Are the sharks closing in? Anthony

offsite link Kathy Sheridan: Afraid to speak truth to power? Anthony

offsite link Una Mullally: The youth of Ireland are on the march Anthony

Public Inquiry >>

The Saker
A bird's eye view of the vineyard

offsite link Exclusive interview for The Saker blog with Bishop Artemije of the Rashka and Prizren (Kosovo) Dioce... Sun Jan 20, 2019 23:27 | The Saker
by Stephen Karganovic for The Saker blog Introduction to Bishop Artemije interview I initially met Bishop Artemije, the exiled ruling hierarch of the Kosovo diocese of the Serbian Orthodox Church,

offsite link Moveable Feast Cafe 2019/01/20 ? Open Thread Sun Jan 20, 2019 06:30 | Herb Swanson
2019/01/20 06:30:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link The Waves of Time Sat Jan 19, 2019 22:26 | The Saker
by Jimmie Moglia for The Saker Blog That all the world is a stage and all men and women merely players is a familiar and generally accepted proposition. But many,

offsite link Talk of Western intervention in the Black Sea is pure fantasy Sat Jan 19, 2019 22:21 | The Saker
by Pepe Escobar (cross-posted with The Asia Times by special agreement with the author) Crimea is essential to Russia strategically and economically, but speculation over Ankara helping to boost the

offsite link The Russian pension chicken is coming home to roost? (UPDATED) Fri Jan 18, 2019 05:01 | The Saker
[This article was written for the Unz Review] According to RT, citing a Levada Center poll, Over 50 percent of Russians are disappointed in the government of Dmitry Medvedev, which,

The Saker >>

IMF Reports Debt and Human Crises Drive Uneven Growth; Global Stability and Economic Outlook Reports Released

category international | economics and finance | news report author Wednesday April 15, 2015 15:30author by Sophia Har, Jubilee USA Network Report this post to the editors

The IMF issued a report today showing that debt and human crisis are driving inequality and financial instability. Jubilee USA Network calls for the establishment of structures to stabilize the global financial system and to protect low-income communities. The Ebola epidemic clearly demonstrates the need for these structures.

The International Monetary Fund (IMF) released its Global Financial Stability Report, noting "increased financial stability risks" in the global economy. The report notes that large-scale economic shocks are particularly concerning to global stability. It argues that such risks are greatest for countries with high debt levels and that emerging market countries must be prepared for external shocks. Particular concern is raised on the consequences of currency volatility, the shadow financial system and high corporate debt. The report is a follow-up to the IMF's semi-annual World Economic Outlook Report, which noted uneven global growth, particularly among developing economies.

"The IMF recognizes we need global structures to protect us when there's a major crisis," said Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. "Countries with high debt levels are the most vulnerable to those crises."

The Global Financial Stability Report focuses on the systemic issues that create global economic trends. It notes that debt levels are rising in emerging markets and that increased risks over the past six months are impacting those countries the most. It argues that policy measures are necessary to "contain financial excesses" in global markets and to improve growth.

"The IMF is concerned that inequality persists, especially in the developing world" said LeCompte. "The IMF notes that the key to stability is addressing debt and tax policies that underlie uneven growth."

The latest World Economic Outlook Report, released at the beginning of the IMF / World Bank Spring Meetings, projects the global economy to grow 3.5% in 2015. It notes that growth projections are lower than expected in some regions, including Sub-Saharan Africa. The IMF now projects Africa's growth to be much lower than it did in its October, 2014 report, citing the Ebola epidemic and falling commodity prices. The World Bank projects that Guinea, Liberia and Sierra Leone will lose a combined $1.5 billion due to Ebola in 2015 alone. Meanwhile, $1.3 billion leaves those nations each year due to crime, corruption and tax evasion and the three countries spent more than $80 million paying off debt the year the outbreak began. The year before the disease first took hold in Guinea, that country spent more money on debt than on public health. In February, the IMF announced $100 million in debt relief for the three countries and created a new debt relief trust fund for poor countries in times of crisis.

"Ebola harmed countries that were already struggling due to high debt burdens," noted LeCompte. "We need structures that help the most vulnerable. The IMF's debt relief fund is a good example and a good start."

Jubilee USA Network is an alliance of more than 75 US organizations and 400 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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