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---------- Forwarded message ----------
Date: Tue, 15 Sep 1998 22:59:13 -0400
From: Barbara Larcom <larcom@bcpl.net>
Subject: [Fwd: URGENT ALERT: IMF!]
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Date: Tue, 15 Sep 1998 15:25:08 -0700 (PDT)
From: Njoki Njoroge Njehu <wb50years@igc.apc.org>
Subject: URGENT ALERT: IMF!
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***URGENT IMF ALERT***
50 Years Is Enough: U.S. Network for Global Economic Justice
1247 E Street, S.E.
Washington, DC 20003
202/463-2265; fax: 202/544-9359
wb50years@igc.org
***URGENT IMF ALERT***
It is no exaggeration to say that this alert concerns one of the most
important actions you could ever take to promote global economic justice.
The U.S. Congress, because of the undemocratic structure of the
International Monetary Fund (IMF), has disproportionate influence over its
fate. We often protest that fact, but right now we have a very good chance
to use it to do some real good for the world. We urge everyone in the U.S.,
and U.S. citizens not currently in the country, to act now. (This urgent
alert will not rehearse the case against the IMF. If you would like
background information -- i.e., reasons to act -- please contact us.)
The U.S. House of Representatives will very possibly be voting on IMF
funding next week. We need *everyone* in the U.S. to call their
Representative and urge them to vote against adding any funding to the
current appropriations bill.
The situation is this: last week the House Appropriations Committee approved
a Foreign Operations bill to be sent to the full House. In a victory for
IMF opponents, the Committee declined to add $14.5 billion for the IMF quota
increase that President Clinton has been pushing very hard for. It is a
virtual certainty, however, that one of the President's allies (likely a
Republican) will propose an amendment to add the money when it reaches the
House floor.
The United States is the largest shareholder in the IMF. The other members
wait until the U.S. commits its quota increase funds before they commit
theirs. If the U.S. approves the $14.5 billion, the others will almost
certainly fall in line, with the result that the IMF would get over $80
billion in new funding. This would expand its capital base by a full 45%,
and thus greatly increase its overall power and influence in the world.
Such an expansion would be very hard to reverse in the future. On the other
hand, if the quota increase is defeated in the U.S., the expansion would be
killed.
Defeating this move to expand the IMF would be a very significant victory.
For the first time, this arrogant institution that more than any other
single player is responsible for deepening poverty and increasing inequality
around the world would be rebuffed. There could be no bigger boost to
bringing about a more just global economy.
***The message for Representatives is straightforward: oppose amending the
Foreign Operations appropriations bill to include more money for the IMF.***
It should be noted that the existing bill already includes $3.4 billion for
the New Arrangement to Borrow (NAB), a credit line to the IMF for emergency
bailouts. We have made a tactical decision to not base our fight on
opposing this money. Most people committed to "our side" do oppose it, but
some of our allies do not. With the money in there, we can say that Congress
is not totally freezing the Administration and the IMF out, thus making the
rejection of the quota increase seem less "radical." The main issue here is
not whether another bailout or two can be funded, but whether the IMF will
be expanded permanently.
***Call your Representatives today. The number of the switchboard at the
U.S. Capitol is 202/224-3121. If you do not know who your Representative
is, please contact us. If you can, please also call other Representatives
from your state's delegation.***
(You can also write, if you do so immediately. The address: U.S. House of
Representatives / Washington, DC 20515)
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