Debt for Climate march on IMF demands cancellation of Global South Debt
Video-Smoke flares and street theater at IMF Headquarters 2 min 17 sec
On the 26th of June, the "Cancel Debt for People and Planet" march descended on the DC headquarters of the International Monetary Fund or IMF. Protesters lit off smoke flares and held a street theater demanding that rich countries cancel debts owed by the Global South. This is being proposed as an alternative to extracting fossil fuels to be sold to get money to pay these "debts."
Historically the IMF has been infamous for demanding countries permit the wholesale extraction of their natural resources(fossil fuels, logs, and minerals especially) to earn money to pay off debts run up by corrupt and dictatorial regimes.
Twenty-two years, two months, and ten days ago, a great battle was fought around the headquarters of the IMF and World Bank to shut down their 2000 Spring Meetings. Known as A16, that week of protest featured up to 30,000 activists laying siege to the entire area containing the IMF and World Bank, opposed with limited effectiveness by thousands of armored riot cops.
One focus of the fighting at A16 was what were then known as "Structural Adjustment Programs" where countries gave away their resources for next to nothing to get loans or pay them off. Historically the IMF has been infamous for demanding countries permit the wholesale extraction of their natural resources(fossil fuels, logs, and minerals especially) to earn money to pay off debts run up by corrupt and dictatorial regimes. Now activists are demanding the exact opposite be done: that reparations be paid for prior damage, and going forward that countries be paid by the rich countries NOT to extract climate-busting fossil fuels.
