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Ten Ounces of IMF Gold Equivalent to One Human Life
18 Apr 2005 19:00:00 GMT
Source: NGO latest
Sandy Krawitz
ActionAid - USA
Website: http://www.actionaidusa.org
FOR IMMEDIATE RELEASE APRIL 16, 2005
Washington DC—The International development organization, ActionAid International, today condemned the International Monetary Fund’s failure to act on a plan of selling IMF gold reserves to relieve the debts of the world’s poorest nations, saying this failure may lead to over a million poverty-related deaths.
Said ActionAid International policy officer, Romilly Greenhill, “the IMF holds some 100 million ounces of gold in its reserves. Selling only a tenth of this each year could raise vitally needed money for development. If those funds were to be invested in basic healthcare, for example, one million lives a year could be saved. You add it up, and it comes down to the fact that less than ten ounces of unused and un-needed IMF gold, if spent on health, could save one life. In delaying their decision, the IMF has shown that they may value the lives of those living in poverty less than they do gold.”
The sale of IMF gold to help relieve the suffering of impoverished countries was supported by the UK, but is running into opposition from the Bush Administration and US Congress.
Stated ActionAid International policy analyst, Rick Rowden, “today’s failure amounts to an unnecessary tragedy, as there is already agreement among the G7 governments and the IMF over the need to cancel the debts of poor countries. What we saw today was mainly the result of political wrangling over how to pay for such debt cancellation. Because of these disheartening maneuvers, lives may now be needlessly lost.”
Atila Roque, Director of ActionAid International USA added, “IMF staff have agreed that selling gold to fund debt relief is technically feasible, and would do much to relieve the suffering of those living in poverty. By delaying this deal, the US Government has shown it possibly places the importance of US gold mining profits over the lives of the poor.”
18 Apr 2005 19:00:00 GMT
Source: NGO latest
Sandy Krawitz
ActionAid - USA
Website: http://www.actionaidusa.org
FOR IMMEDIATE RELEASE APRIL 16, 2005
Washington DC—The International development organization, ActionAid International, today condemned the International Monetary Fund’s failure to act on a plan of selling IMF gold reserves to relieve the debts of the world’s poorest nations, saying this failure may lead to over a million poverty-related deaths.
Said ActionAid International policy officer, Romilly Greenhill, “the IMF holds some 100 million ounces of gold in its reserves. Selling only a tenth of this each year could raise vitally needed money for development. If those funds were to be invested in basic healthcare, for example, one million lives a year could be saved. You add it up, and it comes down to the fact that less than ten ounces of unused and un-needed IMF gold, if spent on health, could save one life. In delaying their decision, the IMF has shown that they may value the lives of those living in poverty less than they do gold.”
The sale of IMF gold to help relieve the suffering of impoverished countries was supported by the UK, but is running into opposition from the Bush Administration and US Congress.
Stated ActionAid International policy analyst, Rick Rowden, “today’s failure amounts to an unnecessary tragedy, as there is already agreement among the G7 governments and the IMF over the need to cancel the debts of poor countries. What we saw today was mainly the result of political wrangling over how to pay for such debt cancellation. Because of these disheartening maneuvers, lives may now be needlessly lost.”
Atila Roque, Director of ActionAid International USA added, “IMF staff have agreed that selling gold to fund debt relief is technically feasible, and would do much to relieve the suffering of those living in poverty. By delaying this deal, the US Government has shown it possibly places the importance of US gold mining profits over the lives of the poor.”
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