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IMF forced to retreat in Bangladesh

Sep 25, 2007

Following series of roundtables with civil society groups (PFM members like CPD, BUP, SUPRO, VOICE, Action Aid and Bangladesh Economic Association)) who severely criticized the World Bank and IMF policies, the Bangladesh Government has decided not to concede to IMF pressure and declared its stance against signing the controversial Policy Support Instrument (PSI).

The civil societies groups have maintained that IMF strings have consistently lead Bangladesh to get into deeper debts with its hard conditionality and it is high time that we turn around and SAY NO to such conditionalities imposed by institutions like the IMF.

The government decision not to succumb to pressure and its stance against signing the Policy Support Instrument (PSI) is a wise move on the part of the caretaker government and was hailed by all.

The High Court has also issued a rule in response to a writ petition filed by some activists/ anti-poverty campaigners asking the government why it should not refrain from negotiating with IMF.

We, at PFM as part of GCAP’s movement against unfair aid and trade, will always be part of this type of civil society campaigns all over the world.

Let us celebrate our success.

People’s Forum for MDGs (PFM), BANGLADESH
5/14 Humayun Road, Mohammadpur
Dhaka-1207, Bangladesh
Fax: 880-2-8118342
Telephones: 880-2-8115769, 9130427, 8155031-2

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