Sunday, October 16, 2011

Food Emergency: How the World Bank and IMF Have Made African Famine Inevitable

Anything sound familiar?  This article explains how the World Bank and the IMF "renegotiate" loans. When the LDC (Less Developed Country) defaults on the original loan that was made to help them become a developed country, the World Bank and the IMF gives them another loan to cover the interest payments on the original loan.  The principle of the original loan and succeeding loans are never expected to be paid back but with each new loan, the World Bank and the IMF put in "required structural adjustments" which result in utter chaos for the LDC.  ~Faye

Photo Credit: AFP

September 8, 2011  

Lending policies pushed by the World Bank and IMF transformed a self-sufficient, food-producing Africa into a continent vulnerable to food emergencies and famine.
“Why, in a world that produces more than enough food to feed everybody, do so many – one in seven of us – go hungry?”  -- Oxfam   
Famine is spreading like wildfire throughout the horn of Africa. As 12 million people battle hunger, the UN warns that 750,000 people in Somalia face imminent death from starvation over the next four months, in the absence of outside intervention.

Read full article here.

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