No Jubilee for the Middle East?

Middle East Report

Volumn 29, Issue 213, 1999, Pages 13-15

  Naiman, Robert ^a  

^a Center for Economic and Policy Research   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

DEBT CRISIS; IMF; WORLD BANK; WORLD WIDE WEB;

MIDDLE EAST;

EID: 0033381620     PISSN: 08992851     EISSN: None     Source Type: Journal    
DOI: 10.2307/3013383     Document Type: Article

References (14)

1. http://w-ww.jubilee2000uk.org/main.html
2. Non-Arab Muslim countries do appear, however, such as Bangladesh and Pakistan.
3. World Bank, "Middle East and North Africa: Data & Statistics," http://www.worldbank.org/ data/countrydata/littledata/12.pdf
4. Roula Khalaf, "Lebanon set for $700m offering," Financial Times of London, September 15, 1999.
5. See Robert Naiman and Neil Watkins, "A Survey of the Impacts of IMF Structural Adjustment in Africa: Growth, Social Spending, and Debt Relief," Preamble Center Briefing Paper, April 1999, http//www.preamble.org/IMFinAfrica.htm
6. For example, Timothy Mitchell argues persuasively that IMF policies in Egypt, as in many other countries, have led to increased corruption. Timothy Mitchell, "Dreamland: The Neoliberalism of Your Desires," Middle East Report 210 (Spring 1999).
7. Michael Barron, "Jordan's king passes first political test," Journal of Commerce, July 27, 1999.
8. Appropriately enough, these were loans for military purchases. Timothy Mitchell reports that "an impending default on these military loans, causing an automatic suspension in US aid, helped trigger the [economic] collapse in 1990," which forced the government to accept an IMF "stabilization" plan. Timothy Mitchell, Journal of Commerce, op. cit.
9. Jeffrey D. Sachs, Testimony, Hearing on Debt Reduction, House Committee On Banking And Financial Services, June 15, 1999, http://www.house.gov/banking/61599wit.htm
10. Moreover, the debt is carried on the books at 10 percent of its face value, so a $600 million appropriation would wipe out the debt of HIPC countries to the US See previous note.
11. Michael Barron, Testimony, Hearing on Debt Reduction op. cit.
12. Lewis Machipisa, "Egyptian Writer Slams Donors," Inter Press Service, August 4, 1999.
13. Providing opportunities for advocacy such as Representative Cynthia McKinney's "Debt Emancipation for Emerging Democracies" Act, which would cancel the debt of HIPC countries and Haiti to the US and cut off US funding to the IMF until it wipes out HIPC debt and closes ESAF.
14. For more information about campaigns for the boycott of World Bank bonds, contact the Center for Economic Justice at econjustice@preamble.org.