Breaking News
Translate

Meltdown: Sunmonu urges nations to shun World Bank, IMF solutions

By Funmi Komolafe
GENEVA—Governments have been warned to steer clear of recommendations of the World Bank and the International Monetary Fund ( IMF) in their bid to find solutions to the current global financial meltdown.

The Executive Secretary of the Organisation of African Trade Union Unity ( OATUU), Alhaji Hassan Sunmonu, gave the warning while addressing the 99th session of the International Labour Conference in Geneva, Switzerland.

He told the delegates including those of developed economies such as America, Japan, Britain, China that “Governments which have now started to adopt IMF/World Bank style neo-liberal Structural Adjustment Programmes as a response to the present financial and economic crisis are warned not to repeat Africa`s  sad experience of 1980-2000.”

Sunmonu asked rehtorically, “Let  me ask governments this simple question.  On whose side are they? On the side of their peoples, or on the side of the manipulators of the market? If they are not on the side of their people, they will  be sorry  for it”.

He added, “On the present financial and economic crisis, I would like to give some advice to the governments.This advice is borne out of the experience of African countries in the implementation of IMF/World Bank`s neo-liberal  Structural Adjustment Programmes from 1980-2000”.

The former  president of the Nigeria Labour Congress  recalled that the IMF/World Bank’s Structural Adjustment Programme which included, “ massive retrenchement  of workers in the public sector, withdrawal of subsidies on food, housing, health, education, transport etc, high interest rates, financial deregulation and trade liberalisation” impoverised Africa.

The  consequence of this programme, he said, was “the destruction of most of the industries established since independence, causing what development economists call ‘de-industrialisation’ in Africa, massive debts and debts servicing”.

He also listed “massive increase in poverty, political and social instability, weakening of the public services and high increase in corruption, destruction of the education and health infrastructure “as some of the negative  end-products of the IMF/ World Bank structural adjustment programme.

Nigeria was one of the African countries that adopted the Structural Adjustment Programme in the 1980s.

Speaking on OATUU and the ILO, Sunmonu said, “ Our organisation will continue to ask for the support of the ILO to build the capacity of our members  in Employment- Creation; Implementation of OATUU Gender Commission’s  Programmes, Elaboration of Macro-economic policies, Implementation of the new HIV/ AIDS instruments; Strengthening  of Social Dialogue; Strengthening of Capacitz of Worker- Representatives on Social Securiy Boards, etc”.

Alhaji Sunmonu said OATUU in  intends to continue with the ILO on issues such as “ Defence of Trade Union and other Human Rights, the creation of tripartite structures within the Regional Economic Communities and implementation of Decent Work Country and Regiional Programmes and other relevant programmes”.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.