announcing the initiative senator sanders said canceling the debt is the very least that the world bank i.m.f. and other international financial institutions should do to prevent an unimaginable increase in poverty hunger and disease that threatens hundreds of millions of people in april the i.m.f. approved immediate debt relief for 25 of the world's poorest nations but senator sanders said more action was needed. now the world bank said for its part it's looking for ways to further support poor nations but warned against waving debt payments and claiming it could hurt the organisation's credit rating and hinder the ability to provide low cost funding to member nations now the i.m.f. alone has loaned billions to nations facing economic turmoil both amid the pandemic and prior to the pandemic this includes billions to egypt which recently received an additional 2700000000 dollars in emergency financing from the i.m.f. argentina has received a loan of a reported $44000000000.00 from the i.m.f. as part of a larger bailout of the president alberto fernandez has worked to push back payments as a n

are already getting ready and there's not a single time where world bank and i.m.f. have given money without a structural adjustment package behind it in 1981 it was a $90000000000.00 crisis we had when world bank pushed the privatization of the seeds and that is what destroyed our agriculture that is what created refugees most indians were farmers that refugee sieges is today in the migrant labor half of india. works as to carry sleeper all in and they have no work they are today's hungry people so you know the greed of the money machine as i call it in my book when this was one percent on which the i.m.f. world bank the value to your rules the billionaires who really gain out of this is now thinking of how do you mine the minds of people that's what this book does when it says the answer to cambridge analytic how can you mind the danger the bodily activity of human beings and then sell back lintas of the lands that is what people who have a passion for freedom and a passion for life should be looking at well the government here wants everyone to download an applicat

$1.00 trillion dollars directly to $115.00 nations that makes china the world's biggest creditor overtaking the i.m.f. and even world bank or beijing has also made unreported loans worth $200000000000.00 which is wiring as other investors and international lenders can't make accurate investment decisions over recent years washington has grown reluctant to bail out ations time to china's initiatives through the i.m.f. and world bank let's bring in the author of that report 1st of christoph trash good to have you with us 1st of all one kind of lend is beijing is it fair to describe it as private trying. i wouldn't use the word i think. it was just let me where china can be characterised in 3 main ways 1st it states driven meaning that it is the government entities who are almost all of the and then being overseas 2nd it is all. meaning that china and its entities do not share details on where it lands and at what terms and 3rd is as a market based spike that's being a state lender the loan term slow caruthers like private law in terms of yet restraints are comparatively higher maturity is a comparative short this is us dol

i.m.f. and world bank so detrimental for these poor nations and frankly i guess in your expert analysis here what can the i.m.f. do if say a country were to default on those loans. in the past when this has happened then it has happened often the i.m.f. usually promises to help them out give them a loan to help them pay back the earlier loan but it always imposes conditions on the loan and those conditions have been terrible for these countries for example you must open yourself up to imports from the advanced part of the world europe north america and japan and when those imports come in they outcompete and destroy local businesses in those poor countries they've had to make their currency a tradable in world markets which again opens them up when they can't really compete and they have suffered enormously and finally they are like us in the sense that they are tapped down economies small groups of very wealthy at the top who make the decisions the lawyers are the ones that get the loans and then there's the question of whether you believe in trickle down economics or not will the benefits

i.m.f. and world bank haven't been so generous insisting that nations keep repaying interest on debt although the i.m.f. has offered some relief to $25.00 poor nations which amounts to $200000000000.00 which let's face it isn't that much. a basins really do need help nigeria has received $3400000000.00 from the i.m.f. with debts of only 30 percent of g.d.p. you'd think the country couldn't get into trouble but it's dependent upon oil for 90 percent of its export earnings with crude prices cratering it has little room to service its debt which is estimated to take up to 2 thirds of its retained revenue there are other nations with precarious finances from argentina to ecuador lebanon to venezuela and the records for the private sector industry worth $22.00 trillion dollars to give countries a payment holiday during the pandemic in an op ed in the financial times the saudi finance minister mohammad al jardine said that private institutions owed $18000000000.00 by the world's poorest nations this year if they were to spend half that amount that would provide an additional $9000000000.00 to fight

i.m.f. world bank well obviously highlighting the risks of that huge pile of debt you know at the late stage of a mature girl cycle we were all just debating what would trigger a recession it was a. creep by turns out to be a little iris one thing i suppose that is going to be helpful at this time from the debt side it doesn't look like interest rates going to go and us except down and very low for a period of time so all those debt interest payment will well if there's any consolation not going to be overwhelmingly large but obviously this is something that will even help those who want to completely solve the problem rather than help song i mean this is not your average crisis where the government simply lowers the interest rate increases spending right. you know i'm not trying i suppose if you look around when you really have to roll with the punchers it's really about what we've been talking about earlier trying to roll out measures to help businesses to retain work we really don't know how long we need to keep businesses retain or to attack unemployment problem from exploding and so all

i.m.f. world bank reduction of women's education on climate change and what you just said because obviously to david attenborough would beg to differ. do you think they think now the slow down will enable humanity be able to work on the biggest threat which of course is climate change we will start to work only to the way the analogy of climate change is nuclear disarmament. for my own life neuters of was the biggest most important thing that they most likely to kill has climate change or similar teenagers and no it really matters matters above all else older people often don't because it isn't the word to go out with when they're young. you have kind of armageddon of one kind or another that's been marked off the millage years in the past now more scientific and little sense if you don't worry about these things and then we'll each human beings are very very good. president you drawling thank you and that's it for the show will be back on saturday 75 years since stalin declared victory over the nazis after around 26000000 soviet citizens paid for your freedom with that lives in jail that h

i.m.f. world bank b.t.o. w.h.o. if we're talking about the problem we have right now is the globalization or east. varian seeing is that it's not an american only dominated american medical and anymore not that the chinese economy has done so it so basseley well over the last few decades the fact that the chinese were imperative in their part whereas the imperative in the car in their participation after the 2000 equal financial crisis and as a means of bailing out not just individual economies but the euro the euro area as well raises a lot of concerns as to this this unknown factor and what it means for where we are going and so when it comes to a lot of the things that the chinese are doing because it is not under u.s. direction or influence and you also have the fact that a lot of traditional american allies like the big 3 in the year in the euro the euro zone or the british are not following the lead we as americans this creates a lot of problems and a lot of concerns within the american electorate as well as i

its highest ever daily increase in new coronavirus cases is it time to call time on arguable world bank i.m.f. health care destruction we talked to twitter director and former top world bank official. conduit.

scale developing countries and this would cancel the debt that is owed by 3rd world countries from the i.m.f. the world bank right now those debts are like frozen they're being generous enough to you know let people take care of the pandemic because traditionally what we want them has been doing for years is saddling these poor companies with poor countries with tons of debt so that they can't get out from under it and basically they're always poor and the people suffer and now they've put that on hold for a moment that is right for about a month about a month see if they can get their act together with what well they're all busy dying yeah we'll put it on hold right and the sort of the golden strait jacket as it's called that's like literally the term that these institutions use for events countries from spending money on things like public health it always goes back to the debt repayment right they force them to have austerity writer to have a death yet and what purple like a lot omar and bernie sanders are proposing and even german corben in the u.k. is that we cancel the debt so they can you know start

its highest ever daily increase in new coronavirus cases is it time to call time on arguable world bank i.m.f. health care destruction we talked to twitter director and former top world bank official doctrine goes your con job we are and with public health care the gold standard against grown a virus which u.k. magazine has supported everything from medical privatization to nature nation backed death squads as it promotes illegal regime change in venezuela reinvestigate inarguably blood drenched media institution headquartered in london and read by the rich and the aspirational possible coming up in today's going on the ground at 1st as the world health organization recorded the largest daily increase in cases since the coronavirus pandemic began scientists and big pharma scrambling to find a vaccine but will it be free for everyone joining me now via skype from washington d.c. is someone consistently voted to be in marc benioff time magazine most influential people in the world she is chair of the board of the global alliance for vaccines and immunization a 2 term former nigerian finance min

its highest ever daily increase in new coronavirus cases is it time to call time on arguable world bank i.m.f. health care destruction we talked to twitter director and former top world bank official doctrine goes we are live and with public health care the gold standard against grown a virus which u.k. magazine has supported everything from medical privatization to nature nation backed death squads as it promotes illegal regime change in venezuela reinvestigate inarguably blood drenched media institution headquartered in london and read by the rich and the aspirational forceable coming up in today's going on the ground at 1st as the world health organization recorded the largest daily increase in cases since the coronavirus pandemic began scientists in big pharma scrambling to find a vaccine but will it be free for everyone joining me now.

its highest ever daily increase in new coronavirus cases is it time to call time on arguable world bank i.m.f. health care destruction we talked to twitter director and former top world bank official doctrine goes we are live and with public health care the gold standard against grown a virus which u.k. magazine has supported everything from medical privatization to nature nation backed death squads as it promotes illegal regime change in venezuela we investigate inarguably blood drenched media institution headquartered in london and read by the rich and the aspirational goals of all coming up in today's going on the ground at 1st as the world health organization recorded the largest daily increase in cases since the coronavirus pandemic began scientists in big pharma.

i.m.f. and the world bank to try to get budget support it will have to try to lend internationally but also it will have to use its foreign reserves to borrow locally so these challenges are something that most of our calamy will have to address very very urgency thank you some wonderful team with those updates from bank. 2 of the news and venezuelan so television's broadcast video of a man it says is one of 2 u.s. mercenaries captured after a failed plot against president nicolas maduro and the video the man states he was instructed to seize control of qatar conserve port before plane would be brought in to take my daughter to the u.s. they were detained after what model and his government described as a botched beach landing the u.s. government denies any involvement. we're going to work on this it's a constant matter in the sense of anytime there are americans that are detained some place will work to get them back we we will start the process of trying to figure a way if in fact these are americans that are there that we can figure a path for we want to get every american back if the ma

i.m.f. and world bank lend more money which is you just used to pay off. the loans lend or incentivized to keep lending rockwell's what we need to see this time is both making those loans as well. and also setting up as this so it's clear that they will get in the future and so that they have the language sponsor really rather that they are what they are about it's pretty good to get your time and your perspective tim jones there from the jubilee debt campaign thank you thanks. to lebanon where one that's one country that has asked for the i.m.f. help where inflation is also soaring as the cost of bread and other basics climb some people have started growing what they can said huldah reports from their. lemon tree i know if it does this is. any and her husband are growing their own food they are among the estimated 40 percent unemployed as lebanon faces its worst economic crisis and decades international organizations say almost half of the nearly 5000000 people are struggling to put food on the table my husband and myself are jobless at the moment so we f

happy with with the quick response of the g 20 they endorsed it and the governors of the world bank and of the i.m.f. all into oersted and so it's moving forward very quickly so i've been happy with that and i would like to see it extend to commercial creditors as well that was one of the one of the issues in the g 20 communique was the call for comparable treatment from commercial creditors for about striking that debt altogether without the possibility. that debt something that. the world's leaders both the developing countries and the developed countries may discuss depending on the extent of the crisis and how long it goes on with the cancellation of debt rather than a one year move. because we've got a 8 month moratorium right now it's possible that that moratorium would be extended or would become a cancellation for the countries that are participating in it and i was david malpass their president of the world the world bank i want to continue this conversation with our financial correspondent and new york yes. yes a lot of talk about debt loads that's a concern for countries even beyond the d

that they multilateral institutions have moved quickly but the african development bank the world bank the i.m.f. other institutions all around the world in malta making their dance if i announced in a 1000000000 dollar now and dead of the i.m.f. i was given some measure of debt to lead to countries but let me tell you something the african continent has moved itself to help itself and has acted very quickly and the policymakers have been very responsible and i think that's also partly why we have seen the incidental deaths lower why is this we've had experience with other infectious diseases in the past so we have some strong systems to trace identify and trace contact stopped people we have those systems in place in several countries and that. well you don't get that from western media or arguably doctrine goes on joey alla thank you very much thank you top of the break as from this week will british newspapers for the 1st time no longer have to disclose sales figures amid widespread lack of trust we investigate how the economist magazine is for centuries remained of global influence a despite

governments are struggling to find the money to fight the pandemic and show up their commies the world bank and the i.m.f. of oscar lenders to suspend the payments for african countries struggling under the covered $1000.00 outbreak petain these officials say they will deal with african debt on a case by case basis what happens next depends on china which is not only africa's top trading partner but also its lender according to the world bank chinese government and funds have learned from african governments and state owned enterprises more than 150000000000 dollars between 201-2018. most of this money has gone into the development of infrastructure projects such as the rules railway lines ports journalist in a bind in want to be able to continue to lend to africa after kuwait $19.00 to make money and influence but i do seem time to want to be able to. to be and how africa is linked in time more than $100.00 international non-governmental organizations have been forced calls for consideration of all debt payments in 2020 but many banks are reluctant to risk their credit ratings and private bond holders a