The Executive Office of the Democratic Confederation of Labor sent two letters to the Executive Director of the World Bank, the Executive Director of the International Monetary Fund, and a briefing copy of the two books, to the Minister of Economy, Finance and Administration Reform, Mohamed Benchapon, on the urgent step related to the economy, health and debt, based on the statement of the global unions that was directed to these two financial institutions.
The leadership of the central union called on the two international financial institutions to evoke the statement of the global unions addressed to the International Monetary Fund and the World Bank and work according to the recommendations contained therein, for a coordinated international response to the global health and economic crisis.
The Confederacy stressed that the Spring Meetings that were held online from April 17 to 19, 2020, come at a crucial time where coordination of an urgent and fair response to public health crises, as well as the economic consequences of the COVID-19 is needed.
The crisis has been deepened due to austerity measures and organizational structural reforms imposed and reinforced by these International Financial Institutions.
In its message supporting the statement of global unions, the Executive Office considered that the spring meeting constituted an opportunity to create a coordinated financial and monetary stimulus program, and a response to enhance public health, protect jobs, and promote the real economy as part of basic priorities.
The Confederation stressed that providing adequate support to developing countries is an essential part of the response, stressing that it is necessary in light of the current situation, debt relief that exceeds the existing limited structures, renewing the call for a dual approach to debt relief linked to the sustainable development goals, and a settlement mechanism Sovereign debt.
The Confederation also called for the includion, the cancellation, restructuring and reclassification of debts owed to international financial institutions, as the debt, in case of non-implementation of the procedure, will be a destructive factor for response, recovery and sustainable development.
The Confederation stressed that priority must be given to the real economy and compliance with basic labor standards, as approved by the International Labor Organization, as well as the institutionalization of Social dialogue at all levels.
The Confederation concluded its message by noting that reform of multilateralism and the drafting of a new social contract has become urgent, and governments and international financial institutions should immediately begin work to address it.
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