WORLD DEBT AND G7 SUMMIT

Motion Text

That this House is alarmed at the high level of debt of the world's poorest countries; notes that the reality of the world's economy is that through interest payments and repatriation of profits by multi-national companies there is an enormous net transfer of wealth from the poorest countries to the banking systems of the West; further deplores the way in which the International Monetary Fund, World Bank, G.A.T.T. and Lome Convention are enforcing liberal free market economic regimes on the poorest countries with the consequent disastrous cuts in public spending, high unemployment, deteriorating environment and health care; and accordingly calls for the G7 Summit to propose the writing off of the debt and real increase in commodity prices for the poorest countries' products.