The Global South in the New Cold War

Marginalised and dominated economically by the Global North, developing countries must urgently cooperate to better strive for their shared interests in achieving world peace and sustainable development.

Recovering stolen assets: No weakening of resolve

The White Paper on the state of Bangladesh’s economy will include a review of “smuggled money”, according to the head of the committee, Debapriya Bhattacharya, entrusted to prepare the White Paper.

Recovering Bangladesh’s Stolen Wealth

Bangladesh bleeds as over US$3 billion drains from Bangladesh annually through offshore accounts. According to a recent report, close to US$150 billion was siphoned off the country during 15 years of kleptocratic Hasina regime’s mis-rule. Nearly US$50 billion went out of the country in the first six years (2009-2015) of the Hasina regime.

Dealing with Bangladesh’s Odious Debt

Bangladesh has become increasingly indebted since 2009. The country’s external debt stock increased from US$23.3 billion in 2008 to US$100.6 billion in December 2023 (see figure below). Thanks to the country’s mega-projects led so-called development with borrowed money under the now deposed authoritarian regime of Sheikh Hasina.

Handling Financial Crises in the South

When history repeats itself, the first time is a tragedy; the next is a farce. If we fail to learn from past financial crises, we risk making avoidable errors, often with irreversible, even tragic consequences.

Nigeria: Why #EndBadGovernanceInNigeria Protests Gained Traction

Thousands of Nigerians have taken to the streets to protest against bad governance, corruption, soaring inflation, and the rising cost of living, in what has been termed "10 Days of Rage" and believed to mirror Kenyan protests organized by the youth. Nigeria, Africa's most populous country and a major exporter of crude oil, citizens claim that the benefits of the country's resources do not trickle down to the masses but to a group of corrupt politicians.

The Demise of Democracy and Human Rights Violations in Bangladesh: International Financial Institutions’ Culpability

The International Monetary Fund (IMF), World Bank and Asian Development Bank (ADB) are complicit in the gross human rights violations and death of democracy in Bangladesh. They continued to supply financial blood line to the regime, well-documented for its corruptions, human rights violations – such as forced disappearances and tortures in custody – and riggings of votes, including politicization of state institutions in its slide into autocracy. This is despite their professed commitment to transparency, accountability and good governance (IMF, World Bank, ADB).

More Poverty for the Poor

Many low-income countries (LICs) continue to slip further behind the rest of the world. Meanwhile, people in extreme poverty have been increasing again after decades of decline.

Kenya’s Protests: More than a Question of Tax

Kenya’s President William Ruto has withdrawn the tax-increasing Finance Bill that sparked mass protests. He has sacked his cabinet and the head of the police has resigned. But the anger many feel hasn’t gone away, and protests continue. The protests have brought Kenya’s Gen Z onto the political stage, with young people – over 65 per cent of the population – at the forefront. Since the protests began, they’ve made full use of social media to share views, explain the impact of proposed changes, organise protests and raise funds to help those injured or arrested.

US Fed- Induced World Stagnation Deepens Debt Distress

For some time, most multilateral financial institutions have urged developing countries to borrow commercially, but not from China. Now, borrowers are stuck in debt traps with little prospect of escape.

A Bleak Future 50 Years after the New International Economic ‘Non-order’?

Fifty years ago on 1 May 1974, the Sixth Special Session of the General Assembly (April–May) adopted a revolutionary declaration and programme of action on the establishment of a New International Economic Order (NIEO) “based on equity, sovereign equality, interdependence, common interest and cooperation among all States, irrespective of their economic and social systems”. The hope was that a NIEO would “correct inequalities and redress existing injustices, make it possible to eliminate the widening gap between the developed and the developing countries and ensure steadily accelerating economic and social development and peace and justice for present and future generations”. Alas, what evolved is far from what was envisioned or called for.

Youth-Led Protests Force Kenyan President’s Hand Over Tax Bill

In a historic first, Kenya's youth have mobilized in large-scale protests to demand that the political establishment listen to them. The Finance Bill 2024, which proposed new taxes across several sectors, was the catalyst for the protests, igniting outrage among a youth demographic that feels betrayed by decades of political promises. These protests, driven by economic and social grievances, escalated dramatically, culminating in clashes with police that led to numerous deaths and widespread unrest.

EUROPE: ‘The Future of the EU as We Know Cannot Be Taken for Granted’

 
CIVICUS discusses the results and implications of recent elections to the European Parliament with Philipp Jäger, Policy Fellow at the Jacques Delors Centre, an independent, non-partisan think tank focused on European policy processes and outcomes.

Government Debt Is Symptom, Not Cause

Developing country governments are being blamed for irresponsibly borrowing too much. The resulting debt stress has blocked investments and growth in this unequal and unfair world economic order.

Land Grabs Squeeze Rural Poor Worldwide

Since 2008, farmland acquisitions have doubled prices worldwide, squeezing family farmers and other poor rural communities. Such land grabs are worsening inequality, poverty, and food insecurity.

South Suffering Due to Powerful Nations’ Policies

The World Bank expects the international economic slowdown to be at its worst in over four decades in 2024. This is mainly due to powerful Western nations’ contractionary macroeconomic and geopolitical policies.

Making the Global Financial Architecture Work for Emerging Markets and Developing Countries (EMDEs)

The world is facing multiple crises that must be tackled quickly, with innovative approaches and brave decisions. The global financial architecture is an area that needs reform and thinking outside the box. The system created 80 years ago is not able to deal with today’s problems that range from climate change to pandemics, to increasing inequality, to conflict and fragility, to food insecurity and poverty.

‘The World Is Bigger than 5’

The title of this piece is not mine. It’s from the President of Turkiye calling for a reform of the United Nations Security Council. It has since become a motto in the UN reform campaign encapsulating the shared resentment at a global system that gives the five Permanent members – The P5 of the UN Security Council – the United States, France, Britain, China and Russia – unfair and often destructive veto powers that undermines the very ideals for which the UN was established.

Developing Countries’ Government Debt Crises Loom Larger

Developing countries are being blamed for having borrowed and spent irresponsibly. But they have only been doing what foreign powers and financial interests have urged them to do.

Global Governance: Time for Reform

At last the UN Security Council has passed a resolution calling for an immediate ceasefire in Gaza. While stopping short of demanding a permanent end to the violence, it goes further than the world’s peak peace and security body had so far managed since the start of the current brutal phase of conflict in October. But the time it’s taken to get to this point signals an ongoing failure of global institutions to uphold human rights.

Child Malnutrition in Peru Driven Up by Poverty and Food Insecurity

Quechua farmer Felipa Noamesa, who lives in the southern Peruvian department of Cuzco, prepares a cream of fava bean soup for breakfast every morning with bread and vegetable soup with noodles. Her children are grown up, so her priority is that her five-year-old granddaughter does not suffer from anemia or malnutrition, two problems she frequently sees in her community.