Drive to beat poverty, debt

Press, 28 September 1988, Page 8

Drive to beat poverty, debt

NZPA-Reuter West Berlin The International Monetary Fund and World Bank, under pressure to step up help for the Third World, will launch a new drive to tackle the twin crises of debt and poverty. The run-up to the opening of this year’s general assembly of top finance officials and bankers has been dominated by efforts to ease the SUSI2OO bil-

lion ($1983.47 'billion) debt burden, with Japan taking an important new role. Developing countries will try to drive home the message that more has to be done to halt the slide in living standards. The World Bank and I.M.F. will be on the offensive to counter criticism that they have failed to tackle the six-year debt crisis. “Poverty is the biggest

and most important challenge facing mankind,” Zimbabwe’s Finance Minister, Bernard Chidzero, told reporters. “The number of people living in poverty is increasing despite all our science and technology.”

Thousands of demonstrators protested throughout West Berlin on the eve of the assembly, claiming the organisations’ policies have perpetuated poverty

and helped destroy the environment. Riot police held back protesters as 1.M.F.-World Bank guests arrived for a ballet performance. Several hundred demonstrators then marched through the city chanting, “The I.M.F. must go, the World Bank must go” and "I.M.F. — murderers’ convention.” Two were arrested for damaging property.