NGOs to protest against ADB
Aditya Suharmoko, The Jakarta Post, Jakarta | Fri, 05/01/2009 2:38 PM
The Asian People's Movement Against the Asian Development Bank, which is formed of several non-government organizations (NGOs), will launch a rally on the sidelines of the Bank's annual meeting from May 2 to 5.
The meeting will not result in any solutions to the global economic crisis, but may worsen the crisis, as Bank's loan policies have politically and economically damaged Indonesia, the movement said in a statement Friday.
"We state that the global financial crisis cannot be a reason to strengthen the ADB's role at regional level by increasing its capital from US$55 billion to $165 billion. The global “capitalism” crisis should have been the momentum to overhaul and perfect the role of financial institutions like the ADB," it said.
The movement is set to propose a new "fair and democratic" alternative for development financing in emerging countries, particularly those in Asia, which will reduce poverty, unemployment and discrimination.
