ITUC tasks IMF, World Bank on global financial architecture reforms

The International Trade Union Confederation (ITUC) has called on the International Monetary Fund (IMF) and the World Bank to embark on major democratic reforms of the international financial architecture to improve the living conditions of workers and global citizens at large. This call is part of the key demands of ITUC in its For Democracy campaign.

According to ITUC, the World Bank and the International Monetary Fund (IMF) will hold their spring meetings, and the decisions made there will affect the future of both working people and democracy around the world.

ITUC General Secretary, Luc Triangle, in his call for action statement, said, “It’s time for change. Instead of pursuing deregulation, it’s time to expand decent work. Instead of siphoning money away from social programs to pay crippling debts, it’s time to strengthen the social safety net. And instead of using new technologies as tools to undermine workers, they must offer new paths to transition to a future of sustainable, equitable growth.

“Our institutions at all levels were established to secure a prosperous and more peaceful future that protects people and this planet we call home. Your signature will send a message and remind the World Bank and IMF of that role and responsibility when they meet later this month.”

Trade unions across the world through the ITUC platform are focusing on the fight For Democracy in societies. The catch is that democracy means much more than free-and-fair elections. Therefore, ITUC’s For Democracy campaign is pushing for the implementation of the New Social Contract which will guarantee workers climate-friendly, decent jobs, rights for all, minimum living wages, universal social protection, equality, and inclusion.

The global trade union body newsletter stated that in support of the drive to rebuild democracy for the benefit of all, working people are signing this global petition demanding that International Financial Institutions (IFIs) change course and support governments to deliver a New Social Contract to workers.

“The IFIs can also play a constructive role in the fight For Democracy at a global level by prioritizing human rights, a just global financial system centered on a New Social Contract, equitable cooperation among nations, and peaceful common security,” the letter added.

Furthermore, ITUC General Secretary, Luc Triangle, also said: “Democracy starts in the workplace with fundamental trade union rights and continues in our societies with respect for basic freedoms, but these principles can be undermined at the highest levels of international governance when austerity and neoliberal policy dominate.

“The IFIs must also introduce democratic reforms to their structures to effectively address the growing crises of countries struggling under unpayable debts, the climate emergency, and a precarious global economy that is rigged to benefit the rich.

“Despite talk within the IFI of new directions and new approaches, we see frustratingly similar results. In practice, their policy advice frequently undermines decent work, social protection, good governance, and democracy.”

The global unions’ call for reform of the IFIs also demanded; “A shift away from policies that undermine job quality to address major transformations such as climate change and the digital transition. Without reform, the statement says, “these transformations will further divide the world between those who benefit from new technologies and greater productivity and those that see their livelihoods destroyed with no replacement nor hope on the horizon.”

“Resolution of, and relief from, the worsening debt crisis. Workers continue to be harmed by the international financial system’s failure to resolve the debt crisis, as countries must submit to austerity measures, including social spending cuts and privatization in exchange for bailout loans. The statement describes existing policy as a “punitive approach that risks a lost decade, jeopardizing the Sustainable Development Goals and democratic legitimacy of development finance.”

ALSO READ: Kogi guber: INEC tenders documents against SDP at tribunal

ITUC went on to state that the upcoming IDA21 replenishment and the review of the International Finance Corporation’s sustainability framework offer the World Bank a chance to promote decent work, uphold and implement labor standards, and provide vital concessional financing.

Luc Triangle also added: “In a time of underinvestment, conflict, and rising anti-democratic extremism, we urge the IFIs to genuinely engage with the global labor movement as the world’s largest democratic force, and support workers’ call for a New Social Contract.

“As leaders in the international financial system with resources and a global development mandate, the IMF and the World Bank must change to fulfill their commitment to equitable and sustainable development through decent work.”

Group extols NDE’s empowerment stride, seeks more empowerment opportunities for women

A group of women under the aegis of the Nigerian League of Women Voters (NILOWV) has commended the National Directorate of Employment (NDE) for its efforts at training women in vocational skills and empowering them with facilities to start different businesses.

The commendation came when the leadership of the group visited the Director-General of the National Directorate of Employment (NDE), Mallam Abubakar Nuhu Fikpo, in Abuja last week to express their appreciation.

Led by Mrs. Mangu Pado Irene, their National President, the women expressed gratitude to NDE and said that the impact of the training and provision of startup facilities women have received from the Directorate has immensely contributed to cushioning the effect of the economic hardship faced in the country.

“Many of us needed training and empowerment, and NDE graciously provided the opportunity.” NILOWV President said. She added that the partnership between her group and NDE has been highly fruitful because it has lifted many women from severe economic hardship.

“Our relationship with the NDE has been great. The Directorate has been highly impactful to women. We are women of diverse backgrounds who have benefited immensely from the NDE, however, we are here again as Oliver Twist because of the high level of poverty especially among women due to the present economy of our country.

“We need more assistance in the area of empowerment. Please, push us further away from poverty,” she said.

The NILWV president went on to say; “Farmers among us need to be encouraged to do more. They need assistance in the storage of their farm produce. Youths among us also need training on home use products, tech, and ICT.”

In his response, the Director-General of the NDE appreciated the women for coming on the visit. “We are happy you told others that NDE’s empowerment programs are impactful. I agree that it is only right we strengthen our partnership”.

The Director-General added; “We agreed on a percentage which NDE has abided with nationwide. NDE programs are regular, so, we shall continue to provide support for NILOWV especially now that you are formed into clusters”.

Mallam Fikpo used the opportunity to call on the unemployed in the country to embrace the job opportunities provided nationwide by the NDE and bail themselves out of poverty.

Onyejeocha distributes food items to widows

The Minister of State for Labour and Employment, Nkeiruka Onyejeocha, has distributed food items to widows and the needy in her home state of Abia.

The Minister, who received hundreds of widows, individuals with disabilities, and those in underprivileged situations at her residence in Isuochi, Abia State, described the event as one that held particular significance because the President’s birthday fell on the same day as Good Friday.

A statement by her media adviser, Emameh Gabriel, recalled that the President recently advised his associates and well-wishers intending to celebrate with him on his birthday to channel their donation to charity and wished to use the day to reflect and re-dedicate himself to the task of building a more stable, more secure, virile, prosperous, and united Nigeria.