FDC In The News: Creative Action vs. ADB

Our creative action yesterday (May 5) versus ADB’s stronger push for privatization in the region as reflected in its Long Term Strategic Framework (LTSF) or so-called Strategy 2020 came out in BusinessWorld (Front page and page S1/5 photos), BusinessMirror (Page A2 story and photo), Abante (photo), The Daily Tribune (Page 8 photo) and online GMANews.TV.

BusinessWorld
06 May 2008, Page 1
Photo by AFP

BusinessWorld
06 May 2008, Page s1/5
Photo by REUTERS

BusinessMirror
06 May 2008, Page A2
http://www.businessmirror.com.ph/05062008/banking02.html

ADB’s lending focus on privatization under fire

SAYING the Asian Development Bank (ADB) suffers from a “crisis of legitimacy,” freedom-from-debt activists picketed the ADB headquarters in Manila on Monday, calling on the bank to abandon its new long-term strategic framework (LTSF) for the 2008-2020 period.

The LTSF, also called Strategy 2020, would only “lead to a bleak future for the country’s poor,” said the members of the Freedom from Debt Coalition (FDC), Jubilee South-APMDD and Task Force Food Sovereignty.

Despite the call of various civil-society groups to stop its privatization policy, the ADB had said it will still push for more private-sector participation in the Asia and the Pacific region following the release of its new LTSF during the Bank’s 41st Annual Governors’ Meeting in Madrid, Spain.

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BusinessMirror
06 May 2008, Page A2
Photo by AP/Bullit Marquez

The Daily Tribune
Page 8
Photo by AFP

GMANews.TV
http://www.gmanews.tv/story/93256/Group-to-protest-ADBs-plan-to-expand-role-in-private-sector#

Group to protest ADB’s plan to expand role in private sector
Article posted May 04, 2008 – 10:37 PM

MANILA, Philippines – A local coalition will launch a Monday morning protest against the Asian Development Bank (ADB), the Philippines’ largest multilateral debtor, to highlight the group’s opposition against the bank’s new long-term strategic framework (LTSF) from 2008-2020.

In a statement, the Freedom from Debt Coalition (FDC) said the plan intends to expand the ADB’s private sector involvement to boost market-led economic growth in Asia and the Pacific region. To be held Monday at 10:30 in front of the bank’s Manila headquarters, the protest also coincides with the Bank’s 41st Annual Governors’ Meeting in Madrid, Spain.

As of April 2007, the country’s outstanding debt to ADB amounted to$ 3.04 billion,$ 1.18 billion of which had been transacted and implemented directly by the Department of Finance. All in all, ADB debts amount to 9.19% of the total national government foreign debt.

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