Indian socio – political organisations demand shutdown of Bretton Woods institutions — IMF and World Bank

By Suresh Nautiyal
New Delhi: Over 200 organisations and activists — representing a wide range of political parties, social movements, campaigns, and grassroots organisations – have demanded shutdown of the Bretton Woods institutions such as the World Bank and the International Monetary Fund (IMF) to pave the way for more democratic and public-spirited institutions.
Also, these organisations and individuals have called for the creation of a new democratic and decentralised financial system that prioritises sustainability and equality.
They said the World Bank and the IMF, for the past eight decades, have globalised a model of development and financialisation rooted in the colonial logic of extraction and exploitation. These institutions have facilitated the continuous transfer of wealth from the Global South to the Global North while trapping nations in deep debt and depriving them of sovereignty over their natural resources.
They strongly criticised the policies of the World Bank and the IMF, which have led to the privatisation of essential public services, including water, electricity, education, healthcare, and transportation, brought about steep cuts in social protection and welfare programmes, labour market deregulation, drastic wage cuts, contractualisation of labour, and the reduction or elimination of food and agriculture subsidies which have resulted in widespread hunger and food insecurity. These policies have disproportionately impacted the rural and urban working classes, poor communities, women, small-scale food producers, indigenous peoples, and other marginalised groups.
The statement, prepared by the key groups, has been endorsed by a range of civil society organisations and highlights the 80 years of the World Bank and the IMF which have entrenched a global financial system that perpetuates inequality, displaces communities, and destroys livelihoods. Instead of fostering development, these institutions have promoted policies that worsen poverty and accelerate climate change while consolidating wealth and power in the Global North.
Despite the harm they have caused to societies, economies, and the environment, the World Bank and the IMF have remained immune from accountability. The civil society groups said that they believe these institutions are beyond reform, as their governance structures and market-driven economic paradigms are too deeply embedded in the status quo to enable meaningful change.
Ms Maju Varghese, spokesperson for these organisations and the individuals, said the civil society has called for a complete shutdown of the Bretton Woods institutions and the creation of new global institutions based on democratic, decentralised economic governance, equality, and sustainability. These new institutions must prioritise equality, sustainability, and the needs of all nations, not just a select few.
Those who have endorsed the statement include: Friends of Earth India, One Billion Rising, Abumwami-YPC, Jharkhand Kishan Parishad, Centre for Financial Accountability, Shramik Mukti Dal, Bicycle Cities, CFA, JJSV Bihar, KSMTF, NCDHR, NAPM, SHRAM (Urban Struggles Forum), JJSS, All India Union of Forest Working People (AIUFWP), Mines Mineral & People, Jan Sarokar, Greenpeace India, Right to Food Campaign, Aravallis Suraksha Udaipur, Focus on the Global South, Dhaatri, Bharat Jana Andolan, United Nations India office, Madhya Pradesh Sarvoday Mandal, Centre for Financial Accountability, Maharashtra State Bank Employees Federation, Delhi Science Forum, Kisan Sangharsh Samiti, Fridays For Future India, Financial Accountability Network India (FAN India), Nadi Ghati Morcha, Poovulagin Nanbargal, Himalaya Niti Abhiyan, CFA, SANDRP, Bahujan Communist Party, India Greens Party (iGP), Sarvodayasangham, Indian Social Action Forum, Theeradesa Mahila Vedi, VMKS, Centre for Financial Accountability, CED, CWCSN, RAI CENTRE Utnoor, Adilabad, JJSS, Siang Indigenous Farmers Forum (SIFF), Aravalli Mazdoor Sangathan, YMC, Udyog, Ekta Niketan, Fr. Thomas Kocherry Centre, NCAER, AIDWA Delhi-NCR, BIC Trust India, Capital Region Farmers Federation, Amaravati, COAST Foundation, Kamgar Ekata Union, Maharashtra, Cheru Resmi Centre, Sambhaavnaa Institute, MCC, National Platform for the Rights of the Disabled, Pension Parishad, National Hawker Federation, Avsar Collective, People for Aravallis, MKSS, Climate Action, Lok Shakti Abhiyan, SR Abhiyan, CFA, People’s Union for Civil Liberties, Delhi Forum, Periyar Malineekarana Virudha Samithy, Samata, Bargi Bandh Visthapit Evam Parbhavit Sangh, Right to Food Campaign, Sarvodaya Press Service, All India Secular Forum, Indigenous Perspectives, JJSV Bihar, River Basin Friends, All India Union of Forest Working People, NWMi, Food Sovereignty Alliance, National Hawker Federation India, Paryavarn Samvardhan Samiti, Dynamic Action Keralam, Poovulagin Nanbargal, ANHAD, Women’s Collective, Shehri Mahila Kamgar Union, Jan Jagran Shakti Sangathan Bihar, Charagah Evam Paryavaran Vikas Samiti, Bharat Jan Vigyan Jatha (BJVJ), Mazdoor Kisan Shakti Sangathan, CPI-M, Financial Accountability Network India, People First, Green Circle Sikkim, Samsat Machimar Samaj Gujarat, International Accountability Project, Ecosystems Services, All India Kisan Sabha, Maharashtra Hawker Federation, Dynamic Action, Fridays For Future Mumbai, Atlas Movement, and Youth For Himalayas, etc.
The individuals endorsing the statement include: Achin Vanaik, Adarsh K Warman, Aditya Nigam, Adv Dr Shalu Nigam, Agnes Kharshiing, Anne Stegmann, Annie Namala, Ashish Kothari, Bhargav Oza, Bhavreen Kandhari, Debsmita Roychowdhury, Disha A Ravi, Dr Meena Kandasamy, Dr OG Sajitha, Eddy Monte, Elsy Gomes, Fr Eugene Pereira, Geeta Sahu, Hans Kaushik, Ian Williamson, John Dayal, Jones Thomas Spartegus, KV Krishna Kumar, Kailash Anerao,, Kurien John, Lalita Ramdas, Lara Jesani, Linda Chhakchhuak, Lisa Pires, Lucas Braganca, Manan Kumar, Manasi, Manisha Desai, Moushumi Basi, Mukta Srivastava, Navdeep Mathur, Nikita Chatterjee,Nitin Sethi, PM Bhattacharya, Pamela Philipose, Pavuluri Siva Prasad, Pervin Jehangir, Prakash Louis, R Ajayan, Rashi Rajgor, Rita Das, Rohini Hensman, Rohit Prajapati, Rosamma Thomas, Saba Dave, Samir K Chakravorty, Sandeep Pamarati, Sandiksha Roychowdhury, Sandip Roychowdhury, Sanjeev Chandorkar, Sarika Dabral, Sauraj Gurjar, Sayantan Das, Shamala Kumar, Simran Grover, Sitaram Shelar, Soumya Dutta, Suchetana Ghosh, Sujata Patel, Adv Sukumaran Krishnan, Suma Josson, Suresh Garimella, Sutapa Majumdar, Uma Shankar, Vaishnavi Paliya, Vanaja Mercima Soundarabai, Venkateswara Rao Maddi, Vinay Baindur, and many more.