Home / Knowledge / News / Textiles / IMF & World Bank need to step up on labour rights

IMF & World Bank need to step up on labour rights

24
Mar '07
The World Bank and the International Monetary Fund must do far more to support labour rights, according to a new statement issued by the international trade union movement in the lead-up to key meetings of the International Financial Institutions (IFIs) in Washington on 14 and 15 April.

The main function of the “Spring Meetings”, of the IMF's International Monetary and Financial Committee and the joint World Bank – IMF Development Committee, is to assess progress in the work of the two institutions. “Real and consistent improvements on labour rights must be a cornerstone of tackling poverty and growing inequality worldwide”, according to ITUC General Secretary Guy Ryder.

One positive aspect noted in the report is the progress that has been made concerning the achievement on the Millennium Development Goals through the implementation of debt cancellation for the poorest countries.

The requirement by the World Bank's private sector lending arm the IFC that borrowers observe the core labour standards of the International Labour Organisation, and the declared intention of the World Bank itself to include similar criteria in its infrastructure investments, show a commitment to achieving equitable and sustainable development.

Nevertheless, the world union bodies criticise serious inconsistencies concerning decent work, in particular around labour rights.

The World Bank continues to promote policies that encourage countries to abandon protection for workers and the poor and it applies its discredited “Doing Business” methodology to its “Country Policy and Institutional Assessment,” which is used to determine poor countries' aid eligibility based on their scores on areas including business regulation and labour market flexibility.


Must ReadView All

Pic: Shutterstock

Textiles | On 25th Sep 2021

EU extends GSP plus status for Pakistan with 6 new conventions

The European Union (EU) has extended its general system of...

Pic: Shutterstock

Apparel/Garments | On 25th Sep 2021

Bangladesh seeks Russian support for ensuring direct exports there

Bangladesh commerce minister Tipu Munshi recently sought Russian...

Pic: Boris-B / Shutterstock.com

Retail | On 25th Sep 2021

US’ Halloween spending to reach $10.14 bn this year: NRF

Consumer spending in the US on Halloween-related items is expected to ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Next level is to inject new features:

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Dhruv Toshniwal & Udit Toshniwal,

Dhruv Toshniwal & Udit Toshniwal

Launched a year ago, Fashions Pvt Limited conceptualises and sees D2C...

Chendhuran Sundar,

Chendhuran Sundar

Headquartered at Singapore, Crocodile is a global fashion and lifestyle...

Susan Bhaktul,

Susan Bhaktul

Established in 2000 as a liaison with the Government of India, Industree...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Shaan Sethi, Jaanuu

Shaan Sethi
Jaanuu

Jaanuu, a vertically integrated e-commerce company, has reimagined the...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah & Sandeep is a luxury menswear label...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search