MANILA–An “International Peoples’ Tribunal Vs. The International Monetary Fund and The World Bank” (IPT) – the first of its kind was hosted and launched in the Philippines on October 26, at the UP Film Center in Quezon City indicted the two leading financial institutions for their accountability in public debt accumulation, worsening of the climate crisis, violating rights to basic goods and essential services, transgressing the right to food and causing widespread hunger.
The Asian Peoples’ Movement on Debt and Development organized the IPT together with over 30 organizations from Asia, Africa, and Latin America. They called the gathering a “historic moment” for social justice movements to “charge and prosecute the two institutions for the economic and social harm they have inflicted on countries and communities across the Global South.”
APMDD Coordinator Lidy Nacpil said: “For decades, the IMF and World Bank have hidden behind their deceiving façade of development and poverty alleviation. But in reality, their policies have deepened inequality, fostered corruption, and prioritized the interests of wealthy nations over the needs of vulnerable communities. This tribunal provides a space to speak truth to power, especially for grassroots and ordinary working people who are often denied access to justice in formal legal systems and processes.”
She added that in the face of crises of inequality, debt, and climate change, the Tribunal represents a bold attempt to shine a light on the IMF and the World Bank and the adverse impacts of their programs and policies on communities and the environment. “It is a call for justice, for reparations, and demanding a new model of development—one that centers on people and the planet, and not driven by profits,” Nacpil said in a statement.
Atty. Luke Espiritu, one of the Tribunal’s prosecutors, stressed: “This is more than just pointing fingers at the IMF and World Bank. It’s about holding them accountable and demanding reparations. The deception is glaring in the way they proclaim their mission to eradicate poverty while pursuing failed measures such as pushing more loans as the solution to crises, including the crisis of climate which developing countries did not cause.”
The tribunal will be presided over by an International Panel of Judges composed of distinguished and respected economists, lawyers, and academicians. These include Filipino lawyer and climate law professor Tony La Vina; Stanford University lecturer Kumi Naidoo; Prof. CP Chandrasekhar of Jawaharlal Nehru University, India; former Malaysia member of Parliament Charles Santiago; Prof. Fadhel Kaboub, senior adviser of Power Shift Africa; Society for International Development senior advisor Manuel Montes; Third World Network Director Chee Yoke Ling; Prof. Anuradha Chenoy of Jindal Global University, India; and Law and Society Trust (Sri Lanka) Executive Director Sakuntala Kadirgamar.
For the Defense, the IMF and World Bank offices in the Philippines were notified by the organizers.
The Tribunal’s first session in Manila will be followed by sessions in Nepal, India, Africa, and Latin America. The final verdict will be announced in April 2025 during the Spring Meetings of the IMF and the World Bank in Washington DC.
Photo by Lei Ventenilla
