KATHMANDU, March 19: The International People's Tribunal versus the World Bank and International Monetary Fund (IMF) concluded its third hearing with strong demands to stop the harmful policies of these global financial institutions.
According to a press statement issued by the International People's Tribunal, the two-day session, held on March 15-16, focused on decades of destruction caused by the IMF and World Bank, calling for their dismantling.
Witnesses from across South Asia testified before the tribunal, accusing the IMF and World Bank of violating human rights, particularly the right to access basic services like education, by promoting privatization.
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They also charged the institutions with prioritizing corporate interests over people's welfare, imposing austerity measures and harmful loan conditions, fueling the climate crisis through fossil fuel financing, and exacerbating inequality, especially in the Global South.
Over 300 movement leaders, human rights activists, farmers, trade unionists, legal practitioners, climate justice activists, and youth representatives from Nepal, India, Bangladesh, Pakistan, Sri Lanka, the Philippines, Indonesia, and Malaysia participated in the tribunal. Despite prior notifications, the IMF and World Bank failed to appear.
This tribunal marks the third session in a series initiated by grassroots movements, following similar events in Manila, Philippines, and Kolkata, India. A distinguished panel of judges, including Dr Bela Bhatia from India, Dr Ravi Sharma Aryal from Nepal, Dr Amali Chamindika Wedagedara from Sri Lanka, and others, adjudicated the Kathmandu session.
Before the tribunal, more than 200 activists marched to the World Bank's Nepal office, where regional movement leaders submitted a "Letter of Demand" addressing the IMF and World Bank's harmful policies.
The jury issued key observations, condemning the neoliberal policies of privatization and trade liberalization imposed by these institutions. They stressed that these policies disproportionately harm marginalized communities and women in the Global South, deepen inequality, and perpetuate the climate crisis.
The final verdict of the tribunal, along with those from the Manila and Kolkata sessions, will be announced during the annual meetings of the IMF and World Bank in Washington DC in October 2025.
