By: Elena Grace Flores
YouTube video by Filipinews Today
Senator Imee Marcos Clarifies her Suggestion
Dominguez Refused to Loan from the World Bank at First
Finance Secretary Carlos Dominguez at first refuses to take a loan from the World Bank and also rejects Senator Imee Marcos’ suggestion to the debt moratorium offer from the international financial institution. In reality, the WB’s mandate is to help a country in distress and assist poor countries in their development stage. They do not care about the financial track record that Dominguez talks about. Knowing about his background in the private sector, he treats WB as a commercial bank.
Mandates of the World Bank
As a general rule, the World Bank serves two mandates: To end extreme poverty, by reducing the share of the global population that lives in extreme poverty to 3% by 2030. To promote shared prosperity, by increasing the incomes of the poorest 40% of people in every country. Senator Marcos said that the Philippines is in the list for debt moratoriums. This means that the country can delay debt payments without penalities due to the pandemic. However, the Finance secretary is more concerned on the financial track record than to help sufferring Filipinos from the lockdown.
Even China Avails of Debt Moratorium
Perhaps, Dominguez is not aware that even the Chinese government remains a client of the World Bank because it is its number one client when it was still a developing country. The Chinese know the trick of acting poor thus availing the debt moratorium for their balances at the present time. What could make Dominguez more concerned about the country’s image through its financial track record instead of heeding Marcos’ advice to help the people first and rebuild the economy later?