We, the undersigning organizations and individuals gathered at the 11th AWID International Forum on Women’s Rights in Development in Cape Town, South Africa (November 14-17, 2008), question the diagnosis offered by the G20 of root causes on the financial crisis and hence its outcomes. We understand that this is a systemic crisis, part of a crisis cycle, thus not a new phenomenon nor entirely unanticipated. Now, it is clearly touching developed countries’ interests, and therefore named global. The current crisis is multi-dimensional (financial, economic, food, energy and climate change), and requires a new approach for sustainable development strategies. We are suffering the result of converging liberalization economic and financial policies that favor large capital interests at the expense of people's lives and sustainable livelihoods.

Quick action has been taken under the format of the G20 to deal with the current situation; however, we are dismayed that the actions proposed do not depart from the current economic model and mechanisms in place. Furthermore, the action plan proposed is not geared to protect the interests of the poor and particularly women, to promote sustainable growth and to resolve the global food crisis. This crisis has life and death implications for countless millions women, men and children; it has not been addressed and carries a much lower price tag. We highlight that the UN’s amount (of approximately 1 billion US$) for immediately solving the food crisis is just a mere fraction of the massive bailout being raised for financial institutions.

We do not recognize the G8 or the G20 as legitimate convening bodies to address the systemic crisis. We note here that the G20 Statement proposal of a new financial architecture or reform of such is not new or a radical point of departure. Discussions of a new financial architecture and reform of the international financial and monetary systems has been ongoing since the 1990’s and is a topic to be discussed at the upcoming Financing for Development (FfD) United Nations (UN) Conference to review the implementation of the Monterrey Consensus signed in 2002.

As gender advocates and women’s rights activists working to improve women’s and their families’ lives worldwide as well as to promote their empowerment, we must point out that the lives of women in developing countries have been severely negatively impacted by numerous financial crises in the global economy. Structural adjustment programs (SAPs) of the International Monetary Fund (IMF) and World Bank shows that these crises disproportionately impact women’s livelihoods and rights at many levels. Yet, the IMF and World Bank, the very same actors whose misguided policies uniformly wreaked havoc on the lives of those living in poverty, are now to be strengthened by the G20 action plan.

The crisis, admittedly the worst since the Great Depression, will have impacts on the lives of women and children in the developing countries as well as on the lives of the most vulnerable in the ‘developed’ world.

Civil society organizations and women’s rights groups, along with many developing countries, have consistently called for reform of international financial and monetary systems, including democratization of the IMF and the World Bank. These calls were repeatedly rebuffed by the rich countries led by the U.S. Indeed, the 2002 FfD conference, which resulted in the Monterrey Consensus, attempted to include these issues on its agenda but was harshly rebuked. It was reduced to a pledging conference.

It is indeed bittersweet to see that the very mechanisms and proposals that were floated six years ago are at least being rhetorically recognized by the G20. However, this response is too little, too late and not enough. Too little, the scope of the reform is not wide enough or deep enough considering the severity of the crisis and its interlinkage to food, energy and other livelihood issues. Too late, the institutions and mechanisms that are being relied on fail to provide early warning of the crisis or to propose adequate measures to contain the crisis.

Simply including some developing countries in the IMF and World Bank decision making structure is not good enough. The IMF and World Bank macroeconomic policies have failed consistently to generate development or inclusive growth. These policies themselves need to be significantly rethought, developed and implemented by a more inclusive and democratic process, UN-led. At this time to do less than that represents merely cosmetic changes.

The World Trade Organization (WTO) Doha Development Round of trade negotiations failed because it did not address the critical needs of developing countries: poverty eradication and sustainable livelihoods. Successful conclusion of the Doha round cannot adequately deal with the food, energy, or financial crisis. Indeed, Doha has been implicated in the food crisis. It is useless for resolving the energy crisis. And it has no mechanism to deal with the financial crisis and will reinforce those neoliberal policies affecting women’s livelihoods and rights (trade liberalization, privatization, deregulation of all markets, etc.).

The G20 approach does not address sustainable livelihoods, decent work, gender equality and women’s empowerment. Despite mentioning the Millennium Development Goals (MDG’s), it does not increase resources to ensure a successful achievement of these goals and other Internationally Agreed Goals (IADGs), although it is widely known that they are on a failing path.

Reform of the international financial architecture requires the participation of the maximum number of stakeholders: governments from all countries, multilateral agencies and civil society, including women’s rights groups. The UN, with its limitations and obstacles, is still the most appropriate multilateral space to deal with the current systemic crisis, ensuring inclusiveness. The upcoming Financing for Development Conference in Doha in late November will be an opportunity to challenge the current economic and development model and start an inclusive transformation process.

SIGNATORIES

Institutions

Women in Development Europe (WIDE), European network
Association for Women’s Rights in Development (AWID), Global
International Gender and Trade Network (IGTN), Global
Development Alternatives with Women for a New Era (DAWN), Global
Terre des Hommes International Federation, Global
Terre des Hommes Germany, Germany
The African Women's Development and Communication Network (FEMNET), African network
International Council for Adult Education, Global
The Network for Women’s Rights in Ghana (NETRIGHT), Ghana
Gender and Development in Practice (GADIP), Sweden
Green Women, Sweden
Association Solidarity Among Women, Austria
Voices of Edo Women (ViEW), Nigeria

Individuals

Laura Fano, Society for International Development, Italy
Birte Rodenberg, consultant, Germany
Katie Thomas, Centre for Developmental Health Perth, Western Australia
Li Wei, University of Hong Kong, China
Christa Wichterich, Women in Development Europe (WIDE), Germany
Nemaka Majeks-Walker, The 50/50 Group, Sierra Leon
A. Mall, APROFEC, Senegal
Darilyn Sylem, The North South Network, India
Gertrude Fester, South Africa
Francine Baril, Canadian Crossroads International, Canada
Akai, ACD, Nigeria
Dileh Hattatoglin, Turkey HemeNet, Turkey
Jilt Schrneele, hlef, Germany
Charlotte Young, South Africa
Emma Sydenham, PWESCR, India
Ruth Mirembe, Uganda
Risma Umar, Solidaritas Perempuan, Indonesia
Ntomboxolo Mue, TAC, South Africa
Tshidi Telelcoc, TAC, South Africa
Magassonba Hamfadima, CONAG-DCF, Republic of Guinea
Bah Fatoumatui Yebhe, ADYEF-G, Republic of Guinea
Fatouma Boubacar, Niger
Roslyn Cruz
Andrianasnitsoa Vonifauje, Madagascar
Hama Maeldin, Million Signatures Campaign, Iran
Juan Vaggroer, Argentina
Laura Aguirre, Fondo de Mujeres del Sur, Argentina
MA. E. Romero, RSMLAC, Mexico
Laticia Cuevas, Red por los Derechos Sexuales y Reproductivos, Mexico
Amina Ahmed, Madagascar
Patricia Patino Fierro, Aldemo AC, Mexico
Melissa Hoskins, Astraea, USA
Fumi Suzuki , Space Allies, Japan
Ungini’a Muwanig’wa, ActionAid, Zimbabwe
Rucha Tadwalkar, Center for the Pacific Asian Family, USA
Erika Smith, APC WNS, Mexico
Samiya Mohammed, SWDA, Ethiopia
Maria Baxos Smith, Womankind Worldwide, UK
Caroline Bowling, Gender Dynamics, South Africa
Nilsen Narciso, AMUUFIA, Mozambique
Jean Mweeha, Young Women’s Christian Association, Zambia
Gretchen Wallner, Global Grassroots, USA
Kelly Waters-Radcliffe, Canada
Nighan Khan, Institute of Women’s Studies, Pakistan
Katie McDonald, Australia
Laura Chavez, Consultant
Angela Heimburger, USA
Marije Nederveen, Aim for Human Rights, Netherlands
Loeky Droesen, Aim for Human Rights, Netherlands
Kimberly Gibbons, Ontario Council for International Cooperation, Canada
Deepa Shankaran, AWID, Canada
Chanltelee Hellenbuer, South Africa
Chaibi Drissi, IGTN Afrique, Tanzania
Natalie Raaber, AWID, USA
Shirley Pendell, SR, Rwanda
Nayeli Yoval, Consorcio, Mexico
Lorri Mackness, National Network Stopping Violence, New Zealand
Carmen Rodriguez, COMO, Mexico
Paula Condrac and Lucila Puyol, Multisectorial de Mujeres Santa Fe, Argentina
Ireen Dubel, Hivos, Netherlands
N. Badi and Tamir Norose, TAC, South Africa
Susana Klein, Womankind, UK
Linn Lukschanal, Swedish Cooperation centre, Guatemala
Amelie Rey, Canadian Cross Roads International, Canada
Renai Makaje, Hivos, Zimbabwe
Cate Owren, Women’s Environment and Development Organization (WEDO), USA
Manai Samadda, ADITHI, India
Alex Keny, Global Campaign for education, UK/South Africa
Nomfundo B. Xotenyi, Ibhayi Living centre, South Africa
Peggy Antrobus, Development Alternatives with Women for a New Era (DAWN)- Carribean
Joyeta Bose, International Women's Tribune Centre (IWTC), USA
Maureen Gabuza, Lutheran development Services, Swaziland
If you did sign and your name does not appear please write to: mknab@awid.org