Print this article   Email this to a friend

PRESIDIUM

Statement of the SI Presidium, United Nations, New York, 23 September 2009

23 September 2009

THE GLOBAL FINANCIAL CRISIS AND THE G2O PITTSBURGH SUMMIT

1.       The fact that the world has avoided the “meltdown” that some feared a year ago does not mean that the world will soon return to robust growth, nor does it mean that we have adequately addressed the underlying problems which led to the crisis. While the rehabilitation of the financial system may be necessary for a resumption of robust growth, it is not sufficient.   In addition, of course, there remain the long festering problems of climate change and global inequality.
 
2.       A situation where there is global excess supply reflected in high levels of unemployment and excess capacity, and, at the same time, huge unmet global needs should be viewed as unacceptable. 
 
3.       There still remains considerable uncertainty about the evolution of the crisis. There is still the possibility of further calamitous events, such as the failure of a major financial institution. In the United States, foreclosures are continuing, and there are serious potential problems in commercial real estate. The uncertainties in Eastern Europe have not been fully resolved. 
 
4.       In some cases, the full effects of the crisis have been muted, as firms, households and countries have drawn upon reserves (savings). The longer the downturn lasts, the smaller the remaining reserves, and the more fragile the economic system becomes, less able to withstand another jolt, even of a smaller scale.
 
5.       The withdrawal of the stimulus packages will itself have an adverse effect on growth. If this occurs prior to the restoration of robust growth, it could put the recovery in jeopardy, extending the length of time before the world’s growth returns to normal. At the same time, the mounting national debts will put pressure on governments to scale back these government programs. Those countries that began the crisis with high debt to GDP ratios and those that had poorly designed bank bailouts, with high long run budgetary costs, may be in particular difficulties.
 
6.       It is important that governments not give into such deficit fetishism. What matters is the countries’ balance sheets; if liabilities are increased, but, at the same time, so are the assets, the country may be in a better position to meet future challenges. The implication is not to reduce spending, but to renew efforts to make sure that the money is spent well, in particular, on high yielding investments. 
 
7.       Even after growth resumes, unemployment (both open and disguised) is likely to persist, and there is therefore a need for continued assistance to these and other innocent victims of the crisis, including small businesses, many of whom are finding it difficult to get access to capital.
 
Recovery
 
8.       Growth Gap. Global growth prior to the crisis was supported by debt financed consumption in the U.S. That model of growth has now been broken. Savings in the United States are rising markedly, and there are reasons to believe that it will remain at a high level. This means that there is a deficiency in global aggregate demand. This gap will persist even after the banks are fully repaired.
 
9.       Underlying problems in inadequate global aggregate demand.   Little has been done to address other underlying contributors to inadequacy in global aggregate demand, the growth in inequality in most countries around the world and the accumulation of reserves by developing countries.
 
10.   Global reserve system. That is one of the reasons that a new global reserve system is of the utmost priority. The world is likely to move away from the current dollar based reserve system, especially as the dollar is seen as a poor global store of value: it yields little return, and yet presents high risks. But unless the international community works in concert to create a new global reserve system, the movement away from the dollar-based reserve system may contribute to global instability.
 
11.   Developing countries are still in need of assistance. They do not have the resources to respond effectively to the crisis. While the efforts of the G-20 to provide additional resources are to be commended, there are two problems: There needs to be a variety of channels of disbursement, include channels that have more confidence of the borrowing countries, and more of the money should be in the form of grants.   The developing countries do not want to get themselves into another debt trap.
 
12.   New credit facility. There are deficiencies in all of the current arrangements, from both the perspective of prospective borrowers, and those countries with surpluses that might make their funds available. A new credit facility could be quickly established, seconding personnel from existing institutions. With a twenty-first century governance structure, and committed not to imposing counterproductive pro-cyclical conditionalities, such a credit facility could have enhanced support from both borrowing countries and potential creditor countries.
 
13.   Beggar-thy-neighbor policies. In spite of the affirmation of the leaders of the world in the G-20 meeting not to engage in protectionist measures, we note with concern the fact that so many of the countries have done so, often in ways that discriminate against developing countries. Yet we should recognize that without such affirmations—and without the “rule of law” provided by the WTO, matters almost surely would have been much worse.
 
Crisis Prevention and economic restructuring
 
14.    As countries work to maintain their economy, they should focus on what kind of economy they want to emerge after the crisis. This crisis was not just an “accident,” a once in a hundred year flood. It was man-made, the result of policies that were pursued in several of the advanced industrial countries. Recovery programs should be used to help restructure economies, in line with changes in global comparative advantage and technology. Unfortunately, in some countries, large amounts of money have been spent to preserve the status quo. This will present problems going forward.
 
15.   Of particular concern are the consequences of bank bailouts, which may have led to banking systems that are less competitive, more concentrated, and with a relative diminution of those parts of the sector which provide capital to medium and small enterprises. In some countries, the problems of too big to fail, too big to be resolved, to intertwined to be resolved, and too big to be managed, and almost too big to be bailed out institutions have worsened. The bailouts have, moreover, increased the problem of moral hazard, especially for the too big to fail, to big to be resolved, and too intertwined to be resolved institutions.
 
16.   Implicit and explicit subsidies provided to these institutions distorts the economic playing field, creating an unhealthy dynamic in which these institutions are favored over smaller institutions that do not represent such a threat to the stability of the economy. It is imperative that governments take actions to limit these distortions, by preventing the growth of these institutions, by restricting the extent of their risk taking, by restricting the products that lead to intertwining, and/or by imposing sufficiently high direct or indirect taxes, e.g. through substantially higher capital adequacy ratios, higher deposit insurance fees. In addition, all such large institutions such have in place and disclose to regulators plans for their orderly unwinding in ways that would not require government assistance either to themselves or to other market participants, and such plans should be updated on a regular basis. There is little evidence suggesting large economies of scale or scope, but ample evidence suggesting large negative externalities by these institutions on others. 
 
17.   The financial sector as a whole became bloated. It is a means to an end, not an end in itself. But in spite of its size, it failed to perform well its essential functions of allocating capital and managing risk. Part of the restructuring of the economy should be a downsizing of the financial sector, doing so in ways that enhance and strengthen those parts of the sector which support new enterprises (venture capital) and small and medium sized businesses. 
 
18.   There is an emerging consensus that there is a need for substantially more and better regulation than before the crisis—and better enforcement; but the devil is in the detail, and statements of principles, even if widely agreed to, are not likely to suffice. Thus, moves to encourage derivatives to be transparent and traded over exchanges are welcome, but proposals to allow the continuation of over the counter trades without full disclosure of individual transactions (necessary to assess the nature of counterparty risk) are worrisome, even if such trades are accompanied by higher margin requirements. If the additional margin requirements are too little, then trading in the less-than-fully-transparent OTC may continue little abated, posing large systemic risk. 
 
19.   By the same token, moves to increase transparency are important, but by themselves insufficient. Knowing the address of a financial institution that might pose systemic risk to the global economy is a move in the right direction, but needs to be accompanied by measures that prevent that institution from posing systemic risk.
 
20.   Similarly, it is important for governments to have enhanced powers of “resolution.” But if the underlying economics are not changed, governments may be induced what has happened in this crisis—a bailout of bondholders and shareholders. The alleged reason that these were bailout was that not doing so would impose high economic costs. 
 
21.   There is little doubt that distorted incentive structures contributed to the crisis. There is a need for international cooperation in restricting especially the structure of incentives (ensuring that they focus on long run returns and that there are adequate claw back provisions), and particularly so for institutions that may potential impose systemic risk to the economy.
 
22.   Countries should consider adopting incentive structures to encourage better compensation systems, e.g. by allowing banks that have such compensation schemes somewhat low capital adequacy requirements, and by diverting government transactions and deposits to such financial institutions.
 
23.   Financial product safety commission. The financial system created products that exploited uninformed individuals and resulted in their bearing risks that were beyond their capacities. Countries should consider creating a financial products safety commission, to determine the safety and efficacy and suitability for various purposes of various products marketed by the financial sector. 
 
24.   New mortgages. The failure of the markets to devise better mortgages suggests the need for a more active government role, both in restricting products currently sold and in creating new products that might lead to a more stable housing market (e.g. the Danish mortgage bonds).
 
25.   A twenty-first century electronic payments system. Modern technology has allowed for the creation of an efficient electronics payment system, but in many countries, the financial system has used anti-competitive practices to extract huge rents from its control over the payments mechanism. These anti-competitive practices should be forbidden, and actions should be taken to create a global efficient modern electronics payments system.
 
26.   Bank secrecy. There is little evidence that hedge funds or transactions in offshore banking centers played a central role in this crisis. Still tax evasion, corruption, and illegal activities that were supported by the secret bank accounts undermine the functioning of governments and markets. Any conclusion that all countries had met the standards that had been set suggests that the standards may have been set too low. There need to be provisions for the automatic exchange of information. While tax evasion may be of particular concern to certain developed countries, the issue of corruption is of particular concern to many developing countries. Safe haven for funds obtained through corruption is sometimes provided not only by offshore but also by onshore banks. And there is continuing concern about the repatriation of misappropriated funds, once discovered.
 
27.   The problems that have been revealed by this crisis extend beyond the financial sector. Problems in corporate governance partially account for the flawed incentive structures; deficiencies in competition laws and their enforcement help explain both the growth of too big to fail institutions and the ability of the financial sector to suppress the development of an efficient electronic payments system. 
28.   Global cooperation in setting regulatory standards is required if there is not to be a race to the bottom. Financial institutions in any jurisdiction that fails to adopt adequate regulatory standards should be prohibited from interacting with financial institutions in well-regulated jurisdictions. 
 
29.   A key test of the adequacy of proposed regulations and regulatory institutional reforms is to ask, were these reforms in place, would they have prevented the occurrence of the current crisis. In this respect, there should be concern about proposals to delegate more responsibility to regulatory institutions which clearly failed to perform their responsibilities in crisis prevention prior to the crisis without substantial reforms in their institutional design. 
 
Dealing with the aftermath
 
30.   Many countries have taken on large amounts of debt in order to prevent the crisis from becoming worse. Even without such countervailing actions, deficits would have grown, simply because downturns lead to lower tax revenues and greater expenditures. The way that the bailouts were handled in several countries has especially contributed to the size of the long run national debt.
 
31.   While it is natural that governments respond to these mounting deficits by a cutback in expenditures, it is imperative that the services to the poor and basic investments such as those in infrastructure, education, and technology be maintained. To do otherwise would increase the long run costs of the crisis and impose additional costs on the innocent victims of this crisis. Governments should eschew deficit fetishism: what matters is countries’ balance sheets, and if public money is spent on high return investments, then while there has been an increase in liabilities, there can be a more than offsetting increase in assets. 
 
32.   It is also imperative that the financial sector be made to bear the costs of the crisis. To do otherwise would be neither fair nor efficient. The repeated bailouts are, in effect, subsidies to the financial sector, and such subsidies contribute to an over bloated sector and undermine incentives. 
 
33.   Increasing the progressivity of the income tax system will not only increase the sense of social justice, but also help stabilize the economy—such taxes act as automatic stabilizers.
 
34.   One of the key challenges going forward will be the design of an exit strategy.   Uncoordinated removal of bank guarantees could lead to unstable movements of capital from countries no longer having such guarantees to countries still offering them. Reducing stimulus packages acts as a “negative shock” to the economy, and unbalanced, sudden, and especially premature reductions in these stimulus packages could lead to an interruption in the recovery.
 
35.   Before the crisis, there was a concern about global imbalances and the possibility of a disorderly unwinding of these imbalances. Part of the world was consuming far more than it was producing, while another part was doing just the opposite. What was especially peculiar about these patterns was that the country that was consuming beyond its income had a demographic structure that one might have led one to expect it to have large savings. There are some reasons to believe that there may be adjustments going forward, but unless the adjustments are well coordinated, there can be further strains on the global economy. For instance, it would make sense for the United States responds to the crisis by increasing its savings rate, and there is evidence that that is happening. But unless China and the other “surplus” countries increase their spending markedly, this will give rise to a persistence of a global inadequacy of aggregate demand. There is no reason for the two adjustment processes to move in tandem.
 
36.   One of the reasons that many developing countries have accumulated large surpluses is as a form of insurance against global volatility. The “safety net” provided by the IMF in recent crises was sufficiently unpalatable that most do not wish to rely upon it, if they can avoid it.   Alternative global insurance schemes might reduce the need for reserves, but none of those proposed so far are likely to give developing countries sufficient comfort. The one approach that seems most promising is the expansion of the global reserve system discussed earlier (and in the UN Commission Report, Chapter 5).
 
37.   Oil and other natural resource countries have strong incentives for precautionary savings, which also undermines global aggregate demand. Recent studies suggest that speculation may play some role in this volatility. If so, a coordinated global tax on capital gains may dampen such speculative activity. It would be imprudent, however, of countries with highly volatile incomes not to engage in precautionary savings.
 
38.   Some developing countries may have used exchange rate policies as instruments to encourage the development of nascent sectors, including industrial sectors, to promote exports and economic growth. Such broad based measures may have advantages over more narrowly based industrial policies, which in any case face restrictions within the WTO framework. The right-to-development has to be recognized. The question is how best to facilitate such development in a sustainable way. Export led growth may have provided a model which worked for an extended period of time, but it is obvious that not all countries can have exports exceed imports, and with the sum of the deficits equaling the sum of the surpluses, it is not sustainable for a single country to be the “deficit of last resort.” 
 
39.   Whatever the reason that countries have engaged in large accumulations of reserves, the creation of a global reserve system would mitigate which the adverse effects on global aggregate demand and contribute to global stability.
 
Global governance
 
40.   The G-20 has made important commitments to improve the institutions and arrangements for managing global globalization. It is important that these be effectively implemented, e.g. that the choice of the heads of the international institutions be chosen on the basis of merit. Still, it should be clear that the pace of reform is slow and the reforms on the table, while moves in the right direction, may be insufficient to address the criticisms. For instance, while giving China and other emerging markets more voting rights is desirable, there is little reason to believe that it will result in fundamental changes to the behavior of the International Financial Institutions. More fundamental reforms, e.g. double majority voting, should be considered.
 
41.   Other ways of increasing accountability of the international institutions need to be explored. While proposals to strengthen “reporting” to a more politically accountable body, such as a Council of Finance Ministers, might seem to do this, such reforms may have the opposite effect; if the Finance Ministers are insufficiently engaged, it would, in effect, give more autonomy to the bureaucracy. Reporting to the Global Economic Coordination Council or the G-20 leaders might, at least on certain key decisions, such as the extent of conditionality in lending or the role of the international institutions in promoting global public goods, be helpful.
 
42.   At the very least, there should be a commitment that these international institutions accord with the best practices of transparency and governance; this means, for instance, full disclosure consistent with the strongest Freedom of Information Acts and instituting restrictions on revolving doors. 
 
43.   On a number of occasions, such as the determination of standards for bank secrecy, the international community has turned to the OECD as an independent “think tank” for the international community. But it remains an institution of the advanced industrial countries. There is need to create an analogous international institutions embracing developed and developing countries. 
 
Concluding Remarks
 
44.   The broad economic and political agenda described above must be addressed within a framework which is consistent with our basic values and principles, which emphasize the importance of social justice and solidarity, both within each country and globally. 
 
45.   We have noted that financial systems are a means to an end, not an end in themselves, and this confusion of ends with means has contributed to the current crisis. But the economy itself should be viewed as a means of enhancing the well-being of our citizens.
 
46.   In this respect, we need to recognize the limitations of GDP as a measure of well-being. What we measure affects what we do. Some of the trade-offs between “GDP” and the environment might appear to be false trade-offs, if we have better metrics. Global and national efforts to improve systems of measurement, including by the International Commission on the Measurement of Economic Performance and Social Progress and the OECD, should be encouraged and expanded. 
 
47.   There will be many innocent victims of this crisis, and there need to be renewed efforts need to protect these. This is especially so because the recovery of the labor market (return to normalcy) is likely to be slow.
 
48.   Strengthening automatic stabilizers through the enhancement of social protections and increasing the progressivity of the tax structure would contribute both to the stability of the economic system and a broader sense of social justice and solidarity. 
 
49.   This crisis has frayed many critical aspects of our social compact. Ordinary citizens have been asked to bail out wealthy banks, who have used some of the proceeds to pay bonuses to their executives. Workers have been asked to take cutbacks in wages, while the contracts of those of highly paid executives of financial institutions have been treated as if they are sacrosanct. In some cases, the profits of the banks have been based on exploitation of the least educated members of society. In some countries, growth has been based on exploitation of the environment; given the pace of climate change, the growth path of the world is clearly unsustainable. The crisis should be an occasion for reflection, for re-establishing the social contract among the members of society today, between the developed and developing countries, and between this generation and future generations.
 
_________________


Click here to download a PDF version of the statement

Press coverage

 

SI in the News

 

                  
 

 

       

 
 

Member parties in government

List of SI member parties in government 

Member Party Congresses

Italy, PSI 
Congress
Rome
29-31 March 2019

 

Chad, UNDR
Congress
Mongo
12-14 April 2019

VENezUELA

Resolutions and Decisions of the XXV SI Congress

Report to the XXV SI Congress

 

Finances of the InternationAl

Budget and accounts

Elections

Slovakia
Presidential elections
16 March 2019

 

Ukraine
Presidential elections
31 March 2019

 

Andorra
Andorran General Council

7 April 2019

 

Israel
Israeli Knesset
9 April 2019

 

Finland
Parliamentary elections
14 April 2019

 

Spain
General elections
28 April 2019

Resolutions and Decisions of the XXIV Congress

 


Report of the Secretary General




venezuela

SI welcomes the release of political prisoner Manuel Rosales

02 JANUARY 2017

The release from prison of Manuel Rosales, leader of Un Nuevo Tiempo, UNT, of Venezuela, an SI member party, has been warmly welcomed by the Socialist International. He was unjustly imprisoned following his arrest in October 2015, returning to the country after six years in exile. While celebrating his release, we vigorously protest against the conditions imposed on his freedom, including the need for him to regularly report to authorities, and forbidding him from leaving the country. The International salutes his courage and strength, and expresses its support and solidarity to his family, friends, and comrades...

IRAN

SI condemns terrorist attack against member party KDP-Iran


21 DECEMBER 2016


The Socialist International firmly condemns the terrorist attack against the party headquarters in Arbil of the SI member Kurdistan Democratic Party, KDP-Iran, which took place on 20 December. The attack was carried out as party members were leaving a memorial ceremony honouring former party leader Abdulrahman Ghassemlou, who was assassinated in Vienna in 1989. Four party members, a member of the youth organisation and a security guard died in the attack and several others were seriously injured. Our International extends its deepest condolences to the families and comrades of those killed. The SI reiterates its strong solidarity with all members of the KDP-Iran at this difficult time.

POLITICAL PRISONERS

Political Prisoners

turkey

SI calls for respect for democracy in Turkey and the release of detained HDP leaders

4 NOVEMBER 2016

The Socialist International firmly deplores the arrest this morning of Selahattin Demirtaş and Figen Yüksekdağ, Co-Chairs of the People’s Democratic Party (Halkların Demokratik Partisi), HDP, an SI member party, and the detention of 11 other HDP parliamentarians, in a further blow to Turkish democracy following earlier crackdowns and restrictions on the freedoms and rights of the citizens of that country. The HDP is the third largest political party in Turkey and won seats in parliament in June 2015 despite the existing 10% threshold, and again in the elections re-called in November 2015. In May this year, the immunity that MPs usually hold from prosecution was removed from HDP members. Party members have subsequently protested against repeated raids of their homes and offices...

 

veneZuela

SI Declaration on Venezuela

21 OCTOBER 2016

The Socialist International deplores the decision adopted yesterday, Thursday 20 October, by the Electoral National Council (CNE) of Venezuela to postpone until a new judicial order the process of collection of 20% of signatures required to activate a recall referendum on the government of Nicolás Maduro scheduled for 26, 27 and 28 of this month. In its public declaration, the CNE bases its decision on compliance with the Constitution and observance of precautionary measures adopted by the criminal courts of Valencia, San Fernando Apure, Aragua and Bolivar, after accepting complaints for alleged electoral crimes against the political forces which are members of the Mesa de Unidad Democrática (MUD), an alliance which includes member parties of the SI, in the process to activate the recall referendum...

 

SYRIA

Socialist International calls for an immediate end to the ongoing bloodbath in Syria and for united efforts by the international community to end the conflict


14 OCTOBER 2016


As the world continues to witness the tragedy taking place in Syria, the Socialist International calls for renewed concerted efforts by the international community to stop the carnage and human suffering which has intensified following the breakdown last month of the brief ceasefire that lasted less than a week. The Syrian people are hostages to a conflict that transcends their country and whose solution today lies primarily outside their borders. According to United Nations figures, some 13.5 million Syrians are today requiring humanitarian assistance…


COLOMBIA

   

Standing with Colombia for peace

 

Colombia

Standing with Colombia for peace


26 SEPTEMBER 2016


The Socialist International greets the historic signing today in Cartagena of the Peace Accord between the government of Colombia and the FARC, successfully concluding a process which began more than four years ago in Havana. Our International is among those accompanying this significant event, maintaining its commitment and support for peace in Colombia today and for the post-conflict period of disarmament and reconciliation.

BElarus

Parliamentary elections bring no true democracy and no real change in Belarus


13 SEPTEMBER 2016


Despite the election of opposition parliamentarians for the first time in twenty years, legislative elections in Belarus have not delivered true democracy to the people of that country. The Socialist International reiterates its firm support and solidarity to all those in Belarus engaged in the fundamental struggle for democracy and human rights. On 11 September 2016, Belarusian citizens went to the polls for parliamentary elections, the results of which are now known. The new parliament contains two opposition MPs, the first elected since 1996, but remains overwhelmingly dominated by those who support President Alexander Lukashenko....

GamBia

SI denounces the sentencing of opposition leader in The Gambia


22 JULY 2016


The Socialist International firmly denounces and condemns the sentencing of Ousainou Darboe, leader of the opposition United Democratic Party (UDP) of Gambia, an SI member party, along with 18 other party members and sympathisers, to 3 years imprisonment, having been arbitrarily detained since 16 April 2016 following a peaceful demonstration. The SI utterly deplores this travesty of justice and calls for their immediate release. We equally call on the international community to join forces in denouncing the conduct of the dictatorial regime of Yahya Jammeh and calling for an end to the continuing violation of human rights in that country...

  • ♦ 23 August 2016
  • With great sorrow the SI has learned of the death while in jail of Ebrima Solo Kurumah, UDP party member, the second such case in five months. The SI calls for an urgent full investigation into the circumstances of this tragic death. The Socialist International remains extremely concerned about the lives of all those protestors incarcerated as we have now seen two political prisoners of this group who have lost their lives in the last few months.

TURKEY

SI condemns coup attempt and supports democracy in Turkey


16 JULY 2016


The Socialist International condemns the attempt by military forces in Turkey last night and in the early hours of this morning, to bring down the legitimately elected government of the country. Our organisation wholeheartedly shares and fully supports the clear and unequivocal statements made by the leaders of the CHP and the HDP, members of our global political family, as the coup attempt unfolds. Kemal Kılıçdaroğlu, leader of the CHP, said that the country had suffered previous coups and these developments should never be repeated in Turkey, adding that his party fully depends on the free will of the people, indispensable to Turkey’s parliamentary democracy…

venEZUELA

SI denounces ruling against amnesty and reconciliation law in Venezuela


12 April 2016


The Socialist International denounces the grave disregard of the sovereign will of the Venezuelan people and the usurpation of powers by the Constitutional Chamber of the Supreme Court of Justice (TSJ) of the country, which yesterday declared as unconstitutional the Amnesty and National Reconciliation Law that had been approved by a majority in the National Assembly on 29 March this year. The resounding electoral victory in the elections to the National Assembly at the beginning of December 2015 was based on a clear proposal...

CIS, Caucasus and Black Sea

SI calls for an immediate end to the confrontation between Azerbaijanis and Armenians


04 APRIL 2016


The Socialist International has followed with great concern the hostilities and attacks that have taken place in the last 48 hours between Armenians and Azerbaijanis with a regrettable loss of numerous lives. Our International calls for an immediate ceasefire and for an end to these hostilities, and at the same time reiterates the urgent need for a resumption of dialogue within the framework of the Minsk Group, a body accepted by both Armenia and Azerbaijan and recognised by the multilateral organisations, to resolve through negotiation and in accordance with the principles of international law...

PAKiSTAN

SI Solidarity with the Pakistani people


28 March 2016


The Socialist International expresses its solidarity with the people of Pakistan as they come to terms with the horrendous terrorist attack carried out yesterday near Lahore. Over 70 people lost their lives as they enjoyed a Sunday afternoon in the park, including numerous women and children, and over 300 were injured. We strongly denounce this violent act, as we have other such terrorist attacks in Pakistan and elsewhere. Our thoughts and condolences are with the family and friends of the deceased and our sympathy is with all those injured and suffering as a result... 


Uganda

In support of democracy in Uganda


22 FEBRUARY 2016


In recent years the people of Africa have continued advancing and moving forward democratic governance in an important number of countries of the region. Today, more and more people in that continent enjoy freedoms and rights, a precondition for progress, development and peace. Members of the Socialist International in a good number of countries in Africa have been protagonists and actors of an era of change that has been bringing new opportunities and a new face to the political life of the continent. Nevertheless, authoritarianism, oppression and other evils of the past still linger in the political life of some of the countries in the region...

Socialist International