International Monetary Fund

WHAT IS THE IMF?

The International Monetary Fund or just ‘The Fund’ was conceived at a United Nations conference in Bretton Woods, New Hamp-

shire, United States in July 1944. The primary goal of the confer-ence was to establish a framework for economic cooperation and

development that would lead to a more stable and prosperous global economy. The 44 countries at that conference sought to

build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great

Depression of the 1930s. With its sister organization, the World Bank, the IMF is the largest public lender of funds in the world. It is a specialized agency of the United Nations and is currently run by its 188 member countries. Membership is open to any coun-try that conducts foreign policy and accepts the organization’s

statutes.

The IMF is responsible for the creation and maintenance of the international monetary system, the system by which international payments among countries take place. It thus strives to provide a systematic mechanism for foreign exchange transactions in order

to foster investment and promote balanced global economic trade.

IS “GREXIT” REALLY THE SOLUTION?

Mohit Musaddi, in his article, explains the Greek financial crisis and asks the ineludible question.

After Wall Street’s implosion in 2008, Greece turned into the epicenter of Europe’s obligation emergency. With worldwide monetary markets still reeling, Greece reported in October 2009 that it had been downplaying its deficiency figures for years now, raising cautions about the soundness of Greek funds. What’s more, all of a sudden, Greece was closed out from getting in the monetary markets. By the spring of 2010, it was veering toward bankruptcy, which undermined to set off another financial crisis.

To turn away the cataclysm, the purported troika — the Interna-tional Monetary Fund, the European Central Bank and the Euro-pean Commission — issued the first of two international bailouts for Greece, which would in the long run add up to more than 240 billion euros, or about $264 billion at today’s exchange rates.

In any case, the bailouts accompanied conditions. Lenders forced unforgiving austerity terms, requiring profound spending plan cuts and soak assessment increments. They likewise required Greece to upgrade its economy by streamlining the government, completion of charge avoidance and making Greece a less de-manding spot to work together. The cash should purchase Greece time to balance out its accounts and the suppressed business sector expects that the European Union itself could separate the nation. While it has definitely helped, Greece’s financial issues haven’t gone away. The economy has shrunk by a quarter in five years, and unemployment is above 25 percent.

The bailout cash for the most part goes toward paying off Greece’s global advances, instead of advancing into the economy. What’s more, the administration still has a stunning obliga-tion stack that it can’t start to pay down unless recuperation grabs hold.

The government will now need to keep executing profound financial changes required by the bailout bargain Mr. Tsipras facilitated in August, the nation’s recapitalization banks, and the loosening up of capital controls.

Greece’s relations with Europe are in a delicate state, and a few of its pioneers are indicating eagerness, unrealistic to endure the foot-dragging of past organizations. Under the terms of the bailout, Greece must pass many laws before the year’s end, a large number of them gauges that should have been passed years prior.

-1-

ON GREECE LEAVING THE EUROZONE

At the obligation’s tallness emergency a couple of years back, numerous specialists stressed that Greece’s issues would spread to the rest of the world. On the off chance that Greece defaulted on its obligation and left the Eurozone, they contended, it may make worldwide money related stuns greater than the breakdown of Lehman Brothers did.

Presently, on the other hand, a few individuals trust that if Greece some-how happened to leave the currency union, in what is known as a “Grexit,” it wouldn’t be such a fiasco. Europe has set up shields to constrain the alleged budgetary infection, with an end goal to keep the issues from spreading to different nations. Greece, only a minor piece of the Eurozone economy, could recover budgetary self-rule by leaving, these individuals fight — and the Eurozone would really be better off without a nation that appears to always require its neighbors’ backing.

A Greek departure from the Eurozone would roil the global economy and cause chaos in Greece. However, some argue that a return to the Drach-ma may allow Greece to become more competitive in the long run as

it would allow Greece more control over its monetary and trade policy. Should Greece leave the Eurozone?

Expectations from Greece for the duration of the conference would be to properly explicate its stance and back any solution it manages to reach while also providing adequate explanations. If Greece does end up leaving the Euro, it will not mean that they have betrayed the European Union. Because, let’s face it: Greece’s debt problem only reflect the irresponsible lending and borrowing, and whatsoever the case may be, the Greeks have suffered long enough for their government’s sin. The important thing now is to do what ever it takes to stop the excessive bleeding.

-2-

United NationsHuman Rights Council

HUMAN RIGHTS VIOLATION IN SYRIAN ARMED CONFLICT

After so many years of violence, with no end to be seen, nearly half of Syrian population is in crises, Nalini Singh opines It is often during armed conflicts that human rights are infringed upon the most. Therefore, over the years, experts have focused much attention on the formulation of instruments including international laws, global policies, treaties

and international decision bodies which have aimed at alleviating human suffering during war and conflict.Today, three areas of modern international law attempt to provide protection to victims of war: human rights law, refugee law and humanitarian law. While these fields are closely linked, they need to be distinguished sys-tematically. A distinction is generally made between the law designed to protect military and civilian victims of armed conflicts on the one hand and the laws governing the way war is waged on the other.

Past developments

Although many efforts have been taken by different countries to stop the violence in Syria their effects have not been as positive as expected. Insufficient services, unplanned displacements, economic crises and the armed rebellion have further deteriorated the issue.

While Russia has been backing Syrian president Bashar Al Assad for a very long time even after severe criti-cism by other countries, United States hold him responsible for the growth of violence on such a big level but both the countries agree that official settlement and political solution can end the conflict. Since 2014 United states have been carrying out air strikes on IS and other jihadist groups much to the dismay of Syrian presi-dent supporters. All major countries including Saudi Arabia, Turkey, as well as Iraq have taken up strict stands on the matter.

The latest development seen on the issue is the new plan called the regional refugee and resilience plan (3RP). It is an innovative and effective method to harness the capacities, knowledge and resources of humanitarian and developmental partners to create a durable and multifaceted resilience based response to the violence faced by women on Syrian borders.

The results of this initiative are eagerly awaited.-3-

Syrian conflict through the lens of women and girls

The Syrian observatory of human rights currently estimates that around 1,50,000 women have died due to murders, weapon of war, being used as bait etc . Most of these women had to face dangerous circumstances in the fights, refugee camps and unfamiliar towns and cities of the nation.

Although it’s hard to estimate the exact number of women being sexually exploited but according to reports and local information women and children are most vulnerable to such violence. Seeing the condition of women, UNWOMEN has paid emphasis on the participation of women in decision making and important government bodies. USAID’s initiatives in Syria and the world aim to serve, protect and empower all of those affected by crisis and conflict, and ensure their voices and priorities shape the humanitarian response and the approach to recovery and reconstruction.

In the coming years the fate of Syria and its people is shall rely upon the strong political reforms initiated and implemented at a global level. If not so, the situation may remain the same or worsen considerably depend-ing on the steps taken by the Syrian government.

“Brutality against women is a direct message by the armed forces to the targeted nations that they failed to protect their women”, Ananya

Pattnaik reflects upon Day one of UNHRC

“The psyche of warfare must be probed into to comprehend the motive be-hind the dimensions of violence during conflicts,” Japan stated. The delegate elaborated at length the possible reasons for targeting women and also high-lighted that women are carriers of cultural and familial values, and so, sub-jecting them to brutality and humiliation would instigate and prolong war. “Violence against women in forms of rape, genital mutilation etc. would lead to disturbance in a nation’s population, since women are chid bearers,” Japan explained the nature of violence inflicted on women. Taking the ideal further, Sierra Leone elucidated on the strategy of non state actors to destroy ethnic groups which is the motive behind carrying out forced pregnancy and other forms of violence against women. “It is a direct message by the armed forces to the targeted nations that they failed to protect their women,” the Sierra Le-one substantiated. Saudi Arabia pointed out that violence is not only commit-ted by parties involved in the conflict but custodial violence is also inflicted

by UN peacekeeping forces in refugee camps which goes underreported most of the time.

China brought to the Committee’s notice the infamous Minova mass rape in Congo by 39 soldiers. The onslaught against Bangladeshi women by Pakistan militants during the Bangladeshi war of 1971 was also brought up.Indonesia recommended the development of a separate police wing for women wherein only women officials are recruited. This would be a multidimensional solution for curbing violence against women as well as promoting their empowerment. The delegates also suggested separate housing wings, exclusive sanitation facilities etc. for women to curtail violence.The delegates focussed on clarifying the ambiguity associated with terms like “violence” or “conflict” and targeting the core causes of violence against women in order to curb them.

SEXUAL VIOLENCE AGAINST WOMEN AS A WEAPON OF WARFARE

-4-

UNESCOTracing the illicit artifact trade in Italy

By Jayagauri Sunke

During the current seating of UNESCO, the major issues raised were the illegal artifact trading taking place in Italy over the years. History of Illegal Artifact trade in Italy:While antiquities have been flowing out of Italy for years, instances of cultural artifact loss have been increasing dramatically after the Second World War. In 1995, at the free port of Geneva, a stock belonging to the smuggler Medici contained 6,000 artefacts. Medici has also been condemned for complicity in the destruction of at least 200,000 archaeological sites, and is also suspected of looting 20,000 illegally excavated artefacts.The name which we come across a lot when we read about the illicit artefact trade in Italy is ‘Tombaroli’, or tomb raiders. The Tombaroli are professional looters who, according to scholars, do more than steal billions of dollars a year in artefacts. What troubles many in the art history community is that these looters also destroy the archaeological records.In addition to that, the tombar-oli are also notorious for deliberately defacing artefacts in order to sell them for a higher price. Antonio Induno, a self-proclaimed tombarolo has plundered

tombs in the ancient Etruscan city of Veii for over thirty years. He has created a system of getting more money out of each of his stolen treasures.Current Situation of Italy:Italy stated during the current seating of the UNESCO “We have a special police force,the Carabinieri, which looks after the issues regarding artefacts. We have raided countries around the globe and restituted artefacts from USA, UK and Greece. We even have an Air Force style security system for the museums.”Italy is leading the way in the battle to reclaim what they feel is an integral part of their rich history and is now claiming such pieces as historical relics and demanding their return from countries worldwide. Italy is also striving to strengthen international laws and is implementing stricter local laws. Italy is at the forefront in opening communications between nations, thereby fortifying bonds and demonstrating good faith by allowing museums with stolen works to retain them on extended loan. Moreover Italy not only is protecting its artefacts but is also showing reciprocity towards other nations by returning their cultural heritage.Leading the race, Italy, has protected their artefacts by implementing methods and systems which the other countries around the globe haven’t started working on yet. Though Italy is leading the race, the other countries would have to catch up soon, because it is only with their help that it would be possible to eradicate illegal artefact trade in the future.

-5-

UNESCO’S 1970 CONVENTION DID NOT PROVE AS HELPFUL AS WAS EXPECTED

The 1970 UNESCO Convention was a big step, but the loopholes prevented many countries from being a part of it. Kuhikaa Vaishnavee Arora opines

In 1970, UNESCO had passed the Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Own-ership of Cultural Property. However, not all countries chose to be a part of it.This convention was passed in order to com-bat illicit artefact trade and to give member states the right to recover cultural property from other member countries by calling upon other ratifying countries to seize and return stolen artefacts. Since the implementation of this convention, the artefact trade has become much more clandestine. Museums do notnot have the right to acquire illegal cultural property, but can keep the goods which have already been pur-chased. This means that the recovery of articles that were stolen before the convention came into force is very difficult. Moreover, the convention has not been very successful in combating illicit trade as even between 1960 and 1977; all the Apulian vases sold by Sotheby’s Auction House were either illegally excavated or ex-ported from Italy.Many countries like Switzerland did not ratify the convention as there were articles of irregularities between source and collecting countries. This, along with the loophole in article 8, which enforces member states to impose penalties but does not specify the severity of penalties, clearly displays the lack of credibility and the breach of trust that many countries had in this convention. Moreover, only member states, which were just 127 in number, can seek the return of cultural objects that were stolen after the convention came into effect as the convention is purely non-retroactive. This means, that the convention is useful only for 127 countries. This convention was a first step in the direction of combating illicit artefact trade and lead to the formation of the Intergovernmental Committee for Promoting the Return of Cultural Property to its Countries of Origin, UNIDROIT’s (The International Institute for the Unification of Private Law) convention on Stolen or Illegally Exported Cultural Objects and various other steps in the direction of combating illegal artefact trade. Howev-er, this is simply the beginning. With artefact trade being an alternative source of income of various countries, it is not so easy to get rid of. However, with continuous efforts being made by various nations, there is hope for the future.

-6-

DEFILEDAmmi,

Everyone remembers the glimmer in your eyes when the nurse handed me over to you and said, “Congrat-ulations, it’s a girl.” You told me that the ecstasy in your mind sparked off a spree of happy and promising visions to look forward to for me. You swathed me in your pallu promising me a sanctuary in it. I was as-sured that no matter how many afflictions life throws upon me, I wouldn’t give up. I would find solace in the cocoon of your lap, in the warmth of your caress. You took all the precautions. You warned me against goons and cons; against false promises and crashing failures. But you did not caution me against worse things that could happen.

I was walking back from school when those men abducted me. Those strange, vile-looking men locked me up and did horrible things to me. They inflicted on me wounds that will never heal. They called me names. With the little houses and farms, they also blew my soul up. Amidst the uproar of explosives in the backdrop, my screams were hushed. I am an empty living doll today. They ruined my very being by polluting me. They defiled me so spitefully that I am driven to wash myself every time I am reminded of their actions. I can still feel the germs crawling in, transferring themselves from their bodies to inhabit in mine. How long do I have to wash till I’m all clean again, Ammi? I am trapped in this repulsive body shackled by their fingerprints which I can physically sense all over me. I have locked myself in cages of my own creation. I long to envelop myself in your pallu again, experience the warmth of your caress again. But today, even your touch against my body feels wrong. I am defiled. Ruined.

Curbing Illegal Artefact Trade Without Employment Generation Will Further Fuel Economic CrisisIllegal artefact trade provides revenue to thousands of people all over the globe. When this trade is curbed, the livelihood of these people will be doubtful. Kuhikaa Vaishnavee Arora opinesA number people are involved in and generate their primary or additional income from sale of articles of cul-tural or historical importance in an illegal manner, by stealing them from museums or archaeological sites or by illegal excavation of these articles. Once this trade stops, these people will have very little or no means of livelihood.There is no exact year which can be marked as the year for the inception of illicit artefact trade. However, no-table events in its history include the rediscovery of the Egyptian artefact, ‘The Rosetta Stone,’ in 1798, which now rests in the British museum. During World War II, as a result of the Nazi occupation of Europe, over 100,000 homes in France and the Netherlands were looted and carried to Germany.Generations have been a part of this risky and unethical trade, which forms a vicious circle and many chil-dren lose the opportunity of a safe future in any other sector of the economy. The stoppage of this trade will be beneficial for the world, but these families will lose a huge part of their income, thus pushing them into poverty and adversely affecting the development of the nation as they could resort to even worse criminal activity like loot, murder, robberies etc., which would have a direct impact on the economy. To avoid this, it becomes very important to provide these people with employment, which is already a major concern for almost all economies and in such a situation, the extra burden on the economy will only lead to its downfall. In order to curtail this, even Business Processes Outsourcing, a major employment generator, would not prove to be of much help as that would compromise with the employment generation of the home country.Illegal Artefact Trade is undoubtedly a serious issue and needs to be solved immediately. But doing so with-out proper employment generation will only fuel the economic crisis. Thus, before the international commu-nity eradicates the illegal artefact trade entirely, it needs to search for alternative sources of employment and income generation for the people currently involved in this business.

-7-

INTERNATIONAL PRESSUSG International Press

Mohit Mukhi

Editor-in ChiefAmlan Das

Head of PhotographyParitosh Dubey

EditorPalak Singhal

JournalistsAnanya PattnaikJayagauri SunkeKuhikaa V. AroraMohit Musaddi

Nalini Singh

PhotojournalistsAniket Srivastava

Aryan ChopraBodhisatwa

Gouri B ShineKunwar ThaparSonakshi Singh

SECRETARIATSecretary General Chief Advisor

Aditya Kumar Vedant Dixit

Deputy Secretary GeneralAnisha Vijaya

USG FoodAman Singh

USG LogisticsRahul Rawat

USG(s) Delegate AffairsRaveena Rana & Kushagra Bhalla

USG Conference StaffShivank Saxena

-8-