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Civil society organizations condemn Carney’s efforts to make Canada’s economy dependant on weapons finance, while Canadians bear the cost of global instability

As Canadians face rising grocery bills, soaring gas prices, overstretched healthcare systems and deepening education costs, all intensified by the economic aftershocks of Western military escalation with Iran, a growing list of organizations is launching an open letter rejecting Prime Minister Mark Carney’s push to position Canada at the centre of a new multinational institution dedicated to financing weapons and war.

The letter forcefully opposes Canada’s participation and leadership in the proposed Defence, Security and Resilience Bank (DSRB) and rejects any effort to establish its global headquarters in Toronto

Prime Minister Carney has been jockeying for Canada to play a leadership role in the new international war bank, with Toronto poised to host the global headquarters. A few weeks ago, at the end of March, Canada hosted the first of a set of negotiations to launch the bank with 18 countries in attendance. Prime Minister Carney has also been lobbying G7 countries to join the bank. Germany and the UK have thus far rejected participation. The proposed war bank promises to provide a steady flow of public and private funds to weapons manufacturers to facilitate a rapid expansion of military production.

Civil society groups warn that the DSRB would take needed public funds away from communities and redirect them to a permanent pipeline for weapons production, locking Canada into a war economy.

Another key concern is the anti-democratic nature of the institution. Opponents argue that the DSRB would be able to sidestep regulations and democratic oversight, and that it would be a way to bypass public pressure and divestment campaigns. DSRB leadership has pitched the bank as a solution to what it calls the “challenge” of the Canadian public preferring government spending on healthcare, education and public infrastructure over military spending. While the financial sector might see public interests as a challenge to bypass, politicians are elected to represent the interests of their constituents and serve the public good.

Read the full press release.

Just Peace Advocates is pleased to endorse the letter.

Read the letter:  worldbeyondwar.org/dsrb-letter 

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