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    imf austerity

    Women with raised fists protest the IMF in Pakistan.

    IMF Austerity Measures Are ‘Undermining Rights’ Around the World: Report

    Human Rights Watch looked at 39 loans in 38 countries since the start of the pandemic, and found that 30 of them contained at least one term that threatened human rights.

    Olivia Rosane
    Sep 26, 2023

    The International Monetary Fund continues to impose austerity measures that threaten human rights.

    That's the conclusion of a Human Rights Watch (HRW) report published Monday that looks at 39 loans approved in 38 countries between the beginning of the Covid-19 lockdowns in March 2020 and March 2023. While, at the start of the pandemic, IMF managing director Kristalina Georgieva spoke of investing in a recovery that was "greener, smarter, and fairer," the majority of the loans reviewed by HRW still included requirements like lower government spending or higher regressive taxes.

    Keep ReadingShow Less
    News
    imf austerity
    International Monetary Fund managing director Kristalina Georgieva speaks at a press briefing

    Oxfam Report Highlights Deep Harms of IMF 'Austerity Drive' in Poor Nations

    "For every $1 the IMF encouraged a set of poor countries to spend on public goods, it has told them to cut four times more through austerity measures," the humanitarian group estimated.

    Jake Johnson
    Apr 13, 2023

    The International Monetary Fund insists that so-called "social spending floors" enacted as part of its loan programs for poor and middle-income countries help protect critical social services from the kinds of austerity that the powerful institution has historically imposed on borrowers.

    But an Oxfam International analysis released Thursday in the midst of the IMF and World Bank's spring meetings found that the fund's spending floors—part of a strategy implemented in 2019—"are proving largely powerless against its own austerity policies that instead force countries to cut public funding."

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    News
    imf austerity
    Demonstrators in Berlin on Saturday called on European lenders to end their 'slavery' of indebted Greece

    As Pressure Mounts, Europeans Rally in Streets for Greek Dignity

    'Europe must belong to everyone, not just to the Germans and the banks,' said a demonstrator in Rome

    Lauren McCauley
    Jun 22, 2015

    As an emergency summit concluded in Brussels on Monday with no clear resolution for the spiraling Greek debt crisis, a call throughout the streets of Europe for lenders to ease their punishing "reforms" in Greece is reverberating.

    On Sunday, more than 5,000 protested in Brussels, Belgium--the site of the ongoing negotiations between the Greek government and officials with the International Monetary Fund, the European Central Bank, and the European Commission--while hundreds more marched in Amsterdam.

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    austerity

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