IMF

• IMF and World Bank hold their Spring Meetings making gloomy days for development

  by Bodo Ellmers, Jeroen Kwakkenbos

  6 May 2013

  The Spring Meetings of the International Monetary Fund (IMF) and the World Bank just ended in Washington DC and brought little promise of sunny days ahead for development.

• Jamaica’s decades of debt are damaging its future

  by Nick Dearden

  16 April 2013

  The latest IMF loan does not ’rescue’ Jamaica, whose debt must be written off if its people are to take control of their economy. Jamaica has made little progress towards the millennium development goals. Many people in Jamaica would have trembled as they read the financial press last week, telling them that their country is, again, due to be "rescued" by a loan package put together by the International Monetary Fund (IMF). Over 40 years, Jamaica has been "rescued" on countless occasions. (...)

• The Age of Austerity

  by Isabel Ortiz, Matthew Cummins

  13 April 2013

  A Review of Public Expenditures and Adjustment Measures in 181 Countries This paper: (i) examines the latest IMF government spending projections for 181 countries by comparing the four distinct periods of 2005-07 (pre-crisis), 2008-09 (crisis phase I: fiscal expansion), 2010-12 (crisis phase II: onset of fiscal contraction) and 2013-15 (crisis phase III: intensification of fiscal contraction); (ii) reviews 314 IMF country reports in 174 countries to identify the main adjustment measures (...)

• Series: Banks versus the People: the Underside of a Rigged Game! (Part 6)

  Even the IMF agrees…

  
  by Éric Toussaint

  15 March 2013

  IMF declarations that do not please European leaders In October 2012, the IMF provided a key explanation of why the crisis was getting worse in Europe. Its Research Department wrote that every euro cut from public spending would result in a .90 to 1.70 euro decrease in Gross Domestic Product (GDP). Wolfgang Münchau, who is editorialist at the Financial Times, concludes that in this time of crisis a 3% fiscal adjustment (that is a 3% decrease in public spending) would produce a 4.5% decrease (...)

• Video

  Global Noise Demo in Tokyo against IMF and World Bank

  by Globalnoise

  15 October 2012

  Protesters march with a banner after a rally against the annual meetings of the IMF and the World Bank Group in Tokyo October 13, 2012. On Saturday about 300 hundred demonstrators, some waving wads of fake note bills and dressed in grotesque costumes meant to mimic the super rich, walked down the luxury shopping street of downtown Tokyo near the meeting’s venue. The banner reads, "Global noise. Global Unite. IMF and WB are ruled by great powers." REUTERS/Kim Kyung-Hoon (JAPAN - Tags: (...)

• Why are Philippine funds being used to bail out irresponsible European banks?

  by Walden Bello

  2 July 2012

  The Philippine government’s decision to extend a $1 billion loan to the International Monetary Fund (IMF) to supplement the Fund’s war chest of $456 billion to contain the economic crisis in Europe has been justified as assistance to countries in dire need of financial help. It will do no such thing. The IMF funds may be nominally earmarked for Greece, Spain, or Ireland, but they will actually flow to the big banks that made loans to these countries. A supply-driven crisis As in the (...)

• Greece : The IMF and Lagarde get it wrong

  
  by Damien Millet, Éric Toussaint

  31 May 2012

  Christine Lagarde, managing director of the International Monetary Fund (IMF), has made a declaration concerning Greece and Africa that requires explanation. The third world debt crisis started thirty years ago. Under strong and increasing pressure to export, the poor countries bore the brunt of the heavy increase in interest rates and the collapse of commodity prices orchestrated by the international financial establishment. Of course, the corruption, totalitarianism and megalomania of (...)

• Greece can do without the ’sympathy’ the IMF has shown Niger

  by Nick Dearden

  30 May 2012

  In Niger, the IMF’s loans have done more harm than good as ordinary people have had to pay the price for reckless lending A malnourished child at an aid centre in Maradi, Niger, during a drought in 2005. Photograph: EPA Christine Lagarde’s crass comments on Greece have caused an understandable furore in that country. But in Niger, there must be just as much contempt for the IMF director. For in dismissing the plight of mothers in Greece, Lagarde also said she felt more sympathy for ’the (...)

• Press release

  The CADTM downgrades its IMF rating and places this institution on very negative outlook.

  
  by CADTM

  6 February 2012

  The Committee for the Abolition of Third World Debt (CADTM) has decided to downgrade the IMF’s rating due to this institution’s heavy share of responsibility for the deterioration of people’s living standards in countries subjected to austerity policies it has openly imposed or dictated from behind the scenes. The resulting high levels of unemployment, aggravation of the crisis and the increase in public debt of the States following its counter productive and unjust recommendations justify (...)

• Press Release

  Egypt: transitional government obtains loans four times as much as those of Mubarak’s time

  by Amr Adly

  2 February 2012

  The IMF loan issue is looming again in the horizon, a few months after the rejection of a similar loan. It was claimed that the first loan was rejected because its conditions were unacceptable, however, such conditions were never revealed to the public. Dr. Fayza Abu El-Naga, Minister of International Co-operation and Planning, who has previously rejected the first loan, started to refer to conducting positive consultations with IMF and confirming that this time, the loan is (...)

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