IMF
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’Austerity’ for the poor
IMF ‘double standard’ displays capitalism’s inherent inhumanity
20 May 2022 - by Prabhat Patnaik
For over two years now, the world has been facing a pandemic the like of which has not been seen for a century, and which has already taken 15 million lives according to the WHO, without being anywhere near an end. This is an unprecedented (...) -
Pakistan : Regime Change, Political Turmoil and Deepening Debt Crisis
3 May 2022 - by Abdul Khaliq
Pakistan has plunged into a major political crisis after the removal of Prime Minister Imran Khan on 10 April 22, through a successful no-confidence motion against the PTI govt. The month-long political crisis began on 8 March when the country’s (...) -
The Argentinian (2001) and Sri Lankan (2022) Financial Crises: Ways Forward from a Feminist Perspective
27 April 2022 - by Corina Rodriguez
In response to Sri Lanka’s ongoing economic crisis, and the consensus across the political spectrum and even social classes that an International Monetary Fund (IMF) bail-out and structural adjustment programme is the only short-to-medium term (...) -
Sri Lanka: No agreement with the IMF!
15 April 2022 - by Eric Toussaint, Sushovan Dhar
A Sri Lankan delegation will travel to Washington next week to try to secure up to $4 billion from the International Monetary Fund and other lenders to help the island nation pay for food and fuel imports as well as stem defaults on its debt. (...) -
Argentine civil society denounces new IMF agreement as illegitimate
9 April 2022 - by Bretton Woods Project
As reported by Al Jazeera, the Argentine Senate voted on 18 March to proceed with a 30-month Extended Fund Facility (EFF) arrangement of $45 billion or 1000 per cent of the country’s quota. The programme was agreed upon days ahead of a payment of (...) -
Why the Popular Movement in Argentina Against the Debt and the IMF is Important
8 April 2022 - by Maria Elena Saludas
The Argentine government and International Monetary Fund (IMF) negotiators reached an agreement on 3 March to refinance some 45 billion dollars in debt. An agreement that was ratified by a majority of Members of Parliament (MPs) on the night of (...) -
Urgent plea by Sri Lankan feminists to address the unfolding humanitarian crisis caused by the economic collapse in Sri Lanka
6 April 2022 - by Collective
Sri Lanka is facing the worst economic crisis in its post-independence history. Widespread food and fuel shortages are crippling the lives of people. Such a situation that has already lasted several weeks is now resulting in widespread protests (...) -
The submerging market debt crisis
4 April 2022 - by Michael Roberts
Last week, Ghana’s central bank announced its biggest ever interest-rate hike as it sought to slow rampant inflation that threatens to create a debt crisis in one of West Africa’s largest economies. The Bank of Ghana raised its main lending rate (...) -
Two hectic weeks in Argentina, against the agreement with the IMF
31 March 2022 - by Eric Toussaint
It has to be noted that in March 2022 the political and social life in Argentina was largely polarized by acceptance or rejection of the 22nd agreement between Argentina and the International Monetary Funds. A little background: Relations (...) -
The Meltzer Report
29 March 2022 - by Allan H. Meltzer
The succession of crises that swept over the so called emerging countries in the nineties and the ensuing disastrous IMF and World Bank interventions provoked a world wide debate concerning the future and the role of these Bretton Woods’ (...) -
Pakistan : Toxic austerity attack comes hot on the heels of a pandemic
31 January 2022 - by Abdul Khaliq
As the IMF executive board met on January 28 to decide on Pakistan`s request for the revival of $6bn Extended Fund Facility (EFF), the government remained optimistic having fulfilled all the five conditions imposed by the global lender to revive (...) -
Latest IMF controversy unveils biased policies and a Harvard economist’s skewed views
12 January 2022 - by Patrick Bond
“It is more fun to be Santa than Scrooge.” The catchy phrase was deployed for data manipulation on behalf of multinational corporations and nearly lost her managing directorship because her statistical fraud was to China’s benefit, angering the (...) -
How the Exploitation of Africa Helps Fuel Global Capitalism
8 January 2022 - by Chris Dite, Maha Ben Gadha
The political and economic crises roiling countries like Sudan and Tunisia right now cannot be separated from the global institutions of capital and the cycles of indebtedness that they impose. The political and economic crises in Sudan, (...) -
Afghanistan Facing Famine
15 November 2021 - by Human Rights Watch
Donor countries, the United Nations, and international financial institutions should urgently address Afghanistan’s collapsed economy and broken banking system to prevent widespread famine, Human Rights Watch said today. The UN World Food (...) -
The World Bank and IMF are using flawed logic in their quest to do away with the informal sector
10 November 2021 - by Mike Rogan, Max Gallien, Vanessa van den Boogaard
Many low and middle-income countries face a myriad of challenges. But policies that can address them are few and far between. The challenges include high and rising inequality, budget crises and the ongoing pandemic. In a set of recent outputs, (...) -
The latest Bretton Woods bean-counting scandal nearly evicts IMF director Georgieva: “Torture the data until they confess” (or until you’re busted), economists profess
13 October 2021 - by Patrick Bond
After a major leadership crisis that further degrades the Bretton Woods Institutions’ number-crunching credibility by revealing a pro-corporate bias – one that in 2017 was aimed at pleasing Beijing’s “Communist” government – yet another discredited (...) -
The IMF’s announcement of $650 billion in Special Drawing Rights: advertising effect
8 September 2021 - by CADTM, Eric Toussaint, Milan Rivié
Milan Rivié and Éric Toussaint interviewed by the CADTM CADTM: In late August 2021 the IMF announced that it would supply the global economy with US$650 billion to meet urgent needs. This would be achieved through an increase in Special Drawing (...) -
Credit ratings are punishing poorer countries for investing more in health care during the pandemic
31 August 2021 - by Ramya Vijaya
Economic recovery from the COVID-19 pandemic depends on sustained investment, low-income nations face a major obstacle: their credit ratings. A credit rating, like a credit score, is an assessment of the ability of a borrower – whether it’s a (...) -
Some notes on the world economy now
25 June 2021 - by Michael Roberts
To help think about what will happen economically in the second half of 2021 and into 2022, the CADTM reproduces this article written and published by economist Michael Roberts just over a year ago in May 2020. A sugar rush or economic (...) -
Global Austerity Alert: Looming Budget Cuts in 2021-25 and Alternatives
5 May 2021 - by Isabel Ortiz, Matthew Cummins
Rather than exploring financing options to provide direly-needed support for socio-economic recovery, many governments—advised by the IMF, the G20 and others—are opting for austerity. Last week Ministers of Finance met virtually at the Spring (...) -
Why are Kenyans trolling the IMF?
21 April 2021 - by Ciku Kimeria
Kenya’s economy is struggling, but many believe another loan will only benefit corrupt officials and leave ordinary citizens to pay off the debt. For lack of a better word, Kenyans are currently trolling the International Monetary Fund (IMF). (...) -
The IMF Is Using the Debt Crisis to Hollow Out Pakistan’s Sovereignty
20 April 2021 - by Ammar Ali Jan
Imran Khan’s government came to power in 2018 promising to reorient Pakistan’s economy toward the needs of the population. But faced with a debt crisis it soon dropped its reformist agenda — and now, the International Monetary Fund is pressuring it (...) -
IMF and debt: a new consensus?
16 April 2021 - by Michael Roberts
There is much talk among ‘progressive’ economists that the IMF and the World Bank have turned over a new leaf. Gone are the days of supporting fiscal austerity, demanding that national governments get public debt levels down and insisting on (...) -
Series title: Ecuador: Progress and limits of resistance to the policies of the World Bank, the IMF and other creditors
Ecuador: Resistance against the policies imposed by the World Bank, the IMF and other creditors between 2007 and 2011
15 April 2021 - by Eric Toussaint
Ecuador provides an example of a government which officially decided to investigate the process of indebtedness so as to identify illegitimate debt and suspend its repayment. The fact that the government suspended payment of a large part of its (...) -
[Press release] World Bank / IMF / G20 Spring Meetings Paltry measures doomed to failure
11 April 2021 - by CADTM International
At the spring meetings of the Bretton Woods institutions from 5 to 11 April 2021, the World Bank, IMF and G20 made new announcements in an attempt to respond to the debt crisis in the countries of the South, exacerbated by the economic and (...)
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