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General US Participation in the IMF: A Primer *Pro General economic growth The effects of IMF programs on poverty, income inequality and social expenditure in low income countries: an empirical analysis (2020) The Effect of IMF Programmes on Economic Growth in Low Income Countries: An Empirical Analysis (2017) IMF bailouts — roads to stability or recipes for disaster? Corona...
The International Monetary Fund this week delivered a somewhat surprising message. It warned Earth was on course for “potentially catastrophic” damage under climate change, and called for green investment and carbon prices to put the global economy on a stronger, more sustainable footing. Of course, the message itself makes a lot of sense. The surprising part is that the IMF...
The International Monetary Fund (IMF) logo outside their headquarters in Washington, D.C., the U.S., Sep. 4, 2018. (Reuters Photo) The leaders of the International Monetary Fund (IMF) and the World Bank on Friday vowed to step up efforts to combat climate change by looking more closely at climate-related financial stability risk and using other ...
A clerk counts Chinese 100 yuan banknotes at a bank in Nantong, Jiangsu province. REUTERS/China Daily Financial news outlets have extensively covered the formation of the Asian Infrastructure Investment Bank (AIIB) in the past few weeks. If you’re not involved in the world of economics or finance, this is the sort of issue that understandably causes your eyes to glaz...
Ghana has, since independence in 1957, regularly turned to the IMF for financial assistance Shutterstock The relationship between Ghana and the International Monetary Fund (IMF) is, to many Ghanaians, a difficult one. Most Ghanaians are of the view that the country should divorce itself from the international body. A look at sentiments expressed in statements by form...
The International Monetary Fund (IMF) has been described as the lender of last resort for countries in financial distress. But the stiff medicine doled out by the fund is still subject to huge controversy. Following the ravages caused by World War II, the International Monetary Fund (IMF) was originally established to allow countries with payment deficits to borrow money ...
Almost all governments in the world joined the Paris agreement in 2015 in an effort to tackle climate change. In the same year, many of the same governments paid about US$400 billion in direct and indirect subsidies to help people buy fossil fuels. Subsidies are government policies which make energy cheaper than under normal market conditions. They mostly go towards fossil ...
The deep COVID-19 crisis has resulted in the largest decline in global energy demand over the past 70 years. In the first quarter of 2020, it decreased by 3.8 percent relative to the first quarter of 2019. As a result, global CO2 emissions in 2020 are expected to fall to an unprecedented level of 8 percent (around 2.6 gigatons) relative to 2019. This would mark the lowest le...
Analysis shows IMF advice to countries accessing Covid-19 emergency funds fails to systematically address climate risks and implicitly endorses fossil fuel subsidies IMF managing director Kristalina Georgieva participates in a briefing with civil society during the fund’s annual meeting. (Photo: IMF Photo/ Cory Hancock/Flickr) Campaigners are calling on the Internati...
Daniel J. Mitchell A couple of months ago, I thought I did something meaningful by sharing six separate examples of the International Monetary Fund pressuring sub-Saharan African nations to impose higher tax burdens. This was evidence, I suggested, that the IMF had a disturbing agenda of bigger government for the entire region. I didn’t imply the bureaucrats were motivated ...
Debt is an efficient tool. It ensures access to other peoples’ raw materials and infrastructure on the cheapest possible terms. Dozens of countries must compete for shrinking export markets and can export only a limited range of products because of Northern protectionism and their lack of cash to invest in diversification. Market saturation ensues, reducing exporters’ incom...
Over 80 per cent of the International Monetary Fund’s (IMF) Covid-19 loans recommend poor countries hit hard by the economic fallout from the pandemic adopt tough new austerity measures in the aftermath of the health crisis, Oxfam warned today. New research shows that since the pandemic was declared in March, 76 out of 91 IMF loans — 84 per cent – negotiate...
The International Monetary Fund (IMF) meetings over the past week saw continued focus on the climate crisis. The fund has previously discussed financial sector-focused solutions, putting out papers earlier this year mapping global ‘dirty energy’ subsidies and examining fiscal policies to deliver Paris Agreement commitments. The announcement that its monetary and capi...
This crisis is a rupture. A moment of profound turmoil and disruption. Even more than the 2008–09 global financial crisis—which was most directly felt in the United States and in European countries—this pandemic is affecting almost all of humanity. In countries around the world, rich and poor, the COVID-19 crisis has exposed the vulnerabilities of our health and social syste...
The IMF will have a critical role to play in the recovery from the economic and health crises brought about by the COVID-19 pandemic. Its immediate role is to give countries the financial support they need to survive the crisis and minimize the short-term economic impact of the slowdown in global economic activity. As the immediate crisis subsides, the IMF will help countrie...
COVID-19 has resulted in a spike in unemployment across the world. Image: REUTERS/Lucy Nicholson IMF research shows that the inequality gap between rich and poor has widened after previous epidemics – and COVID-19 will be no different. The IMF says policymakers must put in place risk-sharing and social assistance mechanisms to protect the most vulnerable from future ...
The world’s lender of last resort updates its forecasts for the UK economy as it warns the pandemic will exacerbate world poverty. Image:The IMF says women in developing economies will be among those most at risk from coronavirus hardship More than 90 million people could be forced into “extreme deprivation” this year as developing and emerging economies a...
Oscar Williams-Grut A daily wage laborer worker at a construction site in Uttar Pradesh, north India. The IMF said day labourers will be particularly vulnerable to falling into extreme poverty. Photo: Rajesh Kumar Singh/AP The COVID-19 pandemic could reverse 30 years of progress made fighting global poverty, the International Monetary Fund (IMF) has warned. The IMF said on T...
Abstract Using an LIC-specific participation model, we adopt a propensity score matching (PSM) methodology to compare economic growth performance in countries with and without IMF programmes over the period 1989–2008. Concessional programmes are found to have had a generally positive effect on economic growth for up to two years after agreements were signed. The effects are ...
Graham Bird,Faryal Qayum ABSTRACT This paper examines the effect of IMF programs on poverty, income inequality and government expenditure on education and health. It distinguishes between non-concessional and concessional programs and examines the effect of contingent factors; program completion, IMF resources, the size of the initial economic problems and aid dependency...