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With the world economy reeling from the fallout from the Covid-19 pandemic, nations must do all they can to promote a recovery that also fights against the climate-change crisis, International Monetary Fund Managing Director Kristalina Georgieva said.
Corruption is one of the greatest obstacles to economic development. It deprives nations of income to invest into public services, with adverse implications for education, health, well-being, and prosperity. The Global Economic Forum estimates that corruption costs the public coffers US$2.6 trillion a year. Why is corruption so difficult to control? Scholars have long blamed...
The International Monetary Fund (IMF) provides financial assistance to countries in economic trouble. But its policy proposals don’t always yield positive results for the countries it purports to help. For instance, critics have argued that the IMF inhibits government spending on public health and diverts resources from the health sector to repay external debt. We set out to...
“I hope people will listen now” said Christine Lagarde, the managing director of the International Monetary Fund (IMF), at the World Economic Forum in Davos last month. Lagarde was alluding to the wave of reactionary populism that’s currently sweeping the developed economies, and was harking back to her speech at Davos in 2013 when she warned that economic “inequality is cor...
Two men sit at the roadside in the hope of being offered work. South Africa’s unemployment is moving towards 30%. The view that South Africa should look towards the International Monetary Fund (IMF) to be rescued from the unfolding economic meltdown seems to be growing by the day. It has been touted in the most unlikeliest of places. Even the new Finance Minister Mal...
To stem the economic fallout from COVID-19, developed countries have injected an unprecedented US$9 trillion into their economies. The International Monetary Fund has recommended sustained fiscal support, emphasizing greater spending on health care and environmental protection projects. Meanwhile, countries in the “global south” – broadly, low- and middle-income countries in...
The IMF headquarters in Washington DC. Shutterstock The International Monetary Fund (IMF) has become increasingly infatuated by the negative consequences of excessive inequality. This new-found mission is laudable, but neglects the manifold ways its own policy advice contributed to growing income inequality. As lender of last resort, the IMF provides countries in economic t...
The vast majority of International Monetary Fund loans extended during the Covid-19 pandemic have suggested or demanded spending cuts that would worsen poverty and inequality, charity group Oxfam says. Seventy-six of the fund’s 91 loans since March have sought belt tightening, according to Oxfam. The result could be deep cuts to public healthcare and pensions; wage freezes a...
Mark Weisbrot The fund’s loan agreement with Ecuador will worsen unemployment and poverty Ecuadorian police arrest a protestor during a demonstration against president Lenin Moreno’s austerity measures. When people think of the damage that wealthy countries – typically led by the US and its allies – cause to people in the rest of the world, they probably think of warfare. H...
The International Monetary Fund issued a report Tuesday on the current global economic outlook. The IMF is projecting global growth will contract by more than 4% this year. That’s slightly better than its June forecast, but still pretty grim. For now, the IMF said all countries, not just the U.S., should stop worrying about their debt and spend what is needed to keep their c...
Kristalina Georgieva says investing to create resilient economies is a ‘win-win-win-win’ scenario Kristalina Georgieva says there is a fourfold benefit from policies aiming to reverse global heating. Helping the most vulnerable people to cope with the climate crisis can boost the global economy during the Covid crisis and governments should make this a priority, the head o...
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...
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 ...
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...
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...
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...