Why South Africa shouldn’t turn to the IMF for help

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...

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Haiti’s deadly riots fueled by anger over decades of austerity and foreign interference

At least seven people are dead and Haitian Prime Minister Jack Guy Lafontant has resigned after weeks of violent protests in Haiti that were sparked by a sudden increase of fuel prices. Demonstrations began on July 6, when the Haitian government said that gas prices would go up 38 percent to US$4.60 per gallon because the International Monetary Fund, a major Haitian creditor...

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IMF encourages countries affected by COVID to keep spending on safety net

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...

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Some say neoliberals have destroyed the world, but now they want to save it. Is Scott Morrison listening?

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...

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The effects of IMF programs on poverty, income inequality and social expenditure in low income countries: an empirical analysis

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...

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