Tag: IMF (page 1 of 2)

WB-IMF Spring Meetings Wrap-Up

Despite mounting crises, persistent lack of political will to match rhetoric with action remains

Spring Meetings 2024 Wrap Up: Despite mounting crises, persistent lack of political will to match rhetoric with action remains – Bretton Woods Project

WB-IMF got it wrong

This week’s IMF and World Bank Spring Meetings kicked off celebrations marking 80 years since they were created at the Bretton Woods Conference. But instead of moving with the times, the lack of outcomes this week demonstrate just how outdated and ill-equipped these institutions are, making them unable to address the complex realities of the 21st century.
Instead of addressing their structural problems, they have reaffirmed the same failed recipes.

Reaction: IMF-World Bank Spring Meetings 2024 – Piecemeal ‘solutions’ to shore up countries hit by crises will not help in the long run – Eurodad

Social Security is a human right

Civil society organisations addressed the World Bank and the IMF at their spring meetings in order to promote social security world wide

2024-SpringMeetings-IMF-WBG-EDs-Letter-SS.pdf (socialprotectionfloorscoalition.org)

WB-IMF Spring Meetings:

ITUC: Time for democratisation of global institutions

The ITUC calls for a major democratic reform of the international financial architecture as a key demand in its For Democracy campaign, as the International Monetary Fund (IMF) and the World Bank hold their spring meetings.

IMF-World Bank Spring Meetings: Time for a democratic reform of global institutions – International Trade Union Confederation (ituc-csi.org)

Re-thinking economics at the IMF!

Economists could benefit from greater engagement with the ideas of philosophers, historians, and sociologists, just as Adam Smith once did. The philosophers, historians, and sociologists would likely benefit.

Angus Deaton

Rethinking Economics or Rethinking My Economics by Angus Deaton (imf.org)

Analysis of the IMF Strategy on Social Spending

Four years have passed since the International Monetary Fund adopted a new
Strategy for Engagement on Social Spending that was meant to increase the
support that IMF gives to national policies on social protection, health and
education. The Fund interprets this as instructing its staff to focus on the
adequacy, efficiency and sustainability of social programs when they can affect
macroeconomic conditions (are “macro-critical”) in member countries. The
staff make their judgments during annual assessments of macroeconomic
conditions in individual countries or when devising policy adjustment
programs with countries that need to work toward recovery from
macroeconomic crises. One way to assess how the new strategy is being
implemented is to look for changes in IMF advice and the policy requirements
for IMF loans. Results so far have not been encouraging, although it is still

Read the article by Barry Herman

Milton Friedman still runs the show at the IMF

“Milton Friedman isn’t running the show anymore,” Joe Biden said in a 2020 campaign interview while pledging to greatly scale up public investment. The comment was striking as the  University of Chicago economist Milton Friedman represents a branch of economics, the Chicago School, that has dominated fiscal policy in Washington for the last four decades.

Yes, but apparently the new policy stops at the US border

Read the article in The Progressive Magazine

Fifty years of failure: the IMF, debt and austerity in Africa

ActionAid’s report ‘Fifty Years of Failure: the IMF, Debt and Austerity in Africa’ is based on new research and powerful personal testimonies from across 10 African countries. It is timed to coincide with the first IMF / World Bank Annual meeting to be held in Africa for 50 years. The report documents how the IMF imposes austerity policies, undermining health, education and wider development across the continent. Rather than seek systemic solutions to the mounting debt crisis in Africa, and rather than exploring obvious alternatives such as progressive tax reforms, the IMF continues to enforce cuts to public spending that hurt women and disadvantaged groups most acutely.

Fifty Years of Failure: The IMF, Debt and Austerity in Africa | ActionAid International

UN Finance for Development Process: the Best Chance for Democratic Economic Governance?

  • As BWIs fail to transform, countries should re-embrace more democratic space at the United Nations
  • UN Financing for Development Conference on horizon, with historic progress on tax cooperation raising hopes on debt

Read the analysis of the Bretton Woods Project

Schizophrenia at the IMF

At long last, the International Monetary Fund has begun to recognize that the best way to reduce sovereign debt is by boosting economic growth, rather than insisting on fiscal retrenchment. But this new understanding is being undermined by a lingering adherence to growth-inhibiting austerity policies.

Schizophrenia at the IMF by Jayati Ghosh – Project Syndicate (project-syndicate.org)

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