THE non-governmental organization Oxfam calls for its release today International Monetary Fund (IMF) to “abandon its demands for austerity policies as the cost of living crisis increases hunger and poverty worldwide”.
“87% of IMF loans to deal with the COVID-19 crisis are accompanied by the requirement of developing countries – which have been deprived of equal access to vaccines – and some of them face some of the worst humanitarian crises in the world. “To adopt new measures of harsh austerity, which will do nothing but aggravate poverty and inequality,” the NGO said.
A new Oxfam analysis reveals that “13 of the 15 IMF lending programs negotiated in the second year of the pandemic included the imposition of new austerity measures such as taxes on basic foodstuffs and fuel or cost cuts that could put risk absolutely necessary public services “, the announcement continues.
The 2020the IMF granted “Billion-dollar emergency loans to help developing countries” to deal with the pandemic, “often with little or no conditions,” the NGO recalls.
“Recently, the IMF Managing Director Kristalina Georgievaurged Europe not jeopardize the recovery of the economy causing her to ‘suffocate with austerity’. “Nevertheless, over the past year, the IMF has returned to imposing austerity measures in low-income countries.”
For Nabil Abdo, political advisor to Oxfam International“This perfectly sums up the policy of the two measures and the two stations of the IMF: it warns the rich countries against austerity, which it imposes at the same time on the countries with lower incomes”.
Recalling that the pandemic is not over and that poorer countries are hit hardest by rising energy and basic food prices, Nabil Abdo said the latter “need help to improve access to basic services and social protection.” and not harsh terms that kick the world while it is down. “
According to a new analysis by Oxfam and Development Finance International (DFI), 43 of the 55 Member States of the African Union are facing public spending cuts totaling $ 183 billion over the next five years.
“If these cuts are implemented, the chances of achieving the UN Sustainable Development Goals (SBA) are likely to be nullified,” Oxfam said.
“The IMF needs to suspend austerity measures on existing loans and increase access to emergency financing. “It should also encourage countries to raise taxes on the rich to fill their almost empty coffers and reduce growing inequalities,” Abdo said.
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