A South Korean court has rejected a lawsuit filed by a group of labour unions against the IMF for alleged policy mistakes. The unions were suing the IMF for 480 million won ($426,000) in compensation for job losses caused by austerity measures imposed by the IMF in return for the $57 billion bailout. The unions claimed the IMF had given wrong advice – including maintaining high interest rates and corporate restructuring – which had caused businesses to fail and unemployment to rise. The judge accepted the IMF‘s defence that no signatory country can hold the IMF civilly or criminally liable over its policy implementation.
The IMF and the World Bank are increasingly engaged with the challenge of addressing how tax avoidance and evasion affect developing countries, but need to address the role played by multinational enterprises and tax havens in exacerbating inequality and undermining countries’ domestic revenues.
The Bretton Woods Project has published a new briefing providing a critical analysis of the IMF's latest work on gender equality. The briefing questions the sustainability of the Fund's new approach to gender equality and reveals that the Fund's analysis so far is limited and inconsistent with the full achievement of women's economic empowerment.
Donate to the Bretton Woods Project
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).