A coalition of over 70 US NGOs, including large labour unions, wrote to Congress at the end of March to demand that planned IMF gold sales pay for debt relief as well as Fund administrative expenses. They also “urge that before authorising gold sales, Congress insist on meaningful reforms in IMF policy in developing countries” including an end to overly restrictive deficit-reduction and inflation-reduction targets, an exemption for health and education spending from budget ceilings, transparency at the IMF, and more participation of civil society in the formulation of IMF programmes. This effort builds on a February briefing published by Jubilee USA about the use of the proceeds of IMF gold sales.
After 4 years of on-off negotiation and public opposition, the government of Egypt has signed a loan deal with the IMF whose impacts civil society fears will encroach upon human rights, social protection and social provision, like health and education, upon which the poorest depend.
Investments by the World Bank-hosted Global Financing Facility (GFF) do not reflect the family planning priorities identified by developing countries and local communities. The GFF also continues to suffer from a lack of transparency and meaningful civil society participation, raising doubts about the new mechanism’s effectiveness.
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