IMF agrees to conditional participation in new Greek loan package and demands that the government maintains the suspension of collective bargaining despite rising inequality and decrease in wages.
Scandal raises new questions about World Bank loans for Trans-Anatolian Pipeline (TANAP), after civil society previously raised concerns over human rights violations and the negative environmental impact of the project.
An IMF staff blog has acknowledged weaknesses in IMF’s approach to debt sustainability, meanwhile civil society continues to demand human rights-based approach considering who bears burden of debt repayment.
The World Bank has announced funding for the controversial Southern Gas Corridor, while exiting two other high profile but problematic megaprojects, Inga 3 in Democratic Republic of Congo and Simandou in Guinea.
IMF claims it is does not advocate austerity as Greek finance minister accuses IMF of economising with the truth and pushing harmful and counterproductive reforms.
IMF’s Independent Evaluation Office has found the Fund’s 2010/2011 Troika lending to Greece, Ireland and Portugal fell short in terms of surveillance, design, implementation and decision making, and described controversial decisions as appearing “rubber-stamped”.
As Eurozone countries agree a new loan package to Greece, the IMF has conceded to ‘major concessions’ instead of up front debt relief and may participate in a new programme despite its insistence that the Fund's involvement in future programmes is dependent on ‘significant debt relief’.
The IMF has confirmed its participation in negotiations for the third Greek loan programme since 2010, seeking debt relief, privatisation and pension reform. The IFC has invested €150 million in Greece's four main banks.
Notes of a meeting on sovereign debt restructuring at the World Bank-IMF annual meetings 2014
Notes of a meeting on sovereign debt restructuring after SCOTUS at the World Bank-IMF annual meetings 2014
This event was a collegial information-sharing and strategy session to explore the linkages between financial regulations and grass roots campaigns.