The government of Zambia has approached the IMF for financial assistance, however, Zambian civil society is concerned that the required reforms will worsen gender and income inequality.
IMF freezes second payment of $2.8 billion loan to Tunisia, demanding accelerated reform programme despite concerns this will push Tunisia “to the brink”.
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 the world economy continues to stutter, many sub-Saharan African countries are turning to the Fund for financial support, though the Funds are coming with strict conditions to restrict spending.
A report by the UN independent expert on foreign debt, exploring inequality, financial crises and human rights, claims that IMF programmes are associated with a worsening of income distribution.
The IMF has changed its long-standing rule on lending to countries in arrears to official creditors, thereby avoiding having to cancel its $17.5 billion loan programme to Ukraine.
The more things change the more they stay the same... Infographic illustrates findings of new report on IMF Policy in the MENA Region.