Minutes from Oxfam-hosted civil society seminar at 2013 Annual meetings on European austerity and inequality
Notes from a civil society forum on economic impact of IMF programmes in low-income countries, 10 October 2013
The IMF's involvement in the Troika is again being questioned due to Greek loan unsustainability and lack of consensus amongst the Troika members, while citizens continue to challenge the conditionality of the programme.
While NGO Oxfam criticised the IMF for failing to learn lessons of the past in its approach to European austerity, IMF research on inequality produced findings opposite to IMF programme demands for borrowers.
Alongside development and economic issues, Pakistan will be tackling the debt repayments that the country is scheduled to make in the next two years and beyond thanks to a $6.64 billion IMF loan agreement. The debt burden is suffocating public spending.
In June the IMF released an ex post assessment of its 2010 lending programme to Greece which described a series of errors and found that the Fund consciously chose to break its own rules on the sustainability of the programme.
In late June, finance minister Ishaq Dar informed Pakistan's national assembly that the government "will have to go to the IMF" in order to repay current outstanding loan instalments to the Fund.
The legitimacy of IMF engagement with Middle East and North African nations and eurozone crisis countries continues to be heavily criticised.
Jamaica is close to agreeing a new IMF programme despite a recent record of disputes.
In September the IMF executive board praised Zimbabwe's efforts to repay its debts to the Fund and relaxed restrictions on technical assistance.