CSOs urge the G7 to take action to support debt-distressed economies by calling for the International Monetary Fund (IMF) to immediately end its harmful surcharge policy.
Over 160 civil society organizations from around the world are calling on the International Monetary Fund (IMF) to end the “unfair” and “counterproductive” surcharges attached to its lending to the most heavily indebted countries. The open letter was sent to the IMF Executive Board on 7 April ahead of the 2022 IMF and World Bank’s Spring Meetings.
The communiqué for the V20 highlighted multitude of crises facing climate-vulnerable developing countries, with continuing challenges posed by the Covid-19 pandemic and unequally felt climate change impacts now being exacerbated by the spillover effects from the Ukraine war.
G24 finance ministers called for urgent global action to mitigate the effects of rising debt levels in emerging economies, and rising global food, energy and commodity prices.
RST must support low- and vulnerable middle-income countries to recover from the pandemic and tackle economic and climate-related structural challenges.
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
This Inside the Institutions looks at the issue of surcharges, which are additional interest payments the IMF imposes on countries with large, outstanding debts to the IMF.
Civil society rejects new Agreement arguing IMF loan will be used to pay odious debt and result in reforms damaging to human rights.
As countries resume debt payment obligations amid unequal pandemic recovery CSOs call for debt cancellation and a multilateral debt workout mechanism.
The country – reeling from the Russia invasion – owes a total of $22 billion to the IMF, World Bank and other international financial institutions.