Loan programme in Pakistan undermines country’s plans for low-carbon transition, as tax breaks on renewables and EVs slashed from IMF-mandated mini-budget.

Loan programme in Pakistan undermines country’s plans for low-carbon transition, as tax breaks on renewables and EVs slashed from IMF-mandated mini-budget.
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.
IMF review of institutional view on capital controls disappoints as it largely maintains the policy framework of its predecessor
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.
While the Bank stressed the need for a recovery based on Green, Resilient and Inclusive Development and the IMF highlighted its concerns about the divergent paths of the global recovery in 2021, both continued to support largely unreformed policies.
The country – reeling from the Russia invasion – owes a total of $22 billion to the IMF, World Bank and other international financial institutions.
Over 250 civil society experts urge the IMF to eliminate its punitive surcharges on countries in debt distress as they undermine an equitable economic recovery and exacerbate the global debt crisis.