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.
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.
IMF's position on capital controls must be revised to recognise that they are an essential and permanent macroeconomic tool necessary to increase countries' policy autonomy and enable them to act counter-cyclically and to prevent future debt crises.
Climate-for-debt swaps mechanism proposed by IMF fails to materialise, while rich countries' climate finance commitments remain unmet.
Civil society and economists unite in calls for IMF to abolish unethical and harmful surcharges on member countries that undermine financial stability and Covid-19 recovery.
G20 Common Framework left as the only multilateral mechanism for debt suspension, while private sector still refuses to engage.
Fund warns cryptocurrencies are a threat to global financial stability as El Salvador makes Bitcoin legal tender.
Controversial loan from IMF could force country into severe spending cuts.
Private sector first approach intact in IDA20 replenishment despite CSO recommendations.