Topic: Finance and debt
New report highlights deep harms of IMF ‘austerity drive’ in poor nations
Report / 17th April 2023"For every $1 the IMF encouraged a set of poor countries to spend on public goods, it has told them to cut four times more through austerity measures," says Oxfam.
Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years
Report / 16th January 2023The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today.
Ending the austerity pandemic
Blog / 3rd January 2023Unless austerity is reversed, people in developing countries will lose social protections and public services just when they are most needed. And it doesn't have to be this way, write Isabel Ortiz and Matthew Cummins for Project Syndicate.
Taxing super-profits to beat inflation and defend human rights
Blog / 16th December 2022Pandemics, wars and recessions do not exempt states from human-rights commitments. They must tax multinationals and the richest more to protect the most vulnerable, writes Magdalena Sepúlveda for Social Europe.
Poor countries squeezed by 10 trillion dollars in external debts
Blog / 16th December 2022The external debt of the world’s low and middle-income countries at the end of 2021 totalled 9 trillion US dollars, more than double the amount a decade ago. Such debt is expected to increase by an additional 1.1 trillion US dollars in 2023.
UN adopts historic decision to take on new tax leadership
Blog / 6th December 2022The UN General Assembly has adopted by unanimous consensus a resolution that mandates the UN to set course for a global tax leadership role.
What climate debt does the North owe the South?
Article / 2nd December 2022Richer countries haven't met their $100 billion promise to help poorer countries move beyond fossil fuels. Where's the money going to come from?
IMF urged to unlock $650 billion for poor nations facing crises ‘unprecedented in human history’
Blog / 13th October 2022A coalition of 140 organizations from across the globe urge the International Monetary Fund to provide immediate financial relief to low-income nations reeling from the intertwined emergencies of climate change, Covid-19, war, and soaring costs of living.
Global Week of Action for Justice and Debt Cancellation
Article / 13th October 2022As the IMF and the World Bank will hold their annual meetings, activists are raising demands to #CancelTheDebt. Read below the civil society open letter to all governments, international institutions and lenders.
How the Treasury Department could prevent mass starvation with no cost to the taxpayers
Blog / 5th August 2022As hunger threatens millions, the Biden administration should give its OK for the IMF to distribute financial backing to the world’s poorest countries. By Mark Weisbrot.