The IMF has imposed significant surcharges on countries that have had to undertake large borrowings and are unable to pay their debts back quickly. These surcharges are pro-cyclical financial penalties imposed on countries precisely at a time when they can least afford them. They worsen potential outcomes for both the borrowing country and its investors, with gains accruing to the IMF at the expense of both. This transfer of resources to the IMF affects not just the level of poverty, health, education, and overall well-being in the country in crisis, but also its potential growth.
Related Articles
Euractiv: Libyans fired at rescuers while performing a rescue at sea
“The Libyan coastguard fired multiple times while 2 boats of [an] NGO were conducting a rescue of 11 people in distress in international waters on Friday. The shots came from a vessel that the EU […]
Shaun Richards: For all the recovery hype the economy of Greece is still in a severe economic depression
Let me wish Greece well as there is a long road ahead on what may well be one of the longest economic depressions ever seen. Read HERE
Labor Notes: How Amazon Workers Are Organizing for the Long Haul
Amazon logistics workers have won much attention for organizing during the pandemic. Read here
Be the first to comment