More than 500 organisations and academics from from 87 countries, including RTE, have issued a statement today calling on the International Monetary Fund (IMF) to stop promoting austerity and instead support policies that advance gender justice, reduce inequality, and put people and planet first.
The IMF has already begun locking some countries into long term austerity-conditioned loans, while encouraging countries to take such recovery measures through its short-term, front loaded emergency financing packages. Such policies will further entrench gender and economic inequality and undermine any chance of an inclusive recovery, especially as many countries in the Global South are expected to need more long-term financing in the near future. The letter highlight the devastating impact of such policies on education investments.
The statement comes ahead of the IMF and World Bank Annual Meetings slated to begin next week (12-18 October.)