statement-against-imf-austerity-english-e172bdea20d1cb7f.pdf

The statement argues that IMF-conditioned austerity leads to devastating cuts in health, education, and social protection, disproportionately affecting marginalized populations. It calls for the IMF to replace fiscal consolidation with grants, debt cancellation, and progressive tax reforms to ensure a just and inclusive recovery from the pandemic.

• The signatories argue that the IMF is contradicting its own rhetoric regarding a 'fair and green recovery' by locking countries into new long-term loan programs conditioned on austerity and promoting fiscal consolidation in COVID-19 emergency financing packages.
• Fiscal consolidation driven by austerity is claimed to worsen poverty and inequality, undermine economic and social rights, and fail to ensure economic recovery or job creation.
• The document asserts that IMF-conditioned austerity has historically resulted in severe cuts to public services and social safety nets, which primarily harm the most vulnerable while benefiting elites and creditors.
• The statement claims that rapid fiscal consolidation is incompatible with a just transition to climate-resilient economies.
• To achieve a sustainable recovery, the signatories recommend immediate financial support through grants, highly concessional financing, debt cancellation, restructuring, and a new allocation of Special Drawing Rights.
• The document advocates for long-term policy shifts including progressive tax reforms—specifically targeting wealth and excess corporate profits—and the combatting of illicit financial flows to create fiscal space for social spending.

APA

Institute for Economic Justice (2020). statement-against-imf-austerity-english-e172bdea20d1cb7f.pdf. https://iej.org.za/wp-content/uploads/2020/10/statement-against-IMF-austerity-English.pdf

Chicago

Institute for Economic Justice. statement-against-imf-austerity-english-e172bdea20d1cb7f.pdf. 2020. https://iej.org.za/wp-content/uploads/2020/10/statement-against-IMF-austerity-English.pdf.

Wikipedia

{{cite press release |author=Institute for Economic Justice |title=statement-against-imf-austerity-english-e172bdea20d1cb7f.pdf |date=2020 |url=https://iej.org.za/wp-content/uploads/2020/10/statement-against-IMF-austerity-English.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{instituteforeconomicjustice2020statementagainstimfausterityenglishe172bdea20d1cb7fpdf, author = {{Institute for Economic Justice}}, title = {{statement-against-imf-austerity-english-e172bdea20d1cb7f.pdf}}, publisher = {Institute for Economic Justice}, year = {2020}, url = {https://iej.org.za/wp-content/uploads/2020/10/statement-against-IMF-austerity-English.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }