The International Monetary Fund and World Bank Annual meetings in Morocco are a chance to address harmful austerity and debt policies that have left millions in poverty on the African continent, says ActionAid
ActionAid is publishing a new report based on research in 10 countries titled ‘Fifty Years of Failure- the IMF, Debt and Austerity in Africa.’ The report shows that despite shifting its rhetoric, the IMF's practice on austerity remains unchanged and has negatively impacted development. The report highlights the following:
Six billion people are now facing austerity, largely owing to the International Monetary Fund’s (IMF) reluctance to accept that its economic model has failed.
African countries still have very little say in decision-making in the World Bank and the IMF with less than 10 percent vote share in the IMF board.
The IMF is advising cuts in public spending which are having a detrimental effect on health, education, and efforts to fight the climate crisis.