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Days after @IMFNews @WorldBank mtgs ended, I'm feeling anxious. A long thread! The threat of looming IMF-imposed austerity post-pandemic is clear. IMF's pushing this in 84% of #COVID19 loans, tho austerity b4 meant most were unprepared going into pandemic https://www.oxfam.org/en/blogs/virus-austerity-covid-19-spending-accountability-and-recovery-measures-agreed-between-imf-and
Ppl around world are deeply concerned. 500+ orgs/academics pushed @IMFNews to #EndAusterity; global @FightInequality rally Oct 17 had strong msg to IMF; @business @WSJ @FT @allafrica @guardian & many across LAC Asia and Africa covered austerity stories last wk. Heat is on
W/out denying austerity push, @IMFNews emphasized instead not to pull support plug too early, promised to prioritize progressive taxation & debt relief. But austerity writing is on the wall for after pandemic, and it’s frankly terrifying. Alternative c/o @IsabelOrtizUN
On $: While there was support for
contributions to @IMFNews concessional funds, still no movement on Special Drawing Rights which is arguably first/best way 2 help struggling govts w/out sinking them into further debt. Frustrated by US continuing to block https://cepr.net/report/the-world-economy-needs-a-stimulus-imf-special-drawing-rights-are-critical-to-containing-the-pandemic-and-boosting-the-world-economy/
contributions to @IMFNews concessional funds, still no movement on Special Drawing Rights which is arguably first/best way 2 help struggling govts w/out sinking them into further debt. Frustrated by US continuing to block https://cepr.net/report/the-world-economy-needs-a-stimulus-imf-special-drawing-rights-are-critical-to-containing-the-pandemic-and-boosting-the-world-economy/
Meanwhile on debt, the #G20 debt standstill was extended and common framework discussed but still not nearly ambitious enough. For now, private creditors are still raking in the payments from poor countries https://oxfamilibrary.openrepository.com/bitstream/handle/10546/621063/mb-under-radar-private-sector-debt-121020-en.pdf #CancelTheDebt
@DavidMalpass_WBG called for #IDA $, of which, importantly, $10bn wd be in grant form. But also continues to collect debt payments. Best thing Bank can do is provide grants AND debt relief. Why give w/ 1 hand while taking w/ the other? #CancelTheDebt https://www.devex.com/news/world-bank-s-fund-for-poorest-countries-seeks-emergency-funding-to-avoid-a-cliff-98318
#IDA $, of which, importantly, $10bn wd be in grant form. But also continues to collect debt payments. Best thing Bank can do is provide grants AND debt relief. Why give w/ 1 hand while taking w/ the other? #CancelTheDebt https://www.devex.com/news/world-bank-s-fund-for-poorest-countries-seeks-emergency-funding-to-avoid-a-cliff-98318
Another source of $ would be digital taxation but #G20 countries failed to build consensus. And so low-income countries continue to lose revenues to tax havens as they struggle with debt and a critical lack of resources to fight this pandemic. https://www.icrict.com/press-release/2020/10/11/52n5njz8ja42ukkws0z7vgppuuse4b
On vaccines: @WorldBank approved significant $12bn initiative yet can & shd be more vocal on need to address pharma IP & unlock manufacturing, reduced costs and ensure a vaccine is available to all. $12bn would go a long way to supporting a #PeoplesVaccine https://peoplesvaccine.org
And still too many countries have prohibitive out of pocket health fees that lock millions out of healthcare – inexcusable during pandemic. @WorldBank plays key role in supporting govts on health yet not doing enough to address fees. Pls step up! https://views-voices.oxfam.org.uk/2020/10/people-cant-afford-to-pay-for-health-care-in-a-pandemic-why-isnt-the-world-bank-doing-more-to-help/
Civil society voice is unified in calls 2 #CancelTheDebt #EndAusterity #FightInequality but despite gloomy IFI projections on poverty/inequality/economy, still not enough done. For more in-depth readouts of @IMFNews & @WorldBank Annuals, see @brettonwoodspr & @ITUC_GU_IFI
