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Arabica Robusta

Eurodad.org - Conditionally yours: An analysis of the policy conditions attached to IMF... - 0 views

www.eurodad.org/conditionallyyours

economic adjustment crisis structural neoclassical theory social neoliberalism debt triple crisis

shared by Arabica Robusta on 05 Apr 14 - No Cached
  • The IMF claims to have limited its conditions to critical reforms agreed by recipient governments. However, the worrying findings of this research suggest that the IMF is going backwards – increasing the number of structural conditions that mandate policy changes per loan, and remaining heavily engaged in highly sensitive and political policy areas.
  • The biggest IMF facilities in terms of loan totals have the heaviest conditionality. This rise is driven by exceptionally high numbers of conditions in Cyprus, Greece and Jamaica, which together accounted for 87% of the total value of loans, with an average of 35 structural conditions per programme.
  • Almost all the countries were repeat borrowers from the IMF, suggesting that the IMF is propping up governments with unsustainable debt levels, not lending for temporary balance of payments problems – its true mandate.
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  • Other sensitive topics include requirements to reduce trade union rights, restructure and privatise public enterprises, and reduce minimum wage levels.
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