Year: 2023
Type: report
Abstract: The International Monetary Fund has said that it protects spending on education, health and social protection from cuts in its loan programmes through social spending floors. These measures are a welcome step forward, but are they effective? Analysis of all 17 IMF loan programmes (Extended Credit Facilities, or ECFs, and Extended Fund Facilities, or EFFs) for low- and middle-income countries during the first two years of the pandemic shows that these floors are deeply inadequate, inconsistent, opaque and failing. They are little more than a fig leaf for harmful austerity, which is driving inequality, poverty and suffering.
DOI: 10.21201/2023.621495
Authors: Alexandros Kentikelenis, Thomas Stubbs
Language: English
Subfield: Development
Field: Social Sciences
Domain: Social Sciences
Open Access status: gold
OpenAlex ID: W4386833537