Oxfam accuse le FMI de pousser vers toujours plus d'austérité les pays qu'il aide
The spending cuts imposed by the International Monetary Fund (IMF) on states under aid programs have quadrupled since 2018, raising fears of a return to the fiscal adjustments of the 1980s, which exacerbated poverty, Oxfam warned on Thursday.
These IMF requirements have been accompanied by "a weakening of the protection afforded to social spending in its loan programs," denounced Oxfam, an international confederation fighting poverty and inequality.
"These cuts undermine essential spending on public services, from health to education and housing, which protect low-income communities" in countries under aid programs, Oxfam charged in a statement.
According to Oxfam's analysis, the IMF's spending reduction targets have increased on average from 0.21% of GDP in 2018 to 0.85% in 2025.
The organization is particularly concerned that the Fund will go further by imposing, from the first phase of its programs, "a concentrated fiscal adjustment" which would require an immediate effort from countries in difficulty.
Oxfam sees this as "a return to the unfortunate 'shock therapy' approach" of the 1980s, which imposed more brutal spending cuts while limiting, according to the report, the ability of citizens to assess the effects of the economic policies pursued.
"The IMF risks falling back into the dark ages of structural adjustment," said Nabil Abdo, senior policy advisor at Oxfam International. "Imposing austerity upstream is like asking countries to swallow an entire bottle of poison that we already know is harmful in small doses."
Mr. Abdo also believes there is a risk that the countries concerned will have to "face the next shock with fewer doctors, fewer teachers and a weaker safety net. You cannot strengthen economic resilience by dismantling the very structures that make societies resilient."
"Our programs include floors for social spending, with the explicit aim of protecting the most vulnerable groups in society," responded the Fund's communications director, Julie Kozack, at a press conference.
"We are paying particular attention to ensuring that the most vulnerable groups are protected. And we are pushing for improved resource mobilization by states," Ms. Kozack explained, noting that, from the IMF's perspective, tax revenues in a number of states remain too low.
Ahead of Monday's meeting of the IMF Executive Board, Oxfam called on directors to reject the idea of a return to structural adjustment in order to ensure that "the Fund's programs do not reinforce inequalities".
"The IMF must prioritize alternatives rather than austerity policies, including strengthening progressive taxation of both the wealthiest individuals and corporate profits, in order to create a sustainable income (for states) without pushing millions of people into poverty," Oxfam insisted in its statement.
AFP
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