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84 percent of the International Monetary Fund’s (IMF) COVID-19 loans encourage, and in some cases require, poor countries hard hit by the economic fallout from the pandemic to adopt more tough austerity measures in the aftermath of the health crisis, warned Oxfam today.
Source: Oxfam International
The 2019 Spotlight Report report dives more deeply into the (global) governance arrangements and institutions that will be necessary to implement alternative policies and to unleash the transformative potential of the SDGs. It offers analysis and recommendations on how to strengthen inclusive and participatory governance and to overcome obstacles and gaps in the implementation of the 2030 Agenda and the SDGs. In doing this, it poses a strong call to action to world leaders just in advance of the SDG Summit in September 2019.
In 2015 alone, donor governments around the world spent an estimated US$55 billion – or more than 44 per cent of Real Official Development Assistance (ODA) – on the procurement of goods and services. Such high budgets have the potential to catalyse far-reaching change in the global south. However, ‘tied’ ODA procurement, which requires goods and services to be sourced from companies in the donor country, puts the commercial priorities of firms based in rich countries before development impact. This report by Eurodad is calls for a series of key steps and recommendations for bilateral and multilateral donors as well as for international decision-making bodies.
To respond to the outbreak of the COVID-19 pandemic, the International Monetary Fund (IMF) has committed $1 trillion and as of September 20, 2020 had provided $89 billion worth of financial assistance to countries around the world. Oxfam has reviewed the publicly available IMF COVID-19 loan documents associated with 91 loans to 81 countries, extracting and collating select data from each loan document relevant to spending, accountability, and proposed recovery measures.
Extract from the civil society report Spotlight on Sustainable Development 2020. Frontline public service workers continue to receive praise and support for their vital role in responding to the COVID-19 crisis. Yet these underfunded public services and brutal working conditions are not inevitable. They are the result of decades of the neo-liberal ideology choices : deliberate erosion of our public services through budget cuts, privatization and understaffing.
This session is part of a series of 2-hour virtual meetings "Pandemic and Beyond: Workers Organizing for a Public Future" held during July, August and September 2020.
Don Marshall presents elements of his paper “Crisis Narratives, Debt and Development Adjustment: Contemplating Caribbean Small Island States Futures.” Don, Director of the Sir Arthur Lewis Institute of Social and Economic Studies at University of the West Indies: Cave Hill, questions the hegemony of mainstream economic indicators shepherded by the “neoliberal calculus of austerity adjustments.” He explores the effects on the Caribbean and its economic governance of international financial institutions and credit rating agencies, in the context of global financialization. Considering the implications for the dual Caribbean crises of debt and climate change, Don illustrates the need for meaningful policy space to enable governments to implement their agendas for equitable development.
On the sidelines of the 2018 ECOSOC FFD Forum, Eric LeCompte (Jubilee USA) and Rev. Osbert James (Jubilee Caribbean) discuss international developments on debt restructuring and call for a moratorium on debt to protect developing economies from natural disasters!