Oxfam Claims IMF Loans During Pandemic Worsen Poverty and Inequality

The IMF maintains that the emergency financing it has delivered has focused on immediate fiscal support with no conditions.

RIO DE JANEIRO, BRAZIL - The vast majority of International Monetary Fund loans extended during the Covid-19 pandemic have suggested or demanded spending cuts that would worsen poverty and inequality, charity group Oxfam says.

Seventy-six of the fund’s 91 loans since March have sought belt tightening, according to Oxfam. The result could be deep cuts to public healthcare and pensions; wage freezes and cuts for workers such as doctors and teachers; and reduced unemployment benefits like sick pay, the group said Monday.

“The IMF has sounded the alarm about a massive spike in inequality in the wake of . . .

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