Human Rights Watch looked at 39 loans in 38 countries since the start of the pandemic, and found that 30 of them contained at least one term that threatened human rights.
That's the conclusion of a Human Rights Watch reportMonday that looks at 39 loans approved in 38 countries between the beginning of the Covid-19 lockdowns in March 2020 and March 2023. While, at the start of the pandemic, IMF managing director Kristalina Georgieva spoke of investing in a recovery that was "greener, smarter, and fairer," the majority of the loans reviewed by HRW still included requirements like lower government spending or higher regressive taxes.
While HRW acknowledged that eliminating fossil fuel subsidies is a necessary part of the transition to renewable energy, this needs to be done in a way that takes the needs of the poorest into account. For example, Saadoun"The impact of the economic crisis there meant her earnings were essentially cut in half. On top of that, in an effort to reduce public spending, the government cut subsidies for electricity," she said.
HRW argues that both the IMF and the governments they loan to have an obligation to address economic crises in ways that further, rather than retrench on, human rights. At the same time, the IMF's austerity measures fail at its own goal of reducing debt. Its April 2023 World Economic OutlookThe report looked at the case of Jordan, which has received IMF loans since 2012, yet has a higher debt-to-gross-domestic-product ratio than at the beginning.
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