Discover and read the best of Twitter Threads about #springmeetings2023
Most recents (2)
In #springmeetings2023 we launched a paper looking at @IMFNews main instrument to protect spending on social protection, education & health in their loans, called "social spending floors".
They are powerless in the face of harmful IMF-driven austerity.
Here's what we found🧵
They are powerless in the face of harmful IMF-driven austerity.
Here's what we found🧵
We looked at all @IMFNews loan programs signed with low-and-middle income countries (LMICS) in 2020 & 2021.
This is happening in a context of strong return of #austerity: By 2024, 50% of LMICs are set to spend less than during the 2010s, exposing 2 bn people to harmful austerity
This is happening in a context of strong return of #austerity: By 2024, 50% of LMICs are set to spend less than during the 2010s, exposing 2 bn people to harmful austerity
Social spending floors are meant to set a minimum amount of social spending when countries implement IMF loan programs.
They are not new, @IMFNews have been using them for more than 20 yrs. Their implementation has been weak: b/w 2000 and 2019 only 57% were implemented.
They are not new, @IMFNews have been using them for more than 20 yrs. Their implementation has been weak: b/w 2000 and 2019 only 57% were implemented.
The World’s Finance Chiefs are in DC for the #springmeetings2023 of the #IMF and #WorldBank.
So what happened so far? 🧵
#FundTheFuture
So what happened so far? 🧵
#FundTheFuture
SLOWDOWN:
The IMF’s latest forecasts showed that growth will slightly decline to 2.8% this year (0.1 percentage points below January projections) before rising to 3% in 2024.
Global inflation will fall from 8.7% in 2022 to 7% in 2023 and 4.9% in 2024
imf.org/en/Publication…
The IMF’s latest forecasts showed that growth will slightly decline to 2.8% this year (0.1 percentage points below January projections) before rising to 3% in 2024.
Global inflation will fall from 8.7% in 2022 to 7% in 2023 and 4.9% in 2024
imf.org/en/Publication…
PROMISES:
The @G24 which coordinates the position of developing countries called for rich countries to deliver the $100bn in SDRs that they promised in 2021 and channel them through multilateral development banks.
The @G24 which coordinates the position of developing countries called for rich countries to deliver the $100bn in SDRs that they promised in 2021 and channel them through multilateral development banks.
