COVID-19 Will Have a ‘Catastrophic’ Impact on Unemployment: IMF

teleSUR | June 24, 2020

People wait in a block-long line to pick up food at the Masbia of Flatbush food pantry in Brooklyn, New York on April 30 2020.
People wait in a block-long line to pick up food at the Masbia of Flatbush food pantry in Brooklyn, New York on April 30 2020. | Photo: EFE

The COVID-19 crisis will have an even bigger negative impact on the global economy than initially thought, the IMF said 

The International Monetary Fund (IMF) said Wednesday that the COVID-19 pandemic will have a “more negative impact” than expected on the world economy, which will also affect unemployment rates.

 

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Softening the blow of the pandemic: will the International Monetary Fund and World Bank make things worse?

by and

The Lancet | April 09, 2020

The coronavirus disease 2019 (COVID-19) pandemic is not only stretching health systems to their limits, it is rapidly becoming a threat to the entire global economy, on a scale much greater than the 2007–08 financial crisis. Policymakers from high-income countries have been quick to respond, pledging unprecedented amounts of support to citizens and businesses. The EU announced a “no limits” commitment to protect European economies by purchasing sovereign and corporate debt, while the US congress has agreed a US$2 trillion stimulus bill.
Such measures are not, however, open to low-income and middle-income countries (LMICs), which will face the brunt of the COVID-19 burden. Emerging markets were among the first from which investors fled and have so far withdrawn more than $83 billion from them, the largest capital flow ever recorded. This limits the credit available to governments and businesses, pushes down commodity prices and real economic activity, and ultimately reduces health-system budgets at a time when capacity urgently needs to expand.

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The pandemic will unleash worst recession since Great Depression, says IMF chief

| April 10, 2020\

The coronavirus pandemic sweeping the world will turn global economic growth “sharply negative” in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva said.

Georgieva painted a far bleaker picture of the social and economic impact of the new coronavirus than even a few weeks ago, noting governments had already undertaken fiscal stimulus measures of $8 trillion, but more would likely be needed.

There is “tremendous uncertainty around the outlook” and the duration of the pandemic, Georgieva said.Read More »

IMF Conditions Emergency COVID-19 Loan to Venezuela on Regime Change

by Alan Macleod

MintPress News | March 30, 2020

Venezuela coronavirus Feature photo

Earlier this month, the International Monetary Fund (IMF) blocked a request from Venezuela for an emergency loan to deal with the COVID–19 pandemic on the grounds that President Nicolas Maduro “lacked recognition.” “IMF engagement with member countries is predicated on official government recognition by the international community, as reflected in the IMF’s membership. There is no clarity on recognition at this time,” a spokesperson for the international banking organization said. In fact, around 150 countries recognize Maduro, including the vast majority of UN member states. Indeed, the UN itself has endorsed him, even placing Venezuela on the Human Rights Council. Crucially, however, the United States government has not.Read More »

IMF Rejects Venezuela Emergency Fund Appeal

by Ricardo Vaz

Venezuelanalysis | March 18, 2020

The IMF rejected a Venezuela emergency appeal for funds to face the coronavirus healthcare crisis. (IMF)
The IMF rejected a Venezuela emergency appeal for funds to face the coronavirus healthcare crisis. (IMF)

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The World Bank, the IMF, and their Iron-clad Secrecy

by Bill Willers

Dissident Voice | February 22, 2020

The genius of the World Bank was to recognize that it’s not necessary to occupy a country in order to impose tribute, or to take over its industry, agriculture and land. Instead of bullets, it uses financial maneuvering.
— Michael Hudson, 2019

In 1944, as WWII was coming to an end, representatives from 44 countries met in Bretton Woods, New Hampshire to form an international exchange system. In order to foster global stability, foreign currencies were pegged to the U.S. Dollar, itself based on gold. The Bretton Woods System ended in the early 1970s when President Nixon detached the dollar from the price of gold.Read More »

Argentina and IMF To Advance On New Debt Payment Agreement

teleSUR | February 23, 2020

Negotiations will continue on Monday, with meetings between Guzmán and IMF technicians in Washington.
Negotiations will continue on Monday, with meetings between Guzmán and IMF technicians in Washington. | Photo: Reuters

The next steps will continue to be discussed with no details on possible goals or features of the new program.

Argentina and the IMF announced Saturday that they are making progress in the negotiation of a new agreement for the South American country’s debt, after a meeting held on the sidelines of a G-20 meeting in Saudi Arabia.

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Argentina Will Not Pay IMF Debt Until Recession Has Ended

teleSUR | February 09, 2020

Argentina Will Not Pay IMF Debt Until Recession Has Ended

“If there is a recession no-one will pay even half a cent and the way you exit recession is through a lot of state investment.”

Argentina’s Vice President Cristina Fernandez de Kirchner said on Saturday that the government will not pay “even half a cent” of its debt back to the International Monetary Fund before the country has exited recession.

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Argentina’s president-elect Alberto Fernandez rejects remaining IMF money

  | November 27, 2019

Argentina’s leftist president-elect Alberto Fernandez said Tuesday that he would renounce the remaining $11 billion tranche of the country’s International Monetary Fund (IMF) loan as soon as he takes office next month.

Outgoing center-right President Mauricio Macri agreed a massive $57 billion loan package last year, but the austerity measures he imposed failed to right the economy.

“What I want is to stop asking (for money), and that they let me pay,” said Fernandez, who takes office on December 10 after ousting Macri in last month’s elections.Read More »

Success and Joy as IMF Agreement in Ecuador is Revoked after Days of Resistance Success and Joy as IMF Agreement in Ecuador is Revoked after Days of Resistance

by Marco Teruggi

The graffiti says it all: “Out with Moreno!” Let us hope that this temporary concession does not quell the desire—the need—to get rid of Moreno, a traitor thru and thru.

Sunday night all of Ecuador turned into a celebration when authorities announced that Decree 883 that eliminated public oil subsidies would be revoked after eleven days of popular unrest. The information was released after tense talks between the Lenin Moreno Administration and the indigenous movement mainly represented by the Confederation of Indigenous Nationalities of Ecuador (CONAIE).

“As a result of talks, a new decree has been issued invalidating Decree 883,” informed Arnaud Peral, the representative of the United Nations in Ecuador.Read More »