International Monetary Fund: Difference between revisions
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== By region == | == By region == | ||
=== Argentina === | |||
In 2018, the IMF granted Argentina a $56.3 billion loan, causing austerity and privatization. The loan was given the year before an election to favor right-wing candidate [[Mauricio Macri]], an ally of [[Donald Trump]].<ref>{{News citation|author=Fernanda Vallejos|newspaper=The Intercept|title=Argentina Demands Justice From the IMF|date=2022-03-10|url=https://theintercept.com/2022/03/10/argentina-imf-debt-protests/|archive-url=https://web.archive.org/web/20220616102145/https://theintercept.com/2022/03/10/argentina-imf-debt-protests/|archive-date=2022-06-16|retrieved=2022-06-19}}</ref> | |||
=== Indonesia === | === Indonesia === | ||
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=== Sierra Leone === | === Sierra Leone === | ||
The IMF made [[Republic of Sierra Leone|Sierra Leone]] devalue its currency, which also decreased the cost of its minerals, including diamonds. Increased diamond extraction led to a conflict that killed 70,000 people and displaced 2.6 million.<ref name=":0" /> | The IMF made [[Republic of Sierra Leone|Sierra Leone]] devalue its currency, which also decreased the cost of its minerals, including diamonds. Increased diamond extraction led to a conflict that killed 70,000 people and displaced 2.6 million.<ref name=":0" /> | ||
=== Ukraine === | |||
[[Ukraine|Ukrainian]] President [[Viktor Yanukovych]] negotiated with the IMF before being overthrown in the [[2014 Ukrainian coup d'etat|2014 Euromaidan coup]]. Because the IMF was demanding a decrease in wages and health and education spending, Yanukovych decided not to take the loan and began negotiating with [[Russian Federation|Russia]] instead. | |||
After the coup, the new government took a $26 billion loan from the IMF after cutting its gas subsidy for citizens by 50%. The IMF has offered Ukraine another loan after the beginning of the [[2022 Russo-Ukrainian conflict]].<ref>{{News citation|author=Prabhat Patnaik|newspaper=Peoples Democracy|title=The IMF Connection with the Ukraine Crisis|date=2022-03-06|url=https://peoplesdemocracy.in/2022/0306_pd/imf-connection-ukraine-crisis|retrieved=2022-06-19}}</ref> | |||
=== Zambia === | === Zambia === | ||
Revision as of 13:45, 19 June 2022
International Monetary Fund | |
|---|---|
 Logo | |
| Founded | 27 December 1945 |
| Headquarters | Washington, D.C., United Sttaes |
The International Monetary Fund (IMF) is a neoliberal financial organization. Although it is a global organization, 38% of it is controlled by France, Germany, Japan, the United Kingdom, and United States.[1]
By region
Argentina
In 2018, the IMF granted Argentina a $56.3 billion loan, causing austerity and privatization. The loan was given the year before an election to favor right-wing candidate Mauricio Macri, an ally of Donald Trump.[2]
Indonesia
The IMF caused a banking crisis in Indonesia that decreased GDP by 14% and increased poverty by 40%.[1]
Sierra Leone
The IMF made Sierra Leone devalue its currency, which also decreased the cost of its minerals, including diamonds. Increased diamond extraction led to a conflict that killed 70,000 people and displaced 2.6 million.[1]
Ukraine
Ukrainian President Viktor Yanukovych negotiated with the IMF before being overthrown in the 2014 Euromaidan coup. Because the IMF was demanding a decrease in wages and health and education spending, Yanukovych decided not to take the loan and began negotiating with Russia instead.
After the coup, the new government took a $26 billion loan from the IMF after cutting its gas subsidy for citizens by 50%. The IMF has offered Ukraine another loan after the beginning of the 2022 Russo-Ukrainian conflict.[3]
Zambia
The IMF forced Zambia's government to eliminate subsidies for pesticides and fertilizers, decreasing agricultural output and leaving seven million people short of food.[1]
References
- ↑ 1.0 1.1 1.2 1.3 Arman Tendulkar (2021-10-11). "The International Monetary Fund: A Vehicle for Modern Day Imperialism" International Policy Digest. Retrieved 2022-06-19.
- ↑ Fernanda Vallejos (2022-03-10). "Argentina Demands Justice From the IMF" The Intercept. Archived from the original on 2022-06-16. Retrieved 2022-06-19.
- ↑ Prabhat Patnaik (2022-03-06). "The IMF Connection with the Ukraine Crisis" Peoples Democracy. Retrieved 2022-06-19.