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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.