The IMF also persists with burdensome and inappropriate economic policy conditionality in areas such as privatization and public expenditure caps, undermining governments' capacities to provide basic services such as health, education and social protection.
The statement concludes with a series of recommendations to encourage the IFIs to make a positive contribution towards a fair globalization. This includes a call on the World Bank to follow through on its commitment to work closely with trade unions during the implementation of its governance and anticorruption strategy. On the IMF side, the need for a regulatory framework to address global economic crises must be addressed, along with the burgeoning impact of speculative transactions.
“There has been some progress on important issues, but we are still a long way from seeing the sort of coherent policies which address poverty, hardship and inequality which are so clearly missing from the work of these two powerful institutions,” said Ryder.
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