IMF Seizes on Pandemic to Pave Way for Privatization in 81 Countries 76 of the 91 loans the IMF has negotiated since the beginning of the coronav

IMF Seizes on Pandemic to Pave Way for Privatization in 81 Countries
76 of the 91 loans the IMF has negotiated since the beginning of the coronavirus pandemic come attached with demands for deep cuts to public services and policies that benefit corporations over people.

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The enormous economic dislocation caused by the COVID-19 pandemic offers a unique opportunity to fundamentally alter the structure of society, and the International Monetary Fund (IMF) if using the crisis to implement near-permanent austerity measures across the world.

76 of the 91 loans it has negotiated with 81 nations since the beginning of the worldwide pandemic in March have come attached with demands that countries adopt measures such as deep cuts to public services and pensions — measures that will undoubtedly entail privatization, wage freezes or cuts, or the firing of public sector workers like doctors, nurses, teachers and firefighters.

The principal cheerleader for neoliberal austerity measures across the globe for decades, the IMF has recently (quietly) begun admitting that these policies have not worked and generally make problems like poverty, uneven development, and inequality even worse. Furthermore, they have also failed even to bring the promised economic growth that was meant to counteract these negative effects. In 2016, it described its own policies as “oversold” and earlier summed up

“The IMF has sounded the alarm about a massive spike in inequality in the wake of the pandemic. Yet it is steering countries to pay for pandemic spending by making austerity cuts that will fuel poverty and inequality,” Chema Vera, Interim Executive Director of Oxfam International, said today.

These measures could leave millions of people without access to healthcare or income support while they search for work, and could thwart any hope of sustainable recovery. In taking this approach, the IMF is doing an injustice to its own research. Its head needs to start speaking to its hands.”

Oxfam has identified at least 14 countries that it expects will imminently freeze or cut public sector wages and jobs. Tunisia, for example, has only 13 doctors per 10,000 people. Any cuts to its already scant healthcare system would cripple it in its fight against the coronavirus. “If people can’t afford testing and care for COVID-19 and other health needs, the virus will continue to spread unchecked and more people will die. Out-of-pocket healthcare expenses were a tragedy before the pandemic, and now they are a death sentence,” Vera added.

An IMF case study

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