IMF Seizes on Pandemic to Pave Way for Privatization in 81 Countries
by Alan Macleod
Posted November 2, 2020
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) is 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 its experiments in Latin America as “all pain, no gain.” Thus, its own reports explicitly state its policies do not work. More…