Income inequalities have increased in more than 60% of countries currently under aid program from the International Monetary Fund (IMF) and the World Bank (WB), according to a report published Monday by the NGO Oxfam. “The IMF and the WB present the fight against inequality as a priority but at the same time support policies that increase it.
This high level of hypocrisy must end,” Oxfam head in Washington, Kate Donald, said in a statement. Helping developing countries, particularly those currently in or at risk of debt crises, will be one of the main topics discussed at the annual meetings of the FFMI and WB, which will take place all week in Washington. The public spending necessary to support economies in the face of the pandemic and then the shocks caused by global inflation or even the war in Ukraine have pushed States to go into debt, at a time when interest rates have risen, under the impetus from the main economies, struggling with inflation. A cocktail which has significantly increased debt service in certain countries.