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PRESS RELEASE - Over 500 organisations and academics around the world call on IMF to stop promoting austerity in the Coronavirus recovery period

More than 500 organisations and academics from 87 countries - including the European Network on Debt and Development (Eurodad) - have issued a statement this week calling on the International Monetary Fund (IMF) to stop promoting austerity, and instead support policies that advance gender justice, reduce inequality, and put people and planet first.

At the same time, Eurodad has analysed IMF staff reports for 80 countries, prepared as part of the process of approval of IMF assistance between March and September 2020. At the same time, new Eurodad analysis shows how Covid-19 ‘recovery packages’ could force tax increases and spending cuts in 80 developing countries by 2023, threatening the achievement of the SDGs.

Click here to read Arrested Development: International Monetary Fund lending and austerity post Covid-19.

Click here to read the statement.

Click here to read our full press release.

Global Week of Action for Debt Cancellation

The multiple crises caused by the Covid-19 pandemic, the intensified economic recession and the climate emergency has put the urgency for debt cancelation - and the need to address unsustainable and illegitimate debt - in the spotlight. In this context, many movements, organisations and citizens groups are coming together for a Global Week of Action for Debt Cancellation from October 10 to 17, which Eurodad is supporting. You can find all the information on the website, or follow the Facebook page or Twitter account (@debtgwa).

You can also sign the open letter to governments, international institutions and lenders calling for debt cancellation here.

Finally, you are invited to the many activities planned during the week, such as the "Sounding the Alarm" action which will be promoted through social media; the Concert/Rally "Rise to the Beat of Debt Justice" by APMDD and Action Aid International; or organise your own activities and share them with [email protected].

News

The Philippines, Covid-19 and debt: Left alone to deal with the pandemic

The Philippines has been in a vulnerable position since the beginning of the Covid-19 pandemic. The Asian Peoples' Movement on Debt and Development (APMDD) takes a closer look into the four factors that are causing this vulnerability.

Click here for the full article.

Useful resources

Joint civil society submission to the November 2020 OECD Development Assistance Committee High Level Meeting

The upcoming Development Assistance Committee (DAC) High Level Meeting (HLM) provides an opportunity for DAC Members to commit to doing development better. This joint civil society submission represents the views of a group of 26 civil society organisations (CSOs) from the global south and the global north.

Click here to read the full submission.

Crash Course on debt crisis in the global south, and radical solutions by SOMO

On Thursday 8 October, a new series of interactive webinars will start on the looming debt crisis in the Global South. They are hosted by SOMO and more information on the webinars can be found here.

Events

Eurodad will take part in a number of events during the Annual Meetings of the World Bank and IMF and Civil Society Policy Forum, and during the C20. Head over to the events section on our website for a full list of panel discussions and don't forget to register!

This newsletter has been produced with co-funding from the European Union, Bread for the World and Norad. The contents of this publication are the sole responsibility of Eurodad and can under no circumstances be regarded as reflecting the position of the funders.