'For every $1 the IMF encouraged a set of poor countries to spend on public goods, it has told them to cut four times more through austerity measures,' Oxfam estimated.
" due in large part to soaring debt levels and interest rate hikes implemented by the U.S. Federal Reserve and other central banks.earlier this week showing that in 2023, lower-income country debt payments will reach their highest level in 25 years, endangering spending on healthcare, education, climate action, and more.
The group found that the IMF's social spending floors were ineffective at achieving their stated goal of preserving minimum levels of social investment. "Based on the available data, not one of the 17 countries currently has a social spending floor large enough to cover the cost of meeting the World Health Organization's target to reach the Sustainable Development Goal for Health, let alone targets in other areas like education," Oxfam found.
Amitabh Behar, Oxfam International's incoming interim executive director, said that"to make matters worse, these social floors have become more like ceilings." "While only half of the 17 countries we analyzed had actually met their minimum social spending floors—which is disappointing enough—just two had spent 10% more than what they agreed with the IMF," Behar added.
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