In the midst of a global “polycrisis,” the International Monetary Fund (IMF) is under scrutiny for exacerbating dire crises in the Global South. Country after country is facing climate, hunger, energy, debt, and development crises, worsened by IMF policies and surcharges imposed on the most indebted borrowers.
Recent events in Egypt and Kenya offer a glimpse into the harmful effects of IMF pressure and austerity measures, leading to increased prices for essential goods like bread and medication, sparking social unrest. The unnecessary surcharges imposed by the IMF only add to the financial burden on struggling nations, hindering their ability to meet Sustainable Development Goals.
As Morocco faces the risk of being subjected to these costly fees, the IMF’s policies continue to impede progress and exacerbate existing challenges. It is imperative for wealthier nations to advocate for the end of IMF surcharges and demand a shift away from austerity measures that disproportionately impact the poor and working class.
It is time to prioritize the well-being of vulnerable populations and work towards sustainable solutions that promote global development and economic stability.