Developing nations protest IMF austerity calls at Bangkok meetings

Key facts

• Protesters demanded IMF and World Bank reform their approach to developing nations.
• Oxfam warned IMF austerity calls could lead to price rises, hunger, and cuts to social services.
• The IMF advised vulnerable countries to cut spending or increase revenues to address fiscal balances.

Hundreds of protesters, including coconut farmer Sombat Chuekrod, gathered in Bangkok on Friday during the IMF-World Bank Annual Meetings to demand changes in how the institutions deal with developing nations. The protesters argued that the IMF's message of cutting spending to address high debt levels would exacerbate poverty and harm essential social services like health and education. Oxfam stated that the world is facing an 'inequality emergency' and that austerity measures would lead to price rises and hunger. The IMF, while upgrading its economic outlook, acknowledged that prosperity is fragmented and advised vulnerable countries to cut spending or increase revenues. The UN Development Programme warned that cutting subsidies could push 130 million people into poverty.