2022 IMF/WB Annual Meetings - Side Event “Avoiding Austerity in a Time of Compounding Crises”

Governments are facing a disrupted recovery due to the spread of new Omicron variants, the impacts of the Ukraine war, surging inflation and interest rates and increased risk of debt distress. Expansionary recovery fiscal policies are turning into fiscal consolidation in most countries and spending in essential public services is threatened. The session presented new 2022 reports by IPD, Financial Transparency Coalition, OXFAM and Eurodad, showing fiscal consolidation trends and inequalities in recovery policies that are harming public services, people and the planet. It will discuss the role of IFIs in helping countries prevent austerity and enable an equitable people’s recovery. See also: End Austerity: A Global Report on Budget Cuts and Harmful Social Reforms in 2022-25.

Panelists:

Isabel Ortiz, Director Global Social Justice Program, Initiative for Policy Dialogue

Matti Kohonen, Executive Director, Financial Transparency Coalition

Susana Ruiz, Tax Policy Lead, OXFAM

Chiara Mariotti, Senior Policy Advocacy Officer, Eurodad

Rodrigo Cerda, Chief Expenditure Policy, Fiscal Affairs Department, IMF

Moderator: Klelia Guerrero García, Tax justice specialist, Latindadd

Co-sponsors: IPD, Financial Transparency Coalition, OXFAM, ActionAid, Arab Watch Coalition, Bretton Woods Project, Eurodad, Latindadd, Third World Network, Wemos, Centre for Budget And Governance Accountability (CBGA India), Instituto de Estudos Socioeconômico (INESC Brazil) and the Global Alliance For Tax Justice.