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Senate Criticized for Voting to Expand Funding of IMF

HeadlineJun 02, 2009

A coalition of civil society groups, as well as some US lawmakers, are criticizing a recent Senate vote to expand funding for the International Monetary Fund by $108 billion. Inter Press Service reports opponents of the funding are concerned about the conditions the IMF usually imposes upon low-income countries when they accept these funds. Typically, the IMF requires recipient countries to reduce their budget deficits and increase interest rates. As a result, countries have been forced to cut essential social programs, like unemployment insurance and other safety-net mechanisms.

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