The IMF’s World Economic Outlook is a colonial relic that needs to be overhauled, says ActionAid 

Responding to the recent World Economic Outlook released by the IMF, ActionAid has said there is a need for a broader approach to assess the economic performance of countries.   

Roos Saalbrink, ActionAid’s Global Economic Justice Lead, said: 

“The IMF is once again shying away from looking at the real impacts of its advice for fiscal policy reform on people’s lives. The IMF's concern over public opinion about reforms is ironic, given that the real issue is the devastating impact of economic policies on people living through the cost-of-living crisis.”  

“It is absurd to claim that people’s perceptions of reforms stand in the way, the focus should be on how to address the reality of the cost-of-living crisis.”  

Lina Moraa, ActionAid’s Women’s Rights Policy Advisor, said: 

“The Finance Bill protests in Kenya and other protests elsewhere, are a sign that time is up for outdated economic policies, systems and rules, which disproportionately affect the Global South and impact women and girls. Currently, the IMF leaves women unfairly exposed to the impacts of its economic reform policies.”  

The invisible burden of unpaid care and domestic work on women, because of the IMF’s economic policies, can no longer remain in the shadows. ActionAid is calling on the IMF and governments need to review all economic policies using systematic gendered and distributional impacts assessments.  

Jessica Mandanda, Policy Specialist at ActionAid UK, said:

“We need to see a shift to metrics that capture wellbeing economies- an economy that focuses all economic decision making on delivering in the interests of the people and the planet. There is indefinite evidence showing that the GDP measure does very little, if anything, to account for the people behind the economy, especially women.”   

She added that, “We are in urgent need of a metric that not only accounts for the experiences of women, but also acknowledges the contribution of women through unpaid care work, and one that re-centres care, human rights, women’s rights and environmental sustainability from an intersectional perspective.’’  

The admission by the IMF that one third of African countries are still suffering from double digit inflation paired with very high debt service are worrying and evidence enough on the need for an overhaul of the institution.  

Celestine Odo, the Head of Programmes at ActionAid Nigeria, said: “It is telling that the IMF was not able to answer a question regarding the poverty and inequality impact of its recommended fuel subsidy reform in Nigeria. The impact on people’s poverty and livelihood, especially on women and young persons, in Nigeria is undeniable.

It is sad that the IMF lacks focus on real people, choosing instead to focus on high- level metrics. The IMF must look in the mirror and adjust its reform to remain relevant to the challenges our countries are facing.” 

Spokespeople available:   

• Roos Saalbrink, ActionAid International’s Global Economic Justice Lead   
• Lina Moraa, Women Rights & Programmes Advisor at ActionAid International, she is attending the annuals in Washington DC   
• Celestine Odo, Head of Programmes at ActionAid Nigeria   

  Contact the ActionAid Press Office on media-enquiries@actionaid.org or +263776665065.