'Two bad options': Hundreds protest in Bangkok, decrying IMF austerity demand
Protest organisers called on institutions like the International Monetary Fund to focus on climate financing and tax reforms that aid poorer citizens, rather than demand governments cut subsidies and social spending.
Hundreds of protesters have gathered in Bangkok to voice their opposition to the International Monetary Fund's (IMF) austerity demands, expressing concerns over the organization's approach to the developing world. Sombat Chuekrod, a 51-year-old coconut farmer, traveled over 200 kilometers to join the demonstration in the Thai capital. The IMF and World Bank Annual Meetings are currently underway, with policymakers addressing an inflation crisis driven by the US war on Iran and other economic shocks.
The protesters argue that the IMF's focus should be on climate financing and tax reforms that benefit poorer citizens, rather than demanding governments cut subsidies and social spending. Rights groups and analysts interviewed by AFP agree, stating that the IMF's call for fiscal consolidation is essentially a request to reduce spending on essential services during a time of global economic turmoil.
Oxfam's executive director, Amitabh Behar, highlighted the "inequality emergency" and warned that the IMF's fiscal consolidation measures would exacerbate poverty and hunger. IMF deputy chief of research, Petya Koeva Brooks, defended the organization's stance, stating that vulnerable countries have limited options but must still address their fiscal balances through either spending cuts or increased revenues.
However, activists remain unconvinced, questioning the fairness of subsidy distribution and emphasizing the need for a restructured approach to global economic support.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
