Groups decry IMF austerity demand

Hundreds gathered in Bangkok to protest against the International Monetary Fund's (IMF) austerity demands, demanding a rethink of their role. The protest, organized by rights groups and analysts, called for the IMF and World Bank to focus on climate financing and tax reforms beneficial to poorer citizens instead of demanding governments cut subsidies and social spending.

Thailand's Sombat Chuekrod, who travelled over 200km to join the protest, emphasized that Thai people are already poor and do not want to become poorer. Protest organizers argued that governments across the Global South were being forced to reduce vital spending on public health, education, and social protection to service illegitimate debts.

Oxfam's director Amitabh Behar highlighted an "inequality emergency" and warned that the IMF's fiscal consolidation calls would exacerbate price rises and hunger. The IMF's recent upgrade of its world economic outlook cited resilience in growth but warned that prosperity was fragmented, with vulnerable countries falling further behind.

IMF deputy chief of research Petya Koeva Brooks stated that vulnerable countries had no choice but to address fiscal balances by cutting spending or increasing revenues. However, critics questioned the criteria for determining who deserves subsidies, emphasizing the need for a nuanced approach to support the most vulnerable.