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Map of countries with projected austerity cuts in 2021-2022, in terms of GDP, based on IMF fiscal projections. Credit: I. Ortiz and M. Cummins, 2021 NEW YORK and NAIROBI, Apr 15 2021 (IPS) - Last week Ministers of Finance met virtually at the Spring Meetings of the International Monetary Fund (IMF) and the World Bank to discuss policies to tackle the pandemic and socio-economic recovery. But a global study just published by the Initiative for Policy Dialogue at Columbia University, international trade unions and civil society organizations, sounds an alert of an emerging austerity shock: Most governments are imposing budget cuts, precisely at a time when their citizens and economies are in greater need of public support.

Nairobi areaSouth sudanCosta ricaEquatorial guineaSpring meetings of the international monetary fundDevelopment aidCivil societyInitiative for policy dialogue at columbia universityWorld bankFinancial crisisHumanitarian emergenciesTerraviva unitedAusterity alertLooming budget cutsSpring meetingsInternational monetary fund