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IMF austerity is strangling Ecuador — again


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In October 2019, the people of Ecuador rose up against the International Monetary Fund and the austerity demands attached to a $4.2 billion loan to the government of Lenín Moreno. Marching through the streets of Quito, demonstrators called to end the brutal cuts imposed as conditions of IMF support. “What the government has done is reward the big banks, the capitalists, and punish poor Ecuadorians,” a trade unionist told Al Jazeera. “Out with the IMF!” said another.
The IMF, however, has stayed. Following a year of deadly unrest, the IMF and the Ecuadorian authorities continue to advance budget cuts, salary reductions and sell-offs in exchange for bail-out funds to the government. ....

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