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IMF’s Surcharges as a Threat to the Right to Development

This article focuses on the implications of the IMF’s surcharges policies, jointly with its de facto preferred creditor status, on the right to sustainable development of sovereign borrowers. The article argues that, while surcharges are not effective in limiting access to IMF credit, they inequitab...

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Detalles Bibliográficos
Autores principales: Bohoslavsky, Juan Pablo, Cantamutto, Francisco, Clérico, Laura
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Palgrave Macmillan UK 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9396590/
https://www.ncbi.nlm.nih.gov/pubmed/36034516
http://dx.doi.org/10.1057/s41301-022-00340-5
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author Bohoslavsky, Juan Pablo
Cantamutto, Francisco
Clérico, Laura
author_facet Bohoslavsky, Juan Pablo
Cantamutto, Francisco
Clérico, Laura
author_sort Bohoslavsky, Juan Pablo
collection PubMed
description This article focuses on the implications of the IMF’s surcharges policies, jointly with its de facto preferred creditor status, on the right to sustainable development of sovereign borrowers. The article argues that, while surcharges are not effective in limiting access to IMF credit, they inequitably distribute the IMF’s operating costs, are disproportionate, pro-cyclical, very costly for developing countries, and non-transparent. Furthermore, if surcharges are theoretically a way to protect the IMF from potential risks of default, the article questions the IMF’s de facto preferred creditor status, as it precisely denies the possibility of granting debt relief in case of insolvency, ultimately affecting the right to development of —mainly— middle-income borrowing countries.
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spelling pubmed-93965902022-08-23 IMF’s Surcharges as a Threat to the Right to Development Bohoslavsky, Juan Pablo Cantamutto, Francisco Clérico, Laura Development (Rome) Dialogue Section This article focuses on the implications of the IMF’s surcharges policies, jointly with its de facto preferred creditor status, on the right to sustainable development of sovereign borrowers. The article argues that, while surcharges are not effective in limiting access to IMF credit, they inequitably distribute the IMF’s operating costs, are disproportionate, pro-cyclical, very costly for developing countries, and non-transparent. Furthermore, if surcharges are theoretically a way to protect the IMF from potential risks of default, the article questions the IMF’s de facto preferred creditor status, as it precisely denies the possibility of granting debt relief in case of insolvency, ultimately affecting the right to development of —mainly— middle-income borrowing countries. Palgrave Macmillan UK 2022-08-23 2022 /pmc/articles/PMC9396590/ /pubmed/36034516 http://dx.doi.org/10.1057/s41301-022-00340-5 Text en © Society for International Development 2022, Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.
spellingShingle Dialogue Section
Bohoslavsky, Juan Pablo
Cantamutto, Francisco
Clérico, Laura
IMF’s Surcharges as a Threat to the Right to Development
title IMF’s Surcharges as a Threat to the Right to Development
title_full IMF’s Surcharges as a Threat to the Right to Development
title_fullStr IMF’s Surcharges as a Threat to the Right to Development
title_full_unstemmed IMF’s Surcharges as a Threat to the Right to Development
title_short IMF’s Surcharges as a Threat to the Right to Development
title_sort imf’s surcharges as a threat to the right to development
topic Dialogue Section
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9396590/
https://www.ncbi.nlm.nih.gov/pubmed/36034516
http://dx.doi.org/10.1057/s41301-022-00340-5
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