Oxfam says IMF pushed for larger austerity cuts in borrowing countries

WASHINGTON: The International Monetary Fund has pushed borrowing countries to make bigger austerity cuts over the past decade, charity Oxfam said Thursday, urging alternatives to such measures. “These cuts undermine vital spending on public services — from health care to education and housing — that protect low-income communities,” Oxfam warned in a statement. It said the median annual austerity cuts required by the IMF rose from 0.21 percent of GDP between 2012 and 2017 to 0.85 percent of GDP b

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