The Spectre Of IMF
FRONTLINE|November 8, 2019
After protests break out across the country, President Lenin Moreno withdraws the decree announcing the removal of fuel subsidies that was a part of the IMF-imposed austerity programme.
Vijay Prashad
The Spectre Of IMF

EVERYTHING ABOUT ECUADOR PRESIDENT Lenin Moreno’s speech on October 1 appeared to be anachronistic. There he was, a smile on his face, offering his people an end to fuel subsidies for this energy-rich country and massive cuts in public workers’ benefits and wages. This, he said, was the price to be paid by the Ecuadorean people for a loan from the International Monetary Fund (IMF). The next day, the IMF described Moreno’s package as one that would “protect the poor and most vulnerable” and “generate jobs in a more competitive economy”.

Few Ecuadoreans believed either Moreno or the IMF. It appeared that once more the people were being asked to tighten their belts so that the country’s oligarchy and international creditors could emerge from the crisis unscathed. No wonder that the trade unions (the United Workers Front, FUT), the students, and most importantly, the indigenous organization (the Confederation of Indigenous Nationalities of Ecuador, CONAIE) came out onto the streets to protest against Moreno and the IMF on October 3. They said they would go on an indefinite general strike as long as Moreno and the IMF continued to push the austerity agenda. For weeks now, Ecuador has been in crisis, with the momentum no longer in the hands of Moreno or the IMF; the streets are in charge, and Moreno appears less and less confident of remaining the country’s President.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FRONTLINEView all
How Not To Handle An Epidemic
FRONTLINE

How Not To Handle An Epidemic

The lockdowns were meant to buy time to put in place appropriate health measures and contain the coronavirus’ spread, but they have failed to achieve the objective and heaped immense misery on the marginalised sections of society. India is still in the exponential phase of the COVID-19 infection and community transmission is a reality that the government refuses to accept.

time-read
9 mins  |
June 5, 2020
Tragedy on foot
FRONTLINE

Tragedy on foot

As the COVID-19-induced lockdown cuts the ground beneath their feet in Tamil Nadu, thousands of migrant workers are trudging along the highway to the relative safety of their upcountry homes.

time-read
10+ mins  |
June 5, 2020
Sarpanchs as game changers
FRONTLINE

Sarpanchs as game changers

Odisha manages to keep COVID-19 well under control because of the strong participation of panchayati raj institutions and the community at the grass-roots level under the leadership of Chief Minister Naveen Patnaik.

time-read
7 mins  |
June 5, 2020
Scapegoating China
FRONTLINE

Scapegoating China

As the COVID-19 death rate spikes and the economy tanks in the United States, Donald Trump and his advisers target China and the World Health Organisation with an eye to winning the forthcoming presidential election.

time-read
10 mins  |
June 5, 2020
New worries
FRONTLINE

New worries

Kerala’s measured approach to the pandemic and lockdown has yielded results. But it still has to grapple with their huge economic impact on its economy, which it feels the Centre’s special financial relief package does little to alleviate.

time-read
9 mins  |
June 5, 2020
FRONTLINE

No love lost for labour

Taking advantage of the lockdown and the inability of workers to organise protests, many State governments introduce sweeping changes to labour laws to the detriment of workers on the pretext of reviving production and boosting the economy.

time-read
8 mins  |
June 5, 2020
Capital's Malthusian moment
FRONTLINE

Capital's Malthusian moment

In a world that needs substantial reorienting of production and distribution, Indian capital is resorting to a militant form of moribund neoliberalism to overcome its current crisis. In this pursuit of profit, it is ready and willing to throw into mortal peril millions whom it adjudicates as not worth their means—an admixture of social Darwinism born of capital’s avarice and brutalism spawned by Hindutva. .

time-read
10+ mins  |
June 5, 2020
Understanding migration
FRONTLINE

Understanding migration

When governments and their plans are found to be blatantly wanting in addressing reverse migration, exercises such as the Ekta Parishad’s survey of migrant workers throughout India can be useful to work out creative long-lasting solutions.

time-read
10 mins  |
June 5, 2020
Waiting for Jabalpur moment
FRONTLINE

Waiting for Jabalpur moment

The Supreme Court’s role in ensuring executive accountability during the ongoing lockdown leaves much to be desired. Standing in shining contrast is the record of some High Courts.

time-read
10+ mins  |
June 5, 2020
An empty package
FRONTLINE

An empty package

The Modi regime, which has been unable to control the COVID-19 infection, restore economic activity and provide relief to millions exposed to starvation, trains its sights on Indian democracy, making use of the panic generated by fear and a lockdown that forecloses paths of resistance.

time-read
10+ mins  |
June 5, 2020