Hundreds of protesters in Bangkok, including a coconut farmer who travelled more than 200 km, demanded that the IMF and World Bank change how they engage with developing countries during their annual meetings in Thailand. Oxfam and rights groups argue that the IMF's push for fiscal consolidation, which means cutting spending on essential social support, will drive up prices and hurt health, education and social security. The UN Development Programme warned that fully cutting energy and food subsidies could push 130 million people into poverty. The IMF says vulnerable low-income countries have no choice but to cut spending or raise revenue, and has proposed more targeted subsidies. Rockefeller Foundation's Christina Segal-Knowles called for a growth and investment reset offering sustained support at concessional rates.
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- Two bad options: Rights groups decry IMF austerity demand
Hundreds of protesters in Bangkok, including coconut farmer Sombat Chuekrod, who travelled more than 200 kilometres, demanded that the IMF and World Bank change how they deal with developing countries during their annual meetings. Rights groups and analysts say the IMF's call to cut spending and subsidies during the inflation crisis fuelled by the Iran war is the wrong approach and will hit the poor hardest. Oxfam warned that cuts could lead to price rises and hunger, while the IMF said vulnerable countries have no choice but to cut spending or raise revenue. The UN Development Programme warned that fully cutting energy and food subsidies could plunge 130 million people into poverty. The Rockefeller Foundation said developing countries are effectively being given two bad options: take on debt at very high interest rates or make extraordinary spending cuts.
- 'Two bad options': Hundreds protest in Bangkok, decrying IMF austerity demand
Hundreds of protesters gathered on the streets of Bangkok on Friday (Oct 16) during the IMF-World Bank Annual Meetings, demanding the two institutions change how they treat the developing world. Organisers want the IMF to focus on climate financing and tax reforms that help poorer citizens, rather than urging governments to cut subsidies and social spending. The IMF argues that global debt is too high and governments must cut spending, but Oxfam warned that cuts to health, education and social security would drive up prices and could lead to hunger. The IMF has proposed more targeted energy and food subsidies, while the UN Development Programme warned that cutting them entirely could plunge 130 million people into poverty. Rockefeller Foundation's Christina Segal-Knowles said developing countries are facing 'two bad options': borrowing at high interest rates or making extraordinary spending cuts.
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IMF and World Bank meetings last week offered developing countries no new answers to the challenges posed by the Middle East war, the war in Ukraine, rising debt payments and a potential AI bubble. IMF chief Kristalina Georgieva said advanced economies were the worst offenders on budget imbalances, while average debt service payments in developing countries had more than doubled over a decade to 14% of government revenue. Experts said the institutions were poorly prepared for this new phase, and Georgieva warned people not to trust those claiming to have AI answers. The World Bank said developing-country growth had slowed to around 3.6% from 4.4%, and repeated shocks made outlooks worse than before. Floods in September caused almost $200 million in damage to Thailand's industrial sector, a reminder of the challenges facing developing economies.
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IMF chief Kristalina Georgieva said AI risks may exceed its opportunities without adequate safeguards and an ethical framework, backing a mix of industry self-regulation and government input. At the IMF and World Bank annual meetings in Bangkok, the IMF flagged risks to growth and financial stability from a possible end to the AI investment boom, high debt and a prolonged Middle East war. On a panel with Anthropic co-founder Jack Clark, Georgieva said AI is already strengthening the economy but could cause negative shocks if productivity gains fall short, and that digital infrastructure, electricity and regulation are needed. Clark argued that common-sense standards are achievable and said Anthropic publishes its test results, but that the sector should not be fully voluntary. US Treasury Undersecretary Erin Browne said the IMF focuses too much on risks and should weigh AI's opportunities more, which Washington now calls “super intelligence.”
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