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.
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Original headline: Two bad option : Rights groups decry IMF austerity demand
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