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Statement Calling on the World Bank and IMF to Change their Social Protection Policies and Practices

Statement Calling on the World Bank and IMF to Change their Social Protection Policies and Practices

With 71 other civil society organisations, we jointly signed a statement calling on the Bank and IMF to change their social protection policies and practices.

In anticipation of the 2024 Annual meetings of these institutions, we urge them to commit to realising the right to social security, end poverty-targeted programs in countries without universal coverage, support equitable and sustainable public systems and halt austerity measures that threaten rights.

We restated our concerns with the start of the 2024 Spring Meetings in an open letter to World Bank and IMF executive directors, proposing four measures to realise the right to social security:

1. Progressive Realisation of Social Security Rights

The World Bank and IMF must swiftly commit to aiding nations in gradually attaining social security rights. This involves establishing or enhancing universal social protection systems aligned with rights principles. Rather than resorting to budget cuts, they should implement progressive revenue-raising measures, starting with social protection floors in line with ILO Recommendation 202. Subsequently, comprehensive and universal systems should be developed gradually from this foundational floor.

2. Transition from Poverty-Targeting to Universal Programs

 The World Bank must immediately cease developing new poverty-targeting initiatives and phase out existing ones alongside associated technologies like social registries. These must be replaced with universal programs to ensure fair resource distribution. During this transition, transparent evaluations using diverse methodologies should be conducted to assess effectiveness and human rights impact, addressing biases and errors.

3. Support for Equitable and Sustainable Social Security Systems

 The World Bank and IMF should endorse equitable and sustainable social security systems meeting international standards. This entails ensuring adequate employer contributions and benefits to ensure income security for all.

4. Endorsement of Non-Austerity Measures by the IMF

 The IMF must abandon loan conditions tied to austerity measures and prioritise policies that do not compromise fundamental rights. Social spending should be safeguarded, particularly on social security, with benchmarks set as goals rather than ad hoc revisions. Allocation to health, education, and social security should meet international benchmarks as a percentage of GDP and national budgets.

In light of ongoing global discussions, the necessity for policy reforms that emphasise universal social protection has come into focus. Such changes, aimed at fostering sustainable and inclusive economic growth, are increasingly viewed as vital for reducing social inequities and bolstering economic stability worldwide. The roles of pivotal institutions like the World Bank and the IMF are under intense scrutiny as these discussions continue to evolve.

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