Results for: Austerity

Argentina is experiencing a dramatic rise in poverty, with over half the population now living below the poverty line. President Javier Milei’s austerity measures, aimed at tackling inflation and the budget deficit, have resulted in widespread hardship, job losses, and reduced public services. While these policies have stabilized the economy in the short term, they have also pushed the country deeper into recession, leading to growing public unrest and a decline in Milei’s popularity. The future for Argentina remains uncertain, with the government facing the challenge of balancing fiscal discipline with the need to address the dire situation of the poorest citizens.

Sri Lanka’s new leftist leader, Anura Kumara Dissanayake, faces a daunting task in navigating the country’s IMF bailout, which, despite providing a lifeline, has imposed unpopular austerity measures. While Dissanayake campaigned on promises to renegotiate the bailout and reverse austerity, experts suggest his options for significant changes are limited, with the IMF likely to hold firm on key elements of the agreement.

Sri Lanka’s new leftist president, Anura Kumara Dissanayake, has pledged to renegotiate the country’s controversial $2.9 billion IMF bailout package. While affirming his commitment to the overall program, Dissanayake seeks adjustments to the austerity measures imposed, aiming to reduce taxes and boost economic recovery.

Sri Lanka holds a presidential election on Saturday, effectively a referendum on the IMF’s austerity measures implemented to address the country’s severe financial crisis. Incumbent President Ranil Wickremesinghe faces stiff competition from two strong challengers, including Anura Kumara Dissanayake, who has pledged to renegotiate the IMF loan conditions. Economic issues dominate the campaign, with voters expressing frustration over the hardship caused by the crisis.

Labour Party leader Keir Starmer is under fire for accepting over £100,000 in gifts, hospitality, and benefits since 2019, while his party pushes for austerity measures and cuts to social programs. The revelations, which include expensive gifts for both Starmer and his wife, have fueled accusations of hypocrisy and prompted questions about his party’s connection to the average Briton.

Sri Lankan President Ranil Wickremesinghe, in an exclusive interview with Firstpost, outlined his accomplishments and challenges since taking office during the country’s economic crisis. His tenure has seen significant austerity measures aimed at stabilization and debt restructuring, but these have sparked public discontent. The interview touches on the economic reforms, social impacts, public sentiment, and the president’s vision for the future.

La Rioja, an Argentine province, has launched its own quasi-currency, the Debt Cancellation Bond (BOCADE), or “chachos”, as a response to the economic crisis triggered by President Javier Milei’s austerity measures. This move, however, has been met with criticism from the president himself and concerns from some about its effectiveness.

Pakistan’s government has announced a ‘rightsizing plan’ to address its economic woes. This plan involves merging and abolishing 82 departments across six ministries, reducing the total number to 40. The move also includes outsourcing non-core functions like cleaning services and freezing recruitment for vacant positions.

Labour’s landslide victory in the UK election marks a dramatic shift in British politics. Keir Starmer’s party secured a historic majority, promising to address years of Conservative mismanagement and austerity. The new government faces a daunting task in rebuilding public services, tackling poverty, and navigating a post-Brexit landscape. While many hope for radical change, the immediate focus will be on restoring stability and addressing pressing issues such as healthcare, social services, and women’s rights.

Pakistan’s Prime Minister Shehbaz Sharif confirmed the budget’s collaboration with the IMF, citing prevailing circumstances. Finance Minister Aurangzeb announced significant amendments to the budget, including the revival of zero rating for export industries and stationery items, but reduced the PSDP allocation. He also proposed a ‘national financial pact’ and highlighted stricter measures for retailers and distributors outside the tax net, including increased tax rates for non-filers. The government also emphasized expenditure control and austerity measures, including pension reforms and potential ministry closures.