End Surcharges Campaign

CSOs call on the IMF to end harmful surcharges


Dear members of the IMF Executive Board,

At last year’s Annual Meetings, Chair of the International Monetary and Financial Committee Ms. Nadia Calviño statedthat the Fund “will consider a review of surcharge policies.” As the 2024 Spring Meetings approach, it is our understanding that the Executive Board plans to make good on this commitment, and will soon hold discussions to determine the future of this controversial policy.

We are encouraged by these signs, and appreciate the Fund’s willingness to engage with this longstanding   demand from a large majority of IMF’s shareholders, academics and civil society. Now, we, the undersigned organizations, write to urge you to use this opportunity to put an end to this harmful and counterproductive surcharge policy once and for all.

The case against surcharges has been made many times before. This policy — which levies additional fees of up to 300 basis points on countries with high or longstanding levels of outstanding credit — is plainly procyclical. By punishing heavily indebted countries with additional debt, surcharges increase borrowing costs; exacerbate (rather than alleviate) onerous debt burdens; and divert valuable resources from investments in development, climate action, health, or education. The surcharges policy therefore contributes to the trends of increased  social and political unrest recognisedby the Fund as a risk to the global economy. It also disregards warnings about the urgent need for a more legitimate and equitable multilateral system in the UN Secretary General’s New Agenda for Peace.

From 2019 to 2023, the number of countries paying surcharges doubled from 8 to 16. This year, that number has jumpedto 22.* This alarming trajectory is likely to continue as more and more countries resort to the Fund for financing in the face of accelerating debt and climate crises.

The IMF has yet to provide any evidence that surcharges disincentivize reliance on IMF credit. Indeed, the growing number of countries subject to surcharges is evidence to the contrary. The other justification for surcharges — that they are a necessary source of income for the IMF’s precautionary balances — is not only directly counter to the IMF’s mission, as Nobel Laureate economist Joseph Stiglitz has pointed out, but is also inaccurate.

Since civil society first began raising concerns, opposition to the Fund’s surcharge policy has expanded considerably. The G77 and China, representing nearly every nation in the Global South, G20 chair Lula da Silva, UN human rights experts, leading economists, the UN Global Crisis Response Group, UN Secretary-General António Guterres, dozens of former heads of state and government, hundreds of civil society organizations, and many more, have all called on the Fund to suspend or eliminate surcharges.

As the burden of surcharges and global demands to end them both continue to grow, it is clear that this path is not sustainable. It is no longer a question of whether to end this unjust and unjustifiable policy, but when. We urge you to act now.


*The 22 countries now paying surcharges are: Angola, Argentina, Armenia, Barbados, Benin, Costa Rica, Côte d’Ivoire, Ecuador, Egypt, Gabon, Georgia, Jordan, Kenya, Moldova, Mongolia, North Macedonia, Pakistan, Senegal, Seychelles, Sri Lanka, Tunisia, and Ukraine.



«Green Armenia» Environmental Educational NGO, Armenia

11.11.11, Belgium

350.org, International

AbibiNsroma Foundation, Ghana


Acción Jurídica Popular, Ecuador

ACEP, Portugal

ActionAid Australia, Australia

ActionAid International, International

Adéquations, France

Africa Development Interchange Network (ADIN), Cameroon

Africa Forum And Network On Debt And Development (AFRODAD), International

African Coalition on Green Growth(ACGG), Botswana

Agens, Switzerland

Ahmed Elseidi Law Firm, Egypt

Aid/Watch, Australia

Ajudeca, Angola

Akina Mama wa Afrika, Uganda

Al Bawsala, Tunisia

Alternative Law Collective (ALC), Pakistan

ALTSEAN-Burma, Burma

Amis de l’Afrique Francophone- Benin (AMAF-BENIN), Benin

Apostolic Ministerial International Network, Ghana

Asian Peoples’ Movement on Debt and Development, Philippines

Asociación Civil por la Igualdad y la Justicia (ACIJ Argentina), Argentina

Association de Lutte contre les Violences faites aux femmes et aux filles Extrême Nord Cameroun (ALVF EN), Cameroon

Association Djazairouna des familles victimes du terrorisme, Algeria

Association femme militante, Morocco

Association For Promoting Sustainable Development, India

Association intermédiaires pour le développement durable, Morocco

Association jeunes pour jeunes (AJJ), Morocco

Association LaSiesta pour la protection de l’environnement, Morocco

Association Tunisienne de Droit du Développement, Tunisia

Associazione Iroko Onlus, Italy

ATCP (Association Tunisienne des Contrôleurs Publics), Tunisia

ATED (Association Talassemtane pour environnement et développement), Morocco

Bangladesh Institute of Human Rights (BIHR), Bangladesh

Bank Climate Advocates, United States

Bank Information Center, United States

Barranquilla+20, Colombia

Biosophia NGO, Armenia

BNSK- Bangladesh Nari Sramik Kendra(Bangladesh Women Workers Association), Bangladesh

Both ENDS, Netherlands

Bretton Woods Project, United Kingdom

CADTM France, France

CADTM Pakistan, Pakistan

CAFOD, United Kingdom

Carbone Guinée, Guinea

Caribbean Policy Development Centre (CPDC), Barbados

CCFD – Terre Solidaire, France


Center for Economic and Policy Research (CEPR), United States

Center for Economic and Social Development, Azerbaijan

Center for Economic and Social Rights (CESR), International

Center for Egyptian Women’s Legal Assistance (CEWLA), Egypt

Centre de Développement de la Région de Tensift, Morocco

Centre for Citizens Conserving Environment & Management (CECIC), Uganda

Centre for Economic Strategy, Ukraine

Centre for Financial Accountability, India

Centre for Human Rights and Climate Change Research, Nigeria

Centre for Muslim Youth In Peace And Development, Ghana

Centro de Derechos Económicos y Sociales — CDES, Ecuador

Centro de Estudios Legales y Sociales (CELS), Argentina

Changemaker Norway, Norway

Christian Aid, United Kingdom

Citizen’s Network For Community Development Zambia, Zambia

Civil Society SDGs Campaign GCAP Zambia, Zambia

Climate Finance Group for Latin America and the Caribbean, International

Climate Watch Thailand, Thailand

CNCD-11.11.11, Belgium

Co-ordination Office of the Austrian Bishops’ Conference for International Development and Mission (KOO), Austria

COAST Foundation, Bangladesh

Common Action Forum, Spain

Community Resource Centre, Thailand

Community settlement and Development Action (COSDA), Somalia

CONICET, Argentina

Coordinadora Civil de Nicaragua, Nicaragua

CORE, Nigeria

Crofter Foundation, Pakistan

CROSOL, Croatia

Debt for Climate South Africa, South Africa

Debt Justice Norway, Norway

debtWATCH Indonesia, Indonesia

Democratic Socialists of America, International Committee, United States

Development Alternatives with Women for a New Era (DAWN), Fiji

Dillinger Franziskanerinnen, Germany

Diverse Voices and Action (DIVA) for Equality, Fiji

Dorad Charity organisation, Italy

EcoClimate Vision, Congo, Democratic Republic of the

Ecology Africa Foundation, South Africa

Economistas sin Fronteras, Spain

EDER (Environnement, Développement et Énergies renouvelables), Guinea

Egyptian Human Rights Forum (EHRF), Egypt

Egyptian Initiative for Personal Rights (EIPR), Egypt

Ekumenická akademie (Ecumenical Academy), Czech Republic

Entraide et Fraternité, Belgium


Equidad de Género: Ciudadanía, Trabajo y Familia, Mexico

erlassjahr.de, Deutschland

ESCR-Net, International

Espace de Solidarité et de Coopération de l’Oriental, Morocco

Estonian Roundtable for Development Cooperation, Estonia

Eurodad, International

EuroMed Rights, International

Extinction Rebellion Auderghem, Belgium

Fight Inequality Alliance, International

Financial Justice Ireland, Ireland

Focus of Disabled Persons, Kenya

Focus on the Global South, Thailand

Fondazione Proclade Internazionale-Onlus, Italy

FORUM DES CONTRIBUTIONS Maroc Coalition Dignite et Droits des Femmes MENA., Morocco

Forum Solidaridad Perú – FSP, Peru

Forum Tunisien pour les Droits Économiques et Sociaux, Tunisia

FOSDEH, Honduras

Foundation for the Conservation of the Earth, FOCONE, Nigeria

Freedom from Debt Coalition, Philippines

Friends of the Disabled Association, Lebanon

Friends of the Earth US, United States

Friends with Environment in Development, Uganda

Fundación Ambiente y Recursos Naturales (FARN), Argentina

Fundación Moneda y Sociedad, Ecuador

Fundacion SES, Argentina


Gatef organization, Egypt

GDMR- Grupo Para o Desenvolvimento da Mulher e Rapariga, Mozambique

Gender Action, United States

Gender-Based Violence As A Public Health Issue, Nigeria

Génération contre la marginalisation, Tunisia

Gestos, Brazil

Global Call to Action Against Poverty (GCAP), Belgium

Global Justice Now, United Kingdom

Global Learning for Sustainability (GLS), Uganda

Global Policy Forum, International

Global Policy Forum Europe, Germany

Global Social Justice, Switzerland

Good Health Community Programmes, Kenya

GOSCOP, Angola

Greater Purpose Development Organization Sierra Leone, Sierra Leone

Greater Purpose for Development, Sierra Leone

Green Advocates International (Liberia), Liberia

Green Tax Youth Africa, Ghana

Groupe de Réflexion et d’Initiative pour l’Avancement de la Grand’Anse (GRIAG), Haiti

Grupo de Estudios en Finanzas Internacionales (GEFI) / Universidad Nacional de Rosario (UNR), Argentina

Hayat-RASED Center Jordan, Jordan

IBON International, International

IDdecoCR, Costa Rica

Initiative Citoyenne pour l’Environnement et le Développement Durable-ICED, Burundi

Institute for Economic Justice, South Africa

Institute for Economic Research and Policy Consulting, Ukraine

Institute for Political Economy, Sri Lanka

Institute of Analysis and Advocacy, Ukraine

International Federation of Social Workers, Switzerland

International Women’s Rights Action Watch Asia Pacific (IWRAW AP), Malaysia

Iroko Charity Organisation, Nigeria

ISER – Initiative for Social and Economic Rights, Uganda

ITUC / Global Unions Washington Office, United States

Jamaa Resource Initiatives, Kenya

Jubilee Debt Campaign UK, United Kingdom

Jubilee Scotland, Scotland

Jubilee USA, United States

Justice is Global, United States

JusticeMakers Bangladesh, Bangladesh

KRuHA – People’s coalition for the right to water, Indonesia

La Raíz – Pensamiento Crítico (Ec), Ecuador

Labour and Social Studies Group, South Africa


Ligue des droits de l’Homme (LDH), France

MenaFem Movement for Economic Development and Ecological Justice, International

MenEngage Global Alliance, United States

Migrant Forum in Asia, Philippines

Mouvement pour la démocratie paritaire, Morocco

Movimiento Laudato Si, Peru

Movimiento Tzuk Kim pop, Guatemala

Mozambican Association for Active Citizenship, Mozambique

National Campaign for Sustainable Development Nepal, Nepal

National Society of Conservationists – Friends of the Earth Hungary, Hungary

Natural Justice, South Africa

New Rules for Global Finance, United States

NGO “Ekoltava”, Ukraine

NGO ASRAD (Appui Solidaire Pour le Renforcement de L’aide Au Develolppement), Mali

NGO Forum on the ADB, International


Observatoire d’etudes et d’appui a la responsabilite sociale et environnementale (OEARSE), Congo, Democratic Republic of the

Observatori del Deute en la Globalitzacio, Spain

Oikos – Cooperação e Desenvolvimento, Portugal

Oil Change International, United States

ONG EDER (Environnement, Developpement et Energies Renouvelables), Guinea

Organisation Guinéenne des Droits et Devoirs du Citoyen (OGDDC), Guinea

Organisation paysanne pour le developpement durable, Congo, Democratic Republic of the

Organizata Politike, Albania

Oxfam International, International

Oyu Tolgoi Watch, Mongolia

Pakistan Fisherfolk Forum, Pakistan

Pakistan Kissan Rabita Committee, Pakistan

Palestinian Human Rights Organization (PHRO), Lebanon

Partido Socialista Auténtico Federación Corrientes, Argentina

Partners In Health, International

Phenix Center for Economic and Informatics Studies, Jordan

Philippine Misereor Partnership Inc. (PMPI), Philippines

PHM Kenya, Kenya

Plateforme Française Dette et Développement (PFDD), France

Plateforme nationale des Citoyens Unis pour le Développement (PCUD), Guinea

Policy Research Institute for Equitable Development (PRIED), Pakistan

Press Freedom Advocacy Association, Iraq

Programa Gobernanza sobre el Cambio Climatico, Costa Rica

Project on Organizing, Development, Education, and Research (PODER), Mexico


RDPI, Pakistan

Reacción Climática, Bolivia

Realizing Sexual and Reproductive Justice, International

Recourse, Netherlands

Red de Justicia Fiscal de America Latina y El Caribe, International

Red Latinoamericana por Justicia Económica y Social – LATINDADD, International

Red Mexicana de Acción frente al Libre Comercio (RMALC), Mexico

ReFocus Consulting, Canada

RENICC, Nicaragua

Right to Education Initiative, International

Rivers without Boundaries Coalition Mongolia, Mongolia

Rural Area Development Programme (RADP), Nepal

Rural Development Policy Institute (RDPI), Pakistan

Rural Reconstruction Nepal, Nepal

Servicios Ecumenicos para Reconciliacion y Reconstruccion, United States

Shirakat – Partnership for Development, Pakistan

Sisters of Charity Federation, United States

SocDevJustice, Germany

Social Justice Platform, Egypt

Social Scientists’ Association, Sri Lanka

Society for International Development, International

Solidarité des Femmes sur le Fleuve Congo, Congo, Democratic Republic of the

South Asia Alliance for Poverty Eradication (SAAPE), Nepal

South Asia Tax and Fiscal Justice Network (SATaFJA), Nepal

South Feminist Futures, International

Southern Africa People’s Solidarity Network (SAPSN), International

Stichting Projekta, Suriname

Stop TB USA, United States

SWORD, Pakistan

The Egyptian Initiative for Personal Rights, Egypt

The Institute of the Blessed Virgin Mary (IBVM) – Loreto Generalate, International

The Kvinna till Kvinna Foundation, Sweden

The Norwegian Solidarity Commitee for Latin-America (LAG), Norway


The Sentry, United States

The Society for Children Orphaned By AIDS Inc. (SOCOBA), United States

Third World Network (TWN), International

Training and Research Support Centre, Zimbabwe

Uganda Debt Network, Uganda

UNISC International, Japan

Unlad Kabayan, Philippines

Upeo social justice center, Kenya

urgewald e.V., Germany

Vikas Adhyayan Kendra, India

VILUTHU, Sri Lanka

VIVAT International, United States

Voces, Ecuador


WECF International, Netherlands

Wedyan Association For Society Development, Yemen

WEED – World Economy, Ecology and Development, Germany

Wemos, The Netherlands

Win Without War, United States

WomanHealth Philippines, Philippines

Womankind Worldwide, International

Women Empowerment Against Poverty of Nepal (WEAPoN), Nepal

Women Media and Development, Palestine

Women’s Budget Group, United Kingdom

Women’s Environment and Development Organization (WEDO), United States

World Economy, Ecology & Development (WEED), Germany

Yemen Organization for Promoting Integrity, Yemen

Yemeni Observatory for Human Rights, Yemen

Youth Leader, Yemen

Zukunftskonvent Germany, Germany

Zurgaan buudal ngo, Mongolia

الجمعية التةنسية للحوكمة المحلية, Tunisia

المركز الفلسطيني لاستقلال المحاماه والقضاء -مساواه -, Palestine

جمعية الشباب لأجل الشباب, Morocco

جيل ضد التهميش, Tunisia

مركز ريادة CLER, Morocco

منظمة وسط رؤية Amid Vision Organisation, Tunisia

منظمه شؤون المراه والطفل, Iraq

وسط رؤية Amid Vision, Tunisia


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