The International Monetary Fund
Back to Current Articles | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998
2004
Fueling a Crisis in Nigeria (October 25, 2004)
Nigeria is set on implementing IMF-endorsed reforms that would eliminate gas subsidies, causing higher gas prices that opponents argue would "benefit marketers and government coffers while devastating most other sectors," including the country's poor. The government has reacted to criticism by silencing opposition instead of operating transparently and observers fear more people will resort to violence as the country's democratic institutions fail them. (YaleGlobal)
Argentina and the IFIs: Better Off Without Them? (October 20, 2004)
As Argentina approaches the 2005 reassessment of its agreement with the International Monetary Fund (IMF), the institution's mismanagement of the country's economic crisis becomes once again a hot topic. This article suggests that Argentina should break its destructive IMF-dependence and pursue an autonomous development path. (Interhemispheric Resource Center)
IMF Policies Spread AIDS, Groups Charge (September 27, 2004)
The economic conditions the International Monetary Fund (IMF) imposes on poor countries "undermin[e] the global fight against the HIV/AIDS," concludes the report Blocking Progress, issued by four humanitarian agencies. In fear of breaking the IMF's austerity programs, governments in poor countries support policies that lead to the spread of the epidemic. (One World)
Rato Says IMF Needs To Make Its Advice More Effective (September 21, 2004)
International Monetary Fund Chief Rodrigo Rato declares in this World Bank newsletter that the Fund's role has become vital in an increasingly interdependent world. Unfortunately, this text reveals the institution's persistent lack of understanding on development issues. According to Mr. Rato, the question of development still lies mainly in the hands of poor and not the rich countries.
IMF Questions Uruguayan Movement in Defense of Water (9 September, 2004)
The Uruguayan National Commission in Defense of Water and Life promotes a constitutional reform against the privatization of water. This reform would revoke the binding set of promises the Uruguayan government has made to the International Monetary Fund concerning its economic policies. In contrast to the multilateral institutions, the reform suggests that water is a human right and not a commodity. (50 Years is Enough Network)
IMF Says Its Policies Crippled Argentina: Internal Audit Finds Warnings Were Ignored (July 30, 2004)
The IMF accepted partial responsibility for Argentina's economic crisis, admitting to overlooking vulnerabilities and ignoring warning signs which "brought Argentina to its knees." Though this admission is an amazing step forward, it means little without the second step of donating money and labor toward rectifying the situation. Washington Post)
Official IMF Evaluation Finds Flaws in PRSP Process (July 28, 2004)
The IMF completed extensive evaluations of its Poverty Reduction Strategy Papers (PRSP), finding that programs "fall considerably short of their potential." Recommendations include shifting authority to workers in the field, clarifying what the IMF itself is accountable for, and moving away from publishing documents to focus on policy. Unfortunately, these are only non-binding recommendations. Compliance is completely dependent on the "favorable response" of staff. (Eurodad)
The IMF and International Monetary Fun (July 19, 2003)
A new board game in Argentina allows players to see the inescapable traps that come from working with the IMF. In a lifelike portrayal of debt repayment and bankruptcy, all participants finish the game in poverty. The challenge is to minimize that poverty by fighting against the restrictions of the IMF, "just like real life." (Yellow Times)
US Treasury-Time for More Reform at IMF, World Bank (May 19, 2004)
Because the IMF and World Bank are financially stable, the US is calling for an evaluation to develop long-term reform. This reform would free the organizations from overlap and make them both more efficient. Additionally, the US is requesting increased surveillance and more grants for poor countries. (Reuters)
IMF Critics Denounce Selection of Rato as New Chief (May 4, 2004)
The 50 Years Is Enough network criticizes the opaque series of back-room negotiations between Europe's IMF shareholder governments that led to the IMF board naming Rodrigo Rato, from western Europe, as the IMFs new managing director. The network was particularly disappointed that the IMF did not optimize on the opportunity to demonstrate that it was serious about becoming transparent and accountable when Horst Koehler resigned as head of the Fund.
Africa Wants Bigger Say at IMF (April 25, 2004)
At the World Bank and IMF spring meeting in Washington, some African countries and the Group of 24 demonstrated their dissatisfaction. The Group of 24 argued that the selection process for the managing director of the IMF falls short of being transparent and inclusive. (BBC)
Humble Argentine Pie for IMF (April 4, 2004)
The International Monetary Fund has acknowledged failure in dealing with Argentina's 2001 economic crisis, which put millions of people out of work, forced half the population into poverty and caused rioting in the streets. (BBC)
Representatives George Miller, Robert Andrews Ask IMF to Clarify Its Labor Policies after Seeing Complaints (March 23, 2004)
The security contractor Wackenhut has fired two security guards at the IMF as they attempted to organize a union. This highlights the irony of the IMF, which claims to believe in labor rights, yet is instrumental in suppressing them around the world. (Committee on Education and the Workforce)
African States Call for More Say in IMF (March 15, 2004)
African finance ministers demand greater transparency and participation in the selection of Horst Kí¶hler's successor. They argue that there is "no rule in the rule book" that states the IMF head is to come from Europe and World Bank head is to come from the US. (allAfrica)
Loan Ranger (March 11, 2004)
The International Monetary Fund (IMF) has a long history of lecturing poor countries in financial trouble, yet the Guardian argues that currently the IMF faces humiliation over Argentina and is in danger of becoming irrelevant and leaderless, unless it undergoes a stint of "painful restructuring."
IMF Head Quits, Setting Off Race to Replace Him (March 5, 2004)
The resignation of Horst Kíehler as IMFs managing director has reignited the "long-running controversy" over the "selection process" for this job, which has traditionally gone to a European. Azizali Mohammed, who advises the coalition of poor countries known as the G-24, argues that the IMF could reinforce its legitimacy if this "selection process" was more transparent. (Washington Post)
It Pays to Get Tough With the IMF (February 9, 2004)
Argentinean President Nestor Kirchner has refused to make repayments of the country's $88 billion debt until hunger, poverty and social conflict have improved, a move that angers the International Monetary Fund. (Center for Economic and Policy Research)
IMF Says Rise in US Debts is Threat to World's Economy (January 8, 2004)
The United States runs up a foreign debt of such record-breaking proportions that it threatens the financial stability of the global economy, says a report by the International Monetary Fund. The IMF warns that within a few years, the US net financial obligations to the rest of the world could equal 40 percent of its total economy. (New York Times)
Brazil Renews "Unnecessary" IMF Agreement despite Opposition (November 17, 2003)
Brazil claimed not to need IMF loans any longer, but negotiated such loans as an "insurance" against future turbulence. By renewing its financial agreement with the IMF, Brazil mainly acted in the interest of "market confidence." Opponents fear that the deal will neither satisfy the interest of the people nor those of the country's economy. (Bretton Woods Project)
Market-Based Policies under Threat in Latin America – IMF (November 13, 2003)
New IMF chief economist Raghuram Rajan follows the path of his predecessors, denying the IMF's responsibility in causing the Latin American economic crises. Instead, he claims that the region's governments generated the crises by implementing IMF policies inefficiently. The policies, says Rajan, consequently "have not performed as advertised." (Reuters)
Challenging the Rules: Global Hunger and the Politics of Food (October 16, 2003)
Oxfam identifies economic policies such as the IMF-imposed Structural Adjustment Policies, and unfair trade rules as main issues that cause and perpetuate world hunger. Solutions could include supporting small farmers and farmer organizations.
The IMF and the Bolivian Crisis (October 15, 2003)
Once a "model student" of IMF-prescribed "reforms," Bolivia now serves as a showcase of the contradictions and social, economic and political crises that those policies engender. (ZNet)
Argentina's IMF Agreement – The Dawn of a New Era? (October 10, 2003)
Although Argentina refused to agree to several IMF demands, the final agreement follows the same neo-liberal model as former accords. Instead of using its scarce resources to reactivate its internal market through income redistribution and more equitable economic development, Argentina must once again transfer its fiscal savings abroad as debt service. (Foreign Policy in Focus)
Starved by the IMF (October 9, 2003)
The neo-liberal policies of the IMF and the World Bank forced poor countries to focus on export of agricultural goods, instead of subsistence farming. This has created a situation where poor countries produce abundant cash crops, but insufficient quantities of food, leaving millions of people hungry. (Rabble)
Bank/Fund Annual Meetings Round-up (September 25, 2003)
The Bretton Woods Project summarizes significant decisions of the World Bank / IMF annual meeting in Dubai. The World Bank urged rich countries to improve the coherence between their development and trade policies. Yet, the institutions failed to show any real commitment to debt relief and increased transparency.
Hard or Soft? Brazil, Argentina and the IMF (September 25, 2003)
The Economist contrasts Brazilian and Argentine strategies of economic recovery. Both countries suffer from huge debts to the IMF. But while Argentina threatened to default on its debt, Brazil wants to convince creditors of its financial credibility. Some analysts urge Brazil to pursue "sound economic policy," without the IMF.
African Countries Demand for Democracy in IMF, World Bank (September 25, 2003)
Poor countries urge the Bretton Woods Institutions to give them a greater voice by reforming the voting structure and composition of the institutions' executive boards. After the annual meeting of the IMF and the World Bank in Dubai, African countries expressed their disappointment at the lack of progress on those fundamental issues. (Post, Zambia)
IMF, Bank Move into Middle East – Too Fast? (September 17, 2003)
The World Bank and the IMF increasingly focus on the Middle East and North Africa, urging the region's governments to adopt extensive free market economic policies. Yet, independent analysts argue that the region needs domestic reforms, not forced liberalization. (Inter Press Service)
Too Sunny in Latin America? (September 16, 2003)
This paper contends that the IMF issued overly optimistic growth projections for Latin America for the last twenty years. Such biased projections may lead countries to overestimate the level of debts they can manage, making them fall into a debt trap. (Center for Economic and Policy Research)
Argentina and the IMF: Will They Benefit from Hindsight? (September 4, 2003)
This OpenDemocracy article looks back at the relationship between the IMF and Argentina. It urges the IMF to learn from history, and to adopt greater pragmatism to prepare itself for the next financial crisis.
Real Progress Report on HIPC (September 2003)
This report analyzes achievements and failures of the IMF's HIPC-initiative to restore long-term debt sustainability to highly indebted poor countries. Jubilee Research urges the IMF to evaluate debt sustainability according to the resources needed for achieving the Millennium Development Goals, rather than in relation to export incomes.
Debt Relief under the Heavily Indebted Poor Countries (HIPC) Initiative (September 2003)
While admitting that "HIPC is no panacea," this IMF fact sheet does not respond to the critique of the HIPC mechanism as such. Highly indebted poor countries can qualify for debt relief only if they implement IMF and World Bank-prescribed programs of "reform and sound policies," which in several cases caused poor countries' breakdowns.
A Rebuttal of the IMF's "Common Criticism: Some Responses" (September 2003)
To counter its lack of popularity, the IMF responded to most common critiques, such as the lack of accountability and its domination by the G7. Bretton Woods Project, 50 Years is Enough, Center of Concern and Halifax Initiative rebut the IMF's arguments.
The IMF and the Millennium Development Goals (September 2003)
This Oxfam paper criticizes the IMF for spreading pessimism toward increasing aid flows to poor countries. It urges the Fund to use its authority in a dynamic way, and to help establish the financial framework necessary to achieve the Millennium Development Goals.
Poisoned Chalice (August 19, 2003)
This Guardian article adds the Hungarian economic collapse between 1990 and 1996 to the list of crises caused by the IMF, stating that "wherever it is prescribed, a dose of IMF medicine only compounds economic crisis."
Foreign Debt – We Could Try the Thai Way (August 18, 2003)
This article argues that the Kenyan government should learn from Thailand's painful debt experience and take up the Thai vow to never again borrow from the IMF. The already highly indebted Kenyan government should rely more on its internally generated resources and spend its money on education and poverty elimination. (Daily Nation)
Stakes Are High in IMF-Argentina Negotiations (August 14, 2003)
The negotiations between Argentina and the IMF could seriously weaken the political influence of the IMF and other international lending institutions. The Argentine public backs President Kirchner in refusing any IMF-imposed program which would threaten the economy's nascent recovery. (Center for Economic and Policy Research)
IMF Report Cites Errors in Handling of 3 Crises (July 30, 2003)
A report by the IMF Independent Evaluation Office concluded that the IMF failed to recognize the gravity of the capital account crises in Indonesia, Korea, and Brazil. (Bloomberg News)
IMF's Critical View on Financial Integration: Is It Real? (July 21, 2003)
In a report on financial integration, the IMF announced its readiness to give up ‘one-size-fits-all' policy prescriptions. This article, however, claims that the report only represents a tactical turn to a ‘nuanced' defense of financial liberalization rather than a true change in policy. (Bretton Woods Project)
IMF May Ease Its Stance on Argentine Debt (July 19, 2003)
Argentina's President Nestor Kirchner blames the IMF for its role in the Argentine financial disaster, urging the institution to grant the country a grace period to recover. (Los Angeles Times)
IMF Appoints New Chief Economist (July 3, 2003)
Indian professor of business Raghuram Rajan will have to balance the needs of developing countries with the political clout of rich nations and capitalists' interests in his new position at the IMF. (BBC)
Coffee, the Deadly Embrace (June 23, 2003)
The World Bank and IMF told Nicaragua that coffee exports would grow its economy, but instead they have benefited multinational corporations at the expense of poor farmers. Fortunately, a grassroots "fair trade" movement has begun to balance the equation. (ZNet)
The Homes of Argentines Are at Risk in IMF Talks (June 23, 2003)
Under pressure from the IMF, the Argentine Congress will suspend the legislation that protects families from mortgage foreclosures. (New York Times)
IMF, World Bank Join Forces with WTO (May 12, 2003)
Senior officials of the IMF, World Bank and WTO will meet in Geneva to synchronize their policies on developing nations. NGOs are concerned that the common agenda will make trade and development policy more inflexible, entrenching the organizations one-sided approach to development and widening the gap between the rich and poor. (Inter Press Service)
Rich Nations Continue to Wield Power in Global Bodies (May 6, 2003)
NGOs point out the undemocratic governance structures of the UN, WTO, IMF and World Bank. Despite professing to create an equitable global community, these institutions concentrate power among world's richest nations. (Inter Press Service)
Poor Nations Hit by Debt Relief with Strings Attached (April 20, 2003)
The IMF continues to impose austerity conditions and privatization demands on indebted countries, bogging down the Heavily Indebted Poor Countries (HIPC) initiative. This article calls for writing-off more of poor countries' historical debt in order for the HIPC initiative to reach its potential. (Observer)
Peaceful Protests Puts Focus Back on IMF (April 14, 2003)
After many months of antiwar protests, development activists, including many from Latin America, converged during the spring meetings of the IMF and World Bank in Washington. The protestors returned to demands for an end to misguided policies that harm the environment and hinder social service delivery in poor countries. (Washington Post)
Dealing with Debt: How to Reform the Global Financial System (Spring 2003)
"The International Monetary Fund (IMF), whose responsibility it is to ensure the stability of the global financial system, has failed miserably in its mission to stabilize international financial flows," thereby creating international financial crises. Joseph Stiglitz proposes progressive responses to these situations. These include a new, international council to monitor debt repayment and the utilization of an international currency to rebuild struggling economies. (Harvard International Review)
Poor Countries Overlooked at World Bank, Say NGOs (April 10, 2003)
The Iraq crisis will likely overshadow poverty, AIDS, education, and debt relief for poor countries at the World Bank and IMF's annual spring meetings in Washington, highlighting rich countries' gross over-representation at the two institutions. A Bank report says, "bluntly speaking," poor countries will not meet UN goals to halve poverty rates by 2015. (Reuters)
IMF Blames US, Others for Economy Woes (April 10, 2003)
The IMF criticizes economic policy-makers in the developed world for severe structural problems that will worsen the present global recession. The IMF particularly censures the Bush administration's huge tax cuts, which will lead to rising budget and trade deficits in the US. (Associated Press)
Rights Make Might: Ensuring Worker's Rights as a Strategy for Economic Growth (April 9, 2003)
As the World Bank and the IMF grapple with sluggish global growth and increased financial instability, the institutions continue to ignore an important tool: worker rights. A growing body of evidence shows that worker rights increase productivity, lead to larger overall output, and stabilize strong local demand. (Economic Policy Institute)
Bankruptcy System for Nations Fails to Draw Support (April 2, 2003)
Staunch opposition from the US and the private international financial institutions has succeeded in killing an IMF proposal to create a sovereign debt restructuring mechanism (SDRM) for highly indebted countries. The SDRM proposal intended to provide increased protection to crisis-hit nations. (Washington Post)
Arrest of IMF Employee Points to Cover-up (April 1, 2003)
The IMF's legal and financial support for Jorge Baca Campodonico raises question about the Fund's credibility in promoting a 'good governance' agenda and fighting corruption in Latin America. Baca was a former Finance Minister of Peru who is now facing criminal charges of high-level corruption. (Bretton Woods Project)
Ghana Faces IMF Arm-twisting (April 1, 2003)
After the IMF intensified pressure on Ghana to comply with austerity measures, the impoverished country is facing rapid increases in utility prices and taxes. A Ghanaian NGO warns against potential ‘IMF riots' as a result of adopting IMF prescribed policies. (Bretton Woods Project)
Too Hot to Handle? The Absence of Trade Policy from PRSPs (April 2003)
Few economists or development advocates would deny that international trade plays an enormous role in any country's development strategy, yet Christian Aid finds that the World Bank and IMF's Poverty Reduction Strategy Papers (PRPS) scarcely mention trade at all. This Christian Aid report calls on the institutions to integrate trade analyses into PRSPs.
War Spurs Fears of Another Recession (March 28, 2003)
The IMF and many economic analysts worry that the war on Iraq will have a negative effect on the global economy. Citing the dangers stemming from uncertainty and continued geopolitical instability, the IMF warns of a large-scale global economic recession. (Washington Post)
Britain Urges Less Political, More Critical IMF (March 6, 2003)
A senior British economic official calls for an extensive internal reform of the IMF to ensure a clear division of the IMF's economic research and monitoring function from its loaning operations. Britain claims this separation will improve the IMF's ability to conduct independent and objective assessments of the economic conditions of member countries. (Reuters)
USWA President Assails IMF's Role in Damaging Developing Economies, Raising Record Trade Deficit (March 3, 2003)
United Steelworkers of America (USWA) International President, Leo Gerard, accuses the US Treasury of supporting IMF financial plans that accelerate labor exploitation and undermine the diversification of developing countries' domestic economies. (United Steelworkers of America)
Burying the "Washington Consensus" (February 26, 2003)
At the recent World Economic Forum, speakers acknowledge the risk of imposing the "Washington Consensus" on developing countries, in view of the economic disaster that follow a decade of neo-liberal economic dogmas in the developing world. (Agencia de Informacion Solidaria)
Indonesia's Battle of Will with the IMF (February 25, 2003)
Indonesia decides not to extend its current IMF program, believing the Fund's rigid fiscal austerity proposals greatly prolong its financial crisis and diminish prospects for its economic recovery. (NetWork Ideas)
How Githongo Can Keep the IMF At Bay (February 24, 2003)
This commentary urges the Kenyan government to adopt a hard-line approach in its negotiations with the IMF and the World Bank. According to the author, the IMF frequently exploits recipient countries' need for aid to impose stringent conditionality. (The East African)
Effective Loans Require Shared Responsibility (February 18, 2003)
World Social Forum (WSF) participants highlighted the need for shared responsibility for Latin America's debt. Proposals for reforming the current debt repayment model included setting up loan-restructuring mechanisms to stimulate trade and cancellation of illegitimate loans accumulated through corruption. (Latinamerica Press)
IMF Policies at Root of Riots (February 13, 2003)
Critics of the IMF attribute the recent riots in Bolivia to Fund-backed tax increases and economic austerity measures. Critics charge that these policies result in greater inequality of wealth and heightened social instability. (Inter Press Service)
Argentina Struggles to Meet Debt-Relief Terms (February 11, 2003)
Despite the IMF's recent agreement to grant some debt relief to Argentina, Argentinean officials are highly skeptical that the country will be able to satisfy even the IMF's modest conditions. Local business groups and economists also fear that the Fund's demands for more austerity will destroy Argentina's extremely weak economic recovery. (New York Times)
IMF's Argentinian Incontinence (February 10, 2003)
Duncan Green of Cafod attributes Argentina's current economic crisis to a combination of overvalued currency, capital account liberalization and unregulated privatization, all of which were IMF prescriptions. According to Green, Argentina demonstrates the risks of blind adherence to IMF recipes. (Guardian)
Inside the Institutions: the IMF and Poverty (January 28, 2003)
Although the IMF claims to be committed to global poverty reduction, it only employs one poverty specialist out of more than 2600 staff members. This finding gives additional evidence of the fund's inadequate effort to integrate the objectives of poverty reduction and growth into its operations. (Bretton Woods Project)
The Brazilian Swindle and The Larger International Monetary Problem (January 24, 2003)
This analytical paper reviews Brazil's economic experience in the recent two decades to demonstrate the irrationality of an unregulated global financial system and the failure of IMF prescriptions. The author argues that global economic governance should be based on a Keynesian vision that prioritizes domestic economic expansion over merely paying off debt. (Jubilee Research)
Report of the IMF's conference on the Sovereign Debt Restructuring Mechanism (January 23, 2003)
Ann Pettifor and Kunibert Raffer criticize the IMF's proposal for Sovereign Debt Restructuring Mechanism (SDRM) as insufficient to solve the Third World debt problem. They note that the proposed design for the SDRM excludes the participation of civil society and reinforces the Fund's authority to determine the debtor's economic policies. (Jubilee Research)
As Protests Rise, Indonesia Weighs Exiting IMF Loan (January 9, 2003)
In response to mass public demonstrations against soaring energy prices, the Indonesian government may decide not to renew its $5 billion loan with the IMF. Riots against the IMF's harsh austerity policies were a key factor that led to the former dictator Suharto's resignation. (Reuters)
IMF Cuts Disputed Clause from Debt Plan (January 8, 2003)
Bowing to the US Treasury and Wall Street, the IMF will remove a clause from its proposed bankruptcy mechanism that would have protected highly indebted countries from creditor lawsuits. Even with the concession, the US banking community remains opposed to the "basic notion" of bankruptcy protection for countries with unsustainable debt. (Washington Post)
The IMF Strikes Back (January/February, 2003)
Kenneth Rogoff, director of the IMF's research department, responds to charges that the IMF recommends unnecessarily harsh austerity measures and encourages financers to lend recklessly to poor countries. While Rogoff admits that some IMF policies deserve reconsideration, he chides critics for their "misguided" attacks on an institution that has become indispensable in a globalized world. (Foreign Policy)
Indispensable or Unworkable? The IMF's New Approach to Conditionality (January 2003)
In September 2002, the IMF approved new guidelines to make its widely criticized loan conditionalities more "efficient, effective and focused." Yet the new guidelines do not question whether loan conditionalities are appropriate or legitimate, and may simply shift some conditionalities over to World Bank agreements. (Bretton Woods Project)
Wall Street Ups Opposition to IMF Bankruptcy Plan (December 17, 2002)
A group of Wall Street financial market associations released a statement calling the IMF's proposal to set up international bankruptcy courts to manage unsustainable debt in poor countries "fundamentally flawed." Wall Street and the US Treasury are pressing for a more market-based approach. (Reuters)
IMF Strong-Arming Debtors Despite New Lending Guidelines (December 10, 2002)
Three months after announcing that it would reform its lending guidelines to give countries more control over their economies, the IMF has imposed invasive conditions on Zambia and Nicaragua, requiring that both countries privatize parts of their public sectors. The move flies in the face of the Fund's supposed commitment to reform. (Inter Press Service)
Privatization Will Be Over Zambians' Dead Bodies, Sata Warns IMF (December 9, 2002)
Zambian opposition leader Michael Sata declares that the people of Zambia will refuse to capitulate to IMF demands that the country privatize its national bank under the Highly Indebted Poor Country (HIPC) scheme. Sata argues that the HIPC initiative has done nothing for Zambia, and the government should refuse further negotiations with the IMF. (The Post (Lusaka))
IMF Loan Conditions for Nicaragua Require Privatization Measures That Would Enrich Corporations at the Expense of People (December 4, 2002)
Proposed IMF loan conditions for Nicaragua would override a domestic law suspending the privatization of water, and would also require children to pay "user fees" for education. Nicaraguan citizen groups denounce the proposal. (50 Years Is Enough)
Consumers International's V Regional Conference Inaugurated (November 26, 2002)
Consumers International, a large network of consumer organizations in Latin America and the Caribbean, will host a conference to discuss how the World Bank and the IMF have strayed from their original goal: to advocate for a fair society in which the benefits of economic prosperity are widely distributed.
Should Government Take IMF Seriously? (November 25, 2002)
This article from the Chronicle Newspaper in Malawi reveals the complex relationships the IMF can produce with, and between, recipient country governments and civil society. Malawian civil society blasts the government for taking their criticism seriously only when the IMF agrees.
Solomon Islands Begins Implementing IMF Demand For Severe Job Cuts (November 21, 2002)
After several years of civil unrest and economic crisis, the Solomon Islands is pursuing a strict IMF austerity package that includes laying off thirty percent of workers in the public service sector. However, higher unemployment may exacerbate already-severe social tensions in the country. (World Socialist)
Activists View Argentina's World Bank Default as Positive (November 15, 2002)
Argentina's default on its World Bank loan may in fact help the country as it slowly recovers from economic crisis by making more money available for social and health programs. Some analysts say that the default sends the World Bank and the IMF the message that their "savage" policy requirements are unacceptable. (Inter Press Service)
Argentina, IMF at Impasse on Aid (November 5, 2002)
Argentinean President Eduardo Duhalde refuses to implement two key IMF requests, to charge more for services and increase taxes, arguing that the people of Argentina would not stand for more severe austerity measures. However, Argentina risks losing the confidence of foreign lenders and access to foreign capital if it fails to come to an agreement with the IMF. (United Press International)
Fund Threatens Brazilian Democracy (November/December, 2002)
The IMF worked directly with Brazilian presidential candidates to secure support for post-election loan agreements, undermining Brazilian constitutional law and the principle of democratic decision-making. (Bretton Woods Project)
Real Impact Of New Poverty Analysis Uncertain (November/December, 2002)
The World Bank and IMF's new Poverty and Social Impact Analysis will require the institutions to analyze the impact of loans on poverty in recipient countries. Advocacy organizations cautiously support the initiative, and warn against letting it enter the "graveyard of Bank schemes which have promised much but yielded little benefit." (Bretton Woods Project)
The IMF and Transparency: Moving Forward (October 28, 2002)
In a speech delivered at a meeting for Secretaries of Multilateral Development Banks in Washington, IMF Secretary Shailendra J. Anjaria describes what he sees as a transparency "revolution" within the IMF. Although member governments worry that transparency will compromise "candor," he foresees growing consensus around the benefits of transparency. (IMF External Relations)
Forget Pretence, Poverty's Just Over the Fence (October 26, 2002)
The bombings in Bali should prompt Australia to care more about Indonesia's failing economy and widespread poverty. This article discusses Indonesia's troubled path to development and democracy, from Suharto to the Asian crisis and failed IMF adjustment policies. (Sydney Morning Herald)
Zimbabwe's Love/Hate Relationship with IMF (October 25, 2002)
Zimbabwe's leaders are quick to blame the IMF for "destroying democracy in the Third World," but they abdicate their own responsibility for Zimbabwe's economic and human rights crisis. This article from the Zimbabwe Independent blasts the government for taking IMF advice only to maintain power, regardless of the interests of the Zimbabwean people.
'Debt Cancellation Would Hinder Fight Against Poverty' Claims IMF (October 24, 2002)
The IMF claims that total debt cancellation for highly indebted poor countries (HIPC) would exhaust the Fund's poverty reduction resources, disadvantaging the eighty percent of poor people who do not live in an HIPC. (Herald (Harare))
An IMF Critic Sets Up Project to Rethink Development Policy (October 22, 2002)
Joseph Stiglitz hopes his Initiative for Policy Dialogue will bring the debate on alternative development strategies "beyond the usual elite of government officials and business executives to include civic leaders, activists, academics and journalists." (New York Times)
Sovereign Debt Restructuring: Where Stands the Debate? (October 17, 2002)
Jeff Boorman, special advisor to the IMF, describes in technical detail the three main proposals for a bankruptcy mechanism for debtor countries. IMF First Deputy Managing Director Anne Krueger, the US Treasury, and two J.P. Morgan representatives all propose different ways to manage bankruptcy on an international scale. (IMF)
Making the Poor Foot the Bill – IMF Policies and the Looting of Brazil (October 15, 2002)
Jubilee Research argues that a new IMF bailout to Brazil has been "strategically timed to influence the electoral process." If Louis Ignacio Lula da Silva wins the presidential election, he may replace the IMF's free-market policies with a focus on "growth of the domestic market, prioritizing local industry, employment and poverty alleviation."
The Rich World's Veto on Reform (October 15, 2002)
George Monbiot argues that a "dictatorship of vested interests is locked into the system" of global governance, most notably in the World Bank, the IMF, and the WTO. Those with the most power to make progressive change for social justice have the least incentive to do so. (The Guardian)
African Monetary Fund: A Viable Option? (October 12, 2002)
Former chairman of the Nairobi Stock Exchange Jimnah Mbaru proposes that an African Monetary Fund would be better equipped than the IMF to take into account each country's unique situation during financial crisis. (East African Standard)
Latin America's Unlikely Revolutionary Folk Hero (October 10, 2002)
Joseph Stiglitz's book Globalization and Its Discontents has become wildly popular in Latin America where many people blame IMF-led liberalization policies for unemployment, hyperinflation, and recession. (Christian Science Monitor)
The IFI Threat to East Timorese Economic Independence (October 8, 2002)
Dr. Tim Anderson from Aidwatch argues that international financial institutions such as the World Bank and IMF could seriously undermine East Timor's right to self determination and development. He warns that the IFIs' interests are more heavily aligned with corporations and the wealthy than with the people of East Timor. (East Timor Action Network)
The MDG Drumbeat Gets Louder – But Is the World Bank Listening? (October 7, 2002)
More money flows out of Africa each year in debt payments than flows in as aid, seriously undermining efforts to meet the Millennium Development Goals (MDG) by 2015. However, the World Bank and the IMF refuse to acknowledge the link between unsustainable debt and the MDG. (Jubilee Research)
Seeking Long Term Solutions for Food Crisis (October 7, 2002)
Malawi sold most of its grain reserves on the basis of IMF advice, leaving the country ill-prepared for a food crisis. The government of Malawi must develop the capacity to make its own decisions about economic policy, rather than relying on the help of foreign aid and financial institutions. (AllAfrica)
Indonesian Government Urged to Stop IMF Cooperation (October 4, 2002)
The People's Consultative Assembly of Indonesia calls on the IMF to "go back to America." The Assembly argues that the Indonesian economy has worsened under IMF guidance and Indonesia should instead develop its own strategies. (Asia Times)
Turkey – Another Disaster in the Making? (October 3, 2002)
Jubilee Research warns that IMF programs in Turkey contain the same "fundamental flaws" that led countries like Argentina into financial crisis and extreme debt. However, Turkey's strategic significance to the United States' "war on terror" makes it unlikely that the IMF will take steps to diminish the "political leverage" of indebtedness.
Nepal's Woes: Instability, Inequality, Insurgency and the IMF-World Bank (October 2002)
The IMF and the World Bank implemented "homogenous economic ‘prescriptions'" in Nepal during the 1980s and 90s that worsened the economy and exacerbated the rural-urban divide. Although the institutions cannot be entirely blamed for Nepal's current crisis, their failure to take the country's unique socio-economic structure into consideration worsened the situation. (IDEAs)
The IMF Is Not the Problem (October 2002)
IMF Research Director Kenneth Rogoff argues that the IMF actually reduces the need for economic austerity by providing low interest loans that give countries more flexibility during financial crisis. Although he admits the IMF needs many changes, Rogoff maintains that "saying that it causes austerity is like saying that doctors cause plagues." (Project Syndicate)
IMF Blamed for Malawi Famine (October 2002)
A report from the World Development Movement reveals that IMF and World Bank enforced policies are responsible for turning a food shortage into large-scale famine in Malawi.
Making the Case For Bangladesh (September 30, 2002)
Developing countries know that the World Bank and IMF prescribe policies that hurt poor people and the environment. Still, the finance minister of Bangladesh reluctantly implements the institutions' reforms, suggesting that it may be "better to try to use the system to our advantage from within . . . than to fight it from outside." (Washington Post)
Argentina Is Recovering (September 2002)
The currency devaluation that followed Argentina's abandonment of a fixed exchange rate system is already fueling domestic production. Joseph Stiglitz argues that the next step to Argentina's recovery should not be IMF loans but credit to develop domestic resources. (Project Syndicate)
IMF Sounds Zimbabwe's Economic Death Knell (September 30, 2002)
As the IMF takes steps to suspend Zimbabwe's voting rights, local analysts speculate what an ejection from the Fund could mean for Zimbabwe's economy. (Zimbabwe Standard)
From the Quarantine Against Greed (September 30, 2002)
The World Bank and the IMF cannot ignore signs that their institutions are "sick." Despite the fact that protests in Washington were admittedly small, evidence of the institutions' failure to decrease poverty continues to mount. (New Internationalist)
Rich Nations Are Criticized for Enforcing Trade Barriers (September 29, 2002)
Although the World Bank and IMF continued to promote privatization and free trade in developing countries during their annual meeting in Washington DC, they also criticized the developed world for unfair subsidies and trade barriers. (New York Times)
World Bank, IMF Conditions Punish Innocent People (September 26, 2002)
This article from the Malawi Insider calls on Malawi to "free itself" from the "indirect rule" of the World Bank and IMF and to develop policies in the interests of the Malawian people.
They Are Systematically Destroying Economies (September 26, 2002)
In an interview with Socialist Worker, George Monbiot argues that World Bank and IMF policies "favor not the interests of the poor world--which supposedly these two institutions are trying to help--but the interests of Wall Street brokers, foreign multinationals, big business based in the rich world."
IMF's 'Consensus' Policies Fraying (September 26, 2002)
A Washington Post article traces growing dissatisfaction with the "Washington Consensus" among activists and leading economists alike. Although some still defend the paradigm, disappointment over enduring negative indicators in many developing countries has escalated.
Sluggish US Economy a Global Concern (September 25, 2002)
The World Bank and the IMF's biggest headache concerns not developing countries but the United States and Europe. During the institutions' annual meeting in Washington, they will tackle unfair subsidies, trade barriers, and huge trade imbalances in the developed world. (New York Times)
Paying the Bills in Brazil: Does the IMF's Math Add Up? (September 25, 2002)
An IMF loan intended to help Brazil pay back debts is unlikely to bring the country to a "sustainable level of debt service." (Center for Economic and Policy Research)
Who Controls the Loot? (September 25, 2002)
The UNDP's Human Development Report 2002 criticizes the World Bank, the IMF, and the WTO for undemocratic decision-making processes that exclude developing countries. The report calls for increased transparency and accountability at all three institutions. (ATTAC)
The Enron of the Developing World (September 25, 2002)
The demise of Enron demonstrated the failure of "marketization, deregulation and privatization, and the opportunities for market manipulation offered by inadequate regulation." The World Bank and the IMF have yet to learn that lesson. (Washington Post)
Argentina Says It Will Skip International Loan Payment (September 24, 2002)
The Argentine government announced it will not make next month's loan payment to the International Monetary Fund, pledging instead to "maintain social programs and ensure the financing of provincial economies." (New York Times)
World Agency Warns on Trade Imbalance (September 19, 2002)
The IMF's World Economic Outlook warns that an unsustainable imbalance of trade deficits and surpluses between the United States and other developed countries may result in "painful" adjustments. (Los Angeles Times)
IMF Presses World to Scrap Farm Subsidies (September 19, 2002)
The IMF's World Economic Outlook criticizes industrialized countries' large agricultural subsidies. The report says that subsidies depress world product prices and increase input costs, hurting poor small farmers in developing countries. (Agence France-Presse)
New Debt Proposal Allows Overhaul for Poor Nations (September 17, 2002)
European countries support an International Monetary Fund proposal for a bankruptcy procedure which would provide protections and rights to highly indebted poor countries. However, the United States, the "most powerful voice on the IMF board," opposes the proposal. (Wall Street Journal)
Michel Camdessus Responds to Joseph Stiglitz (September 12, 2002)
Joseph Stiglitz accused IMF former managing director Michel Camdessus of saying that for a people to recover economically, "they must suffer." Camdessus virulently denies the allegation, arguing that countries in financial crisis require strict adjustments to stabilize their economies, but "suffering" should not be a requirement. (Nouvel Observateur)
IMF Loan to Uruguay: to Save or to Enslave? (September 11, 2002)
Ranja Sengupta warns that an IMF loan to Uruguay will increase indebtedness, move government resources away from key social sectors, and make Uruguay more vulnerable to the dictates of the US and other developed nations. (IDEAs)
Indonesia's Cycle of Subservience to the IMF (September 10, 2002)
The Indonesian government crafted its 2003 budget to meet IMF demands and to ensure further United States aid. Indonesian politicians, however, increasingly blame IMF policy and foreign debt for stagnating the economy and further impoverishing the country. (Asia Times)
Will NEPAD Work in the Presence of the Structural Adjustment Programmes? (September 9, 2002)
This article argues that New Partnership for African Development (NEPAD) economic policies must not mirror neoliberal structural adjustment programs. Instead, NEPAD policies should take advantage of domestic resources and respond to local conditions.(Independent (The Gambia))
Is the Apocalypse Drawing Nigh for the IMF? (September 4, 2002)
The financial crisis in East Asia, followed by late events in Latin America have undressed the emperor International Monetary Fund. Increased criticisms by both civil society and economists acknowledge the disastrous effects of neo-liberal policies in the developing world. (50 Years Is Enough/Attac)
Argentina Since Default: The IMF and the Depression (September 3, 2002)
The Center for Economic and Policy Research suggests that Argentina should rely on domestic resources to lift itself out of economic depression. Another IMF loan agreement would only cause Argentina to "limp along from one crisis to the next."
Trade Union Proposals for Reforming the International Financial System (September 2002)
This background paper from the International Confederation of Free Trade Unions (ICFTU) discusses the origins of the Bretton Woods system and its failures. The paper suggests several reforms such as a currency transaction tax, fair debt arbitration, and Chilean-style "speed bumps."
Lifting All Boats: Why Openness Helps Curb Poverty (September 2002)
Andrew Berg and Anne Krueger of the IMF attempt to respond to the argument that trade liberalization leads to a "race to the bottom" or a "global sweatshop economy." However, they provide few new insights or strategies, insisting that trade openness is "a good idea" for developing countries. (Finance and Development (IMF))
Accounting Tricks Around the Globe (September 2002)
Joseph Stiglitz accuses the IMF of distorting developing countries' budget estimates with Enron-style accounting "shenanigans," leading countries to pursue unnecessarily harsh austerity policies. (Project Syndicate)
After the Fall: The Argentine Crisis and Repercussions (August 16, 2002)
The International Monetary Fund failed in preventing regional contagion from the Argentine crisis. As a former A-student, Argentina received economic prescriptions from the IMF with little economic sense. (Foreign Policy in Focus)
Don't Wait for Crisis, IMF And UN Need Overhaul (August 15, 2002)
The Herald argues that the UN, the International Monetary Fund, and the World Bank need urgent reform. Created and shaped in times of crisis over 50 years ago, these institutions do not meet today's challenges. (Herald)
The Last Domino (August 14, 2002)
The International Monetary Fund and the US deliberately keep South America on a dependant path, argues the American Prospect. A strong and economically independent South America could become an actor on the global arena with conflicting views.
A Second Chance for Brazil and the IMF (August 13, 2002)
Joseph Stiglitz writes about the Brazilian economy, the IMF, and "American hypocrisy." He recommends temporarily emergency free trade agreements instead of traditional bailouts for countries experiencing great economic difficulties. (New York Times)
IMF Agrees to Loan of $30 Billion for Brazil. (August 8, 2002)
The accord with Brazil was reached in "near record" time. The IMF will loan the country $30 billion which will cover the next 15 months. "Brazil's agreement leaves only Argentina without financial protection" as the financial crisis is threatening Latin America. (New York Times)
Improving Global Economic Governance (August 2002)
This South Center paper shows that the WTO, the IMF, and the World Bank lack "basic elements of good institutional governance" such as equal representation and transparency. The paper suggests reforms for the institutions' respective roles and specific policies.
A Joint Submission to the World Bank and IMF Review of HIPC and Debt Sustainability (August 2002)
This joint report by Cafod, Christian Aid, Oxfam UK, and Eurodad evaluates the HIPC initiative's role in achieving the Millennium Development Goals. The authors argue that debt relief can be one of the most efficient and effective forms of financing for development.
Death On the Doorstep of the Summit (August 2002)
This Oxfam report argues that the International Monetary Fund and the World Bank contribute to poverty and food insecurity. It stresses the need for reform in agriculture policy with the help of parliaments, small farmers' representatives and civil society groups.
African Finance Ministers Call for Review of Reforms Packages (July 31, 2002)
Finance ministers claim that the reform packages for Africa have had "little impact on the continent". They are calling for an end of western governments market subsidies and more flexibility by lenders. (Agence France Presse)
IMF Policies Are Not Good for Nigeria, Says Ex-Director of Budget and Planning (July 30, 2002)
Chief Onwali-Kuye is urging the federal government of Nigeria to "critically evaluate" the IMF policies. He claims that the policy on open, liberal economy, privatization of public utilities and devaluation of the local currencies are in fact harmful to the country's development. (allAfrica)
World Bank And IMF Reform Vital To End Poverty, Says UN (July 24, 2002)
UNDPs Human Development Report has called for an "end to rich countries' dominance of the institutions of global financial governance." The organization believes that poor countries must have a bigger voice with regards to the issues that affect them. This entails an end to veto rights of the five permanent members of the Security Council and calls for the UN Economic and Social council to act as a watchdog over the institutions. (Guardian)
East Timor Joins IMF and World Bank (July 23, 2002)
The world's youngest nation has joined the IMF and the World Bank, becoming the 184th member of the twin organizations. (Deutsche Presse-Agentur)
Reforming the IMF (July 8, 2002)
This Guardian article suggests what needs to change within the IMF: the Fund "need(s) to become more accountable and more open […] (and) give poor nations a greater say."
The Contented Malcontent (July 6, 2002)
Anti-globalization criticisms rarely invoke a reaction from the IMF. Remarks in Joseph Stiglitz's new book on the IMF's misguided policies in the 1990s spurred a wave of IMF fury. (The Guardian)
Kaunda Calls for a More Humane IMF, World Bank (June 24, 2002)
At a meeting of NGOs and researchers in Oslo, Dr Kaunda, Zambia's first president, argued that "recipient countries have been subjected to the brutal looting of their economies" by accepting the implementation of IMF and World Bank conditionalities. (allAfrica)
IMF, World Bank And Abuja (June 23, 2002)
In this article, the author strongly criticizes the twin Bretton Woods institutions, claiming they "are nothing but agents of neo-colonialism who have nothing to offer Africa and her distressed people." (allAfrica)
'IMF Does Not Give Funds' (June 4, 2002)
The author points out the negative effects of IMF loans on a country's financial stability. The IMF does not "give" money to Zambia, rather it "loans" the country money, while future generations become "committed to debts they never incurred." (Post, Lusaka)
IMF Denies Advising Malawi to Sell Food (May 28, 2002)
Millions of Malawi citizens are facing a severe food shortage as the government sold strategic maize reserves right before a poor crop season. The IMF denies Malawi's Agriculture and Finance Ministers' contention that the IMF advised the country to sell the maize to pay off debts. (Reuters)
Argentina Doesn't Need the IMF (May 27, 2002)
A Wall Street Journal commentator does not believe that IMF loans will help lift Argentina out of its financial crisis. Calling to mind numerous IMF mistakes before the crisis, he doubts "the ability of an IMF team to select the changes that make the most sense in the context of local conditions."
IMF and World Bank: Out of Control (May 14, 2002)
A coalition of US global justice and development organizations demands "that if the United States decides to contribute to IDA - a near certainty - that it also work for policies that will reduce the IMF and Bank's power." (Common Dreams)
Argentina, Shortchanged (May 12, 2002)
Many economists reason that Argentina's economic crisis resulted from its failure to implement IMF policies correctly and vigorously. Joseph Stiglitz disagrees, arguing that completely following the IMF plan would have worsened and accelerated the crisis. (Washington Post)
US Faces Calls for Untied Loans to Help Launch East Timor's Statehood (May 10, 2002)
The US and other rich nations should provide loans to East Timor so it does not have to seek loans from the IMF and World Bank. These institutions constantly suffer criticism for creating unsustainable debt and ineffective policies. (OneWorld)
One World, Two Standards (May 8, 2002)
The IMF promotes a system of double standards, particularly when formulating policy in Africa. Reform programs and unsustainable debt actually serve the interests of rich countries and deliberately stifle Africa's development. (Newswatch)
Citizens Have a Right to Determine Their Destiny (May 6, 2002)
Kenyan government officials criticize the IMF and World Bank for constantly "shifting the goal posts" and "insisting that things must be done a certain way - their way." Lawmakers also express concern over these institutions' lack of accountability. (East African Standard)
Kenya MPs rebel against World Bank and IMF (April 28, 2002)
Meeting with World Bank and IMF officials, Kenyan legislators attack the Bretton Woods institutions' policies of "neo-colonialism and slavery." Lawmakers argue against high interest rates, lack of transparency and harmful agricultural policies. (Daily Nation)
Mexican Legislation Strikes a Blow Against Privatization, Secrecy (April 28, 2002)
Mexican lawmakers took a stand against the IMF, the World Bank and the US by passing legislation ensuring citizens' access to government documents and rejecting a plan to privatize the electrical system. These decisions contradict "the Bush agenda of privatization, corporate deregulation, and domestic secrecy." (Common Dreams)
When Surrender Isn't Good Enough (April 22, 2002)
The IMF punishes Argentina for the Fund's own mistakes by imposing harsh demands on the depression-stricken country. Ironically, this comes as the IMF and World Bank commit to "participatory processes" and "a new partnership between developed and developing countries" at the spring meetings. (Common Dreams)
The Challenge of World Poverty (April 22, 2002)
Rich nations' recent pledges to increase foreign aid will force the IMF and World Bank to make difficult decisions on institutional changes, the debt crisis and trade issues in order to make foreign aid effective. (Economist Global Agenda)
Prospects for Good Global Governance (April 15, 2002)
Walden Bello traces the origins of the legitimacy crisis facing the World Bank, IMF, WTO and G-7. He proposes a new "decentralized, pluralistic system of global economic governance" to replace these undemocratic institutions. (Focus on the Global South)
IMF Reform Plan Makes Comeback (April 9, 2002)
The US Treasury Department modifies its position on the IMF's new bankruptcy proposals after the department's dismissive remarks recently shocked many supporters of the plan. (Washington Post)
Plundering Peter to Pay Paul (April 4, 2002)
Yellow Times details the ways in which IMF and World Bank programs damage the economies of borrowing countries while serving the interests of rich countries, particularly by providing the latter with cheap labor.
World Bank, IMF Threw Colombia Into Tailspin (April 4, 2002)
This OpEd shows how IMF and World Bank programs in Colombia led the country into deeper poverty and civil war. (Baltimore Sun)
IMF Crisis Plan Torpedoed (April 3, 2002)
Interested in protecting private-sector interests, the US opposes the IMF's proposal for new international bankruptcy procedures for countries in debt. US administration officials maintain that governments should resolve debt problems directly with the relevant private creditors. (Washington Post)
Don't Let America Bankrupt International Bankruptcy Reform (April 2002)
Joseph Stiglitz compliments the IMF for finally realizing its "conflict of interest" in resolving debt restructuring disputes. He also supports the IMF's plan to create an international arbiter to handle bankruptcy issues and discounts the US's alternative, market-oriented plan. (Project Syndicate)
New Strategies, Old Loan Conditions (April 2002)
The Bretton Woods Project questions whether IMF and World Bank loan policies support a government's own poverty reduction plans. In Uganda, new loans do not account for the negative social impact of previous structural adjustment programs.
A Critique of the IMF's Role & Policy Conditionality (April 2002)
According to Third World Network, the IMF wants recipient countries to have more ownership of its policies than in the past. To achieve this, the IMF must overhaul its policymaking process to provide more democratic country participation and appropriate conditions.
IMF Repeating Asian Mistake in Argentina, Says Stiglitz (March 22, 2002)
Joseph Stiglitz discusses the IMF's role in Argentina's economic crisis. According to Stiglitz, the focus should be on increasing output in Argentina rather than trying so hard to attract foreign markets. (Reuters)
As Global Lenders Refocus, a Needy World Waits (March 17, 2002)
The New York Times provides an overview of reform within and criticism of the World Bank and the IMF.
Why the IMF and World Bank Fail in Kenya (March 15, 2002)
The East African argues that while structural reform and good governance are laudable in principle, the conditions necessary to implement such reforms do not exist in developing countries, and the IMF's neo-liberal reforms cannot work effectively until after an economic recovery.
Brazil Leader Lashes Out at IMF (March 11, 2002)
Brazilian President Fernando Henrique Cardoso recently laid harsh criticism on the IMF, demanding that it change its accounting rules so that developing nations can respond more effectively to financial crises. (Associated Press)
Nigerians to Withdraw From Accord With IMF (March 6, 2002)
Finance Minister Adamu Ciroma said Nigeria "does not wish to continue with arrangements where only narrowly defined macro- economic considerations come into play," announcing Nigeria's withdrawal from an informal monitoring arrangement with the IMF. (Reuters)
O'Neill Cautions Against Forcing Solutions on Poor Countries (March 4, 2002)
Outlining the Bush administration's approach to reform of the International Monetary Fund (IMF), Treasury Secretary Paul O'Neill said the IMF should be cautious of forcing solutions on poor countries, but he articulated a need for "sound economic policies" and "good governance practices" as a precondition for aid and emphasized "restoring momentum to global trade liberalization," especially in financial services. (US Mission, Geneva)
To Make Sovereign Debt Restructuring Smoother, Not to Dictate the Terms (February 18, 2002)
An interview with Anne Krueger, First Deputy Managing Director of the IMF, on the creation of an international bankruptcy procedure. (Le Monde Economie)
IMF Weighs Up Bankruptcy System For Nations (January 23, 2002)
International Monetary Fund rushes ahead with the proposal to introduce an international bankruptcy procedure. According to the Fund's deputy managing director Ms Kreuger, the procedure "might be formally agreed by the fund as early as April." (Australian Financial Review)
Discontent as Former IMF Chief Named to UN Conference (January 22, 2002)
The UN's appointment of former International Monetary Fund chief Mr Camdessus to oversee the Financing for Development initiative generates disappointment and criticism. To a large part of the developing world, Mr Camdessus is also known as the leading apostle of structural adjustments programs. (Inter Press Service)
NGOs Stress Need to Reform World Bank and IMF (January 21, 2002)
NGOs from all over the world recommends radical reforms of the international financial structure. The new system should be based on participation, accountability, responsibility and transparency. The World Bank and International Monetary Fund lack all of these qualities. (Inter Press Service)
The Global Goodfellas at the IMF (January 11, 2002)
The San Francisco Examiner compares the International Monetary Fund to the mafia, both strictly focusing on businesses' interests and tactical alliances. The Fund consists of many member countries but the US and its allies make decisions that affect people around the world.
Lessons From Argentina's Debacle (January 10, 2002)
Nobel Prize winner Joseph Stiglitz argues that the International Monetary Fund encourages failing policies, and that countries like Argentina ends up paying the price. This crisis can teach important lessons, such as the growing need for reform of the IMF and the global financial system. (Straits Times)
The Global Financial System On the Brink, Again (January 9, 2002)
An "international workout mechanism" modeled on domestic bankruptcy courts would put far too much faith in the self-regulating capabilities of the global capital market and wrongly assume roughly equal power between debtor and creditor countries. Such a mechanism must be complemented with a range of measures: financial and currency transactions taxes, border taxes on short-term foreign borrowing, and more effective regulations for international banks to discourage short-term lending. (North-South Institute)
Swedish Central Banker Supports IMF Bankruptcy Plan (January 3, 2002)
Deputy Governor of the Swedish Central Bank Lars Heikensten says that an international bankruptcy procedure should have been instituted long ago. The procedure could help nations renegotiate unsustainable debts and avoid chaos such as that in Argentina. (Reuters)
Economic Debacle In Argentina: The IMF Strikes Again (January 2, 2002)
This article describes the economic crisis in Argentina as an example of how the International Monetary Fund's policies have severe negative impacts on low-income countries. The Fund sticks to these policies because they serve important and powerful interests in the US and world economies. (Foreign Policy in Focus)
Argentina's Crisis Is a US Failure (January 2, 2002)
US-promoted neoliberalism and the Argentinean crisis go hand in hand. However, officials from the International Monetary Fund, sometimes viewed as a branch of the US Treasury, now blame the crisis on unsound Argentinean economic policies. (New York Times)
IMF: The Road That Should Be Taken (January/February 2002)
The IMF needs to refocus on its original intention of maintaining global financial stability rather than advocating deregulation and liberalization, which has made international markets more volatile. (Third World Network)
The Twin Debacles of Globalization (January 2002)
This critical article argues that Enron illustrates "the folly of deregulation cum corruption" and Argentina, the corporate globalist project of liberalization of trade and capital flows. The US Treasury Department and the International Monetary Fund encourages the latter. (Focus on the Global South)
What Are We For? (September 6, 2001)
Globalization has led to increased poverty, injustice, subordination, anti-solidarity and ecological disasters. New institutions are needed to replace the IMF, the World Bank, and the WTO as they serve strictly the interests of the elite. (ZNet)
Argentina's Crisis, IMF's Fingerprints (December 25, 2001)
The International Monetary Fund blames the Argentine government for the economic crisis. However, this article argues that an Argentine recovery needs policies focused on national interests and a break with the IMF. (Washington Post)
Argentina's Financial Quandary Is No Surprise (December 21, 2001)
The Argentinian political and economical crisis has been brewing for years but the seizure of pensions and the restrains on cash where the last straw. The Argentinian case gives fuel to the criticism of US and IMF-style capitalism with privatizations and open markets. (Washington Post)
World Bank and IMF Anti-Poverty Schemes Still Rile Grassroots (December 14, 2001)
World Bank's and International Monetary Fund's economic prescriptions focused on growth do not necessarily reduce poverty, show several independent reports. On the contrary, poverty and the gaps between rich and poor are rising. (OneWorld)
IMF Opposes Argentina Economy Bailout (December 6, 2001)
The International Monetary Fund turns down a desperate cry from Argentina for a $ 1.3 billion loan, at a time when the country must make a $900 million debt payment. The case of Argentina shows how the IMF imposes economic "remedies" while burden governments with spiraling external debts. (Associated Press)
Reinventing the IMF (November, 2001)
George Soros suggests reforms that would give the IMF and its members more effective tools to reduce the economic disparity between countries. (Project Syndicate)
Renowned US Economists Denounce Corporate-Led Globalization (November 18, 2001)
Nobel Prize winner Joseph Stiglitz, and internationally acclaimed economist Paul Krugman criticize the World Bank, IMF and World Trade Organization. They argue that these organizations pursue hypocritical, dogmatic and undemocratic policies influenced by big business. (Grassroots Globalization Network)
Another Plea for More Aid to Poor (October 19, 2001)
World Bank and International Monetary Fund sum up weekend meeting with plea for increasing aid to developing countries. According to World Bank's President James Wolfensohn, more countries, except the US, now realize that aid "is not just charity; it's self interest." (Washington Post)
Thanks for Nothing (October, 2001)
Joseph Stiglitz describes the dark side of globalization, as a process driven by the North for the North, resulting in global instability and increased inequality. By using Ethiopia as an example, Stiglitz shows the ways in which IMF policies can go wrong and emphasizes the need for reform. (Atlantic Monthly)
IMF, World Bank Plan to Hold Meeting in Ottawa Next Month (October 18, 2001)
The IMF and the World Bank's meeting in Washington, which was postponed due to the attacks on September 11th, will take place in Ottawa on November 17 and 18, 2001. Anti-globalization protests are expected, although not necessarily confrontational. (Washington Post)
IMF and Russia Suffer Democracy Deficit (October 15, 2001)
The Moscow Times calls for more democracy within both the IMF and Russia. The secrecy within the IMF results in bad economics and behind Russia's "stable" facade rules autocracy and corruption.
The American Way (October 2, 2001)
In light of the recent terrorist attacks, the author considers the statistical association between debt –catastrophically managed by the IMF and World Bank-- and conflict. "The historical record is clear that war creates debt; the question is whether debt can also lead to war." (Cape Cod Times)
Putting Poverty Reduction First (October 2001)
The European Network on Debt and Development creates a formula for servicing the Highly Indebted Poor Countries' (HIPC) debt with poverty-reduction as the top priority. The IMF/World Bank's HIPC Initiative does not account for resources countries need to reduce poverty by investing in human and social capital.
The IMF's Missed Opportunity (September, 2001)
Joseph Stiglitz argues that the International Monetary Fund lost an ideal opportunity to re-examine its dogmatic ideology when it named Ann Krueger as First Deputy Managing Director. Instead, the appointment just reinforces the adherence to failed past policies. (Project Syndicate)
IMF, World Bank Principles Face a New Policy Threat (September 30, 2001)
Certain countries, otherwise not desirable recipients of aid, receive loans if they are allies in the war against terrorism. It seems like the IMF and the Bank are now repeating some of the big mistakes of the cold war – "propping up inefficient, corrupt regimes and piling loans on countries that may well fall deeper into debt." (Washington Post)
Against the Workers: How IMF and World Bank Policies Undermine Labor Power and Rights (September, 2001)
The IMF imposes loan requirements that strip away legal protections for workersand massively cut government expenditures. These, in turn, often widen the wage gap as well as undermine prospects for economic growth. (Multinational Monitor)
IMF Bankers Get Ready to Give Pakistan a Loan (September 20, 2001)
As the US is preparing to retaliate for last week's attack, the IMF has just allocated loans to Pakistan and Turkey. Do the strategic positions of these countries explain this change in policy? (New York Times)
Why We Protest (September 10, 2001)
The IMF and World Bank undermine democracy in fundamental ways. The two institutions insist that their (flawed) policies are necessary to promote economic growth but the results in Latin America and Africa clearly show otherwise. (Common Dreams News Center)
IMF "Rescue" Won't Help Latin America (September 7, 2001)
Mark Weisbrot argues that previous "bail-outs" by the IMF have resulted in the dramatic collapse of currencies and that the current intervention in Argentina will be no different. (Center for Economic Policy and Research)
IMF, World Bank Count Cost of Protest (September 4, 2001)
Washington DC has allocated $29 million for a security plan to prevent the riotous scenes in Genoa from being replayed during the next World Bank and IMF meeting on September 29-30. It is highly questionable whether such costs can be justified in order to use a public police force as "private security for unpopular financial institutions." (World Bank Development News)
IMF Not Taking into Account Human Rights Issues (August 13, 2001)
The IMF has declared that it has no responsibility to promote human rights around the world, responding to increasing accusations that the institution has shown indifference to such principles. (Dawn)
Growth-Orientation: Not by Fiscal-Monetary Mix Alone (July 30, 2001)
Mahnaz Fatma from Dawn argues that the IMF-led structural adjustment programme (SAP), which focuses on stabilization as the top priority, does not spur growth as the Fund religiously believes. In the context of chronically underdeveloped societies, the significance of the SAP is extremely minimized due to a host of other variables affecting investment: growth, unemployment, and poverty.
IMF Adds Its Voice to Chorus of US Trade Critics (July 7, 2001)
The IMF criticizes the Bush Administration's continued refusal to alter anti-dumping policies. The US International Trade Commission is conducting a ‘safeguard investigation' to help Bush win authority to negotiate new trade deals. (Dawn)
IMF Short-Changes Hapless Developing Nations: Report (July 6, 2001)
After interviewing former World Bank chief economist Joseph Stiglitz and examining confidential IMF documents, Columnist Gregory Palast realizes that developing countries that ask the IMF for financial assistant often end up losing more capital, while Western banks and the US Treasury gain more financial power. (Star)
Meeting IMF Conditionalities (July 2, 2001)
The experience of developing countries over previous decades has proven that foreign financial assistance has very little to do with alleviating poverty, but rather enhancing the power of IMF and World Bank policies. (Dawn)
IMF Prescription Fails to Revive Economy (June 25, 2001)
Under the prescription of the official economic managers and the IMF bureaucracy, Pakistan's economy has been declining steadily. (Dawn)
IMF Supports Argentine Economic Measures (June 22, 2001)
After the IMF's threat to put Argentina in its black list for the country's new economic agenda early this week, the financial "god father" is now showing a support to Argentine's economic measures constructed by the unorthodox Economic Minister Domingo Cavallo. (Excite)
IMF, Paris Club Slammed for No Debt Write-Off (June 21, 2001)
In a report presented to the Parliamentary Assembly of the Council of Europe, a human rights advocate said that sovereign creditors have failed Russia and also criticized International Monetary Fund for its "too strict" policies in the country. (Moscow Times)
Russia Restores Ties with IMF (June 19, 2001)
After a decade of a severe IMF austerity program, Moscow realizes befriending the US is the only way to avoid a crisis. Incidentally the US media's decade-long bashing of Russia for its ex-Communist stance came close to the end as soon as Putin Russia fell under the IMF control. (BBC News)
Business as Usual on IMF Bailouts (June 18, 2001)
Far from opposing bail-outs, the Bush Administration is now using the IMF to cushion US and international banks from the effects of local financial meltdowns and to protect US national interests. (Irish Times)
IMF Unhappy with Change to Argentine Peg (June 18, 2001)
Argentina's decision to alter its currency peg to include the euro may appreciate the peso and result in economic prosperity by imposing multiple exchange rates. This new policy structured by unorthodox Economic Minister Domingo Cavallo however, has caused great dissatisfaction in the IMF and may prevent Argentina from receiving future funds. (Reuters)
IMF Softens 'Offensive' Policy (June 13, 2001)
After the two-day conference on "ownership and conditionality" in Berlin, the IMF announced that the organization seeks to lessen regulations when granting loans and aid to developing economies. (BBC News)
Global Capitalism: Multilateral System in Crisis (June 5, 2001)
The "hegemonic leadership" of the US economic system has caused a series of Third World economic as well as political corruption. (Business World)
Water in Public Hands (June 2001)
Public Services International discusses the disadvantages of water privatization, which has become a common feature of World Bank and IMF policies in the developing world. Water should remain a public good, not a prisoner to market forces. (Public Services International)
US Seeks IMF, World Bank Reform (May 23, 2001)
US Treasury Secretary Paul O'Neill said the IMF needs to ensure that it extends emergency loans only to countries that are taking the proper policy actions. (Associated Press)
Economic Terrorism (May 10, 2001)
The International Monetary Fund acts as a supranational government, imposing uniform neo-liberal policy agendas on countries. The author uses Yugoslavia as an example of the Fund's abusive practices and interactions with the US and NATO in setting conditions for financial assistance. (International Action Center)
No. 2 Official of the IMF to Step Down by Year's End (May 9, 2001)
Stanley Fischer will leave his IMF post by the end of the year. Since joining the Fund, Mr. Fischer has defended the fund's efforts to force nations to tighten their fiscal belts even as they struggled with economic slowdowns. (New York Times)
IMF Urges 'Global Action' on AIDS (April 30, 2001)
In the spring meeting of the IMF and the World Bank, world finance leaders recognized the ''need for global action'' in the fight against AIDS and other infectious diseases. (Associated Press)
IMF's Four Steps to Damnation (April 29, 2001)
Joseph Stiglitz, a former chief economist of the World Bank, explains how the IMF/World Bank plans worsen the social and economic situation in developing countries. (Observer)
Police Break Up Protests Against IMF and Golkar (April 19, 2001)
In Jakarta, about 200 students demanded a visiting IMF team to leave Indonesia immediately. The protesters said they were opposed to the country's already debt-ridden economy being burdened with more loans. (Indonesian Observer)
30,000 in Anti-Government Rally in Istanbul (April 14, 2001)
Workers and small traders protested against the IMF's role in dealing with Turkey's economic problems, chanting "We're not the servants of the International Monetary Fund." (Agence France Presse)
Thousands Protest IMF-Backed Government Recovery Plan (March 31, 2001)
Thousands of people rallied in major Turkish cities to protest against a government recovery plan backed by the IMF that they say will bring further hardship for workers. (Associated Press)
Malaysia Calls for Continued Reforms in Global Financial System (March 28, 2001)
Malaysia's central bank calls for reform of the IMF and other regional and global financial institutions. Among other things, the Asian countries should be given a greater voice in the decision-making process at the IMF. (Agence France Presse)
Push for Deeper IMF, World Bank Reforms (March 9, 2001)
The sisters seem increasingly in an ideological void. Now, it is the neo-liberals attacking the workings of both the IMF and World Bank, arguing for a more sustainable structural design to avoid the expensive 'bailing-out' initiatives undertaken in recent years. (Asia Times)
IMF Sets Up New Unit to Spot Crises Earlier (March 2, 2001)
Responding to its critics who accuse the IMF of being too slow in spotting problems and managing economic crises, the Fund said it would set up a new International Capital Markets department. (Reuters)
The Turkey-Mexico Parallel (February 27, 2001)
Start looking for a Turkish Vicente Fox. The Globalist sees how the emerging markets of Mexico and Turkey resemble each other, finds a similar pattern leading both these markets into crisis, and recommends an IMF prone cowboy business man to settle things on both sides.
The IMF and World Bank's Cosmetic Makeover (February, 2001)
The World Bank and the IMF, medieval doctors with a one-size-fits-all cure, are now trying to present themselves as anti-poverty crusaders. The Bank's President James Wolfensohn expressed his pride in these efforts by going to work "thinking (he's) doing God's work." (Dollars and Sense)
The IMF/World Bank Financial Sector Assessment Program (February, 2001)
IMF/World Bank's Financial Sector Assessment Programme (FSAP) is designed to assist national governments adjust the ideal relationship between macroeconomic policy and the financial sector. Here is a useful description of IMF/World Bank strategic views on the close relationship between finance and development. (IMF)
IMF Extends Ecuador Loan (February 15, 2001)
Adopt the dollar. You'll get more from the IMF. (World Debt)
IMF, World Bank and African Economies (February 1, 2001)
Do the Three Sisters Need a "Big Brother" Called, "Paradigms for African Industrial Competitiveness?" (Nigerian Guardian)
2000
States of Unrest: Resistance to IMF Policies in Poor Countries (September 2000)
The IMF would like people to believe that its critics are a bunch of well-fed Northern anarchists without support from the global poor. This report from the World Development Movement soundingly debunks this myth and lists major protests against IMF policies in lending countries.
The IMF's Asian Legacy (September 2000)
When the IMF brought its one-size-fits-all structural adjustment policies to the Tiger states in 1997/98 it actually made the situation worse for many people in the afflicted countries, claims Jacques-chai Chomthongdi in this excellent paper. (Focus on Trade)
Inside Corporate America (October 8, 2000)
The IMF's policy recommendations for Ecuador seem less like a blueprint for poverty reduction but rather for a ‘financial coup d'etat', says Gregory Palast in the Observer.
IMF is Peddling Misery to the Poor (September 24, 2000)
Ever wonder what kind of policy the IMF would prescribe to the US, a country setting record after record in its economic performance? (Dawn)
Play It Again Sam: The IMF and World Bank Are at It Again (December 11, 2000)
Turkey, presented not long ago as a model of liberalization and structural reform by the IMF, is now facing a serious financial crisis. This reveals the problems with the IMF and Bank's program philosophy, where nothing has changed but the "tactical adjustment of rhetoric". (Znet)
IMF And World Bank Absolve Self Of Blame (December 4, 2000)
How can the Fund and the Bank admit that the Structural Adjustment Program has been a failure in most third world countries and still claim that they are not partly responsible for the misery in the world? (Vanguard Daily – Lagos)
IMF Announces Tighter Lending Rules (December 2, 2000)
Can this new rule encourage early debt repayment ?(TASS News)
IMF to Give Zambia Faster Debt Relief (December 1, 2000)
With the IMF Executive Board agreeing to change the rules governing the delivery of the HIPC initiative, Zambia's debt relief under the HIPC would be accelerated. (IMF News)
IMF's Shock Cures Are Killing Off the Patients (November 21, 2000)
This article from (The Zambia Post) examines how IMF reform policies have affected the economies of implementing countries.
IMF and World Bank Cut $ 590 Million in Debt Service for Guyana (November 17, 2000)
Guyana is set to receive about US$ 590 million in debt service under the HIPC initiative. But how beneficial is this package going to be in the long run? (IMF Press Release)
Multilateral Financial Cooperation and The Fight Against Poverty (November 7, 2000)
An introductory statement by Flemming Larsen, Director of the IMF Office in Europe, on the IMF's role in multilateral financial cooperation and the fight against poverty , at the hearing by the Commission on "Articulations entre coopérations bilatérale et multilatérale" of the Haut Conseil de la Coopération Internationale in Paris.
In Search of Stability and Broadly-Shared Prosperity: Reform of the International Monetary System (November 7, 2000)
An address by Horst Kíhler Managing Director, International Monetary Fund, on reforming the IMF which includes strengthening financial sector surveillance, improving transparency of members and policies and involving the private sector in crisis prevention and management, amongst others.
IMF's Promise to Make HIPC Debt Initiative Work for Zambia Remains Unfulfilled (November 3, 2000)
Zambia's rejection of the HIPC initiative exposes its flaws which critics argue may only help "soften" some of the beneficiaries' debt service obligations rather than reduce them. (Jubilee 2000)
Nigerian Union Takes IMF and World Bank to Court (October, 2000)
Fed up with the IMF's imposition of unfruitful economic reforms on beneficiaries of its loans, the ASUU in Nigeria has filed a writ in a Lagos High Court, to prevent the IMF and the Bank from pressurizing the Nigerian government to implement economic reforms. ( Brettonwoods Project)
New IMF Vision to Focus on Poverty Reduction, Globalization (October, 2000)
Can the IMF enhance real ownership of programs and concentrate more on crisis prevention while still maintaining its conditionality on lending? (Business Recorder)
IMF To Provide 20 With Debt Relief (October 31, 2000)
Would the IMF have spared the debt of some of the world's poor countries if the US Congress had not agreed to fund it? (Associated Press)
A Study Says IMF's Hand Often Heavy (October 21, 2000)
This study explains that the IMF's lending programs often interfere in areas that are outside its mandate and which most often, do not yield the intended results. (New York Times)
Pie-in-the-Sky Debt Relief (October 11, 2000)
Allan Meltzer (head of the famous Meltzer Commission) and Adam Lerrick say that the IMF and World Bank are unloading the financial responsibility for the HIPC initiative onto taxpayers. (Washington Times)
Extravagant Evil and the IMF (October 8, 2000)
Michela Wrong's "In the Footsteps of Mr. Kurtz" incriminates the ‘readiness' of the IMF – under pressure from its Western shareholders – to lend money to corrupt governments, ultimately creating today's terrible debt situation, says this book review from the New York Times.
IMF, World Bank and Debt (October 6, 2000)
In this letter to the Irish Times, Maire Kelly rightly points out that while the IMF and the World Bank behave like private-sector banks, they have significant advantages – for example, their debtors cannot go broke and can thus be held in debt penury for decades.
IMF, World Bank Face Tough Questions on Corruption (October 2, 2000)
The lending policies of the Bretton Woods institutions come under fire as critics assert that they gave out money to corrupt governments without sufficient monitoring, notably in the case of Russia in 1998. (Radio Free Europe/Radio Liberty)
The Prague Castle Debate (October 2000)
When he appeared at the NGO-Bretton Woods Institutions debate in Prague, Walden Bello from Focus on the Global South had a quite a few things to say about World Bank and IMF policies. Some of his comments did not go well mith Messrs. Koehler and Wolfensohn.
IMF Advice Will be Country-Specific: Koehler (September 29, 2000)
In a surprising admission of failure, IMF president Horst Koehler said that the Fund would no longer prescribe ‘one-size-fits-all' economic packages to client countries. But follow-up action on these words is yet to be taken. (The Hindu)
IMF Urges Industrialised Nations to Open up Markets (September 28, 2000)
The IMF has joined the growing chorus of institutions that ask developed nations to take some of the medicine they so readily prescribe to the poor: trade liberalization and an end to protectionism. (Nigeria Guardian)
Great Schmoozing - Shame about the Rest (September 28, 2000)
What has the annual meeting of World Bank and IMF in Prague achieved? James Arnold from eCountries says it was not much more than the usual schmooze-fest, with certain noises from the sidelines somewhat amplified.
The Emperor Has No Growth (September 26, 2000)
Conventional wisdom says that globalization is good for growth. Not so, says the Center for Economic and Policy Research: in fact, growth rates in a majority of countries have declined in the 1980s and 1990s, the heyday of liberalization. And what does this say about the ‘successes' of the IMF or the World Bank?
In Big Offshore Oil Discoveries, Frail Visions of a Redeemed Angola (September 24, 2000)
Despite a new-found large oil revenue, Angola is badly in debt. To prosper, Angola needs to restore creditworthiness. However, this may be a fine line between entering into an IMF loan trap and exploitation by large oil companies. (New York Times)
Helping the Poorest to Get Poorer (September 21, 2000)
The IMF and the World Bank are responsible for keeping poor countries shackled in debt and despair, George Monbiot argues in the Guardian, which is their exact purpose as envisaged by the US. Accordingly, they should be dismantled immediately.
IMF Debt Relief Conditions "Irrelevant to Povery Reduction" (September 19, 2000)
A report by the World Development Movement charges that the IMF delays the HIPC initiative with irrelevant caveats. It uses the program as a lever to promote its own neo-liberal agenda in areas unconnected to the debt problem, the report asserts.
The Role of the IMF (September 14, 2000)
The German Central Bank criticized the IMF's role as a lender of last resort', standing by to save the day when private capital destabilizes a country's economy. Instead, the private sector should be held accountable for the risks it creates. (Bundesbank)
Debt Relief: IMF is on the Right Track (September 13, 2000)
This editorial from the Kenyan Nation cautiously welcomes the IMF's intention to speed up the HIPC process, but comments acidly on the rich nations' unwillingness to match this apparent change in attitude.
IMF? No thanks (September 8, 2000)
The South African Business Day lauds Malaysian Prime Minister Mahathir for having ditched the IMF's recommendations during the Asian financial crisis. Instead, Malaysia imposed currency controls and weathered the storm.
IMF, World Bank See Cooperation, Different Roles (September 7, 2000)
These two institutions have become more and more entangled in their areas of activity. Now their respective presidents, Koehler and Wolfensohn, are trying to delineate responsibilities to make sure their organizations work more efficiently. (News24)
Wanted: Intelligent Protesting (September 6, 2000)
Are the recent signs of apologetic contrition indicative that the Bretton Woods institutions are developing a conscience, the Prague Post
asks in an editorial. Or are they only trying to take the wind out of protester's sails?
IMF is a Feudal Fossil, Says Report (September 4, 2000)
A report by the New Economics Foundation accuses the Bretton Woods institutions are dominated by an aristocratic oligarchy of rich nations. These countries effectively control the economic fortunes of the whole world through these multilateral organizations. (Guardian)
Are Geo-Political Issues Determining IMF's Economic Agenda? (August 31, 2000)
The IMF's initiatives in Pakistan are getting bogged down in endless negotiations. The Pakistan Business Recorder wonders if the Fund is actually pursuing strategic objectives, like getting the country to sign the CTBT treaty.
IMF Set to Publish More Reports Explaining Loans (August 30, 2000)
Transparency gains another foothold at the IMF: program reports and internal staff papers will be made available for public scrutiny faster than before. (Business Recorder)
Prague Gets Ready for Protests (August 28, 2000)
Prague prepares for the anarchist hordes due to smash McDonalds' and disrupt public lives in September! No reason to worry, says Ecountries.com, the protesters are almost universally peaceful and interested in a constructive dialogue rather than headlines-grabbing mayhem.
India Unfazed over IMF Corruption Index Move (August 26, 2000)
The IMF wants to withhold loans to countries where corruption is rampant. This editorial from the Indian Economic Times wonders about the possible ramifications of this plan.
Globalization: Valid Concerns? (August 26, 2000)
Stanley Fischer, deputy head of the IMF, astonishes his economist friends when he informs them that – surprise, surprise – not every critic of globalization is a left-wing protectionist. The fact that he even has to point this out illustrates the orthodox economic conviction that there are always two ways to do something: theirs and the wrong one.
Third World Aims a Spearhead at Rich Club (August 25, 2000)
The Group of 77 is struggling to increase its political weight in multinational organizations like the IMF or the WTO, Ewen MacAskill reports in the Guardian. Even though they represent 80% of the world's population, they often find themselves ignored by the more powerful nations, like the G8.
IMF Says Prosperity from Globalization (August 23, 2000)
IMF Chief Economist Michael Mussa says living standards are improving due to globalization. He admits, though, that this has been an uneven process, and might even result in an isolationist backlash. (World Bank Development News)
Havel Urges Multinationals to Heed the 'Voices of the People' (August 23, 2000)
Czech President Vaclav Havel called on multinational organizations like the World Bank, the IMF and the UN to be more open to the public. He hopes that the protests at the upcoming annual summit in Prague will be peaceful, ‘philosophical and substantive'. (New York Times)
Russia Repays IMF Debts (August 17, 2000)
New figures released by the IMF show that repayment of the debts incurred by many countries during the financial crisis is well under way. Only the Asian nations are lagging behind. The HIPC debt relief programme, however, continues only at a snail's pace. (BBC)
IMF Executive Board Establishes Code of Conduct (August 16, 2000)
Who would've thought of mentioning the IMF and ethics in the same sentence? The IMF, of course! It has drafted a code of conduct to provide ethical guidance to its staff. Additionally, an Ethics Committee was established to police the observance of the code. (IMF Press Release)
Ex-IMF Boss Says Financial Leaders Complacent (August 16, 2000)
Former IMF head Michel Camdessus said that the international response to the Asian financial crisis was an "outstanding success", but that decision-makers were already becoming complacent due to the speedy economic recovery. (World Bank Development News)
Emerging Markets Are Back. Thanks, IMF (August 14, 2000)
"Thank you, IMF", says J. Bradford Delong in Fortune magazine, for doing things right during the financial crisis of 1997-8 and limiting the harmful effects of the market meltdown. However, critics remain unconvinced.
No Loan to Supporters of Terrorism, Says IMF (August 13, 2000)
The IMF is unlikely to assist countries which are internationally seen as supporters of terrorism. However, IMF Director Koehler cautioned that his organization is not the Lord who knows everything.' (Dawn)
Poor Countries Have to Build the Fundamentals for Growth (August 11, 2000)
In this editorial for the International Herald Tribune, IMF President Horst Koehler outlines his personal vision for economic development. He calls for debt relief, good governance, structural adjustment and the removal of trade barriers against goods from developing countries.
Landmark Court Ruling Condemns Argentina's Illegitimate Debt (August 10, 2000)
During the Argentinian military rule of 1976-83, billions of dollars accumulated as foreign debt, but little of this money benefitted the Argentinian people. A judge has condemned the behaviour of international banks and institutions, among them the IMF, as irresponsible and careless. (Jubilee 2000)
Poor Should Look Beyond World Bank (August 10, 2000)
In an editorial for the Singapore Business Times, Sree Kumar asks whether multilateral development institutions like the World Bank and the IMF have had their day. He calls for a greater involvement of private banks in developing economies.
An Effort by US to Change the IMF Is Set Back (August 8, 2000)
The G7 proposal to increase the cost of borrowing from the IMF is voted down on the IMF board after developing nations expressed their opposition. IMF President Koehler – who is broadly in favor of the proposal – hopes that a consensus can still be found. (New York Times)
IMF Director Promises Reforms (August 7, 2000)
IMF president Horst Koehler unveils reform proposals for the upcoming annual meetings in Prague. (Associated Press)
IMF Lifts Suspension of Sudan's Voting and Related Rights (August 1, 2000)
The IMF suspended Sudan's voting rights in 1993 due to the country's arrears. But Sudan has now been allowed back into the fold. (IMF Press Release)
IMF's Koehler Calls For Dialogue at Prague Meeting (August 1, 2000)
IMF President Horst Koehler met with NGO representatives to defuse the tension in the run-up to the Fund's meeting in Prague. At the September conference the agenda will be dominated by reform issues. (Central Europe Online / Reuters)
Progress in Strengthening the Architecture of the International Financial System (July 31, 2000)
The IMF is suggesting a reform of the financial system in order to meet the challenges of a rapidly evolving global economy. Who will benefit from this reform? (International Monetary Fund)
Governance Matters: From Measurement to Action (July 27, 2000)
Mismanagement and poverty go hand in hand, say World Bank economists Daniel Kaufman, Aart Kraay and Pablo Zoido-Lobatón. They advocate better governance to improve chances of development. (World Bank Development News)
World Bank, IMF Study Ways to Select Bosses (July 8, 2000)
Not to repeat the squabble of choosing the head of the IMF again, an eight-member working group headed by Japan will explore how the boss of the institution should be chosen. The World Bank will also establish a similar working group headed by a Swiss. (Calgary Herald / Reuters)
IMF Will Not Impose Conditions on African Governments: Kíhler (July 7, 2000)
In what sounds to be a "political two-step", the Fund's managing director, Horst Kíhler, declares that "the International Monetary Fund (IMF) will not impose conditions and policies on African countries that are not in their interests." (Agence France Presse)
Privatization and "Reforms" Spread Corruption (July 5, 2000)
Someshwar Singh argues that World Bank and IMF policies have led to a rise in global corruption, enabling transnational corporations to bribe to the tune of $80 billion a year - roughly the amount needed to eradicate global poverty according to the UN. (Third World Network)
I.M.F. Is Expected to Ease Demands on Debtor Nations (June 29, 2000)
Will the IMF insist on imposing huge reforms within a country in exchange for money? Only time will tell. New Managing Director Horst Kíhler has convened a panel to streamline the Fund's policies. (Fifty Years is Enough Network)
WWF Forestry Report Found That IMF and World Bank Pressure to Repay Loans Exacerbated Logging (June 21, 2000)
Asian countries are gaining a bad reputation for cutting down their national forests. Apparently, logging helps to repay the debt owed to the IMF and World Bank.(The Gallon Environment Letter)
Asia must have bigger voice in IMF: Japan (June 15, 2000)
Addressing Asia's growing role in world economics and finance, Japan pledges to pressure the US and Europe to give more voting shares to Asia in the IMF. (Agence France-Presse)
Protests, General Strike Paralyze Argentine Capital (June 9, 2000)
Workers in Buenos Aires took to the streets and protested against the government austerity program. Under the program, public employee wages will be reduced by as much as 12% in order for the IMF to agree to a loan of 7.3 billion dollars. (Agence France-Presse)
The Right Role for the IMF in Development (May 2000)
The IMF exerts much influence over poor countries as a major provider of long-term development finance. This article highlights the IMF's lack of expertise in poverty-alleviation policies, suggesting that it should enlist the World Bank's help on its long-term lending policies before implementation so as to minimize adverse side effects. (Overseas Development Council)
The Burghers of Wall St Stand Accused (May 25, 2000)
This article from the Australian Financial Review details renegade economist Joseph Stiglitz' views on the World Bank and the IMF. It provides further background information on the whole controversy surrounding his resignation.
Silencing Joseph Stiglitz (May 2, 2000)
Joseph Stiglitz, an outspoken economist who long opposes the "Washington consensus" imposed by the IMF with World Bank support, comments on the recent protests in Washington during the IMF-World Bank meetings.
The IMF: Dr. Death? (April 24, 2000)
Article from Time Magazine unveals some of the disturbing truths behind the anti-globalization movement, pointing out the mounting anger of rioters around the world, "the defining North-South issue of our time".
Politicians are the IMF's Real Opponents (April 19, 2000)
Politicians in the West are among the IMF's top critics and pose the most serious threat to the institution's future. To become a real global player in the future they urge the IMF to find its own identity and be more open to change. (Times Newspaper)
Countries that Ignore IMF Fare Better Off - Stiglitz (April 19, 2000)
A day after protestors left Washington, former Chief economist for the World Bank, Joseph Stiglitz continued in the protestors spirit, delivering a speech, which harshly criticized IMF development policies. (Reuters)
Sound the Alarm (April 17, 2000)
An interview with economist James Stiglitz uncovers further criticism of global financial architecture, particularly the IMF, and begs the question of its reform. (Barron's)
Africa Demands a Greater Voice at the World Bank and IMF (April 16, 2000)
Though Africa accounts for one fourth of the IMF's total members, and many African countries are contributing funds to the IMF, African members control only 5% of the vote. (Interpress Service)
South African Bitterly Criticizes IMF Policies (April 14, 2000)
People gathering from all over the world will be convening this weekend in Washington DC to demand that the IMF reform its money lending policies. (Chicago Tribune)
Critics Say IMF, World Bank Leave Struggling Nations Dependent (April 13, 2000)
An opinionated analysis of globalization from the Boston Globe. Are the Bretton Woods Institutions agents of economic growth or promoters of economic disparity?
IMF Reports World Growth Accelerating After Setbacks (April 13, 2000)
The IMF forecasts that the world economy will grow at its fastest pace in more than a decade, which will be accompanied by an unparallel growth among countries, currencies that appear to be out of whack with one another and high stock prices in some countries. (New York Times)
Trevor Advocates a more Democratic IMF (April 11, 2000)
Finance Minister of South Africa,Trevor Manuel heads to meetings at the IMF to campaign for a more democratic structure and HIPC debt relief. (Sowetan Johannesburg)
Outside Review Panel to Monitor IMF Work (April 11, 2000)
In response to criticism that it is a secret society, the IMF has agreed to appoint a panel of outside experts to monitor its work. (Reuters)
IMF Warns of Imbalance in World Economic Growth (April 6, 2000)
With the US economy expanding at an unsustainable rate, the need to address the widening imbalance in world economic growth has become more imminent. (Bloomberg News)
A Dozen Reasons To Come To DC For April 16 (April 5, 2000)
Russell Mokhiber and Robert Weissman, founders of the Multinational Monitor , and one of the sponsors of the Mobilization for Global Justice give 16 reasons why people should participate in the protests in Washington DC. (Common Dreams)
Bankers Want IMF to Push Reforms as World Recovers (April 5, 2000)
The Institute for International Finance, an influential bankers group, suggested that the world's recovery from the 1997-1999 financial slump provided an opportunity to reform world financial institutions before another crisis occurs. (Business Recorder)
IMF Will Tighten Grip on Loans (April 5, 2000)
In response to allegations that central banks in Russia and Ukraine deceived the IMF to obtain new finance, the IMF will implement new auditing requirements for borrowing countries' central banks to insure that IMF loans are properly used. (Associated Press)
With Seattle in Mind, Police Show Strength at New Jersey I.M.F. Rally (April 3, 2000)
An article from the Associated Press about police fears of supposedly "destructive protestors" carrying on the spirit of the protests at the WTO Seattle meetings, in rallies against the IMF in New Jersey.
IMF: Case of a Dead Theory Walking (April 2000)
David Felix argues that policies executed by the IMF violate its own charter: it has become an instrument for "forcing open third world markets to foreign capital and for collecting foreign debts." (Foreign Policy in Focus)
Reforming the IMF (April 2000)
A media briefing from Oxfam notes that many of the proposed IMF reforms fail to address flawed policies that have led to failures in poverty reduction. They reflect a growing disenchantment with multilateralism among the major financial powers.
New IMF Chief Sees Broad Role in Lending to Developing Economies (March 29, 2000)
New managing director of the IMF, Horst Kí¶hler, lays out his vision for the future of the organization by suggesting that the fund expand its role as "a crucial cornerstone" of globalization. (New York Times)
Aninat Tells of IMF Lending Rule Changes (March 29, 2000)
The International Financial Advisory Commission plans to streamline the IMF's lending rules in order to concentrate on short-term, emergency financing for a small group of countries. (Reuters)
Spring Protests in Washington, DC Another Seattle? (March 24, 2000)
Upcoming protests in the Spring will rival with Seattle in their impact on the institutions of globalization. A growing portion of organized labor is expected to join the movement to curb the power of the IMF. (Z Magazine)
Asian Crisis Fund Back on Agenda (March 24, 2000)
An article from the (BBC News) discussing Asian countries push for an Asian Fund.
Asian Fund to Play Complementary Role to IMF (March 24, 2000)
The IMF tentatively endorsed the creation of an Asian Fund, which Asian countries hope would help cope with future regional crises, similar to the 1997 financial turmoil. (Agence France-Presse)
"A New Framework for Multilateral Development Policy" (March 20, 2000)
Speech given by Treasury Secretary Lawrence H. Summers to the Council on Foreign Relations in New York. (Office of Public Affairs)
Report Says IMF Reform Program Stunts Korea's Growth Potential (March 16, 2000)
Inherent flaws in an IMF reform program inhibits long-term growth and economic self determination, states a recent report by the Bank of Korea. (Korea Herald)
Anti World Bank, IMF Activists Say Thousands Will Rally in DC Next Month (March 15, 2000)
"The Mobilization for Global Justice, grouping organized labor, human rights and environmental activists, and faith-based movements, said its two days of protests April 16-17 will target the annual spring meetings of World Bank and IMF policymakers."(Agence France-Presse)
IMF and World Bank to Examine the Effect of Aid (March 15, 2000)
The IMF and World Bank plan to more closely monitor the impact of aid programmes on poverty reduction. Through a strengthened co-operation with other donors and civil society they hope to ensure that programmes have the desired effect. (Reuters)
In the Midst of Upheaval, Yet Out of Public Sight (March 15, 2000)
Likely new head of the IMF, Horst Kíhler was a financial engineer behind two of Europe's biggest transformations - the reunification of Germany after the collapse of communism and the creation of the euro. (New York Times)
Strained Ties: IMF Issue Divides US and Germany (March 12, 2000)
An article from the New York Times discusses how the dilemma over the appointment of a new managing director for the IMF has caused serious damage to the German-American relationship.
The IMF Under Attack (March 11, 2000)
Written by co-director of the Center for Economic and Policy Research in Washington, DC, this article offers an in depth analysis, in light of the lending institutions recent track records in East Asia and Russia, of the proposals made by the US Financial Commision's report on downsizing the IMF/World Bank and carrying out the HIPC debt cancellation initiative.(Common Dreams)
I.M.F. and the World Bank Blueprint (March 9, 2000)
An article from the New York Times analyzing the practical and impractical suggestions made by the US International Financial Advisory Commision on reforming the IMF and World Bank.
Meltzer Commission's Report (March 8, 2000)
A new Congressional report on international financial institutions suggests serious downsizing of both the IMF and the World Bank, while increasing foreign assistance and cancelling the debt of the world's poorest countries. Though full of legitimate criticism, the idea that the US Congress will increase foreign assistance to compensate, lacks historical precedence and so seems highly unlikely. (International Financial Advisory Commission)
Schríder Hails IMF Ballot, Clinton Urges New EU Candidate (March 3, 2000)
Article from the Development News (World Bank) suggests that, despite the lack of agreement for a new IMF candidate, prospects for a European to lead the IMF are likely.
US Report Seeks to Curtail Roles of World Bank, IMF (March 1, 2000)
According to a preliminary US congressional report, the role of the IMF and World Bank, as long term lending agencies, should be substantially reduced. (Business Times)
US Snubs Germany by Rejecting IMF Candidate (February 29, 2000)
According to President Clinton, Caio Koch-Weser did not meet the US requirement for a "strong candidate of maximum stature who would be able to command broad support around the world". (Guardian)
Brazil Collides with IMF over a Plan to Aid the Poor (February 21, 2000)
The IMF and the Brazilian government are at odds over a proposed plan to spend more than $22 billion to reduce poverty . Despite Brazil's jarring income gap, the IMF says the money should be used towards Brazil's foreign debts. (New York Times )
IMF's Chief Calls for G7 Summit Shakeup (February 13, 2000)
In his last speech at the 10th annual UNCTAD summit, as IMF Chief, Michael Camdessus blamed inconsistent International policy making as the source of the staggering gap between rich and poor. (Reuters)
IMF Should Pull Out of Russia (January 30, 2000)
(Nando Media) George Soros, seeks absolution for his success as a major leader in the direction of economic reform in Russia and East Asia over the past 10 years, by advocating a complete withdrawal of IMF involvement in Russia, after as he puts so eloquently "we actually flopped it."
Camdessus Urges Developed Nations to Cut Arms Sales to Africa (January 14, 2000)
IMF Managing Director Michel Camdessus: "A third of African countries are at war and 90 percent of the weapons used are sold by G-8 nations."
Confessions of the Washington Ideologues (January 14, 2000)
IMF and World Bank officials forced to reconsider policy dogma such as resistance to capital controls.
Power Play at the IMF (January 9, 2000)
A provocative article from the Washington Post discussing the search for a new head of the IMF.
1999
Scaling Back the IMF (December 31, 1999)
An article from the Christian Science Monitor on the current hearings of the International Financial Institutions Advisory Commission which plays a significant role in determining the direction of global economic development.
The Right Kind of IMF for a Stable Global Financial System (December 14, 1999)
A speech given by US Treasury Secretary Lawrence H. Summers at the London Business School.
U.S. Will Urge IMF To Scale Back Role (December 14, 1999)
A Washington Post article discussing the current push, lead by the US, the IMF's largest shareholder, for the IMF to curtail its role as a long term lending institution.
IMF Will Never Be Popular (December 14, 1999)
An interview with IMF CEO, Michel Camdessus, discussing the need to reform the IMF. (Washington Post)
Reflections On Camdessus' Exit (December 13, 1999)
Departing CEO of the IMF provokes an interesting discussion of the limits placed on international civil servants and the need to reform the IMF. (The News, Lagos)
In Bulgaria, 10 Years of Misery (November 11, 1999)
An opinion piece from New York Times about the status of Bulgaria last 10 years affected by IMF, World Bank and foreign corporations. "What is the result? Hordes of unemployed workers, beggars in the streets, old people digging in rubbish containers for some rag or moldy piece of bread... Our social fabric is falling apart."
IMF, World Bank Face Mounting Attacks (October 26, 1999)
Wall Street Journal article about both conservatives' and liberals' criticisms of the IMF and the World Bank. Discusses the Congress' lack of enthusiasm for granting US foreign aid and debt relief. An accompanying article lists key provisions and main sponsors of recent House Bills affecting the World Bank or IMF.
The Official News From the World Poverty Front Is Gloomy (October 4, 1999)
A Boston Globe article concerning about the increasing gap of world poverty among nations, referring to recent relevant reports. ''Poverty is much more than a matter of income alone."
Unburdening the Third World (October 4, 1999)
A New York Times editorial about President Clinton's pledging to cancel the debt owed to Washington by the world's poorest nations, as long as they used the savings for health, education and other anti-poverty programs.
White House and IMF Give Ecuador the Cold Shoulder (September 29, 1999)
A New York Times article about the US' and IMF's attitudes toward Ecuador as Treasury Secretary, Lawrence H. Summers warned that the US and IMF would not always step in to rescue countries or their lenders.
The Case for Moral Hazard and Wiser Creditors (September 28, 1999)
"The IMF may have learned that although stabilization is the first task of crisis management, crises will recur unless bank owners, not the local public or the international institutions, pay for their mistakes and greed." (International Herald Tribune)
A Fund of Wisdom Rediscovered (September 27, 1999)
A Guardian article concerning how the IMF is reassessing its approach to policy making and marcoeconomics.
Russia Hotly Protests Audits Demanded by IMF for Loans (September 27, 1999)
A New York Times article about Viktor Gerashchenko's criticism on IMF policy and the response from Washington.
Two Articles on the IMF and Pakistan (September 15, 1999)
The first article documents strikes demanding cancellation of foreign debts (ATTAC Newsletter). The second, from Pakistan's Daily Dawn, reports on a Pakistani politician's call for a cessation of IMF loans to Pakistan.
Calling the IMF to Account (September 8, 1999)
Jeffrey Sachs questions the IMF in light of the recent Russian scandal. (New York Times)
West Seeks to Limit Russia Probe Damage (September 3, 1999)
Reuters article discusses the IMF's and Western governments' reaction to Russian money-laundering and quotes a UK banker who states that knowledge of such corruption is nothing new.
Suspicions Rise as Aid Scandal Touches Leaders (September 1, 1999)
USA Today editorial about the Russian money laundering scandal and the extent of IMF cupability.
Indonesian Group Slams IMF, World Bank Over Bank Bali Scam (August 31, 1999)
The IMF, World Bank and the Manila-based Asia Development Bank are blamed not to prevent the Bank Bali scandal. (Agence France Presse)
India Presses for Fairer Voting Rights in IMF, World Bank (August 25, 1999)
India's central bank chief calls for more adequate representation for developing nations.
Egyptian Writer Slams IMF, Donors (August 5, 1999)
Article about criticisms of the IMF voiced by Egyptian writer and political activist, Nawal El Saadawi. Includes discussion of Africa's debt burden.
IMF Denies Reports of Misappropriations of Funds (August 5, 1999)
The IMF "attacked a report in the French newspaper Le Monde alleging that money it loaned to Russia was finding its way into the hands of mafia gangs."
Economist Says New Indonesian Government Could Oppose IMF (July 29, 1999)
"A new Indonesian government which is expected to be formed later this year would most likely force the International Monetary Fund to renegotiate its harsh economic measures." (Jakarta Post)
IMF 'Scheme' for Debt Relief (June 17, 1999)
Congressman Jesse Jackson Jr. and Brent Blackwelder, president of Friends of the Earth, question the proposal to sell IMF gold reserves for debt relief and point out that "[t]he bulk of the money would go to expand the IMF's Enhanced Structural Adjustment Facility (ESAF)."
Paying IMF First Keeps Russia Poor (June 16, 1999)
Editorial from the Moscow Times says Russian foreign debt financing is at the expense of badly needed fundamental reform and social service spending.
ILO Wins Place in Economy Debate (June 15, 1999)
ILO director-general Juan Somavia is working towards establishing greater coordination between the ILO and the Bretton Woods instituions.
G-7 Drafts Gold-Sale Plan To Cut Poor Nations' Debt (June 14, 1999)
Sale of some of the IMF gold reserves will go further than HIPC initiative, but still leaves indebted countries with heavy burden.
A Millennial Gift to Developing Nations (June 11, 1999)
Jeffrey Sachs maintains there is a moral and practical imperative for industrialized nations to forgive the debts of developing countries.
"Free Market" Program Boosts World Poverty (June 8, 1999)
Analysis of two recent studies reveals that: "World poverty is on the increase as a result of the global financial crisis and the free market 'structural adjustment' measures dictated by the International Monetary Fund."
IMF Chief Urges Establishment of an IMF Council (June 2, 1999)
Agence France-Presse reports that Camdessus calls for council to govern the IMF.
Study Exposes IMF Failures (April 28, 1999)
Report by Development GAP and Friends of the Earth. Based on local studies in 5 countries.
How the Global Economy Harms People and the Environment (April 16, 1999)
Face the Facts! Friends of the Earth-US's weekly fact sheet. Faxes are sent to members of US Congress and news media and are intended to spark a wider public dialogue about the global economy.
IMF Faces Fresh Pressure for Internal Reform (April 28, 1999)
The London Independant reports that "spring cleaning could result in the departure of Michel Camdessus".
Mugabe Says Zimbabwe Might Soon Cut Ties With IMF (April 18, 1999)
Mugabe speaks out against some of the practices of the IMF.
IMF Takes $1 Billion in Two Years From Africa (April 1999)
Link to Jubilee 2000's article on the World Bank's official annual report on global debt, Global Development Finance 1999.
Capital Flows, Crises, and the Private Sector (March 1, 1999)
Remarks by Michel Camdessus, Managing Director of the International Monetary Fund, to the Institute of International Bankers in Washington, D.C.
Russian IMF Loans Routed Through Offshore Company (March 23, 1999)
New questions about use of funds lent by the IMF... just as Primakov persues resumption of further loans.
Brazil's Bail-Out is a Time Bomb (March 18, 1999)
Devastating social and ecological consequences of austerity measures imposed after financial crisis.
Third World Network Feature "Brazil: The Real and Global Crisis" (February 1999)
Published in their journal Third World Resurgence, these series of articles provide an analysis of the background to the Brazil crisis and discuss its implications.
People vs. Markets as Another Bailout Flounders (February 1999)
Additional article in Third World Resurgence feature "Brazil: The Real and Global Crisis". View gaining increasing acceptance is that the problem lies with the international financial system.
It's a Global Mess. What's a World to Do? (February 28, 1999)
Many designers for a "new global financial architecture".
Markets Are Freer Than Politicians (February 21, 1999)
New York Times article looking at some of the political consequences of global economic crises and the role of the IMF.
IMF and World Bank Come in for Criticism at G-15 Meeting (February 9, 1999)
Developing countries are losing confidence in the multilateral agencies' ability to manage the global financial crisis.
Social Policy, Good Governance, Core Labour Standards and Development (January 20, 1999)
A Discussion Paper for the Meeting between the ICFTU and Executive Directors and Staff of the World Bank.
G-7 Plan for Financial Reform: What It Means for the UN (January-February 1999)
Role of UN as forum for finance for development.
UN Releases Proposals for Reform of Financial Oversight (January 29, 1999)
Suggestions include letting developing countries control money flows.
Davos Forum Founder Attacks IMF for "Human Disaster" in Asia (January 27, 1999)
Claude Smadja is outraged with the IMF, but fails to mention that the theme of last year's high-powered jamboree in Switzerland was "managing global volatility". Once again the CEOs avoid taking any responsibility for the Asian depression---but they say the skiing was excellent...
Japan's Sakakibara Hits Out at IMF, US Dominance (Janaury 23, 1999)
The Vice Finance Minister of Japan speaks against the IMF's "market fundamentalism" claiming that coordination and limits are needed. He forsees an end to American dominance based on its own politics and the emerging European Union.
IMF Says It Misread Severity of Asian Crisis (January 19, 1999)
Acknowledgement that the crisis could have been adverted.
IMF Admits Errors in Asian Crisis, But Defends Its Tight-Money Policy (January 20, 1999)
The IMF claims it misgauged the severity of the crisis in Asia resulting in a vicious downward cycle.
Soros Wants IMF as International Central Bank (January 4, 1999)
Soros Urges IMF Changes (January 3, 1999)
The IMF should be transformed into a global central bank.
IMF Leader Says Bank Should Be Lender of Last Resort (January 3, 1999)
Stanley Fischer recommends expansion of IMF's role by inviting private sector involvement.
1998
The Gathering World Slump and the Battle Over Capital Controls
Essay from the New Left Review on the failure of neoliberal orthodoxy to deal with the Asian slump, and the need for "prudential capital regulations". (September/October 1998)
IMF and Others Spar on Success of Asia Policy Recipes (December 8, 1998)
"The present mode of functioning of the International Monetary Fund is far from satisfactory. They are, in fact, part of the problem."
'High-Rhetoric' Fight Between World Bank and the IMF (December 7, 1998)
Hostilities flare as volleys are exchanged over economic crisis.
World Bank Turns Up Criticism Of the IMF (December 3, 1998)
The continuing controversy of the IMF's actions during the Asian financial crisis
Decision by US and IMF Worsened Asia's Problems, the World Bank Finds (December 3, 1998)
The World Bank issued a report implying that the IMF and the US misjudged the Asian financial crisis.
Japan to Propose Global Body for Financial Supervision (November 1, 1998)
Japan will propose to the other (G7) economic powers the creation of an international financial supervisory body to stop speculators disrupting markets.
Rev Up Spending; IMF's About-Turn on Fiscal Stimulus Won't Work (October 29, 1998)
Can a fiscal stimulus handled properly help liquidity to flow back into Asia? This article from the Far Eastern Economic Review points to potential flaws in IMF plans for Asian economic policy.
IMF, Desiring an Image Makeover, Plans to Hire a Public-Relations Firm (October 26, 1998)
Is the IMF's bleak public perception due to image or performance? A public-relations firm will soon take on the task of giving the IMF a more favorable face.
The IMF: Throwing More Fuel On The World Economic Bonfire (October 6, 1998)
An opinion-editorial by Henry Kissinger calling on the IMF to shrink back to its original mission of short-term loans to bridge short-term balance of payments deficits.
Heads Should Roll at IMF and World Bank (October 13, 1998)
A Singapore Business Times report critiques the IMF's and the World Bank's role in managing global capital markets.
IMF, World Bank Officials Differ On Response To Crisis (October 2, 1998)
The IMF and the World Bank are split on the appropriate economic policy a country should follow to mitigate the effects of a global financial crisis.
Is the I.M.F. Really Behind the Worsened East Asian Crisis? (October 12, 1998)
A debate is going on in academic and policy circles globally on the role and effects of the International Monetary Fund's contractionary policies that have deepened the crisis in many East Asian countries.
I.M.F. Resists 'Blackmail' by Russia and U.S (September 25, 1998)
An IMF official reports on converging issues regarding plans to render financial aid to Latin America to stall the spread of global financial crisis; and of pressure from Russia to receive further aid .
I.M.F., Pressing Russia on Earlier Loan Pact, Takes Time to Rule on New Cash (August 28, 1998)
The behavior of the IMF during the Russian Financial Crisis.
IMF, World Bank: Dispensing Loans at a Price (August 9, 1998)
Article by Tyler Marshall of The Los Angeles Times on critics of the 'Bretton Woods' institutions saying that these institutions may undermine the countries in need of help.
IMF Formulas Come With a High Cost - Asia's Persistent Woes Cast Doubt on Usefulness of Bailouts (July 27, 1998)
IMF loans are doubted to have any positive effects in the financial crisis.
IMF: Still Bungling in Asia (July 9, 1998)
Assessment by David Felix of the actions taken by the IMF in the Asian crisis published in the The Journal of Commerce.
One Year Later, Asian Economic Crisis Is Worsening (July 6, 1998)
This is a rare, honest and harsh look in the New York Times at the utter confusion of the IMF and its partners in dealing with the ongoing Asian economic crisis.
The IMF: One Size Does Not Fit All (July 3, 1998)
A leak in the global economy has turned into a flood. Larry Elliott and Alex Brummer audit the plumbers in The Guardian.
The Initial Terms of IMF Loan Repayment and Its Adverse Role (July 1, 1998)
The KCTU (Korean Confederation of Trade Unions) proposal on the loan repayment
Asia: IMF Should Rethink Policy (June 29, 1998)
Martin Khor is presenting new measures to help Asian countries
"The IMF must go, critics say, but who will cope with crises?" (February 12, 1998)
An article on the criticism the IMF has received from the right and left published in The New York Times
Muddled Measures by the IMF (February 1998)
An article on the measures taken by the IMF towards Asian countries by Ibrahim Warde published in Le Monde diplomatique
"Refocusing the IMF"
An article by Martin Feldstein, professor of economics at Harvard from Foreign Affairs (March/April 1998), criticizing the IMF's draconian restructuring demands for struggling Asian economies.
"At the IMF, a Struggle Shrouded in Secrecy Curing Sick Economies Exacts a High Price"
An article by Paul Blustein from the Washington Post looking at the IMF and its actions to counteract the financial crisis in Asia.
"US and IMF Putting More Squeeze on the South?"
An article by Martin Kohr from the Third World Network Features looking at a possible ammendment to the IMF articles that would increase IMF controls over foreign exchange transactions in developing countries.
IMF and US Response to the Asian Financial Crisis
An article by Tom Shurrock from Foreign Policy In Focus addressing US foreign policy concerning the IMF and the Asian financial crisis.
