Jerry
01-05-2006, 10:27 PM
Shrinking IMF loans: A new army may be heading towards the Gulf
Tuesday, Jan 03, 2006
If anyone ever had doubts on the conflict of interest between multilateral agencies like the International Monetary Fund and the poor and developing countries, there is now confirmation available on the existence of such a serious negative correlation. In other words, when these countries do well, it does not serve the interest of these institutions and conversely whenever the countries are in trouble, it brings prosperity to the institutions. Crisis lending is not only big business, it has been quite profitable too....
Reportedly, the IMF is contemplating a change in key focus from finance to consultancy to overcome a possible resource crunch. While the Gulf countries are donors and not recipients of IMF loans, this has nevertheless implications for them. The Gulf countries may be in danger of an army of consultants being unleashed on them, who will come up with their one-size-fits-all solutions to the problems of Gulf countries, both real and perceived.
http://www.zawya.com/story.cfm/sidGN10009000/SecMarkets/pagMoney/lok000000060103
Tuesday, Jan 03, 2006
If anyone ever had doubts on the conflict of interest between multilateral agencies like the International Monetary Fund and the poor and developing countries, there is now confirmation available on the existence of such a serious negative correlation. In other words, when these countries do well, it does not serve the interest of these institutions and conversely whenever the countries are in trouble, it brings prosperity to the institutions. Crisis lending is not only big business, it has been quite profitable too....
Reportedly, the IMF is contemplating a change in key focus from finance to consultancy to overcome a possible resource crunch. While the Gulf countries are donors and not recipients of IMF loans, this has nevertheless implications for them. The Gulf countries may be in danger of an army of consultants being unleashed on them, who will come up with their one-size-fits-all solutions to the problems of Gulf countries, both real and perceived.
http://www.zawya.com/story.cfm/sidGN10009000/SecMarkets/pagMoney/lok000000060103