IMF

International Monetary Fund

Liberia: World Bank and IMF cancel debt on basis of reforms implemented

Ellen Unveils Govt Next 'Major Priority'
 
D. Kaihenneh Sengbeh
 
1 July 2010, The Informer (Monrovia)
 
Following Tuesday's historic debt cancellation against Liberia by the World Bank and the IMF, President Ellen Johnson Sirleaf Wednesday morning told the nation that her administration's next challenge remains the restoration of infrastructure particularly roads.
 

IMF’s Financial Crisis Loans: No change in conditionalities

The IMF had suffered a sharp decline in its lending business in recent years until the present global financial crisis led to a resurgence in lending. The Group of 20 (G20) has empowered the IMF by making it the key lending institution for crisis-affected countries in need of balance of payments support. As a result, the IMF’s lending portfolio has seen a sudden boost, and the cumulative amount of its loans now stands at $47.9 billion.
 

Asian nations merge from recession as stronger economic powers

SINGAPORE -- The economic recovery that rocketed through Asia starting last year has been felt in the usual ways -- a thickening parade of cargo ships around this trade-driven city-state, rising real estate and stock prices -- but it was demand for personal computers in Indonesia that caught the attention of executives at computer memory maker Showa Denko.
 

Mongolia: so far from God and so close to the IMF

The sad fate of Mongolia these days makes me think of the late Mexican President Porfirio Díaz’s famously cited lamentation:
“Poor Mexico, so far from God and so close to the United States!”
 

IMF economic policies under fire Hiding the conditionality problem

While the political agenda at the IMF is shifting back to mandate and governance reform, there are growing calls that the Fund needs to fundamentally rethink the monetary and fiscal policies it demands of borrowers if the institution is to retain legitimacy and renew its mandate.
 

Doing a decent job? IMF policies and decent work in times of crisis

The IMF has stated that it has changed its traditional stances on tight fiscal and monetary policy advice and lending conditions and has become “more flexible”. However, experience so far indicates that the IMF is still imposing inappropriate, pro-cyclical1 conditions on many borrowers. These may unnecessarily exacerbate economic downturns in a number of countries.
 

IMF austerity chills crisis countries

 [The latest issue of Bretton Woods Update (UK) includes an article on the public sector austerity conditions in some recent IMF emergency loans and their impact, focussing on the examples of Romania and Iceland in particular. Although the IMF has urged industrialized countries to adopt deficit-financed fiscal stimulus policies to counteract the impact of the global recession, the article states that only three developing countries -- India, Mozambique and Tanzania -- have been advised by the IMF to adopt counter-cyclical stimulus polices.]
 

IMF emergency loans: Greater flexibility to overcome the crisis?

Despite promising IMF rhetoric about greater flexibility in fiscal and monetary policies because of the current crisis, IMF loans in Romania, Latvia and Armenia show that practice is not in line. The Fund is still pushing tight fiscal policy and single-digit inflation.
 

Will IMF loans hurt the poor this time around?

While the IMF undertakes high-speed reviews into its lending instruments and conditionality, it continues to make crisis loans with heavy conditionality that may adversely impact the poor in developing countries.
 

Back from the dead IMF pumps out loans and conditionality

A few months ago pundits were calling time on the Fund, but the financial crisis´ impact on emerging markets has brought it roaring back to life, with its usual dose of austerity and conditionality.
 
The countries in trouble have tried hard to avoid the IMF, more publicly than usual. It is not clear whether this was to avoid the stigma attached to going to the Fund, the austerity measures required, or both. However, policies pursued by rich countries, such as tax cuts and looser monetary policy, will not be allowed under IMF programmes elsewhere.

Financial crisis: IMF chases its own tail

As global finance dries up, economic markets crash and banks go bust, criticisms mount of the IMF and its inability to convince its largest members to better regulate the financial sector or curb speculation.
 
Former Indian finance minister Yashwant Sinha said in June, "I believe that the international institutions we have at the moment, are woefully inadequate in dealing with the global challenges. ... There is a major regulatory failing in the US. What is the IMF doing about the US? Nothing."
 

Health sector reforms in South Asia

The experience of health sector reform in South Asia presents certain common trends but also variations in terms of the political economy and health services development in the four countries (Sri Lanka, Bangladesh, Pakistan, India).

NGO letter to IMF re Financial Transaction Tax

Letter to IMF managing director from 60 NGOs - 11 November 2009 letter sent to IMF managing director Dominique Strauss-Kahn, urging him open up the process for producing a report on how banks can repay governments for the bailouts and demanding strong consideration of a financial transaction tax in the report.

Civil society demands IMF consider financial transaction tax, open study process

Letter to IMF managing director from 60 NGOs - 11 November 2009 letter sent to IMF managing director Dominique Strauss-Kahn, urging him open up the process for producing a report on how banks can repay governments for the bailouts and demanding strong consideration of a financial transaction tax in the report.
http://ifiwatchnet.org/?q=en/node/32905
 

Sri Lankan power workers strike for pay increase & scrap March 09 Electricity Bill

Sri Lankan power workers strike for pay increase (31 Aug 2009, W.A. Sunil) -- Thousands of Ceylon Electricity Board (CEB) workers took part in an islandwide, one-day strike last Friday to demand a 40 percent pay hike, the restoration of working conditions and the scrapping of the Electricity Bill adopted in March 2009. In an attempt to break the strike, the government cancelled all leave and threatened “tough action” against anyone who stopped work.

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