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US congressional body proposes IMF, WB operation curbs

Commission wins plaudits and brickbats for radical ideas
WASHINGTON, Mar 9: A US congressional commission proposed drastic curbs in the operations of the World Bank and International Monetary Fund yesterday, winning plaudits and brickbats for their radical ideas, reports Reuters.
At an acrimonious meeting presenting the report to the press and public, commission chairman Allan Meltzer said the proposals outlined In the 124-page document would prevent the IMF from "micromanaging" the economies of member states.
But economist Fred Berg-sten. one of three analysts who put out a dissenting opinion on the controversial report, said the suggestions would undermine the world economy and hurt US economic Interests.
"The majority proposals would sharply increase the risk of International economic disorder and dash the prospects of economic development for millions of poor people," he said.
The report, whose authors included long-term critics of the IMF. is pari of a review initiated in 1998 when Congress approved the US share of higher quotas at the IMF.
Congressional leaders might try to Include some ideas in legislation. But change at the two Institutions will depend on the response from other member states as well.
The United States has 18 per cent of the vbtes at the IMF and the World Bank, enough to make other countries listen, but not enough to force sweeping policy change. The proposals from the commrsaion would only allow the IMF to provide short-term credits. lending to fewer countries th$n at present And they would stop the World Bank from lending to countries that can raise cash on private markets.
Congress plans hearings on the report on March 23. with testimony from Treasury Secretary Lawrence Summers and
data "While we welcome re’ of the bank's work by both supporters and our critics, find the results of this part lar review very disappointl sbe said.
The bipartisan commlsi agreed unanimously on points in the-report — a ca multilateral lenders to for the debts owed to Uieinby si of the world's poorest count and to limit IMF lending "short-term liquidity Ioans
Development groups v corned the Idea of debt rebel, said the report failed to add fundamental problems at bank and the fund, which I . tynved major roles In effort -«Qsb|ve the world financial ate of 1997-99
- "A.c6miHK^b daminatec jieo-Hberal Republicans is । ing for outright debt cane, , tlon yet the IMF and W Bank will nol put. this o whelming consensus into Hon." said Anne Pettlfer of relief lobbyist Jubilee 2000
from commission members
But House Democratic leader Richard Gephardt said the report took "a slash and burn" approach to the international financial institutions it ww-mandated to investigate.
The authors of the majority report claim to advocate reform foi* the purpose of strengthening the IMF and the World Bank, he said "In reality they aim to weaken the resources and undermine credibility of these institutions."
Many in Congress have long been critical of the IMF. arguing that Its policies make tinapflai crises worse, or that they-uc; gleet workers' rights
The World Bank, which would lose most of its existing ’ function a if the proposals were ever implemented, has tils® come in Tor Congressional criticism.
World Bank media chief Caroling Anstey said the com- • mission's TfhUlty recoinmenda-on were bhsed on flawed.