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Security seen facing risks

US admn slams call for curbing IMF lending
WASHINGTON. Mar 24: The US adminfStYhtiOn hlaited proposals yesterday by a congressional panel to curb the International Monetary' Fund's lending. warning that US security could be at risk by restricting the global lender, reports Reuters.
In his first detailed response to a controversial report issued by a congressionally appointed commission. US Treasury Secretary Lawrence Summers warned that US wages, savings and security could be at risk if the IMF is prevented from helping a wide range of countries.
"We find a number of the more drastic recommendations highly troubling." Summers told the House Banking Committee, which includes some of the IMF's main detractors, in his remarks on the International Financial Institution Advisory Commission's recommendations.
Summers said the panel's suggestion that the IMF decou-
ple its loans from the tough conditionality which traditionally accompanies the cash would lead to "an irresponsible use of taxpayers' money."
The divided commission, which published its recommendations earlier this month, wants to curb that number of countries eligible of IMF cash and cut of IMF lending to the world's poorest countries. Countries would "pre-qualify" for IMF help and money would then be available without conditions.
The recommendations from the so-called Meltzer Commission would not work. Summers said, while conceding that some reforms were needed.
"We believe that taken literally they would straitjacket these institutions to the point where they would not longer be able to advance America's core values.”
He added; "The combination of restrictions that the report proposes would essentially
eliminate these institutions' capacity to provide support for countries as diverse as Mexico. Bulgaria and Thailand."
In times of global economic turmoil, the proposals would cripple the IMF's ability to aid failing nations.
In its report, the Commission also proposed reducing the duration of IMF loans, raising the interest rates charged by the IMF and cutting off World Bank loans to those countries that can raise money in private markets.
While Summers offered strong opposition to the recommendations. key members on the House panel agreed that huge changes were needed at the IMF.
"A great many in Congress have lost confidence in the IMF. I am among those." said Representative Doug Bereuter. a Republican from Nebraska, who sponsored legislation to form the commission.