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IMF contemplates easing conditions on loans
WASHINGTON. July I The International Monetary Fund may begin to ease the conditions it Imposes on countries that borrow money from it. according to a IMF official in an interview appearing here yesterday, says AFP.
“Some people say that the Fund has acted like a Trojan horse to impose the economic system of the West." the unidentified official told The New York Times.
“There may be more of a possibility for countries to find their own path." he added
The official told the paper the IMF planned a retreat in mid-July to examine changes in its lending practices and would also consult with the World Bank. Its sister institution, to discuss how best to coordinate their activities.
While the Bank specialises in project-oriented development aid, the IMF seeks to shore up a borrower's broader, macroeconomic management.
But in (he last three years, notably as it grappled with a financial crisis in Asia, the IMF has come under sharp attack from academic commentators, human rights campaigners and environmentalists.
They accuse the Fund of imposing harsh conditions on borrowing countries that harm the interests of the poor.
In particular, they have argued. the IMF prescribes budget cuts and tight monetary policies that may restore currency stability and please investors but tend to squeeze out small businesses and increase unemployment.
The IMF official told The Times that when dealing with crisis the Fund should move quickly to restore confidence by helping governments manage their finances and currencies.
But he added that It should steer clear of demanding deeper, more fundamental reforms.
The US Congress has likewise found much to criticise at
the IMF. In March, a special congressional commission described Its advice as often ■Incorrect and its efforts to influence policy too Intrusive."
'The IMF plays an excessive role, functioning more as a manager of financial risk with expensive rescue operations and as a lender for long-term development that has failed to improve the economic performance of the developing nations," the report said
It maintained that the Fund — except in circumstances where the global financial system is threatened — should limit Its activities to shortterm emergency credits for fundamentally solvent economies.
US Treasury Secretary Lawrence Summers, in congressional testimony earlier this year, called for a streamlined IMF that avoids long-term financing arrangements and concentrates on responding promptly to emergencies.