The IMF and the Current Economic Crisis

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Thursday, 13 November 2008 13:10
As world leaders gather in Washington this weekend for a summit to address the global economic crisis, the International Monetary Fund is being touted as a "financial firefighter." However, the IMF's track record of the last 30 years casts serious doubts on that institution's ability to contain the financial meltdown. Rather than dousing flames, the IMF's prescriptions have often poured gasoline on economic fires in emerging nations, crippling long-term development. Should the IMF be designated as the lender of last resort, it must overhaul the structural adjustment policies that prevent many nations from providing basic services for their people. CEPR Co-Director Mark Weisbrot joined Robert Weissman, Director of Essential Action, in a call with reporters that was moderated by Joanne Carter, Executive Director, RESULTS Educational Fund. To listen to a recording of the call, dial 719-457-0820, and enter passcode 4097561. A transcript is available on the RESULTS site.