Suchergebnisse

A report on the controversy inside the council of ministers on whether the economic package forwarded by the minister of finance and economic planning, Awad Abdel Magid, and endorsed by the IMF should be accepted. The conditions set by the IMF include the abolishment of Islamic taxation (zakat), which is said to have wiped out a lot of government revenue. It is made clear that Sudan has currently few alternatives to the fund, since all the regional and international funds and banks keep insisting that an agreement with the IMF is necessary if they are to continue their support to the Sudan. (DÜI-Asd)

AN EXAMINATION OF THE POLICIES ADOPTED BY THE INTERNATIONAL MONETARY FUND (IMF) IN THE FACE OF THE ASIAN ECONOMIC CRISIS REVEALS THAT THERE IS NOTHING NEW ABOUT WHAT THE IMF IS DOING IN ASIA. FOR AT LEAST FIFTEEN YEARS ITS LOANS HAVE BEEN TIED TO CUTS IN GOVERNMENT SPENDING, CURRENCY DEVALUATION, RISING INTEREST RATES, AND OPENING UP TO FOREIGN OWNERSHIP. AND, DESPITE THE LESSONS OF INDISCRIMINATE CAPITAL LIBERALIZATION, THE REFORMS SOUGHT BY THE IMF ARE CONNECTED IN ONE WAY OR ANOTHER WITH FURTHER OPENING UP ASIAN ECONOMIES TO INTERNATIONAL CAPITAL. IT IS CLEAR THAT THE IMF WORKS IN THE INTEREST OF WALL STREET AND BIG BUSINESS AND NOT IN THE GENERAL PUBLIC INTEREST.

Strangely "to go or not to go to the IMF" continues to dominate the economic debate in Pakistan. All manner of statements have come out of the economic leaders in the government and their advisers. "We don't need to go to the IMF if we ban importing luxury items." "We can borrow our way out of our problems for our problems are only current financing." "With borrowing, IMF will reduce any conditions." These statements merely show the lack of understanding of the role of the IMF. As always, government has relied on hurriedly put together committees where people float in and out to consider this existential question. But the answer remains elusive. So, let us clear the confusion.