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The Pros And Cons Of The IMF

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“The IMF is a secretive institution with no accountability. The IMF is funded with taxpayer money, yet it operates behind a veil of secrecy. Members of affected communities do not participate in designing loan packages. The IMF works with a select group of central bankers and finance ministers to make polices without input from other government agencies such as health, education and environment departments. The institution has resisted calls for public scrutiny and independent evaluation”. (Global exchange resources (2015).

The IMF and the World Bank have contributed to environmental destruction and provide wide range of inequality to the global economy as a whole. There new enforce policies called structural adjustment policies (SAPs) has …show more content…

Decision and policies making coming from the US government has made both IMF and World Bank to offering loans based on strict conditions. Various debates and Critics on IMF have pointed out that their enforced policies have reduced the level of standard of living, increased in unemployment and poverty in developing countries. However, my conclusion is that since the visions of setting up both the IMF and the World Bank have never come to reality. I hereby call on for the readjustment of their policies (both the monetary and fiscal policies) and to allow the developing countries to have their say when it comes to policies and decision making. (Neal Keny-Guyer (March 23, …show more content…

(Martin Fackler.( Jan. 6, 2011). Lessons Learned, South Korea Makes Quick Economic Recovery. Retrieved from http://www.nytimes.com/2011/01/07/world/asia/07seoul.html?_r=0.

2. (Global exchange resources (2015).Top ten Reasons to Oppose the IMF. Retrieved in 2015 from http://www.globalexchange.org/resources/wbimf/oppose

3. (Trevor Ngwane and George Do (August 2008). The World Bank and IMF in Africa. The world press. Retrieved from https://rainbowwarrior2005.wordpress.com/2008/11/07/the-world-bank-and-imf-in-africa/

4. (Neal Keny-Guyer (March 23, 2007) .The IMF and World Bank Are Major Causes of Poverty in Africa. Retrieved from http://www.globalenvision.org/library/23/1524)

5. (Phil-Sang Lee (October 2000): Economic Crisis and Chaebol Reform in Korea. Discussion Paper Series APEC Study Center Columbia Business School).

6. (Fischer, Stanley (Jan 3, 1999), On the Need for an International Lender of Last Resort. Paper presented at lunch for the American Economic Association and the American Finance Association,New

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