This is no surprise.

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IMF cares only about developed economies, says Nobel economics
laureate

Xinhuanet 2002-08-10 04:06:54

  PARIS, Aug. 9 (Xinhuanet) -- Joseph Stiglitz, Nobel prize winner and
  former World Bank chief economist, said Friday that the
  International Monetary Fund (IMF) obeys only to interests of
  industrialized nations and called for reforms in the organization.

  "The IMF responds to interests of the financial markets and of
  advanced industrialized nations. It does not respond to the real
  preoccupations of the developing world," said Stiglitz in an
  interview with French daily Le Figaro.

  "The industrialized nations, notably the United States, are fervent
  advocators of free trade. But if you look at what really happens,
  (you will find that) the world trade is very asymmetric, very
  unjust," said Stiglitz.

  "Under pressure from developed nations, the South open their borders
  and abolish the subsidies while the North continue to ban products
  from the South and maintain subsidies to defend their ownproducts,"
  he said.

  The American economist also accused the IMF of making matters worse
  by demanding emerging economies to dismantle barriers to foreign
  capital.

  Such a process intended to allow more facility for the in-and-outs
  of short-term capital but ended with "more instability in developing
  countries," said Stiglitz.

  He also lamented that within the IMF, the United States is the only
  member enjoying a veto, which he said makes it easier for theU.S.
  Treasury Department to exert its influence upon the organization.

  "As the United States dominates international financial markets,it
  is not surprising that the policies of the IMF reflect their points
  of view," he said.

  "The fundamental reform consists of changing the governors. I am not
  optimistic because the United States will never abandon their veto,"
  said Stiglitz, adding that increased transparency in decision-making
  and sanctions against error decisions are also needed.

  Stiglitz started as the World Bank's chief economist in February
  1997. He resigned in November 1999. He later served as advisor to
  World Bank chief James Wolfensohn until April 2000.

  A regular critic of US, World Bank and IMF economic policies,
  Stiglitz was awarded Nobel Economics Prize in 2001, together with
  two other U.S. economists, for working out models that explain
  howimbalances in information possession impact economic conditions.
  Enditem


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