Fixing the IMF

A proposal to reinvent a troubled but vital institution.

Issue: Summer 1999

The future role of the International Monetary Fund (IMF) is today in
doubt. Former Treasury Secretaries George Shultz and William Simon
have urged that it be closed. President Clinton wants the IMF to
devote more attention to preventing crises rather than responding to
them. Even the IMF criticized its own recent operations in Asia for
protecting foreign lenders at great cost to borrowing countries and
their citizens. Protestors in the Asian countries and elsewhere
complain that the IMF is a lackey of the United States, doing the
U.S. government's bidding to the detriment of local populations.

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