-Caveat Lector-
WHAT DOES IMF HAVE TO SHOW FOR $181 BILLION
Critics of the International Monetary Fund charge that it has
little to show for the $181 billion shoveled out since mid-1997
in rescue packages for Asia, Russia and Brazil. Even IMF
officials conceded in a report yesterday that they made some
mistakes during Asia's 1997-98 crisis.
o The $22.8 billion that Russia received last year hasn't
stopped the ruble from becoming nearly worthless.
o Even with its $43 billion bailout, Indonesia's economy is
in gridlock.
o Despite the $41.5 billion backing Brazil received, its
economy is tottering.
o Experts report that of all the countries receiving IMF
funds since the start of the Asian crisis, only Thailand
and South Korea have been making shaky progress.
Critics note that of that $181 billion, some $61 billion belongs
to U.S. taxpayers -- or about $230 for every man, woman and child
in America.
Source: Editorial, "What Did It Get Us?" Wall Street Journal,
January 20, 1999.
For more on International Monetary Fund & World Bank
http://www.ncpa.org/pi/internat/intdex13.html
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