October 7, 2009 Leave a comment
In reponse to our post ‘Most Countries Worse Off After IMF Agreement – US Think Tank, IMF spokesman Bill Murray, using the handler ‘wmurray’ , rejected the Centre for Economic and Policy Research (CEPR) findings as ‘seriously misleading conclusions’, ‘relying on faulty analysis and often inaccurate information.’ Other critics were Ms Caroline Pearce, from international aid agency Oxfam. AFP quoted her saying “‘If the IMF wants to be relevant, effective, credible and legitimate, it has to give countries hardest hit by the financial crisis a say in their own destiny.’
The Centre for Economic and Policy Research (CEPR) study was published to coincide with the IMF/World Bank meetings.
The havoc wrought by the economic crisis has given the IMF a new sense of purpose as the world’s emergency lender – and even some of its fiercest critics are starting to mellow.
It is a remarkable turnaround for an institution targeted by anti-globalisation protesters and reviled by millions of people after imposing harsh conditions on its loans during previous crises.
‘I think the response has been much more positive in this crisis and it’s been very constructive,’ said Joseph Stiglitz, a Nobel Prize-winning economist well-known for his diatribes against International Monetary Fund lending practices. Read more of this post