Great article by Ross Buckley in the Sydney Morning Herald:
Read the full articleA year ago the International Monetary Fund was on the nose, its credibility in tatters. Today it is the darling of the rich countries.
[...] For 27 years, IMF policies have put the need for poor countries to service foreign debt ahead of their need to develop. Development has been subordinated to debt repayment.
So what happened? Has the IMF suddenly changed? Has it been reborn with new policies and perspectives? Have the needs of developing countries shifted?
No, no and no.
What has happened is the global financial crisis. The needs of rich countries have changed, specifically those of their financial sectors, not the needs of poor countries. [...]
