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International Monetary Fund

January 10, 2002
Re "Not All Economies Fit the IMF Mold," Commentary, Jan. 7: Robert Kuttner provides another example of efforts to attack market-oriented economics by distorting the facts concerning the Argentine crisis. Of course legitimate complaints can be raised about particular policies advocated by the IMF and the U.S. government, but the Argentine crisis is not the result of market fundamentalism. It was not economic liberalization that caused the crisis but Argentina's huge budget deficits and overvalued currency.
December 6, 2001 | Reuters
The International Monetary Fund poured cold water on Argentina's hopes for a much-needed $1.3-billion loan in December, saying it was unable to complete the needed review at this time. The move takes the recession-mired South American nation closer to committing the biggest sovereign debt default in history. In a spartan statement, the international lender said that any cash for Argentina was unlikely soon, given an increasingly strained relationship with Buenos Aires. The U.S.
November 17, 2001 | From Times Wire Reports
Anti-capitalism demonstrators, marching under banners that said "Smash the state," taunted police and attacked a McDonald's restaurant in Ottawa, Canada's capital. As roughly 200 people protesting international financial meetings in Ottawa walked down a central thoroughfare, about a dozen youths used sticks and rocks to smash the windows of the restaurant, which was closed.
November 13, 2001
The global situation may not be nearly as dire as Robert Reich presents (Commentary, Nov. 6). The forceful actions of the U.S. authorities to loosen the reins on monetary and fiscal policy, now mirrored by similar actions in Europe, should go a long way to prevent his worst-case scenario from materializing. Reich is off base in accusing the International Monetary Fund of insisting on fiscal austerity as the quid pro quo for financial assistance. The fund rarely advocates balanced budgets; instead, it works with governments to devise the fiscal policy stance appropriate to a country's circumstances.
November 12, 2001 | Reuters
The U.S. supported the International Monetary Fund's objectives for achieving a sustainable financial situation in Argentina, a senior Bush administration official said Sunday. The official, who spoke on condition of anonymity, said President Bush expressed concern about "its good friend" in a meeting with Argentine President Fernando de la Rua outside the U.N. General Assembly session.
August 31, 2001 | From Associated Press
International pressure is heating up on Japan to accept an investigation of the bad loans plaguing its banks, as worries grow about the impact of the nation's economic health on the global economy. International Monetary Fund officials said today that Tokyo has agreed in principle to an IMF investigation of Japanese banks but has repeatedly refused to do it.
August 27, 2001 | From Bloomberg News
Indonesia and the International Monetary Fund are expected to sign today a new agreement that would unlock a $400-million loan held back since December, the Indonesian Finance Ministry said. The agreement would follow a week of negotiations between the country's economic ministers and a visiting IMF team led by Anoop Singh, the fund's Asia-Pacific deputy director and principal negotiator with Jakarta.
August 24, 2001 | From Times Wire Reports
The federal government agreed to pay $16 million of the $30 million that the District of Columbia expects to spend on security for next month's World Bank and International Monetary Fund meetings. The money will help pay for out-of-town police officers and the protective gear and medical supplies they may need. The district will pay $12.
The International Monetary Fund said Tuesday it is prepared to provide $8 billion in new loans to help the government of Argentina keep its ailing economy afloat and avoid a potential default on its foreign debt. IMF Managing Director Horst Koehler urged the fund's executive board to boost Argentina's existing $14-billion credit line to $22 billion, the IMF said.
Argentina is negotiating a long-term plan with the International Monetary Fund that looks at fiscal and debt scenarios until 2010 in a bid to obtain new financial aid, Argentine officials said over the weekend. The novel program is the result of an ongoing debate on reforming international financing agencies that the Bush administration has insisted on pushing forward, they said. "The conversations are complex," Argentine Finance Secretary Daniel Marx told reporters late Saturday.
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