ad info

 web features
 magazine archive
 customer service
  east asia
  southeast asia
  south asia
  central asia

Web-only Exclusives
November 30, 2000

From Our Correspondent: Hirohito and the War
A conversation with biographer Herbert Bix

From Our Correspondent: A Rough Road Ahead
Bad news for the Philippines - and some others

From Our Correspondent: Making Enemies
Indonesia needs friends. So why is it picking fights?

Asiaweek Time Asia Now Asiaweek story


Here's what the experts say about the IMF

Next Story

Previous Story

Back to Crisis Menu

IMF-enforced austerity and high interest rates are making the Crisis worse

"The measures are intended to restore confidence. Instead, they kill the economies and undermine confidence" - Jeffrey Sachs, Harvard University

The IMF is ignoring the social costs

"An approach which ignores these considerations [about the poor] is unlikely to gain wide support from the community and this will delay recovery" - Daim Zainuddin, Special Minister, Malaysia

IMF bailouts encourage bankers to over-lend recklessly

"The IMF [by bailing out Mexico in 1995] contributed to some extent to causing the next crisis" - Juergen Stark, State Secretary for Finance, Germany

The IMF is overstepping its bounds

"It should not impose other economic changes that are not necessary to deal with the balance-of-payments problem and are the proper responsibility of the country's own political system" - Martin Feldstein, Harvard University

The IMF serves rich nations and banks

"It is not interested in rehabilitating a country but ensuring that [the country] pays up its loans" - Ramon Navaratnam, Asian Strategy & Leadership Institute

High interest rates are unavoidable

"To reverse [currency depreciation], countries have to make it more attractive to hold domestic currency, and that means temporarily raising interest rates, even if this [hurts] weak banks and corporations" - Michel Camdessus, IMF Managing Director

The IMF is not responsible for poverty

"Deplorable as these [social] developments can be, our programs aren't at the origin of the problems. Sometimes a medi-cine causes more pain" - Camdessus

IMF rescues do not create moral hazards

"No country would deliberately court such a crisis; the economic, financial, social and political pain is simply too great" - Stanley Fischer, IMF First Deputy Managing Director

Structural reforms are necessary

"Structural reforms lie at the heart of each program because the problems they deal with lie at the heart of the economic crisis" - Fischer

The IMF programs are the best medicine available for what ails Asia

"The IMF represents the wisdom of the financial community. There may be something better, but we don't know what it is" - Saito Kunio, director, IMF office for Asia and the Pacific

This edition's table of contents | Asiaweek home



U.S. secretary of state says China should be 'tolerant'

Philippine government denies Estrada's claim to presidency

Faith, madness, magic mix at sacred Hindu festival

Land mine explosion kills 11 Sri Lankan soldiers

Japan claims StarLink found in U.S. corn sample

Thai party announces first coalition partner


COVER: President Joseph Estrada gives in to the chanting crowds on the streets of Manila and agrees to make room for his Vice President

THAILAND: Twin teenage warriors turn themselves in to Bangkok officials

CHINA: Despite official vilification, hip Chinese dig Lamaist culture

PHOTO ESSAY: Estrada Calls Snap Election

WEB-ONLY INTERVIEW: Jimmy Lai on feeling lucky -- and why he's committed to the island state


COVER: The DoCoMo generation - Japan's leading mobile phone company goes global

Bandwidth Boom: Racing to wire - how underseas cable systems may yet fall short

TAIWAN: Party intrigues add to Chen Shui-bian's woes

JAPAN: Japan's ruling party crushes a rebel at a cost

SINGAPORE: Singaporeans need to have more babies. But success breeds selfishness

Launch CNN's Desktop Ticker and get the latest news, delivered right on your desktop!

Today on CNN

Back to the top   © 2000 Asiaweek. All Rights Reserved.
Terms under which this service is provided to you.
Read our privacy guidelines.