[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]
15224: Ewen: Re: 15201: (Chamberlain) IMF Criticizes Haiti For Poor Economic Policies (fwd)
From: Stephen Ewen <sewe0171@fau.edu>
What an ironic piece--"IMF Criticizes Haiti for Poor Economic Policies,"
of 3/3/03.
While it is almost common knowledge that international financial aid
regimes have pushed Haiti to accept global economic integration, a recent
article by Anna Willard titled "IMF: no clear proof globalization helps
the poor," which was ran by Reuters on 3/17/02 and carried on the Forbes
Magazine web-site, reported a startling IMF admission that undermines the
fund's own critique of and policies for Haiti made two weeks earlier.
In newly published research the fund admitted that, while theoretical
models show that financial integration can increase economic growth in
developing countries, in practice it is difficult to prove this link. The
IMF study admitted that "in other words, if financial integration has a
positive effect on growth, there is as yet no clear and robust empirical
proof that the effect is quantitatively significant." The IMF's chief
economist Kenneth Rogoff, described this conclusion as "sobering." The
IMF report found that a small group of developing countries have picked up
the "lion's share" of capital flows as financial links between countries
have become more integrated.
It is hard for me not to notice that much of the democracratic movement in
Haiti has suspected these sobering IMF conclusions long ago, and wanted to
perhaps discover a more endogenous development pathway.
Stephen Ewen
============================
----- Original Message -----
From: "Bob Corbett" <corbetre@webster.edu>
To: "Haiti mailing list" <haiti@lists.webster.edu>
Sent: Friday, March 21, 2003 11:41 AM
Subject: 15201: (Chamberlain) IMF Criticizes Haiti For Poor Economic
Policies (fwd)
>
> From: Greg Chamberlain <GregChamberlain@compuserve.com>
>
> WASHINGTON (Dow Jones), March 3 - Haiti, the poorest nation in the
Western
> Hemisphere, must dramatically improve management of its economy, the
> International Monetary Fund said Monday.
> The IMF "expressed deep concern about Haiti's worsening economic
> and social conditions, and in particular, the widening of the fiscal
> deficit, the accumulation of external arrears, and further increases in
> poverty," the IMF said in a press summary of its annual "Article IV"
review
> of the economy.
> Haiti's economy has worsened during the last two years, with
rising
> deficits financed mainly by the central bank and through accumulation of
> arrears. International reserves held by the central bank have declined
from
> efforts to support the currency, the gourde ($1=HTG41.00), which has
also
> fallen in value.
> "Political difficulties have deterred the authorities from
taking
> corrective measures aimed at stemming the loss in international
reserves,
> containing inflation, and promoting growth," the IMF said. Top
priorities
> for 2003 should be rebuilding central bank reserves, now at $45 million
or
> two weeks of imports, and containing inflation.
> The government needs to improve transparency and accountability
of
> its spending, the IMF said. The IMF "emphasized the importance of
> strengthening cash management by restricting the use of discretionary
> ministerial accounts."
> The IMF also recommended enhanced banking and credit
supervision,
> and action to privatize state-owned firms in the energy,
telecommunications
> and transportation sectors.
>
>
----- Original Message -----
From: "Bob Corbett" <corbetre@webster.edu>
To: "Haiti mailing list" <haiti@lists.webster.edu>
Sent: Friday, March 21, 2003 11:41 AM
Subject: 15201: (Chamberlain) IMF Criticizes Haiti For Poor Economic
Policies (fwd)
>
> From: Greg Chamberlain <GregChamberlain@compuserve.com>
>
> WASHINGTON (Dow Jones), March 3 - Haiti, the poorest nation in the
Western
> Hemisphere, must dramatically improve management of its economy, the
> International Monetary Fund said Monday.
> The IMF "expressed deep concern about Haiti's worsening economic
> and social conditions, and in particular, the widening of the fiscal
> deficit, the accumulation of external arrears, and further increases in
> poverty," the IMF said in a press summary of its annual "Article IV"
review
> of the economy.
> Haiti's economy has worsened during the last two years, with
rising
> deficits financed mainly by the central bank and through accumulation of
> arrears. International reserves held by the central bank have declined
from
> efforts to support the currency, the gourde ($1=HTG41.00), which has
also
> fallen in value.
> "Political difficulties have deterred the authorities from
taking
> corrective measures aimed at stemming the loss in international
reserves,
> containing inflation, and promoting growth," the IMF said. Top
priorities
> for 2003 should be rebuilding central bank reserves, now at $45 million
or
> two weeks of imports, and containing inflation.
> The government needs to improve transparency and accountability
of
> its spending, the IMF said. The IMF "emphasized the importance of
> strengthening cash management by restricting the use of discretionary
> ministerial accounts."
> The IMF also recommended enhanced banking and credit
supervision,
> and action to privatize state-owned firms in the energy,
telecommunications
> and transportation sectors.
>
>
----- Original Message -----
From: "Bob Corbett" <corbetre@webster.edu>
To: "Haiti mailing list" <haiti@lists.webster.edu>
Sent: Friday, March 21, 2003 11:41 AM
Subject: 15201: (Chamberlain) IMF Criticizes Haiti For Poor Economic
Policies (fwd)
>
> From: Greg Chamberlain <GregChamberlain@compuserve.com>
>
> WASHINGTON (Dow Jones), March 3 - Haiti, the poorest nation in the
Western
> Hemisphere, must dramatically improve management of its economy, the
> International Monetary Fund said Monday.
> The IMF "expressed deep concern about Haiti's worsening economic
> and social conditions, and in particular, the widening of the fiscal
> deficit, the accumulation of external arrears, and further increases in
> poverty," the IMF said in a press summary of its annual "Article IV"
review
> of the economy.
> Haiti's economy has worsened during the last two years, with
rising
> deficits financed mainly by the central bank and through accumulation of
> arrears. International reserves held by the central bank have declined
from
> efforts to support the currency, the gourde ($1=HTG41.00), which has
also
> fallen in value.
> "Political difficulties have deterred the authorities from
taking
> corrective measures aimed at stemming the loss in international
reserves,
> containing inflation, and promoting growth," the IMF said. Top
priorities
> for 2003 should be rebuilding central bank reserves, now at $45 million
or
> two weeks of imports, and containing inflation.
> The government needs to improve transparency and accountability
of
> its spending, the IMF said. The IMF "emphasized the importance of
> strengthening cash management by restricting the use of discretionary
> ministerial accounts."
> The IMF also recommended enhanced banking and credit
supervision,
> and action to privatize state-owned firms in the energy,
telecommunications
> and transportation sectors.
>
>