http://www.study-aids.co.uk The IMF is facing a crisis of legitimacy. More and more doubt is being cast by the left wing elements in recipient countries towards the long term efficacy of borrowing from the IMF – a solution to their problems or a problem in itself? Their skepticism is not unwarranted. Has the IMF really helped the Third World repay its debts or just entrapped it in a vicious cycle of debt servicing? Many now believe the latter is true. The worsening economic growth statistics and social indicators in Third World debtor countries are indicative of the aggravation of their problems in lieu of stringent conditionality policies imposed by the Fund to make sure the loan is repaid later. ‘These policies are insensitive to the individual situations of developing countries, ideologically biased in the favor of free markets and against socialism, and tend to override national sovereignty’ (Williamson, xiii). How IMF likes to think of its policies is starkly different from ...
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