Friday 21 July 2017

IMF has a point on fairness of Budget

THE letters I, M and F still strike fear in the hearts of many people across the world.

In Chile, the International Monetary Fund remains a synonym for evil and is chiefly remembered as an organisation that supported General Augusto Pinochet's torture squads. In the Far East, governments from Thailand to Indonesia still amass huge savings to ensure that economic collapse will not trigger another IMF bailout with all sorts of odious strings attached.

It is true that the IMF has changed. It is no longer in thrall to right-wing economists such as Milton Friedman but it could still not be described as anything approaching socialist.

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