Posted by: r.m. | February 24, 2011

IMF and dictatorships

I showed the excellent documentary “Life and Debt” today at the university.  Based on the comments I received, students were either saddened or outraged.

[If you haven’t seen the documentary, I strongly recommend it.]

And today, there is this post on As’ad Abu Khalil’s angryarab blog

“Less than two weeks ago, the International Monetary Fund’s executive board, its highest authority, assessed a North African country’s economy and commended its government for its “ambitious reform agenda.” The I.M.F. also welcomed its “strong macroeconomic performance and the progress on enhancing the role of the private sector,” and “encouraged” the authorities to continue on that promising path.  By unfortunate timing, that country was Libya. The fund’s mission to Tripoli had somehow omitted to check whether the “ambitious” reform agenda was based on any kind of popular support.  Libya is not an isolated case. And the I.M.F. doesn’t look good after it gave glowing reviews to many of the countries shaken by popular revolts in recent weeks. Tunisia was hailed last September for its “wide-ranging structural reforms” and “prudent macroeconomic management.”  Bahrain was credited in December with a “favorable near-term outlook” after the economy “managed the global crisis well.” Algeria’s “prudent macroeconomic policies” helped it to “build a sound financial position with a very low level of debt.” And in Cairo, the I.M.F. directors last April praised the authorities’ response to the crisis as well as their “sound macroeconomic management.””

The IMF works – successfully – on increasing their control of developing countries’ economies, and, through its destructive-economic policies, increasing the level of poverty in those countries. Therefore, it is not surprising that in those countries [listed above] that the IMF declared to be “sound” – and thus lacking sovereignty over their economies – people are standing up and resisting and protesting.

As one farmer said in the documentary, Life and Debt, the IMF works on “fattening a few people at the expense of a whole culture.”

The big question, though, is: will the people be able to shake off the reigns of the destructive economic policies that force their countries to become importers and not producers or exporters, will the people be able to free themselves from the dictatorial economic policies?

Getting rid of political dictatorships is only one step. One beautiful, brave, inspiring step. But still – one step towards a real liberation.




    “The revolt in the Arab world is against not merely a resident dictator, but a worldwide economic tyranny, designed by the US Treasury and imposed by the US Agency for International Development, the IMF and the World Bank, which have ensured that rich countries such as Egypt are reduced to vast sweatshops, with 40 per cent of the population earning less than $2 a day. The people’s triumph in Cairo was the first blow against what Benito Mussolini called corporatism, a word that appears in his definition of fascism.”

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s


%d bloggers like this: