Word: imf
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This dragged-out mess, though, is a distraction. The bigger issue is that the Washington-based bank and its sister organization, the International Monetary Fund (IMF), are struggling to justify their continued existence...
...situation is most pressing for the smaller IMF, which pays its bills with the profits it makes lending money to middle-income countries in financial trouble. With hardly any such countries in trouble these days, the organization is projecting a $224 million deficit for this fiscal year and asking its member nations if it can start selling off some of the gold they deposited with it after World War II (the answer...
...Others argue that the global economy is now better able to withstand potential shocks such as slower Chinese growth because it's more flexible and healthier, and because interest rates around the globe are relatively low. Kenneth Rogoff, a Harvard professor and former chief economist at the IMF, believes Asia is not immune to a sharp U.S. slowdown, although he says Europe may be better insulated because of its big internal market, which now covers 490 million people. But he also points out that, until the early 1990s, Japan was a vital source of global growth that virtually disappeared during...
...country also harbors a hardy strain of entrepreneurs like Dayani who have sparked an economic revival of sorts. Afghanistan's average annual per capita income has almost doubled from $180 in 2002 to $355 this year, according to the International Monetary Fund. The IMF also estimates the economy grew 17% in 2006, and it's projected to grow 11.7% in 2007. In Kabul, the capital, new shops open every day, and construction is altering the city's low-rise skyline, which not long ago consisted mainly of bombed-out buildings. More than 1.5 million Afghans own mobile phones, six independent...
...Finally, for the IMF to be seen by all its members as a legitimate place for multilateral dialogue, and for them to trust the fund as a lender, members must feel adequately represented. A central focus of reform today is the restructuring of voting power to better reflect changes in economic importance, as well as to give small poor countries more of a say. This is no easy task. A gain for some will mean a loss for others. But if reforms enacted in Singapore bolster confidence in the IMF, everybody wins?and future anniversaries should be happy affairs...