Word: imf
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...ties between Europe and six former Soviet states. Lukashenko's travel ban to Europe - issued after his 2006 re-election, which the U.S. and the E.U. maintain was rigged - has been lifted. And Belarus secured an additional $1 billion on a $2.4 billion loan from the International Monetary Fund (IMF) after Russia canceled its final $500 million installment. (See pictures of Russia celebrating Victory...
...warnings, echoed by prominent economists, were heeded. At the London summit, the rich nations, wrangled by U.S. Treasury Secretary Tim Geithner, decided to triple the IMF's resources to $750 billion. After nearly a decade on the sidelines, it was suddenly a player again. "The IMF is back," crowed IMF managing director Dominique Strauss-Kahn. Boutros-Ghali is more cautious: "Now we need to make sure the money shows up, that it wasn't just pious words." (See pictures of the global financial crisis...
...current crisis, the IMF faces a familiar dilemma: Should borrowers be required to undertake wholesale reforms in order to win loans? In the past the IMF has imposed tough conditions on borrowers, requiring them to prioritize economic and financial reforms ahead of political and social considerations. It's an issue that must be addressed anew, says Boutros-Ghali. "You want a minimum set of policies to make sure things don't get worse," he says. "[But] do we tell them to adjust right now, when it's most difficult? Or do we just give them the money...
...policymaking committee's other critical task is to reform the IMF itself. Its 24-member executive board is dominated by Western nations, and doesn't take into account the rise of new powers like Brazil, Russia, India and China - the "BRIC" nations. Under a complex system of voting rights, Italy has greater clout than Russia or India. "Belgium and the Netherlands have one seat each, the same as Brazil, which is totally absurd," says Cornell's Prasad...
...problem is that it will slow job creation, and we can't afford that," Boutros-Ghali says. But, he adds, there's no reason to panic just yet: "We have a comfortable balance of payments and reserves." With a little luck, Egypt may escape the "pointy end" of the IMF's policies this time...