Funferal

IMF admits guilt

Sometimes people try to kill bad news. I subscribe to InterWorldRadio‘s daily news bulletin, and they have a piece about a new IMF report that has been well-timed:

The International Monetary Fund has admitted its policies may harm developing countries. A report by the IMF’s chief economist says opening up developing countries’ financial markets – a policy long promoted by the IMF – has been accompanied “by increased vulnerability to crises”. The report goes on to say that there is “little evidence” that its policies on liberalisation encourage economic growth in poor countries. Some commentators have accused the IMF of releasing the report, which admits what critics have been saying for many years, at a time when the world’s attention is focused on Iraq.

By the way, for those involved in radio, IWR provides a good service, with daily headlines (though there are occasional problems with these, due mainly to tight staffing and technical difficulties) and documentary features. I’ve had some contact with the people running it, as they’ve done research on what users want, and they seem dedicated to providing a good (free!) service.
Wonder if anyone else will carry the story?