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“The IMF in many ways is like a medieval doctor where no matter what the ailment, you apply leeches and bleed the patient
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Discuss this assertion by stating whether you agree or disagree and provide reasons: "The IMF in many ways is like a medieval doctor where no matter what the ailment, you apply leeches and bleed the patient. My experience is that they are very successful in steering countries' resources toward paying debts to commercial banks, but they are disastrous in terms of the long-term economic health of these countries." John Cavanagh (1992) Before arguing about whether I agree or disagree with this statement, it would be interesting to begin with an explanation of what the IMF actually is. It is an international organization which was established for different purposes, like for exchange stability or for promoting economic growth. Its main objective was to provide financial help to "suffering" nations in order to relieve their balance of payments and increase their standard of living. Now that we have in...
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