International Monetary Fund and long term economic health

... "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." Thesis proposed above concerns the effects of IMF policies in attempting to achieve economic growth and development. This study will attempt to justify the above statement. But first of all it might be appropriate to briefly describe what IMF is and its role in the world. As the official web site describes it, the role of International Monetary Fund is to 'foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment'. This is achieved through economic policies. We shall firstly look

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