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Strategies & Market Trends : Asia Forum
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To: Dayuhan who wrote (6559)9/21/1998 9:30:00 PM
From: Jay Scott  Read Replies (1) of 9980
 
Steven, the mainstream media is starting to pay greater attention to the abuses that you mentioned. I saw earlier today a report from an auditor in Russia claiming that potentially billions of dollars had been wasted or fraudulently misappropriated from the IMF funds. I can't find the link, otherwise I'd post it.

If stories such as this continue to appear in the press, especially in the U.S., continued IMF funding will become a major political minefield for the Clinton administration. I would imagine that the Philippine taxpayers would not appreciate reading such stories either, if their debt service is as burdensome as you report.

Bottom line...I would not hold such a personal animosity toward IMF policies and bailouts if I could be convinced that out of every billion dollars in emergency funding, the majority of it did not seem to replenish the coffers of Western banks, with the remaining amounts disappearing through fraud and corruption.

JS
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