The US Department of Finance was criticized by the International Monetary Fund (IMF) when the Deputy Minister of Finance Brent Niman called for the need for reforms in the organization. His statement was an important signal that the United States seeks to change the IMF approaches in the light of new challenges facing the global economy.
US Deputy Minister of Finance Brent Niman, who is responsible for cooperation with the IMF, announced the IMF comments before the IMF and the World Bank.
Niman said that the Fund's programs are often based on the assurances of funding international creditors, but if funding is received, the organization often does not disclose details of delay and reasons.
Niman as an example gives programs in Argentina, Ecuador and Surinami. In Ecuador, the success of the program depended on China's funding, which did not give assurance for the long term. The Foundation did not directly name China, and in the documents only stated that the country was negotiating with the "main bilateral lender".
The official calls for the Fund to analyze more strictly the economic capacity of countries that have a stable economic situation and access to the IMF credit line, including Mexico that has a $ 90 billion line.
And in the field of economy supervision of the countries, the Fund provides less attention than necessary to international trade and course competition, which is especially visible in the example of China, says the official.
Niman's shareholders urge to change the tradition of voting "abstaining" instead of "no" to express his opposition to programs where there are problems.
The US has criticized the Foundation for sometimes the Fund continues to finance the program even when the borrower does not fulfill its terms, simply in order to pay the fund for debt. If the country does not reform, the fund must choose the debt, the official indicates.
The Fund also reduced the average volume of programs and rests with the co -financing of programs from other countries and institutions, which increases their impact on countries during the economic crisis.
Niman calls the Foundation to watch against funding that is not transparent and accessible. In countries where corruption, illegal activity, violence, IMF can be attached to the implementation of a particular program.
Ukraine and the IMF have reached an agreement on the fifth revision of the financing program for $ 15.6 billion. Schmigal also stated an IMF tranche of $ 1.1 billion in the near future.
