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The recent announcement of a make-over and the admission by the International Monetary Fund of its faults for imposing invasive policy recommendations on developing countries that led to the financial crisis in Asia 1997-98 and in some parts of the world drew criticisms from a debt watchdog.

The Freedom from Debt Coalition stressed that the IMF has already lost its credibility and legitimacy, and the most rationale thing to do is to decommission the so-called “lender of last resort.”

“Asia is better off without the IMF. We believe that the IMF is still the arrogant ‘lender of last resort,’ only this time, this beast is using the sheep’s clothing. The IMF will only bring bad tidings in Asia as what it did during the debt crisis in 1980s and financial crisis in 1997-98,” said FDC president Walden Bello. - source: PDI

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