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About the Book The International Monetary Fund (IMF), which has been criticised for the rigid economic policy conditionalities attached to its lending programmes, says it now provides borrower states greater flexibility to adopt expansionary policies. Standing in the Way of Development? assesses this claim in the context of the IMF’s central role in dealing with the effects of the global financial crisis in low-income countries (LICs). This paper evaluates the general macroeconomic policy scheme promoted by the Fund and closely examines the nature of its engagement during the crisis in a representative sample of 13 LICs. The authors find that, despite some relaxation of policy restraints, the IMF essentially remains wedded to its longstanding prioritisation of price stability and low fiscal deficits over other macroeconomic goals. Such a policy stance, it is argued, could undermine not only LICs’ prospects for a quick recovery from the crisis but also their longer-term development outlook. In light of this, this paper outlines the broad contours of an alternative macroeconomic policy framework geared towards supporting long-run equitable growth and poverty reduction. Contents Foreword Executive summary 1 THE IMF: THE GREAT WINNER OF THE GLOBAL CRISIS 2 LICs AND THE ‘TWIN CRISES’: MISFORTUNES ALWAYS COME IN THREES
3 THE FUND’S RESPONSE TO THE CRISIS IN LICs 4 OLD HABITS DIE HARD: NEW FUND, SAME OLD POLICIES?
5 TOWARDS AN ALTERNATIVE MACROECONOMIC FRAMEWORK
6 CONCLUSION PRICE POSTAGE Malaysia RM11.00 RM1.00 Third World countries US$7.00 US$2.00 (air); US$1.00 (sea) Other foreign countries US$10.00 US$2.00 (air); US$1.00 (sea) (For orders of more than 3 copies, please write in for reduced postal rate) How to Order the Book Visit our TWN Online Bookshop or contact Third World Network at 131 Jalan Macalister, 10400 Penang, Malaysia. Tel: 604-2266159 Fax: 604-2264505 Email for further information.
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