Under IMF jurisdiction, the same “menu” of budgetary austerity, devalua- tion, trade liberalization and privatization is applied simultaneously in more than 150 indebted countries. Debtor nations forego economic sover- eignty and control over fiscal and monetary policy, the Central Bank and the Ministry of Finance are reorganized (often with the complicity of the local bureaucracies), state institutions are undone and an “economic tute- lage” is installed. A “parallel government”, which bypasses civil society, is established by the international financial institutions (IFIs). Countries which do not conform to the IMF’s “performance targets” are blacklisted. Syed Saqib Mumtaz Kpk: From Globalization of Poverty by Michel Choudassky
Posted on: Sat, 01 Feb 2014 10:21:50 +0000
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