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IMF, World Bank Face Irrelevance [Washington Post]
May 11, 2007
Senior fellow Liliana Rojas-Suarez was quoted in this Washington Post article about the decreasing role of the International Monetary Fund and the World Bank in Latin American countries.
From the article:
Unfortunately, there are few signs that the bank and the IMF are listening. If anything, the current good health of the global economy appears to be feeding a "sense of complacency," according to Liliana Rojas-Suarez, a former IMF official now with the Washington-based Center for Global Development. While "good times are the best times for planning" for crises, she added, the IMF is "putting off very important decisions, despite the fact that (it is) losing relevance."
Structural reform aside, the IMF needs significant strategic change. The Latin American Shadow Financial Regulatory Committee, a group of former Latin American economic and finance ministers chaired by Rojas-Suarez, articulated several proposals last month -- including better preparation for international financial crises, which the committee warned could be particularly devastating in Latin America. In that regard, they believe the IMF must focus exclusively on financial issues and develop a new facility that could serve as a way of gaining quick access to credit in case another international crisis breaks.