Corina Cretu underlines importance of IMF programms adaptation to reality in beneficiary countries

Vice-president of the European Parliament (EP) Committee on Development (DEVE), Romanian EP deputy Corina Cretu underlined on Wednesday, in Brussels, on the occasion of a meeting with representatives of the International Monetary Fund (IMF), the importance of adapting this institution’s programmes and standards to reality in the countries benefiting of IMF financial assistance, the Romanian social-democrat delegation to the EP informs in a press release.

„IMF and the World Bank have the historical opportunity to bring a major contribution to the recovering from this current economic crisis, but only if they will continue the reform process already started.

The fact they failed to anticipate this crisis, a slow reaction in the first phase and absence from the beneficiaries’ list of IMF assistance of the worst hit countries by recession – just 1.6 percent of the aid funds during this crisis were allocated to the African continent – all these are aspects which should be taken into account when evaluating the activity of the international financial institutions”, stated Romanian MEP.

According to Corina Cretu, „We, in Romania and in other Eastern European countries, are fully aware what an agreement with IMF means and what severe obligations it incurs especially at the social level.

That is why I pleaded for an adaptation to reality in the beneficiary countries, otherwise we risk to see the benefits at the economic level being doubled by social injustice and domestic tensions which, unavoidably, will have consequences at the political level and, subsequently, at the economic one.
In my opinion, the risk of this vicious circle can and must be avoided.

And, in the case of the poorest countries in the world, the fact that they are excluded from the start from IMF assistance because they fail to fulfill the set criteria does nothing but amplify a disastrous domestic situation, followed by bloody conflicts, humanitarian tragedies and massive migration, for which, sooner or later, the developed countries are going to pay the costs”.

„This boomerang effect deserves more attention and I was assured that the signalled aspects will be discussed at the G20 meeting in Pittsburgh, at the end of this month and in October, in Istanbul, on the occasion of IMF and the World Bank (WB) annual meeting, I will attend as Board Member of the Parliamentary Network on the WB”, emphasized the Romanian MEP.

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