April 24, 2009
The IMF and World Bank were super-noisy this week.
Is this play money like in Monopoly? First, earlier this week, The International Monetary Fund, as it prepared to have its annual meeting with the World Bank this weekend in DC, said that American financial institutions might lose $2.7 trillion, as part of the expected worldwide loss of over $4 trillion. Then, IMF top advisers said they wanted to aid all ailing countries (WSJ). Next, the World Bank said it wants to give extra infrastructure money to poorer nations in the amount of $45 billion (AP). Finally, the IMF Managing Director said he wants "speedy bank reform" (BBC News).
It's wonderful that the IMF-WB have the resources, clout and support from Congress and G-20 nations to do all this great "stuff"--because WAC? was certain before this week that they did not. It's true that at the G-20 summit earlier this month, delegates agreed to quadruple IMF funds to $1 trillion. But does anyone expect those nations to affirm that "decision" and deliver in short order?
Posted by Holden Oliver (Kitzbühel Desk) at April 24, 2009 11:36 PM