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Saturday, September 26, 1998

IMF assails US for linking payment of dues to other issues 

PRESS TRUST OF INDIA  
Washington, Sept 25: The International Monetary Fund (IMF) has assailed the US congress for attempting to impose certain conditions on the funding agency in return for paying up its accumulated dues.

Congress had sought a free run on all IMF books in return for voting the 18 billion dollars pledged by the US for IMF's new arrangements to borrow and expanding its capital.

Newspapers here quoted IMF officials as saying that US must pay up its contribution. No country is entitled to impose conditions. ``We are living under articles of agreement to which all countries have subscribed.''

The officials said encouraging conditionalities from one country would positively result in others following suit and a time would come when IMF would have a host of conditions, many of which would be contradictory to each other.

On the mounting criticism of IMF in congress, officials said it was up to the US treasury secretary to convince them about the work and role of the multilateral funding agency.

Referring to thespecific demand from congress that all IMF books should be open to inspection, the officials said the fund has always maintained open books except in cases where a member nation sought confidentiality during consultations.

If all IMF books are opened, there would come a time when all that a country tells the fund during negotiations would be made public the very next day.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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