ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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An Open Letter to the IMF

Ranjit Sau Dear IMF, YOUR Annual Report 1998* is a precious document. It opens aptly as follows; 'The Asian financial crisis that broke out in July 1997 in Thailand and its subsequent global reverberations, dominated the IMF's work in 1997-98, absorbing an unprecedented amount of time of the Executive Board, management, and staff". Furthermore: "The crisis whose global consequences continued after the end of the financial year [May-April] also prompted a record level of IMF lending in 1997-98, adding immediacy to the need to strengthen the financial resources of the institution to enable it to continue playing a fully effective role in the globalised world economy." You are correct to observe that this "crisis, which saw exchange rates and equity prices plunge dramatically, was one of the worst in the postwar period".

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