No need to fear IMF aid<\/p>\n
The government's decision to ask for foreign assistance,
\nparticularly from the International Monetary Fund (IMF), in its
\nefforts to overcome the present currency crisis has invited many
\nreactions. On one side of the extreme are those who are nervous
\nabout the prospect, while on the other end, people are feeling
\nutterly relieved.<\/p>\n
Those who feel uneasy are mostly influenced by reports of past
\nIMF practices in helping developing countries to stabilize their
\ntroubled economies. Usually such information originates from
\nbooks written by left-leaning economists. This is not to say that
\nsuch writings, though loaded with ideological messages, are
\nentirely devoid of facts. The IMF's program of structural
\nadjustment, which it imposed on a number of Latin American
\ncountries, did indeed affect the poor in a negative manner
\nbecause of its tendency to reject all kinds of subsidies,
\nincluding those that benefited the poor.<\/p>\n
Those who welcome IMF aid are usually conservative supporters
\nof the free market idea who believe that every country must
\nmaintain a high degree of fiscal and monetary discipline. These
\npeople are highly critical of government subsidies since they
\nsuspect that instead of benefiting the poor, those subsidies tend
\nto benefit those who do not deserve to be subsidized. These
\nsuspicions, too, are not entirely lacking in supporting facts.<\/p>\n
Indonesia, which for almost a quarter of a century has not
\napplied for IMF assistance, can indeed be proud of the fact that
\nit is regarded as a "good boy" by this global financial
\ninstitution. Nevertheless, the fact that this country is now
\ncompelled to ask for assistance from this particular "slave
\ndriver" should open our eyes to the reality that some soul-
\nsearching and introspection on our part is in order. The problem
\nis that, of late, we have become lax in maintaining our sense of
\ndiscipline in preparing our economy for the coming era of global
\ncompetition.<\/p>\n
Indonesia very well knows what must be done to put its economy
\nin order. The problem is that various vested interests are
\npulling us from committing ourselves fully to the task that is to
\nbe done. Viewed in this perspective, it is perhaps right to say
\nthat we do need the IMF's whip to put us back on the right track.<\/p>\n
-- Media Indonesia, Jakarta<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/no-need-to-fear-imf-aid-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }