Sponsored Links
In a self-evaluatory report released Sunday, the International Monetary Fund said that its fund-supported programs helped emerging market countries weather the worst of the financial crisis.
Following the analysis of a group of 15 nations including Iceland, Pakistan, and a list of Eastern European and Central American countries, the IMF said a mix of "increased resources, policy flexibility, and more focused conditionality," has helped to support emerging economies hit by the global financial crisis.
The IMF said that it was "remarkable" that banking crises were avoided in emerging countries. The firm credited various pre-emptive measures, including liquidity provision and deposit insurance. Policy responses including an accommodative fiscal policy and avoidance of an abrupt tightening of the monetary policy were also highlighted as remedying factors.
"What this study tells us is that, with IMF support, many of the severe disruptions characteristic of past crises have so far been either avoided or sharply reduced," IMF Managing Director Dominique Strauss-Kahn said. "Serious challenges remain, especially restoring sustained growth in output and employment, but there are encouraging signs of stabilization."
Although the worst of the crisis is over, the firm warned that major challenges remain, including the timely unwinding of monetary stimulus, adjustment to external competitive factors and fixing bank balance sheets.
0 komentar:
Post a Comment