IMF audit teams slams the IMF for giving nation’s bad advice.

While the PNP and its many apologist including those up at UWI are hugging up the IMF policies and suggesting their are no alternatives, the IMF owns internal; audit team has slammed the fund for giving countries bad advice.

Many including myself have questions the advice of the IMF and has repeatedly asked, where is the growth agenda, when will that kick in, but two years into the deal no such plan.

We continue to boast about passing IMF test, but just recently a member of the oversight committee of the IMF program has questioned on aspect of the targets set and has suggested to the GOJ to seek a review of the primary surplus target as a % of GDP ( 7.5%).

Mr Ralton Hyman, said unless there is some change here the social infrastructure of the country is likely to deteriorate further and civil unrest is a distinct possibility.

Dr Damion (Book economist) King has rubbished  Mr Hyman’s position and has suggested that the target be maintained and the GOJ fo what is necessary to meet those targets.

Well based on the recently released IMF internal audit, it seems the one without the doctorate is correct on this one.

So what really did the audit team say:

IMF’s push for austerity was wrong, says fund’s internal auditor

The International Monetary Fund’s internal auditor has blasted the fund for endorsing budget belt-tightening in the world’s largest economies too early in the global recovery, saying the policy advice exacerbated the world’s economic woes.

“The call for fiscal consolidation proved to be premature, as the recovery turned out to be modest in most advanced economies and short-lived in many European countries,” the IMF’s Independent Evaluation Office said in a report reviewing the fund’s response to the global financial crisis.

Jamaica is moving full speed ahead with the program and were few are asking questions. Can anyone recall the many questions I asked, well here is that post.


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