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Article: The wolf at the door. (Soviet Union asking for assistance from the International Monetary Fund)
- Article from:
- The Economist (US)
- Article date:
- August 3, 1991
CopyrightCOPYRIGHT 1991 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Soviet Union has long seen the IMF as a neo-imperialist tool. Now it is knocking on the IMF's door. Why are rich countries reluctant to let it in?
ONLY a week before George Bush went to Moscow for his summit meeting with Mikhail Gorbachev, the Soviet Union applied to the International Monetary Fund (IMF) for full membership. Mr Bush was miffed, since only a week earlier at the G7 economic summit in London Mr Gorbachev was specifically offered not full membership, but associate status-ie, advice on company law, accounting and exchange-rate policy, but no access to cash. The application reflects, perhaps, Mr Gorbachev's frustration-and the criticism he faces ...