Article: Auditing the I.M.F. (hearings reveal Intl Monetary Fund's failure to ensure that loans promote economic prosperity and benefit average citizens)(Editorial)

"Why are you lying to the American people?" Walden Bello, an economist who chairs a political party in the Philippines, shouted at Timothy Geithner, an assistant secretary at the Treasury Department, in the hallway of the Rayburn. House Office Building. Geithner had just finished testifying in support of the International Monetary Fund. He had told 11 House banking subcommittee that the I.M.F. routinely consults with academics and people's groups in the countries that receive I.M.F. loans. Geithner's claim was that the I.M.F.--notorious for its restructuring demands that cause economies to contract and joblessness to expand--does act to insure that its loans benefit ...

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