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IMF’s Policy InvolvementRunning head: IMF POLICY INVOLVEMENT IN THE DEVELOPING COUNTRIESInternational Monetary Fund’s (IMF) Policy Involvement in the Developing Countries Should beImmediately Revised.Maas Riyaz MalikInternational Islamic UniversityMalaysia1
IMF’s Policy InvolvementAbstractDuring the last two decades, the focus of IMF involvement in the developing world, andespecially in the low income countries, has shifted. IMF involvement became more long term,but also oriented toward policy reform, rather only assisting with a macroeconomic crisis. Thispaper explores the deficiencies in IMF policy prescription and implementation in the developingcountries. The information were collected using a library research where books, journals, articlesand online resources were used. The paper further clarifies reasons behind the failure ofstructural adjustment programs and the danger of neo liberal based economic policies imposedon low-income countries. The research concludes IMF’s enormous financial and political powershould be used in the betterment of people in the developing nations.2
IMF’s Policy InvolvementContents1.Title page12.Abstract23.Contents34.Introduction4-55.Argumentation5.1. Mismanaged lending and debt crisis in the developing countries6-75.2. Undemocratic bureaucracy and lack oftransparency in the administration8 -105.3. Counter Argument and Refutation11-135.4. Violation of Islamic economic principles146.Conclusion15-167.References17-183
IMF’s Policy Involvement4.IntroductionCapitalism has been international in scope since the man went out to discover the world500 years ago. Since then, this economic system has gained the confidence of people and roseupon suppressing other economic models. The latest model of capitalism subscribes to the notionof globalism enabling long distance interchange among economies. What is this thing calledglobalization? Definition of the term is still being contested. Scholars have given number ofdefinitions to the globalization and yet a common explanation is to be reached. Writer Peet(2003) outlines two consistently related themes of globalization “global space is effectivelygetting smaller (‘compressed’) in terms, for instance, of the time taken for people, objects andimages to traverse physical distance; as a result, social interactions are increasing across spacesthat once confined economies and cultures”(p.1).However, behind this optimistic statement lurks the possibility of something different. Itis basically a manipulated process that forced on the countries around the globe. The perpetratorsor engineers of the globalization have dominated and ultimately manipulated a world ofconsumers (Peet, 2003). Allegedly, International Monetary Fund (IMF) and World Bank are thetwo dominant governance institutions and prominent advocates of globalization. The activities ofthese organizations around the world, particularly in the developing world should be closely

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Term
Spring
Professor
BARKLEY
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