Updates from the Managing Director

  [LOIMOU] Ocampo 1

[LA] Han 1  

Despite the worsening crises in Indonesia, Thailand, South Korea and Japan,  the IMF has been suspiciously absent throughout the course of these events May 1st, 1998 Japan is enduring a BOP crisis that has raised their debt-to-GDP to unbelievable heights. Indonesia has  suffered rapid capital outflows caused by corruption en masse and financial fraud facilitated by poor  banking regulations. Thailand, despite the months and months that have passed, is still under a 20% interest  rate that prevents consumers from loaning greatly. South Korea is still praying for an economic miracle to  resolve the high unemployment because of mass asset sell-offs.  Yet, no lending arrangements are being discussed by the IMF to alleviate these liquidity crises. The people  yearn from enfranchisement from poverty and despair, yet the international community does nothing. Vladimir Lenin once said, “There are decades where nothing happens; and there are weeks where decades...