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    Businessman lashes out against the IMF

    Anatolia News Agency
    23.04.2009 - 00:00 | Son Güncelleme:

    BURSA - The majority of countries that have signed loan deals with the International Monetary Fund, or IMF, and obeyed their programs have not been able to get back on their feet again, according to Bülent Parlamış, chairman of Parlamış Holding.

    "Since its foundation in 1946, the IMF has been launching programs for many countries and not many of them have been successful,"Parlamış said. To make his case further convincing, Parlamış counted some of the countries the IMF had deals with, including Argentina, Albania, Azerbaijan, Bangladesh, Ghana, the Dominican Republic, Bulgaria, Brazil, Indonesia, Romania and Pakistan.

    "Research conducted among countries that have implemented the IMF's Structural Accession Programs revealed that none of them have managed to display economic growth. On the contrary they fell into crises," Parlamış said. In a written statement, Parlamış said the economic crisis has caused a 23.5 percent contraction in private industry investments during the last quarter of the year.

    "It is hard to turn a blind eye to the changes that are taking effect in the world's economic structure," Parlamış said. "Even the United States, the fortress of capitalism, has been nationalizing its banks. Such an unexpected move from the U.S. sets an example of a more statist economic structure. In such a situation, efforts to revive the economy by increasing public spending should be praised."
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