More Qaddafi Duckers: IMF Backed Qaddafi's "Ambitious Reform Agenda"
As recently as Feb. 9, the International Monetary Fund's executive board—its highest authority—praised Libya's economy and "commended" its government for its "ambitious reform agenda," when it concluded the so-called Article IV consultation with the Socialist People's Libyan Arab Jamahiriya.
They also "welcomed (its) strong macroeconomic performance and the progress on enhancing the role of the private sector," and "encouraged" the authorities to continue the good work.
Their press release, published on the IMF website, concluded that the "Directors encouraged the authorities to further advance structural reforms to support private sector development. They commended the authorities for their ambitious reform agenda, and looked forward to the effective implementation of the many important laws passed in the last year, complemented by policies aimed at adapting the labor force to the economic transformation."
As Reuters pointed out, Libya joins Tunisia, which the IMF hailed last September for its "wide-ranging structural reforms" and "prudent macroeconomic management."
Not forgetting Bahrain, an IMF report published in December praised that government with a "favorable near-term outlook" after the economy "managed the global crisis well." Algeria's "prudent macroeconomic policies pursued in the past (helped it) build a sound financial position with a very low level of debt." And last April the IMF directors "praised [the Egyptian] authorities' response to the crisis" as well as their "sound macroeconomic management."
In each of these cases of IMF praise, the named countries had effectively turned over their economies to European financial interests, through free trade zones where slave labor produced exclusively for export; through tax breaks for foreign investors, who were allowed to repatriate all their profits; and through other similar looting schemes. In fact, the New York Times, in covering the story, wails that these countries should not abandon the economic policies associated with the hated dictators:
"Citizens of the countries in question would be financially better off if their governments don't stray too far from the economic policies they have pursued in the past. But the toppling of unpopular regimes will make it difficult for their successors to adopt the same policies."
They also "welcomed (its) strong macroeconomic performance and the progress on enhancing the role of the private sector," and "encouraged" the authorities to continue the good work.
Their press release, published on the IMF website, concluded that the "Directors encouraged the authorities to further advance structural reforms to support private sector development. They commended the authorities for their ambitious reform agenda, and looked forward to the effective implementation of the many important laws passed in the last year, complemented by policies aimed at adapting the labor force to the economic transformation."
As Reuters pointed out, Libya joins Tunisia, which the IMF hailed last September for its "wide-ranging structural reforms" and "prudent macroeconomic management."
Not forgetting Bahrain, an IMF report published in December praised that government with a "favorable near-term outlook" after the economy "managed the global crisis well." Algeria's "prudent macroeconomic policies pursued in the past (helped it) build a sound financial position with a very low level of debt." And last April the IMF directors "praised [the Egyptian] authorities' response to the crisis" as well as their "sound macroeconomic management."
In each of these cases of IMF praise, the named countries had effectively turned over their economies to European financial interests, through free trade zones where slave labor produced exclusively for export; through tax breaks for foreign investors, who were allowed to repatriate all their profits; and through other similar looting schemes. In fact, the New York Times, in covering the story, wails that these countries should not abandon the economic policies associated with the hated dictators:
"Citizens of the countries in question would be financially better off if their governments don't stray too far from the economic policies they have pursued in the past. But the toppling of unpopular regimes will make it difficult for their successors to adopt the same policies."
