IMF warns Ukraine to tackle corruption or bailout stops

[webfact]

IMF warns Ukraine to tackle corruption or bailout stops



NEW YORK: -- The International Monetary Fund has warned Ukraine that it will block its $40bn bailout programme if Kyiv fails to confront crippling corruption.

The IMF’s managing director, Christine Lagarde, said “Without a substantial new effort to invigorate governance reforms and fight corruption, it is hard to see how the IMF-supported programme can continue and be successful.”

The shot across the bows comes one week after the country’s economy minister Aivaras Abromavivius resigned.

The reform minded Abromavivius, much admired in Europe and the US, said “My team and I have no desire to be a screen for brazen corruption or puppets for people who want to take control over state funds in the style of the old government.”

The Ukraine economy is contracting at an annual rate of more than 7 percent and IMF cash has prevented a collapse in manufacturing output.

The IMF has held back $1.7bn since October amid fears the money will end up in the pockets of corrupt officials.


-- (c) Copyright Euronews 2016-02-11

[craigt3365]

The oligarchs running Ukraine are massively corrupt. Good on the UN for this warning.

[SgtRock]

Every Country in the World has corruption. Just different ways of being corrupt.

As long as that corruption is the correct kind.

When is your Court Case due to start Lagarde ?

[Ulic]

So as usual, they get rid of one corrupt government and replace it with another. Funny

when you chase out a democratically elected government that leans toward Russia

for being corrupt, the West supports the action. The west supports democracy only

when it leans its way. Corruption, the one constant with these countries.

[craigt3365]

So as usual, they get rid of one corrupt government and replace it with another. Funny

when you chase out a democratically elected government that leans toward Russia

for being corrupt, the West supports the action. The west supports democracy only

when it leans its way. Corruption, the one constant with these countries.

So you are saying there was no voter fraud in the previous elections? 100% democratic? And no corruption by the Putin designated candidate?

Seems to be it was a popular uprising. By the people of Ukraine. The same ones who supposedly voted him into power. LOL

[humqdpf]

So as usual, they get rid of one corrupt government and replace it with another. Funny

when you chase out a democratically elected government that leans toward Russia

for being corrupt, the West supports the action. The west supports democracy only

when it leans its way. Corruption, the one constant with these countries.

If you think that the original regime in Ukraine really received the largest number of real votes or that is was not hugely corrupt (they created the original cleptocracy among the government departments), then I have a number of second hand cars that I can interest you in on the understanding that you never look under the hood. I also have a number of pigs in sacks that you can buy for a very good price as long as you never look into the sack.

[arjunadawn]

Yes, always at first glance we seem to be glad IMF & Company put their foot down, denounce corruption, insist on austerity, etc. Look closer. IMF follows a formula, a predictable path that rapes nations, holds hostage precious metals, leverages posterity, all to pay for the fiat money loaned to nations to solve problems that they also created. "Confessions of an Economic Hitman" is only one late sensational expose of how IMF et al rape nations. It makes no difference whether Ukraine has corruption. The IMF is the corruption.

[craigt3365]

Yes, always at first glance we seem to be glad IMF & Company put their foot down, denounce corruption, insist on austerity, etc. Look closer. IMF follows a formula, a predictable path that rapes nations, holds hostage precious metals, leverages posterity, all to pay for the fiat money loaned to nations to solve problems that they also created. "Confessions of an Economic Hitman" is only one late sensational expose of how IMF et al rape nations. It makes no difference whether Ukraine has corruption. The IMF is the corruption.

LOL.

https://en.wikipedia.org/wiki/Confessions_of_an_Economic_Hit_Man

Columnist Sebastian Mallaby of The Washington Post reacted sharply to Perkins' book:^[6]"This man is a frothing conspiracy theorist, a vainglorious peddler of nonsense, and yet his book, Confessions of an Economic Hit Man, is a runaway bestseller." Mallaby, who spent 13 years writing for the London Economist and wrote a critically well-received biography of World Bank chief James Wolfensohn,^[7] holds that Perkins' conception of international finance is "largely a dream" and that his "basic contentions are flat wrong".^[6] For instance he points out that Indonesia reduced its infant mortality and illiteracy rates by two-thirds after economists persuaded its leaders to borrow money in 1970. He also disputes Perkins' claim that 51 of the top 100 world economies belong to companies.^[8] A value-added comparison done by the UN, he says, shows the number to be 29.^[9]

But yes, many do love conspiracy theories. Especially when involving the CIA, World Bank, IMF, etc. LOL

[arjunadawn]

Wow, rarely have I seen rebuttals that evidence such sleight of hand (not you, Mallaby). I don't care if the book is fiction or not, his rebuttal alone evidences fallacy and the book references earlier research I recall from years ago. When such fiction comports so well with a plethora of points there is correlation.

No one says infant mortality will not improve, various indexes rise,etc. Absolutely no relation to his objection. The avowed goal of IMF is to accomplish such things. But this is clearly not its sole aim. Conspiracy? What's wrong with people that things they are unfamiliar with they conclude must be conspiracy. What conspiracy? How foolish.

Long before that book was out it was obvious the tiered requirements for IMF loans, payback, etc. had mechanisms built in that were 1. coercive, 2. austere, and actually required 3. leveraging natural resources conditionally (and always gold). Look more closely to the IMF policies, history before you throw some apologist into the mix as a rebuttal to the underlying point. The IMF could never exist unless it has fruit associated with its actions- so things improve in some places. However, it has absolutely raped developing nations. One should be quite curious that Bretton Woods pretty much dissolved the intrinsic value of money by uncoupling gold yet their other child, the IMF, is the largest harvester or national gold assets on earth. The IMF and Gold is synonymous.