ABOLISH THE IMF

Now its capital has been replenished, the fund should be split up. The White House and Congress recently agreed a US18.000 millions funding for the International Monetary Fund. The IMF needs additional resources now, to help countries such as Brazil and Argentina withstand financial turmoil. But the reforms of IMF procedures being discussed as part of this package are clearly insufficient, and will not help avert future global crises. Under my proposal the IMF would be replaced by three specialised institutions. The first would be a Global Information Agency, whose only role would be to provide timely and uncensored information on countries' financial health. The second institution, the Contingent Global Financial Facility would help prevent crises, by playing an active role in the world financial system, rather than a reactive one, as the IMF currently does. The third institution, call it the Global Restructuring Agency would be in charge of 'clean up' and would deal with those countries that run into a crisis.