EnglishThe International Monetary Fund (FMI) claims that its programs, which involved increased resources, more flexible policy and the enforcement of reforms, helped emerging countries, in particular those of Eastern Europe, to withstand the effects of the current financial crisis, a report of the institution says.
In an analysis based on the programs unfolded in Armenia, Belarus, Bosnia-Herzegovina, Costa Rica, El Salvador, Georgia, Guatemala, Hungary, Iceland, Latvia, Mongolia, Pakistan, Romania, Serbia and Ukraine, the IMF says that the funding it provided allowed these states to recover from the worst crisis since 1930.
The report also states that Mexico, Poland and Columbia expressed interest in accessing funding, should their situation worsen.
The General Manager of the IMF, Dominique Strauss-Kahn, said: "This study shows that many of the severe disturbances which were specific to the previous crises were so far avoided or drastically reduced with the help of the IMF. Major challenges remain, in particular those pertaining to the resumption of sustainable growth of employment and production, but there are encouraging signs of stabilization".
The IMF intervened with funding to control the existing vulnerabilities, the deepening of the budget deficits and of the issues caused by the previous lending boom.
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