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Major Powers 'Pressure IMF to Distort Data'
02-12-2009, 06:53 AM,
Major Powers 'Pressure IMF to Distort Data'
Corporate Take Over

Major Powers 'Pressure IMF to Distort Data'
Published on 02-11-2009 Email To Friend Print Version

Source: Day Life

An official in the British government claims that reports made by the International Monetary Fund are being distorted due to pressure tactics by the world's big powers. Adair Turner, chairman of England's Financial Services Authority, told the Financial Times newspaper that one of the problems with the IMF is that the world's big powers have used their diplomatic clout to tone down the fund's reports focusing on their economies.

Lord Turner cited the United States as an example, saying the IMF has yet to issue a report on the U.S. economy because the U.S. government did not want such a report to be released. It refused to participate in the IMF's financial sector assessment program, agreeing to take part starting in 2006. The results of that evaluation are not due until at least 2010.

According to an IMF staffer, the British government is another power that is notorious for either exerting its influence in the fund's economic evaluations or ignoring its warnings about fiscal deficits. Some emerging economies also refuse to be supervised by the IMF. China is a key example. The IMF's board has not discussed China's economy since 2006. The FT says this is based on the IMF's awareness of controversy between China and the fund's member nations over Beijing's handling of its currency.

The IMF has yet to respond to Turner's claims. But ahead of the G20 summit in London in April, it is facing greater pressure than ever to strengthen its supervisory system.

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