Guest post by A.H.Kalwar of Pakistion Blog
Russia is the largest borrower from the International Monetary Fund (IMF). The initial objective and promises by IMF were to quickly bail Russia out of an economic crises, and throw it back on track. Today Russia’s debts to the IMF are so big that the only way to ensure repayment is to keep borrowing more. This summer alone $4.5bn have been borrowed entirely for minimum repayment of previous IMF loans.
A brief look at institution’s like the World Bank and IMF rings loud bells. The constant failures of such institutions have elevated poverty, widened the wealth gap, while corporate profits sore. The joint economic comity of the U.S. congress admitted that there is a mire 40% success rate of the World Bank. Even that is an exaggeration.