IMF issues Malta report, looks forward to productivity gains

Joe Micallef

Sep 15th 2009, 10:43

I am continuously alarmed by the persevering longing to socialism, a system where the very few exponentially benefit more than other supposedly equals – and usually these very few are the proponents.

Any system at its extremes is evil, socialism and capitalism are such extremes. The only point in favour of capitalism, if there could be one, is that you are told that you need to work for survival rather than being forcibly taken on a distorted perception ride all of your life.

Globalisation can be the solution to many world problems – the actors ranging from capitalists to socialists are interpreting it wrongly.

Muscat.Pat

Sep 15th 2009, 09:03

I have nothing against foreign investment; indeed it is as essential part of our strategy to survive the modern ever changing world of business. However, this little and tiny island cannot continue to dream and think like a continent! Free trade and foreign investment is a must, but these must have strings attached. Mr Zahra, former chairman of BOV, showed the way forward when he resigned form BOV because he did not agree that BOV should be under the absolute control of foreign business. It was too important for us to sell! He did this because he thinks like a professional and sees long term. Like wise, the Airport Terminal-the only one I repeat-was given in an up and running state to foreign and some local minority share holders. The building was new, the know-how already there, and the employees were second to none. And now our government is subsidising lowcost airlines , and we all know the reason why! And yes there was a lot of changes, especially with the coffee, where the price went UP by an astronomical amount, and the taste dived DOWN, indeed it crash landed!

C Flores

Sep 15th 2009, 00:00

I suggest you to read Globalisation and its discontents, by Joseph Stiglitz, to realise what the IMF's role is nowadays. The idea of setting up the IMF was to help developing countries by stimulating demand, which were short of capital. The measures imposed on these countries following the loans, is far from stimulating demand, which goes back to Keynes times. I bet Keynes is rolling up in his grave, due to the IMF's role today.

Michael Bartolo

Sep 14th 2009, 22:26

IMF reports like that of Malta are considered useful and usually objective. Its role in developing countries is another matter. IMF was also considered as part of the problem in the present financial crisis to the extent that PM Brown, President Sarkozy and others called for a general overhaul of the Institution. What is happening to this proposed overhaul? Is it being forgotten like some of the proposed new regulatory financial mechanism in the US which some think may only delay rather than prevent another financial crisis. Michael Bartolo

David Pisani

Sep 14th 2009, 21:46

International Monetary Fund favours neoliberalism and is against a social Europe and social justice.

It would be good if the IMF issue a report on her role in the developing countries.

http://www.essentialaction.org/imf/worldbank_report/IDA_FINAL_REPORT.pdf
"Public services in developing countries has been replaced by privatisations. Many of these services were previously provided for free or at nominal cost. The idea of charging user fees has been aggressively promoted by the World Bank and International Monetary Fund (IMF), and the fees have often been a condition for new loans and debt relief. In many of the world’s impoverished countries, the imposition of user fees for basic education and health care has locked the poorest people out. User fees have led to increased illness, suffering and death when people cannot pay for health services, and decreased school enrollments when poor families can not afford to send children to school: