o The economist JosephStiglitz, criticizing the more monetar ist approach of the IMF,saying the IMF
"was not participating ina conspiracy,but it was reflecting the interests and ideology of the
Western financial community.·
• ./ Damag ing the sovereignty of the country
o The Thai government, reducing its fiscaldeficit despite a very fragile recovery
o Indonesia opening its retailtrade to foreign investors despite the consequences of
higher unemployment
Case studies show that the IMF bailout is not the path to economic stability but instead a
guarantee of failure
• ./ Tanzania
• ./ Pakistan
Way forward
• ./ To restructure the economy through an institutional change
• ./ To make countries aware that self-help is more reliable than IMF bailouts