The IMF hearts Arab tyrants

"Less than two weeks ago, the International Monetary Fund’s executive board, its highest authority, assessed a North African country’s economy and commended its government for its “ambitious reform agenda.” The I.M.F. also welcomed its “strong macroeconomic performance and the progress on enhancing the role of the private sector,” and “encouraged” the authorities to continue on that promising path.  By unfortunate timing, that country was Libya. The fund’s mission to Tripoli had somehow omitted to check whether the “ambitious” reform agenda was based on any kind of popular support.  Libya is not an isolated case. And the I.M.F. doesn’t look good after it gave glowing reviews to many of the countries shaken by popular revolts in recent weeks. Tunisia was hailed last September for its “wide-ranging structural reforms” and “prudent macroeconomic management.”  Bahrain was credited in December with a “favorable near-term outlook” after the economy “managed the global crisis well.” Algeria’s “prudent macroeconomic policies” helped it to “build a sound financial position with a very low level of debt.” And in Cairo, the I.M.F. directors last April praised the authorities’ response to the crisis as well as their “sound macroeconomic management.”"  (thanks A.)