Multilateral institutions playing havoc with third world

Lahore : Policies of IMF, World Bank and other international financial institutions have not reduced miseries of the world but helped western national to plunder the wealth if the third world in a systematic manner, a business leader said Wednesday.

These institutions are involved in financial terrorism which is pushing developing countries to bankruptcy to achieve objectives of the wealthy western nations, he said.

Dozens of the poor countries are reeling under pressure despite getting hefty loans from IMF, World Bank, ADB and other institutions while the number of countries that have performed well is very little, said Atif Ikram Sheikh, former president ICCI.

He said that loans are provided to troubled countries which seldom help revive economy but put those under additional debt burden compelling them to sell their assets at throwaway prices.

Atif Ikram Sheikh said that IMF and other institutions are responsible for the miseries of many nations as it force countries to initiate layoffs, deregulation, social spending cuts, wage and pension freezes, unrestricted free market access for western corporations, tax increases for working class, crushing trade unions, ignoring human rights, squeeze middle class, and devalue currency.

He said that all 188 member countries have say in the IMF decision but on ground US and major EU economies call the shots which has increased poverty across the developing world.

The business leader said that releasing increasing frustration China has initiated $ 100 Asian Infrastructure Investment Bank but it is yet to play the role which was anticipated.