The recalcitrant IMF funds Honduras

8 Sep

The IMF keeps saying that it is ‘changing’ though it apparently has not.

According to Weisbrot, the financial institution has loaned $150 million dollars with another another $13.8 million (by tomorrow) to the current Honduran government that gained power through a coup that was universally condemned.

Furthermore, in the commentary, the IMF argued that this loan is a loan package that is based on member countries proportional share ‘regardless of governance’. Weibrot argues ‘it [still] doesn’t resolve the question as to whom the funds should be disbursed to, in the case of a non-recognised, illegitimate government that has seized power by force’. He recommends suspending the aid ‘until some kind of determination could be made, rather than simply acting as though there were no question about the legitimacy of the coup government’.

But if there is any proof that the IMF is still the wolf in the sheep skin, it is this: it cuts off  funds with the democratically elected government of President Zelaya (Honduras) last November when the former did not agree with the country’s economic policies.

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