A Checklist of IMF Reforms

conference committee with the Senate to iron out the differences. There already are indications that some Senators feel the Senate version of the IMF is too lenient. As such, some Senators may be introducing new legislation requiring the IMF to make reforms, possibly from the list above. If this happens, conferees wishing to impose strict requirements on the IMF will be in a stronger position. Then there is the question of a Presidential veto. Will Clinton be forced to swallow a bill with strict IMF requirement in order to get the full $18 billion? Or will he veto the measure because he finds it unpalatable? Stay tuned.

[The opinions written here are solely those of the author]

ENDNOTES:

1) For details on the Senate bill, see Brett D. Schaefer, "How Congress Should Reform the International Monetary Fund," Heritage Foundation Backgrounder No. 1167, April 3, 1998.

2) Patricia A. Wertman and Pamela Hairston, "The IMF and 'Voice and Vote' Amendments: A Compilation," Congressional Research Service, Economics Division, April 15, 1998.

3) Testimony of Karen Lissakers, U.S. Executive Director to the IMF, Hearing on the International Monetary Fund (IMF), before the General Oversight subcommittee of the Banking and Financial Services Committee, U.S. House of Representatives, April 21, 1998.

4) The current U.S. Executive Director of the IMF, Karen Lissakers, has testified before Congress only once despite serving as U.S. Executive Director for nearly four years. As a result, Congress has limited understanding of the IMF and its practices and is restricted in effectively representing the interests of its constituents.

5) International Monetary Fund, "The IMF at a Glance," April 1998, at: http://www.imf.org/external/np/exr/facts... Even the most creditworthy nations cannot receive such interest rates on the private financial markets. For example, the United States must pay around 5.5 percent on government bonds of similar maturity.

6) See "IMF Financing: A Review of the Issues," The Joint Economic Committee, U.N. House of Representatives, at http://www.house.gov/jec/imf/imf.htm; Former Governor of the Federal Reserve Lawrence B Linsey, "The Benefits of Bankruptcy," The Weekly Standard, January 12, 1998, pp. 24-8; James K. Glassman of the American Enterprise Institute, "Who needs the IMF?" The Washington Post, December 9, 1998; Former Treasury Secretary William E. Simon, former Secretary of State, George P. Schultz, and former Citibank/Citicorp CEO Walter B. Wristen in "Who Needs the IMF?" The Wall Street Journal, February 3, 1998, p. A22; George Calimoris of Columbia University, Cato Journal, June, 1998

7) See Edwin J.

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