Uma Breve História do Recente Papel do FMI
“the collapse of the IMF’s influence in the decade prior to 2007 was one of the most important changes in the international financial system since the breakdown of the Bretton Woods system of fixed exchange rates in 1971. Prior to the 2000’s, the IMF headed up a powerful creditors’ cartel which was able to tell many developing country governments what their most important economic policies would be, under the threat of being denied credit not only from the Fund but also from other, then-larger lenders such as the World Bank, regional lenders, and sometimes even the private sector. This made the Fund not only the most important avenue of influence of the U.S. government in low-and-middle income countries – from Rwanda to Russia – but also the most important promoter of neoliberal economic “reforms” that transformed the world economy from the mid-1970s onward. These reforms coincided with a sharp slowdownof economic growth in the vast majority of low-and-middle-income countries for more than twenty years, with consequently reduced progress on social indicators such as life expectancy, and infant and child mortality.
The IMF’s big comeback during the world recession did not bring the middle-income countries that had run away from it back to its orbit. Most of the middle-income countries of Asia, Russia, and Latin America stayed away, mostly by piling up sufficient reserves so that they did not have to borrow from the Fund, even during the crisis. As a result, even a low-income country like Bolivia, for example, was able to re-nationalize its hydrocarbons industry, increase social spending and public investment, and lower its retirement age from 65 to 58 – things that it could never do while it was continuously living under IMF agreements for twenty years prior. Most of the IMF’s new influence and lending would land in Europe, which accounts for about 57 percent of its current outstanding loans”