The Hindu Business Line : Pedro Malan Committee Report

As discussed in the article, the Committee report throws light on the functioning of the World Bank and explains how the International Monetary Fund (IMF) is acting as an instrument to promote market-oriented reforms such as trade liberalisation, economic growth, privatisation and so on.

The long-term financing by the World Bank, which is comparatively advantageous to the developing countries, is well-documented in the report. The IMF has failed to spot the growing financial imbalances and is continuing with its game of structural adjustments.

The conflicting considerations experienced by the developing countries, while associating with the IMF and the World Bank, and how the globalisation of financing remains detrimental to the interests of the developing countries, are clearly brought out. The beneficial aspects of the report will, no doubt, be diluted by the US through veto right. But the internal differences in designing the development strategies and framing the global financing policies by the US Government are clear.

The recommendations of the report may not be implemented fully but the issues and the implications are good text material of the adversities of globalisation.

V. Kumaresan

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Pedro Malan Committee Report