In IMF and World Bank we trust
By Samad Ramoly
Does it necessarily take the rapid cognition of Lee Kuan Yew, the maverick behind Singapore’s aura, to dismiss the consultancy of the World Bank because it “presents its findings in a bland and universalizable way that does not grapple with the real problems”? Countries choose to kowtow to their sloppy doctrine at their own risk and peril. According to Joseph Stiglitz, a recipient of the Nobel Memorial Prize in Economic Sciences who has taught at Oxford University, MIT, Stanford University, Yale University and Princeton University, “the IMF frequently consists of third-rank students from first-rate universities and has almost never succeeded in recruiting any of the best students”. Their like-minded buddies must be scrutinized too, the more so when they play a key role in the decision-making process.
The former Finance minister deserved a headline-grabbing accolade for experimenting a new genre where Kafka meets Don Quixote when he rapturously announced that the IMF and the World Bank would help us in the setting up of a “centre of excellence” for the training of our executives! Now the ticket for the intimidating rollercoaster ride is being forced out of our pockets.
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