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June 2, 2009

Senate Criticized for Voting to Expand Funding of IMF
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A coalition of civil society groups, as well as some US lawmakers, are
criticizing a recent Senate vote to expand funding for the International
Monetary Fund by $108 billion. Inter Press Service reports opponents of
the funding are concerned about the conditions the IMF usually imposes
upon low-income countries when they accept these funds. Typically, the
IMF requires recipient countries to reduce their budget deficits and
increase interest rates. As a result, countries have been forced to cut
essential social programs, like unemployment insurance and other
safety-net mechanisms.



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