Wednesday, February 02, 2005

Libya plans to begin a new economic era

I got this link via Wired Temples and found it interesting.

The plans also call for relying on advice and assistance from international financial institutions, including the International Monetary Fund and the World Bank. Libya hopes to place resident advisers from those institutions in the central bank,

I mean all these prospective changes seem encouraging and interesting. But I'm having one objection, why the IMF and the World Bank? I'm not an economist here but if I understand my Globalization course 101 well, then wherever these two institutions go the country falls into a debt deficit and can never catch up. I don't object at their presence as eminent consultants on investments and profit making but nothing else. I hope the governement does not make the irreversible mistake of taking anything from them. Libya has hardly any external debt to speak of so this is absolutely not the time to start any silly adventure.

3 comments:

Robert Micallef said...

Thanks for the mention, Highlander!

AlanK said...

Libyan

yes that does sound a bit ominous as they made a terrible job in Argentina, also I am suprised that they are needed.

maybe better getting advisors that are actually good at what they do eg those that helped to develope dubai for instance

also the statement below did not seem to make sense as sacking people because you believe that the other cars are better seems odd, would be better to try to improve the factory to compete with them instead

"We now have a factory producing cars, which is crazy and will change," Qaddafi said. "We will not try to produce missiles or airplanes or anything that the Japanese can make better."

Highlander said...

I agree with you ..Alan I can't stand the IMF