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America has pumped in a lot of money to rescue its banking behemoths, but the money has not flowed through to the US economy.
The IMF still has a long way to go. In developing countries, the legacy of heavy-handed IMF loan programs, when the entity pushed borrowers to privatise and slash spending, continues to tar the Fund’s reputation.
By and large, emerging market economies have managed to improve their fiscal performance. Sovereign risk is a greater problem today in advanced economies than in most emerging market economies.
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