The Philippines and the IMF – pesky questions

The face of the IMF
The face of the IMF

In a press report, the goals of a team of IMF economists visiting the country were given as based on a duty to “promote ‘orderly economic growth with reasonable price stability’.”

This leads one to ask how many cases there are of “disorderly” growth or “unreasonable” price stability.  In these times of global financial crisis and recession, nil.  So, what gives? Is the IMF after bogus culprits?

And there is talk of a “Principals’ Meeting,” where the “economic managers” get to listen to  the IMF team.  What exactly is a “Principal”? Aren’t government officials mere agents of the sovereign? And what do these government officials do with the IMF staff’s advice? Do they talk about it with the general public?

Somehow, the language of macroeconomics has gotten more convoluted as time goes by.  Why is the mystery.


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