Fixing The Imf

The Fund faces a drastic overhaul, as the private sector supplies the cash and helps solve international crises

This year and next, Brazil will get new commitments for an estimated $52 billion in foreign cash, and not one cent of it will come from the International Monetary Fund or any other official lender. The money will flow entirely from global capital markets and private investors, just as did the subscriptions to a $3 billion Eurobond that Brazil floated in April. Meanwhile, Goldman, Sachs & Co. and General Electric Capital Services Inc. are working together to restructure $7 billion in Thai consumer and corporate loans. And in South Korea, U.S. venture capitalists Hambrecht & Quist led a group that took over Ssangyong Securities.

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