Mahathir economics policies proved solid, IMF says - Malaysia

[dArKeR]

Outgoing Malaysian Prime Minister Mahathir Mohamad can claim many feathers for his economic cap, but one that must give him great pleasure comes from his humbling of critics in the International Monetary Fund.

At the time of the Asian financial crisis in 1997-98 Mahathir refused to buckle to the IMF's demands and did the opposite of what they recommended by imposing capital controls and pegging the local currency to the U.S. dollar.

Last month, IMF chief Horst Koehler conceded during a visit to Kuala Lumpur that Mahathir had been right.

"With hindsight, we have to recognise the good performance of the economy. Mahathir was right," he said.

http://www.etaiwannews.com/Asia/2003/10/27/1067217667.htm

Good story keep reading.

[rini]

1. Hitler and Musslni

also had a good economy. The point of your posting?

[papau]

2. IMF and World Bank advice can destroy 3rd world- he rejected Globalisation

on IMF terms back when no one did that.

[MattNC]

3. just finished a book on this

IMF tried to fix economies that didn't need fixing.