Apparently the IMF is bathing luxuriously in all it's excess cash. According to MCC's Washington advocacy office:
Citizens all over the globe are suffering from multiple crises they had no hand in creating: the global economic downturn, high fuel costs and food prices now spiking to all-time highs. Meanwhile, the International Monetary Fund (IMF) is sitting on $2.8 billion in excess cash, due to higher-than-expected profits from the sale of some of its gold. This week, the IMF Executive Board will discuss what to do with it.
The IMF hardly needs the money, since it already received a $7 billion endowment from gold sales and will bring in $500 million in profits this year from increased lending to countries in crisis. They’re doing so well that they are even planning to refurbish their Washington D.C. headquarters.
While the IMF has extra cash, the World Bank estimates that 44 million people have already been pushed into extreme poverty due to rising food prices. Many of the poorest countries are taking on heavy new debt burdens. Payments on these loans could divert critical resources away from health, education and food for years to come.This is not a new crisis, but the new call or petition is to put pressure on the IMF to help offer debt relief to countries that are bound by all this credit. Here is a good overview of how this free flowing credit wound up hurting more than helping.
And if you feel so inclined, you can sign the petition to the IMF.
