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Thank you very much, Mr. Ambassador, for that kind introduction. Ed Crane, Luis Pazos, all of the people who have made this event possible, it is a pleasure to be here.
The atmosphere and the climate in which I am here are very different than they were the only other time I was in Mexico City, which was about 13 years ago. At that time, the people who were sponsoring my appearance here decided that I needed a 24-hour police guard, because I was at that time the object of a great deal of calumny, all because of what my colleague Al Harberger had done. He was the chief guide helping an extraordinarily able group of Chilean economists resolve their country's economic problems, but I got much of the blame. At any rate, it is in a very different spirit that I am here.
I appreciate very much what the Ambassador said, but I am not ...
For more than four decades, the U.S. has been the largest contributor to not only the IMF but also to all of the other multilateral-aid institutions, such as the World Bank. Indeed, Washington even provides the largest check to the African Development Bank, the Asian Development Bank, the European Bank of Reconstruction and Development, and the Inter-American Development Bank.
Has the IMF contributed to economic growth and development?
The answer is no. Not that the IMF itself has any doubts about its effectiveness. In the fall of 1989, Michael Camdessus, the Fund's managing director, told the World Bank-IMF meeting that increasing his organization's capital from $120 billion to $240 billion would be "the cheapest way for taxpayers in the richer countries to come to the aid of the poor." ("Tough-minded, budget-conscious" Treasury Department negotiators agreed to a 50 percent hike of $60 billion.)
