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21/5/15: IMF to Russia: Do What You’ve Been Doing, Because We Say So
trueeconomics.blogspot.com / by Constantin Gurdgiev / May 21, 2015
So the IMF released the summary statement on its Article IV ‘consultations’ for Russia. The stuff reads like something generated by a pre-historic algo with insight of a first order non-stochastic linear equation.
“The Russian economy is in a recession due to lower oil prices and sanctions. In addition, long-term growth remains low given structural bottlenecks.” You have to laugh. IMF knows that sanctions are tertiary to Russian recession. Oil prices are primary and structural slowdown that started in late 2012 is secondary.
“The authorities’ macroeconomic policies have helped stabilize the situation, but there remain significant uncertainties regarding oil prices and geopolitical risks. Given these risks, the macroeconomic policy stance must be prudent.” In IMF-speak this means that the Russian authorities did an excellent job so far managing the crisis, but they have done it without using IMF ‘advice’ or ‘tool kit’. Which means that, to IMF, they haven’t done it as well as the IMF could have done it. Obviously. Really.
So the bad Russkies better deploy the fabled IMF’s ‘structural reforms’ pack:
The post 21/5/15: IMF to Russia: Do What You’ve Been Doing, Because We Say So appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/05/21/21515-imf-to-russia-do-what-youve-been-doing-because-we-say-so/
and how many of “The authorities/economists’ have ever been right about anything? you can’t ever tell, they’ve lied so often about EVERYTHING, nothing they say can be believed, EVER!