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7/26/2019 Guiyab IEL Final Paper - International Financial Institutions and Their Effect of National Competition Policy
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International Financial Institutions and their effect on National Competition
Policy
A PAPERSUBMITTED TO THE ATENEO LAW SCHOOL
ATENEO DE MANILA UNIVERISTYROCKWELL CENTER, MAKATI CITY
IN PARTIAL FULFILMENTOF THE REQUIREMENTS FOR THE COURSEINTERNATIONAL ECONOMIC LAW
ABRAHAM ALONZO O. GUIYABDECEMBER 23, 201
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)'*( *+'9 $"#-'+ *( W#$"*(!%( "'#+#-!'-$ %& !"' IMF #(+ WB, !"' !'-/ *( '('-# -'&'-$ !% #
#-*'!9 %& %*5*'$ "*5" $'-' !% -%/%!' I /#5-%'5%(%/*5 $!#)**!9 #(+ +'&*5*! -'+5!*%(, 2 !-#+' #(+
5#*!# #55%(! *)'-#*#!*%(, #(+ 3 *)'-#*#!*%( %& +%/'$!*5 /#-:'!$ !"-%" -*#!*#!*%( #(+
+'-'#!*%(. I( '('-#, "%''-, !"' *+'#$ %& !"' W#$"*(!%( C%($'($$ "#' %(9 )''( 6*( %'7 $% !%
$'#:, $*(5' !"' 18;0$, "'-' *! &%(+ /%$! %& *!$ !"-$! !"-%" !"' #5!**!*'$ %& IFI$. P-%*+*( # $"%-!
!*/'*(' %& +''%/'(! !"*(:*(, !"' 180$ #(+ 0$ $# 5%(!-%'-$*'$ )'!''( !"' *+'#$ %& )##(5'+ #(+
()##(5'+ -%!", "*' *( !"' 180$ $%/' %*(!'+ %! !"' *(#+'#59 %& &%5$*( %( $!-5!-# *$$'$
"'( !"'-' '-' */%-!#(! $%5*# %)@'5!*'$ !"#! (''+'+ #++-'$$*(.23
B*-# *( !-( (%!'$ !"#!, "*' 5%(+*!*%(#*!9 *$ %&!'( 5%($*+'-'+ !"' /%$! 5%(!-%'-$*# #$'5! %&
IMF -%-#/$, !"'-' "#$ )''( # (%!*5'#)' *(5-'#$' *( !"' (/)'- %& 5%(+*!*%(#*!9 #--#('/'(!$
%)$'-'+ +-*( !"' +'5#+' %& !"' 1880$. I(+''+, "' (%!'$ !"#! !"' -%-'$$*%( 5%(+*!*%(#*!9 #-''/'(!$
*(!% -%-'$$*'9 /%-' 5%/'= #--#('/'(!$, #(+ !% *$!-#!' !"*$, "' $"%'+ !"#! !"' #'-#' (/)'-
%& 5%(+*!*%($ *( #( IMF #-''/'(! +-*( !"' 180$ #$ #-%(+ 5%(+*!*%(#*!9 -%*$*%($. I( !"' 18;0$,
!"*$ #'-#' &*-' -%$' !% !'(, "*' *( !"' 5#$' %& !"' W%-+ B#(:, !"' #'-#' (/)'- -%$' &-%/ 32 *(
!"' 18;0$ !% #-%(+ *( !"' 1880$.2J
F-!"'-, "' $!#!'$ !"#! !"' #/%(! %& 5%(+*!*%(#*!9 *( IMF #-''/'(!$ -'#5"'+ *!$ '#: +-*( !"'
A$*#( F*(#(5*# C-*$*$ %& 188. D-*( !"*$ !*/', !"' (/)'- %& -%*$*%($ -'#5"'+ *!' #-' (/)'-$
"'( 5%/#-'+ !% !"' 0$ *!" T"#*#(+ "#*( 3 -%*$*%($, S%!" K%-'# "#*( 8J, #(+ I(+%('$*#
1J0.2
23Id.
24B*-#, A. 2003, F')-#-9 13."n "nal!sis of IMF *onditionalit!.R'!-*''+ M#9 1, 2012, &-%/ G2J W')$*!'
P#-#+*/ &%- D''%*( C%(!-*'$
25Id.
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7/26/2019 Guiyab IEL Final Paper - International Financial Institutions and Their Effect of National Competition Policy
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Competition Policy and the International Financial Institutions
A$ # 5%($''(5' %& !"' +'$*-' !% $'' ('%*)'-# /#-:'! -'&%-/ #5"*''+, *! %&!'( )'5%/'$
('5'$$#-9 &%- !"' IFI$ !% *(!'-'(' *!" /#!!'-$ 5%(5'-(*( 5%/'!*!*%( %*59 #$ '. I( -#5!*5', !"*$
5%/'$ *( !% &%-/$, '*!"'- # $" !% +'-'#!' # #-!*5#- $'5!%-, %- # +'$*-' !% +*/*(*$" *& (%! +*$/#(!'
%!-*"!, $!#!' /%(%%*'$. T% *$!-#!', $%/' 5#$' $!+*'$ &-%/ !"' '='-*'(5' %& %!"'- $!#!'$ *!"*( !"'
-'5'(! #$! * )' /%$! "'&.
The Me,ican *ase
G'%-' P"**7$ %-: %( '!-%'/ -'#!*%( *( M'=*5% &%5$'+ -*/#-*9 %( !"' -%' !"#!
%*!*5# 5%($*+'-#!*%($ #9'+ *!" -'#-+$ !% !"' /#(#'/'(! %& !"' $!#!'4-( %* /%(%%9 P'/'=.
P"** 5%(5+'$ !"#! !"' -%5'$$ %& -'&%-/ #$ *(+''+ *+'$-'#+ &-%/ !"' '-*%+ %& 18;24188J,
"'-'*( $''-# %& M'=*5%7$ *(+$!-*'$ '-' $)@'5!'+ !% -'&%-/ #(+ +'-'#!*%(, )! (%!'$ !"#!
5%/#-#!*'9, P'/'= #(+ !"' M'=*5#( '!-%'/ *(+$!-9 "#$ '='-*'(5'+ # '-9 $% #5' %& -'&%-/
#(+ 5"#('. P"** !"'( 5"#-#5!'-*'$ P'/'= #(+ !"' M'=*5#( %* *(+$!-9 #$ %(' "'-'*( !"' %'-(/'(!
%& M'=*5% '='-5*$'+ 6'=!-'/' %*59 5#!*%(7 #(+ /#*(!#*( # '-9 5%($*$!'(! %*59 %& -*$: #'-$*%(.2
P"** /#:'$ # %*(! %& '$!#)*$"*( !"#! !"' %'-(/'(! #(+ !"' )-'#5-#59 %& M'=*5% #! !"' !*/' '-'
!% )' 5#!'%-*'+ #$ )'*( "*"9 !'5"(%5-#!*5, #(+ !"#! 5%('(!*%(# %*!*5# '=#(#!*%( &%- "9
-'&%-/$ %+ (%! !#:' #5', $5" #$ # $!#!' )'*( 6-'+#!%-97, &%- '=#/', +*+ (%! #9. H'(5', P"**
$!#!'$ !"#! !"' &*(+*($ %& %*!*5# 5%($*+'-#!*%($ #9*( # $*(*&*5#(! -%' *( +'5*$*%( /#:*( -%'+ !%
)' $--*$*(. H' 5%(5'+'$ !"#! M'=*5#( %* #(+ #$ %*59 +-*( !"*$ '-*%+ *$ #( '=#/' %& "'(
%'-(/'(!$ #-' **( !% #55'! # 5'#- #(+ $*(*&*5#(! '5%(%/*5 *('&&*5*'(59 *( %-+'- !% #%*+ !"-'#!$
26P"**, G. 1888. T"' P%*!*5# C%($!-#*(!$ %& P%$! 418;2 M'=*5% T"' C#$' %& P'/'=.-%lletin of Latin"erican Research, 340.
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##*($! %-+'-. F-!"'-, P"** +'$5-*)'+ !"' 5%(!'=! %& M'=*5#( '!-%'/ -'&%-/ +-*( !"#! '-*%+ #$
)'*( # 5#$' "'-' %(' %*!*5# %#, "*5" %+ )' 6$9$!'/4/#*(!'(#(5'7 %- /#*(!#*(*( !"' %*!*5#
$!#!$ %, 5#/' *(!% 5%(&*5! *!" #(%!"'- %#, (#/'9 !"#! %& -%/%!*( '5%(%/*5 '&&*5*'(59.
E#)%-#!*( %( !"*$, P"** $!#!'$ !"#! *! *$ (%! #!%'!"'- ($# !"#! # $!#!' %+ -$' %#$ %&
$9$!'/ /#*(!'(#(5' #! !"' 5%$! %& '5%(%/*5 $!#)**!9, )! !"#! !"' 5#$' %& M'=*5% "#+ !% 5"#-#5!'-*$!*5$
"*5" /#+' *! (*'. F*-$!9, P"** $!#!'$ !"#! !"' %'-(/'(! %& M'=*5% *$ #( 6#!"%-*!#-*#(
!'5"(%5-#597, "*5" /'#($ !"#! *!$ %'-(/'(! '-9 /5" "#+ # &-'' "#(+ !% */'/'(! %*5*'$ #$ *!
+''/'+ &*!, #(+ $'5%(+9, !"#! %(4!'-/ '5%(%/*5 *('&&*5*'(5*'$ *( *!$ 5%(!'=! /#9 #$% !-#($#!' *(!%
%(4!'-/ %*!*5# 5%($''(5'$ *( !"' &!-'.
T"$, !"' +'5*$*%($ !% )' /#+' )9 !"' M'=*5#( %'-(/'(! '-' # !-#+'4%&& )'!''( $"%-!4-(
%*!*5# -*$:$ !% )' 5#$'+ )9 -'&%-/ #(+ !"' %( -( %*!*5# -*$:$ !% )' 5#$'+ )9 '5%(%/*5
*('&&*5*'(5*'$. A$% *( !"*$ '*(, -#+#*$/ )'5#/' !"' (%-/ &%- !"' #5' %& -'&%-/*( !"' *(+$!-9, #$
P"** $!#!'$ !"#! !"' %'-(/'(! )'*''+ !"#! !"' %*!*5# 5%($''(5'$ %& 6$"%5:7 -'&%-/$ -
%!'*"'+ !"' %!'(!*# %*!*5# 5%($''(5'$ %& $% -%!" #(+ '5%(%/*5 (+'-#5"*''/'(!. O('
/'!"%+ !"*$ #$ #5"*''+ #$ !"-%" 5-%$$4$)$*+*'$ '/%9'+ +-*( M'=*5%7$ %* )%%/ '-*%+,
"'-'*( M'=*5% #$ # /#@%- '=%-!'- %& %*. D%/'$!*5 -*5'$ %& 5-+' %* '-' $%+ #! % 5%$! #(+ %5#
$#'$ "*5" '-' -*/#-*9 -'&*('+ -%+5!$ %(9 5%($!*!!'+ # $/# %-!*%( %& P'/'=7$ *(5%/',
"'-'#$ 5-+' %* '=%-!$ '#-('+ !"-'' !*/'$ #$ /5" #$ +%/'$!*5 $#'$. P"** $!#!'$ !"#! !"*$ #$ *( *('
*!" !"' %'-(/'(!7$ $!-#!'9 !% -%/%!' *(+$!-*# +''%/'(! #(+ !% "%+ +%( !"' -#!' %& *(!*%(,
"*5" #$ %( #( *(!*%(#-9 !-'(+.2
A %& !"*$ %& 5%-$', #$ /5" !% !"' 5"#-*( %& !"' IMF "*5" "#+ %( $%"! !% '*/*(#!' !"'
$!#!' %* /%(%%9 *( M'=*5%. W"*5" *$ "9 *( !"' 201J A-!*5' IV C%($!#!*%( R'%-! %& !"' IMF
5%(5'-(*( M'=*5%, #&!'- # $55'$$& C%($!*!!*%(# -'&%-/ 5%(5'-(*( '('-9 -*"!$, /#+' E('-9
R'&%-/ # :'9 $'5!%- %& ('%!*#!*%(. T"' -'%-! 5%(5+'+ %-#)' )9 $#9*( !"#!
27Id.
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T"' -'&%-/ #/'(+'+ !"' 5%($!*!!*%( !% '(+ # 49'#- %+ $!#!' /%(%%9 *( !"' %* #(+ #$
$'5!%-, #(+ #%$ !"' $!#!' !% '(!'- *(!% # *+' -#(' %& -*$:4$"#-*( 5%(!-#5!$ *!" !"' -*#!'
$'5!%-&-%/ -%+5!*%(4$"#-*( !% *5'($'$. T"' -'&%-/ #$% *(5-'#$'$ !"' #!%(%/9 %& PEME
#(+ CFE !"' $!#!'4%('+ ''5!-*5*!9 5%/#(9, "*5" 5%+ "' -#*$' !"'*- -%+5!**!9 #(+
'&&*5*'(59. I( #++*!*%(, !"' -'&%-/ '(5%-#'$ -'#!'- -*#!' #-!*5*#!*%( *( ''5!-*5*!9
'('-#!*%( #(+ (#!-# #$ +*$!-*)!*%(, #(+ */-%'$ !"' -'#!*%( #(+ /#(#'/'(! %&
!-#($/*$$*%( #(+ +*$!-*)!*%(.2;
The Thai *ase
T"#*#(+ "#$ '(#5!'+ -'#!*%($ %( *!$ '!-%'/ *(+$!-9 ''- $*(5' !"' %* $"%5: %& 183
#+'-$'9 #&&'5!'+ %-+ /#-:'! -*5'$ %& %*. P-$#(! !% !"*$, !"' %'-(/'(! *$$'+ # -'#!*%( '(!*!'+
Prevention and Rectification of F%el )il +hortage /012 #( #5! "*5" -#(!'+ !% !"' P-*/' M*(*$!'- # !"'
#!"%-*!9 ('5'$$#-9 !% '(#5! !"' #5!*%($ "*5" %+ )' (''+'+ !% -'$%(+ !% !"' %* 5-*$*$. U!***( !"*$
(' #!"%-*!9, !"' %'-(/'(! %& T"#*#(+ '$!#)*$"'+ !"' O* F(+ *( M#-5" %& 188.
T"' -%$' %& !"' &(+ #$ !% $!#)**' !"' -*5'$ %& &' -%+5!$ +%/'$!*5#9 "'(''- !"'9
%+ )' $*(*&*5#(! &5!#!*%($ *( !"' -*5' %& %* -*5'$ %)#9. W"'( ('5'$$#-9, !"' &(+ $)$*+*'+
+%/'$!*5#9 *( %-+'- !% :'' -*5'$ *!"*( !"' 5'**( $'! )9 !"' %'-(/'(!. T"*$ $9$!'/ %& -'#!*%(
%+ )' /#*(!#*('+ )9 !"' T"#* %'-(/'(! &-%/ 188480, "'( !% %'-(/'(! )'#( !% (+'-!#:' !"'
+'-'#!*%( %& *!$ %* *(+$!-928.
P'!'- U )'*''$ !"#!, '-"#$ !#:*( #+#(!#' %& !"' *( %* -*5'$ %( !"' %-+ /#-:'! #$ #
5%($''(5' %& !"' '(+ %& !"' P'-$*#( G& W#-, !"' T"#* %'-(/'(! */'/'(!'+ *!$ +'-'#!*%(
#'(+#. T"' */'/'(!#!*%( *!$'& #$ +%(' !"-%" # $!#'-'+ /#(('-, )'*((*( &*-$! *!" # 6$'/*4
28IMF, MEICO STAFF REPORT FOR THE 201J ARTICLE IV CONSULTATION, O5!%)'- 1J, 201J, availableat "!!$.imf.%-'=!'-(#)$&!$5-201J5-1J320.+&
29UNESCAP. 2003, O5!%)'- 30. The )il F%nd. R'!-*''+ M#9 1, 2012, &-%/ UN E$5# V*-!# C%(&'-'(5'
W')$*!' "!!.('$5#.%-+-#+55%(&'-'(5')!"1J!%&."!/
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+'-'#!'+7 "#$' *( M#9 1881, &%%'+ )9 & +'-'#!*%( !"-'' /%(!"$ #!'-. U $!#!'$ !"#! !"'
-'#!%-9 $9$!'/ '/%9'+ )9 !"' T"#* #$ '-9 /5" #(#%%$ !"' OPSF $9$!'/ $'+ )9 !"'
P"***('$, *( !"' $'($' !"#! -'!#* -*5'$ #(+ /#-:'!*( /#-*( '-' )%!" $'! )9 !"' %'-(/'(!, #(+
-'!#* -*5'$ -#-'9 5"#('+.30
T"' /#-:'! $!-5!-' %& !"' T"#* %* *(+$!-9 *!$'& +*+ (%! "#' !"#! /#(9 #9'-$, *!" !"'-'
)'*( !% #-' $!#!'4%('+ %* 5%/#(*'$ B#(5"#: #(+ PTT, *!" &%- #-' -*#!' 5%-%-#!*%($
S"', ESSO, C#!'=, #(+ T"#*%*. E(!-9 !% !"' *(+$!-9 #$ -'$!-*5!'+ *# !"' %'-(/'(!7$ 5%(!-% %&
*5'($' -#(!$. A&!'- +'-'#!*%(, !"' &%- #-'$! #9'-$ $!* 5%(!-%'+ ;0 %& !"' %'-# /#-:'! $"#-'.
T"*$ *$, "%''-, (%!*!"$!#(+*( !"' ! !"#! !"' (/)'- %& (' '(!-#(!$ *(!% !"' *(+$!-9 #$
$*(*&*5#(! #(+ !"' -%!" *( !"' (/)'- %& $'-*5' $!#!*%($ (#!*%(*+' #$ $*(*&*5#(!31.
A! !"' %($'! %& !"' A$*#( F*(#(5*# C-*$*$ *( 188, !"' %'-(/'(! %& T"#*#(+ (''+'+ !% %)!#*( #
S!#(+4B9 A--#('/'(! %#( *!" !"' IMF *( %-+'- !% $!-'(!"'( *!$'& &*(#(5*#9 ##*($! !"' '&&'5!$ %& !"'
5-*$*$. T"' %#(, #'+ #! US1. )**%( #!'- -#*$'+ !% US1.2 )**%(, -'*-'+ 5%(+*!*%(#*!9 *(
!'-/$ %& $!#)**#!*%( #(+ -'&%-/, !"' -*/#-9 -%-#/ %& "*5" "#+ !% 5%/%('(!$ T"' &*-$! )'*( #
$!#)**#!*%( -%-#/ "*5" -'*-'+ !"' -'+5!*%( %& !"' 5--'(! #55%(! +'&*5*! -*/#-*9 !"-%"
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%%$*!*%( !% !"' /%' #$ $% $!-%(, *( !, !"#! P-*/' M*(*$!'- C"##*! #$ &%-5'+ !% -'%:' !"' !#=
/'-'9 !"-'' +#9$ #&!'- *!$ #$$#', #(+ F*(#(5' M*(*$!'- B*+#9# -'$*('+ %'- !"' #7$ -'%5#!*%(.32
The Phili##ine E,#erience
T"' P"***(' -%' %& !"' IMF *$ )'$! '=-'$$'+ )9 !"' #'(59 *!$'& *# !"' #'(597$ %(
I(+''(+'(! E##!*%( O&&*5' IEO.
A 5-5*# $!#' %& !"' IMF7$ -'#!*%($"* *!" !"' P"***('$ 5%'-$ !"' '-*%+ '#+*( !%, #(+ !"'
-'&%-/$ *(%'+ *( !"' 188J EFF #-''/'(! *!" !"' &(+. A55%-+*( !% !"' IEO7$ -'%-!, *//'+*#!'9
&%%*( F*+' R#/%$7 #$$/!*%( %& !"' -'$*+'(59, !"' IMF /#(#'/'(! #(+ $!#&& )'#( -'#-*( #(
EFF $'5*&*5#9 +'$*('+ !% )' !"' &*(# #-''/'(!, %(' +'$*('+ *( %-+'- !% &*(#*' #( 6'=*! -%-#/7
"*5" %+ &*(#9 #% !% P"***('$ !% -#+#!' &-%/ *!$ $!#!$ %& -%%('+ $'-. 33T"' %#( *!$'&
!%%: ('#-9 !"-'' 9'#-$ %& ('%!*#!*( !% &*(#*', #(+ *! #$ *''+ !"#! *& !"' P"***('$ 5%+ $$!#*(
&*' '-5'(! '5%(%/*5 -%!" '- 9'#-, !"'-' '=*$!'+ !"' *:'*"%%+ !"#! !"' P"***('$ %+ %(5' ##*(
&*(+ *!$'& '(5%(!'-*( '=!'-(# &*(#(5*( -%)'/$. T"$, !"' EFF #$ *''+ )9 !"' IMF #$ )'*(
('5'$$#-9 !% '($-' /'+*/4!'-/ &*(#(5*# $!#)**!9 &%- !"' P"***('$.
A55%-+*( !% !"' IEO, !"' -*/#-9 %)@'5!*'$ %& !"' 188J EFF #$ &*$5# 5%($%*+#!*%(, "*5" *!
#*/'+ !% #5"*'' !"-%" 5'-!#*( :'9 -'&%-/$ &%-'/%$! %& !"'$' '-' *(5%/' !#= -'&%-/, #(+ !"'
+'-'#!*%( %& %* -*5*( *( !"' 5%(!-9, #!"%" *! #$% *(5+'+ !#-*&& -'+5!*%( #(+, )*5 '='(+*!-'
-'&%-/, #(+ %5# %'-(/'(! +'%!*%( #$ $%/' %& *!$ %)@'5!*'$. T"' !#= -'&%-/$ '-' &*(#9
5%/'!'+ *!" !"' #$$#' %& # 5%/-'"'($*' !#= -'&%-/ # *( D'5'/)'- 188#!"%" !"' IEO
32B#-+, N., M#"%!-#, K., B'%, W. 188;. T#/*( !"' T*'-$ T"' IMF #(+ !"' A$*#( C-*$*$.
Third World 3%arterl!, 04.
33I(+''(+'(! E##!*%( O&&*5' . 2002.Re#ort of the IE) on the Prolonged Use of IMF
Reso%rces.W#$"*(!%(, D.C. I(!'-(#!*%(# M%('!#-9 F(+, )*5#!*%( S'-*5'$.
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-'%-! $!#!'$ !"#! !"' !#= #+/*(*$!-#!*%( '#:('$$'$ $!* -'/#*('+, #(+ !"' %* *(+$!-9 #$ 5%/'!'9
+'-'#!'+ *( '#-9 188; #&!'- #( '#-*'- #!!'/! #$ +'5#-'+ (5%($!*!!*%(# *( 188.3J
T"' IEO +*+ '=-'$$ $#!*$!*%( #! !"' #9 !"#! /#(9 %& !"' *!'/$ %( *!$ -'&%-/ #'(+#, "*5"
*(5+'+ #/%( %!"'- !"*($, !"' +'-'#!*%( %& %*, +%/'$!*5 $"**( #(+ !''5%//(*5#!*%($, )#(:*(
-'&%-/ #(+ 5%/'!*!*%( %*59, #(+ *( '('-# !"' 188J EFF *$ *''+ #$ /%+'$!9 */-%*( -%!"
'-&%-/#(5' #(+ )%%$!*( '=%-!$, )! !"' -'%-! $!* '=-'$$'$ $*(*&*5#(! +*$#%*(!/'(! #! !"' ##-'(!
*-' !% /''! 5%//*!/'(!$ "'( *! 5%/'$ !% /'#(*(& -'&%-/ *( !'-/$ %& !#='$. A!"%" !"'
C%/-'"'($*' T#= R'&%-/ P#5:#' CTRP #$ #$$'+, /''!*( !"' IMF -'*-'/'(! &%- '*$#!*%( %(
!"' /#!!'- %& !#='$, !"' (#!-' %& !"' -'&%-/$ !"'/$''$ &' - $"%-! %& !"%$' '(*$*%('+ )9 !"' IMF #(+
!"' !#= #+/*(*$!-#!*%( $!* -'/#*('+ '#:.
Conclusion
I! *$ -'#+*9 +'/%($!-#)' !"#! !"' I(!'-(#!*%(# F*(#(5*# I($!*!!*%($ 5#( "#' # /#-:'+9
-%(%(5'+ '&&'5! %( # (#!*%(7$ 5%/'!*!*%( %*59, /%$! %& *! */%$'+ *# !"'*- 5%(+*!*%(#*!9
#--#('/'(!$. S%/' %& !"'$' -'*-'/'(!$ /#9 -'*-' !"' '(#5!/'(! %& $'5*&*5 '*$#!*%( %- ''(
5%($!*!!*%(# #/'(+/'(!$, #(+ !"'$' #-' &-''(!9 (+'-!#:'( *!" # *' !%#-+$ /#-:'!
*)'-#*#!*%(. F-%/ # -#5!*5# '-$'5!*' "%''-, *! +%'$ #'#- !"#! !"' -'#$%( !"#! IMF -$'$ $5"
%*5*'$ *$ )'5#$' #$!'& $!#!' /%(%%*'$ %- $!#!' %('+ '(!'--*$'$ #-' %&!'( '-9 "#-/& !% # $!#!'7$
)##(5' %& #9/'(!$ #(+ 5-'+*! $!#(+*(, #(+ $5" !"' -#5!*5'$ %& $"!!*( +%( $)$*+*'$ %-
+'-'#!*( *(+$!-*'$ *$ %&!'( +%(' *!" !"' !*/#!' %# *( /*(+ %& */-%*( # (#!*%(7$
/#5-%'5%(%/*5 %$*!*%(, #(+ *$ '$$ 5%(5'-('+ *!" /#!!'-$ $5" #$ 5%/'!*!*%( '&&*5*'(59 #*(.
34Id.