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Developing countries are the least to blame for the outbreak of the financial crisis, but they are destined to suffer the most dramatic and long-lasting consequences. This paper focuses on the early responses of the International Monetary Fund to the present crisis in low- and middle-income countries. The IMF lending policy has been harshly criticized for being sensitive not only to the fundamental imbalances in the economic conditions of borrowing countries, but also to their lobbying capacity and to political-economy interests of the IMF's major shareholders, i.e., the USA and G-7 countries, which dominate the decision-making process and the Fund's view of good economic policies.
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