| Show i A20 The Salt Lake Tribune WORLD Sunday December 7 1997 IMF's Prescription for Asia May Be Economic Overkill BY ART sju'nding tighten credit raise taxes and devalue their curren- I'lNi: IOS ANtiEIKSTIMKS WASHINGTON — As the International Monetary Fund (IMF) orchestrated another mega-bailoof a crisis-riddeAsian economy — South Korea's — this week some critics say the institution is prescribing the wrong medicine for the "Asian flu" hobbling the region Almost uniformly over the past 50 years the IMF has lent money to n once-powerf- y cash-strappe- d countries only if they first pledged to slash government But the Asians' biggest headaches Sachs says have been caused by private sector excesses not government overindulgence and that requires a different sort of cure If anything Sachs contends Asian countries should be permitted to relax their economic restraints and spur their economies ever so slightly to make up for the sudden dry-u- p of foreign capital "Our general approach has been to push the Asian problem into the IMF" he said "but this is a problem that the institution itself simply can't handle" cies That medicine generally restored fiscal balance and long-tereconomic health to the borrowing country — but only after nearly killing the patient with a deep recession Now Harvard economist Jeffrey Sachs and others argue that the IMF's traditional cure suited countries whose broad economic policies — typically large budget deficits caused by excessive government spending — were responsible for their ailments South Korean Conglomerate Goes Bankrupt South Korea's conglomerate collapsed Saturday the first in an expected string of bankruptcies since the Asian nation received the largest international financial bailout in history The shipbuilding and auto parts maker Halla Group went under after defaulting on $220 million in loans over the past two days creditor banks said The conglomerate owed $64 billion mainly from borrowing to finance a multibillion-dolla- r shipyard on the southwest coast in 1992 12th-large- Fred Bergsten director of the nonpartisan Institute for International Economics in Washington agrees that the usually demanded by the IMF only makes it more difficult for such countries to repair their financial sectors "Do you need as much of the traditional IMF medicine here as you usually have?" he asked "My suspicion is that there is at a minimum overkill and maybe the two kinds of remedies are working at That viewpoint has wide currency in Asia Malaysian Prime C marched in South Korea the Philippines and other troubled areas Even US Treasury Secretary Minister Mahathir Mohamad and South Korea's top policy-maker- s among many others have criticized the IMF as unfairly harsh cross-purpose- Anti-IM- See Next Page have protesters F IT1BIM YOU CAN AFFORD THE VERY BEST Carnra And 6 avr--V BUY with every roll processed kin Home Estimates Gift Certificates Available SALE ENDS DEC 13TH wr w PRINTS o SET 2nd WOOD PERFECT! 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