Saturday, December 15, 2007

IMF to be rescued by World Bank!

Thought about it after seeing the following news item- may be it should lease out its buildings to World Bank;

New IMF chief plans job cuts of up to 15 pct

New IMF Managing Director Dominique Strauss-Kahn said in an interview with the Journal that he planned to cut 300 to 400 jobs out of the IMF's total staff of more than 2,600. Layoffs would likely be necessary, he told the paper.

Strauss-Kahn said the fund was facing a deficit of $400 million a year by 2010 if loan demand failed to pick up, but estimated the job cuts could reduce that deficit by about a quarter.

The report said the cuts were part of an effort by Strauss-Kahn to win U.S. and European backing for the Washington-based institution to sell its gold and invest the proceeds.

IMF Managing Director Names Diana Serrano as Human Resources Director

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