IMF's Rato to visit Thailand, Philippines, Cambodia

WASHINGTON (AFP) - International Monetary Fund managing director Rodrigo Rato travels to Thailand, the Philippines and Cambodia next week, where he will address a regional central bank conference, the Fund said yesterday.

Rato is to visit Thailand for two days, beginning July 28, and will give a keynote address at the South East Asian Central Banks Governors Conference in Bangkok, the Washington-based financial institution said in a statement.

The IMF chief will then spend two days in the Philippines, beginning July 30, and two days in Cambodia, from August 1.

In each country Rato will meet with top political leaders and senior officials, as well as representatives of civil society, the private sector, and academics.

During his visit to Bangkok, Manila and Phnom Penh, he "will exchange perspectives on critical issues facing the region and reinforce the IMF's continuing close policy dialogue with Asian countries, including the Fund's ongoing work to reinforce global economic and financial stability and its role in low-income countries in Asia," the statement said.

Rato "would also like to hear views from stakeholders in the region on the ongoing governance and institutional reforms at the Fund."

Rato said last month he was stepping down for personal reasons in late October, nearly two years before his term is to expire.

His visit comes a decade after the Asian financial crisis, in which the IMF was roundly criticized for its role.

The institution lent over 38 billion dollars during a two-year period to Asian countries on the condition they adopt strict austerity measures. Critics claim the IMF serves the interests of wealthy nations by seeking to impose free market practices.

At its last annual meeting in Singapore, the IMF came under pressure to allow poor and developing countries more of a say with its executive board.

In the past 10 years since the Asian financial crisis, several IMF client states have ridden a bout of strong economic growth, rendering IMF missions to their countries redundant.

New regional institutions have also emerged to challenge the IMF's status, and a long period of robust global growth and an explosion of private credit on global markets has also opened up rival avenues for countries seeking funds.