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Context of '1987-1988: Subsidized Rice From US Puts Haitian Farmers Out of Business'

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Hernan Siles Zuazo is defeated in Bolivian elections by Paz Estenssoro, who promptly moves to curb the extremely high inflation levels, which at one point reach 35,000 percent annually. He imposes austerity measures under pressure from the International Monetary Fund (IMF) in exchange for temporary relief of Bolivia’s large foreign debt. (Library of Congress 1991; Langman 7/24/2002)

The IMF grants Haiti a $24.6 million loan under its Structural Adjustment Facility (SAF). As a condition, Haiti is expected to cut public spending, close “inefficient public enterprises”, and liberalize its trade policy. (Inter Press Service 12/30/1986)

One of the conditions for Haiti obtaining the IMF loan it previously received (see December 30, 1986) was a lowering of tariffs on rice and an end to support for domestic rice farmers. This has the effect of putting much of Haiti’s rice farmers out of business. (Dobbs 4/13/2000; Global Exchange 9/2001, pp. 13 pdf file)

The International Monetary Fund is reportedly given the opportunity to review the latest draft of Iraq’s proposed oil law. The draft was sent to the US government and oil companies in July (see July 2006). (Independent 1/7/2007)

The International Monetary Fund (IMF) approves a $2.1 billion loan for Iceland, whose economy has been devastated by the global financial crisis. Iceland becomes the first Western European nation to get an IMF loan since Britain in 1976. (BBC 2/2/2009)


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