IMF and World Bank collaborate closely

From Mr P. R. Narvekar.

Sir, Given Prof Joseph Stiglitz's baseless and vicious attacks on the International Monetary Fund over a considerable length of time, I was delighted to read in your editorial "A biter bit" (July 5) that you saw merit in the tone of Kenneth Rogoff's response.

Some earlier reporting in your newspaper, however ("Top economists engage in bickering", July 3), and more especially a subsequent laboriously analytical op-ed page article ("The odd couple of global finance", July 6), completely misplace the emphasis by portraying the events as a war between the IMF and the World Bank staff.

Having served the IMF at various levels for 45 years, I can categorically say that the management and staff of the two institutions have collaborated closely over the past several decades including, of course, during the Asian crisis.

Since a very large number of people are involved in these joint efforts, and a very broad range of issues is dealt with, often under the pressure of crisis conditions, differences of view, disagreements and tensions do arise. But I am sure that many from each side of 19th Street will agree that they have a large number of friends on the other side whom they respect for their knowledge, experience and integrity.

The case of Prof Stiglitz is a prominent exception, and there are good reasons why the case is exceptional. Prof Stiglitz is not the World Bank.

P. R. Narvekar, Former Deputy Managing Director, IMF, Washington DC, US.