People had mixed emotions about intervention of the IMF in Argentina and South Korea. For some, the involvement of the IMF meant a stabilization of economy and long-needed liberalizing economic reforms. Others protested the willingness of the IMF to subordinate its will on sovereign nations due to its power of withholding necessary loan packages. In Argentina, broad-based contempt for the IMF stems from its actions in 2001. According to a BBC News correspondent, the IMF cut off its support for the Argentine government in late 2001, leading to the economic collapse. On the other hand, the IMF is willing to help coordinate a plan for stabilization, but the organization needs the support of the Argentine government and people to succeed. The Bush administration's response to IMF involvement is extremely positive, "We supported the launch of the transitional IMF program in January 2003 to assist Argentina in stabilizing its economy through the period of the presidential elections and the opening months [of] the Kirchner administration." (Noriega, 2004) Perhaps implementing the liberalizing policies recommended by the IMF in South Korea would have behooved the political officials in Argentina.
Based on analysis of the IMF intervention in South Korea, the involvement of this international lending organization proved instrumental in Korea's eventual economic recovery. Even though many officials in Korea did not appreciate the mandate of economic liberalization handed down by the IMF, the policies recommended by the international body helped to stabilize the economy. For instance, the breakup of chaebol-owned industries and the privatization of state-run sectors have improved the economic position of South Korea. Without the support and guidance of the IMF, South Korea may not have been able to lift itself out of the economic crisis in such a relatively short amount of time. Despite opposition to the IMF policies and infringement of national sovereignty, IMF policy recommendations should still be considered by any nation facing economic crisis.
