IMF review faults ‘premature’ crisis austerity push

WASHINGTON, D.C.: The International Monetary Fund (IMF) gave leading economies faulty advice following the 2008 financial crisis, by directing them to cut spending and rely on central bank stimulus for growth, an internal policy review said Tuesday.

The review said that during 2010-2011 the Fund was premature in advocating austerity policies to countries including the United States, Britain, Japan and the eurozone.