4. Examine the validity, if any, of the following statement made by the then First Managing Deputy Director Stanley Fischer (statement on October 1, 1998 regarding the need for the IMF conditionality, at the World Economic Development Council, Washington DC; details obtained from the IMF website www.imf.org/extemal/np/trI19981TR981002.htm. visited on 01/05/99):

"Why is it needed? It is needed because from time to time, for whatever reason, countries get into trouble, frequently because of mistakes in their own policies. But he tendency in those situations is to take measures that would be destructive of their own prosperity or of their neighbors. What measures would be destructive of their own prosperity? It would be to close down the system, to increase tariffs, to impose capital controls .... "