The International Monetary Fund's prescriptions for solving Asia's currency crisis may be flawed but the body deserves full backing as the 'only game in town', business leaders said yesterday.
The calls came in response to threats from the US Congress to cut off funding for the IMF as a penalty for exacerbating the currency crisis.
The most vociferous condemnation came this week from former US secretary of state George Shultz, who said it was time to retire the IMF as Asia would have fared better without it.
The Clinton administration needs Congress to provide US$18 billion to replenish IMF resources, drained by the massive rescue deals for Thailand, Indonesia and South Korea.
Speaking at an Asia Society conference, Maurice Greenberg, chairman and chief executive of US insurance giant American International Group said it was unfortunate the IMF had become a 'whipping boy'.
He said: 'The IMF is the only game in town right now and you hardly want to develop a new structure in the middle of a crisis.
'Yes, it has some problems but for the US not to want to make its contribution to the IMF goes beyond all those issues. It is like saying the US is not committed to Asia.' Mr Greenberg, who was formerly chairman of the Federal Reserve Bank of New York, said abolishing the IMF now would hardly be conducive for Asian economies to make a smooth recovery.