The major shareholdings of the IMF now are with a few advanced countries. Naturally their interests drive the IMF's decisions. In providing funds to Asian governments, the IMF will save those creditors from the major shareholding countries. Finally, the IMF debt will be repaid by the citizens of the Asian countries. Surely that is only half the story.
Reckless lenders are equally responsible.
Both borrowers and lenders should pay for their mistakes. Just as Peregrine closed down when its loan to Steady Safe turned sour, Western lenders should be compelled to write off their loans and accept the losses. Double standards should not be followed. Since the financial crisis hit Asia, Taiwan has been given much credit by economists and investors for its robust performance. Research institutions and a handful of regional leaders have been impressed by Taiwan's ability to sustain a steadily growing economy while remaining comparatively immune to the domino effect.