It was forwarded by the International Monetary Fund, in a broad self-evaluation, that the agency has dealt efficiently with the global recession, specifically in Eastern Europe.

Report by the IMF specified that countries were helped immensely by fund-supported programs in handling the worst of the crisis. The report added that it was "remarkable" that countries with IMF loans have so far avoided banking crisis.

Nearly 15 IMF loan programs were covered by the review. The programs were passed in September 2008. The IMF has, ever since that time, made available $163 billion in financing.

Since long, the IMF has been criticized for driving too hard a bargain for emergency loans, needing countries to privatize industries, liberalize markets and sharply tighten budget deficits -- and for sometimes making the economic situation worse. The worst affect has been on Asia, where fewer countries have turned to the IMF since the Asian crisis a decade ago. In fact, in order to weather the downturns, many countries have built up huge financial reserves.

However, the self-congratulatory tone of the report will most probably irritate crisis-racked countries. Before the IMF study, a report was released by the Center for Economic and Policy Research, which is a left-leaning think tank in Washington, D. C. The center's report specified that the countries looking for loans were allowed to expand their deficits sufficiently by IMF.

The report added, "The IMF, especially with its vastly expanded resources, is capable of providing the necessary foreign exchange to allow for counter-cyclical policies- that is, fiscal stimulus."

As per IMF, it needs far fewer changes in policy, and less fiscal and monetary tightening, as it has learned from its critics. Thus, it helped the countries to deal with the downturn.

IMF suggested the U. S., Western European countries and China to put in more effort in order to stimulate their economies, while asked countries in Eastern Europe to pull back on spending, sharply.