Peru said the IMF only serves U.S. interests.

Luis Alva, Peru’s prime minister, also charged that the International Monetary Fund had failed to help developing countries. “The IMF did nothing that did not contribute to concentrating capital in the United States . . . especially by imposing traumatic policies of adjustment” on Third World countries, Alva said in a speech to the annual meeting of the IMF and World Bank. His remarks on the international lending institution were the most critical among some 50 finance leaders who addressed the meeting over the past three days.