To make the IMF relevant will take more than a new leader | Jayati Ghosh | Comment is free | The Guardian

, , Comment closed

0 Flares Twitter 0 Facebook 0 0 Flares ×
Print pagePDF pageEmail page

To make the IMF relevant will take more than a new leader | Jayati Ghosh | Comment is free | The Guardian

Ghosh on the inadequacy of IMF policy to help developing countries and its resistance to capital controls
"The IMF encouraged financial liberalisation that pushed many countries to crisis, and became famous for congratulating bubble economies on healthy and sound financial management (Thailand in 1997; Argentina in 1999; most recently Ireland and Iceland in 2008) – often just months before their spectacular financial crashes. Its policy prescriptions were widely perceived to be rigid and unimaginative, applying a uniform approach to very different economies.

In this sorry situation the global financial and economic crisis came as real manna from heaven for the organisation. It was back in the forefront as G20 largesse in early 2009 once again gave it relevance, providing it with large resources in order to expand its lending to developing countries hit by the crisis. So how has the IMF dealt with this recovery in its fortunes? Has it become more flexible to economic distress?"

The following two tabs change content below.
Donagh is the editor of Irish Left Review. Contact Donagh through email: dublinopinionAtgmail.com