Standing in the way of development? A critical survey of the IMF's crisis response in low income countries

Until recently, the IMF was on its way to becoming irrelevant and obsolete. By 2007, it had only one major borrower, Turkey, and thus its revenues had plunged. In October 2007, the Fund attempted to align its payroll with its reduced budget by shrinking its workforce through generous retirement pack...

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Bibliographic Details
Published in:Policy File 2010
Main Authors: Waeyenberge, Elisa Van, Bargawi, Hannah, McKinley, Terry
Format: Report
Language:English
Subjects:
Banking/Finance
Developing countries
Economic policy
International/Economic development
LDCs
Management of crises
Third World Network
Online Access:Request full text
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Summary:Until recently, the IMF was on its way to becoming irrelevant and obsolete. By 2007, it had only one major borrower, Turkey, and thus its revenues had plunged. In October 2007, the Fund attempted to align its payroll with its reduced budget by shrinking its workforce through generous retirement packages. At the same time, the Fund was unable to facilitate effective approaches to counter the growing global imbalance, leaving its supposed role as an 'international monetary institution' in question by the international community.