Discuss the role of the International Monetary Fund (IMF) in the development of developing countries. What are the key criticisms associated with its approach? (Answer in 150 words)

IMF established after WWII to ensure global financial security. Role:

(a) Bawler relief in BoP crisis in Sri Lanka

(b) Initiate reforms

(c) Build capabilities. However, it has been criticised.

Criticism:

(a) Dominated by western influence

(b) Top down reforms

(c) Strict United share of global south

Way Forward:

Reform voting structure to global south. Hence to remain credible reforms are necessary.