Q.19) Critically examine the role of International Monetary Fund (IMF) in addressing debt distress in the Global South. How can India use its post-G20 presidency momentum to push IMF reforms?
Main Body
IMF is one of the intergovernmental organizations formed through Washington Consensus that deals with Balance & Payment issues of nations.
Role of IMF in addressing debt distress in the Globe South:
Criticism:
How India can push IMF reforms:
Conclusion
Conclusion: (1) Acts as a tool of neo-colonialism as countries are forced to liberalise. (2) Loss of state sovereignty. (3) Failure to implement fiscal reforms by Pakistan has been affected ffunder. (4) Concentration of power among some members by USA. (5) Top-down approach in decision making. (6) Curbs social expenditure by: subsidies, health coverage etc. How India can push IMF reforms: (1) Advocate for global coordination and issues by VOICE Summit. (2) Provide alternate avenues of funding by: Liquidity swaps to Sri Lanka (moonition). (3) Promote UPI - based digital public infrastructure (DPI) as fiscal reform. (4) Increase awareness regarding procedures and issues by: secure effort regarding Pakistan during CT window. (5) India's role of balancing act of geo-economics through IMF reforms.
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Hrishikesh Rajendra
International Institutions, Agencies and Fora - Structure and Mandate
Important International Institutions
IMF and debt distress
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