Question 10GS2GS2
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)
Introduction
IMF was founded in 1945 through Bretton Woods Conference. Criticism:
10 words
Main Body
Role of IMF: 1) Promotes developing countries Interests: via Sri Lanka — was given economic package in times of crisis. 2) SDR currency Serves as a Global currency Reserve. 3) Consultations and Meetings to incorporate feedback and concerns. 4) BOP Stabilization through short term Credit. Yet IMF faces decreasing relevance in today's time.
1West dominated Structure: IMF head — always from Europe. 2) Sidelined the Global South: countries from Asia, Latin America and Africa lack voice in IMF. 3) Short-term packages without any long-term Capital Improvement. (Way Forward) 1) Greater Voice to Global South: through greater IMF Voting Quotas. 2) Diversity the position of head: elect from other countries too. On current economic crisis in form of Recession — IMF can play a Crucial Role.
126 words1 paragraphs
Conclusion
On current economic crisis in form of Recession — IMF can play a Crucial Role.
15 words
Topper
Rasneet Kaur
AIR 51
Subject & Paper
GS2GS2
Topic
International Institutions
IMF and Global Financial Governance
Role and Criticisms of IMF
Writing Stats
151
Total words
1
Paragraphs