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 ie International Monetary Fund was formed under Bretton Woods Institution along with World Bank. It aims to oversee multilateral engagement in economic sphere by helping nations during economic crisis & monitoring balance of payment deficits.

Role of IMF in developing nation development: (1) Acted as Savior during 1991 BoP Crisis (2) Pushed for market Reforms under liberalization, privatization and globalization under now 23rd largest economy Issues: (1) Western domination (2) Currency correlation perpetuates global north-south divide (3) Conditional financing goes against ethical funding (4) Objective criteria using special drawing rights Way Forward: IMF Reforms are need to the hour to move towards global issue based order amidst rising geoeconomic fragmentation