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?

IMF along with World Bank were created to address the development project post-WWII. Role of IMF in addressing debt distress in Global South: 1. Structural Adjustment Programmes SAPs - India's 1991 LPG Reforms 2. Funding via triangular partnership - IMF helps in giving loans based on SDR Global North + Global South countries 3. It increased in addressing fiscal discipline and allocation - culture of punders Negatives: (1) It led to scholarly rigs trade k Eurocean - it has led to new imperialism (2) It had made Global South a resource provider S central Africa as central hub (3) IMF is the extension of USA's federal reserve + getting stuck

4. It helped in creating economic integration with globe value chain S South Africa, Namibia, Argentina 5. It increased in addressing fiscal discipline and allocation - culture of punders (1) Acc to scholars like IKs Fabian & Bahlini - it has led to new imperialism (2) It had made Global South a resource provider S central Africa as central hub (3) IMF is the extension of USA's federal reserve + getting stuck

India-specific IMF Reforms: 1. India has been a votary of 'reformed multilateralism' starting with IMF 2. Change in the IMF structure S Representation of Asia, Africa and Latin america + Majority 3. India is the voice at IMF summit said 'India's saying voice need for reforms' 4. It has advocated change in the SAP that are less extractive & more development => equity based Challenging (1) status-quoism (2) Lack of unity among G80 different interests IMF Reforms are long-due. It must reform itself see else see itself become irrelevant (S justified) when India (S justified)