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)

The Post WWII marked the establishment of Bretton Woods institutions. IMF being central to it. Role of IMF: (1) SAP - structural adjustment programme for scrapping the economies (2) India - 1991 crisis (3) Tiered approach of IMF-based on needs (4) opening up the economy to the world - global integration for economic cooperation (5) Reports/Indices - to monitor the progress (6) Quota based lending - SDRs to the forex KEY CRITICISMS: 1. Failure of 'Washington Consensus' - inequaling across the world - Thomas Piketty work 2. Neocolonialism - opening the economy of third world for resource extraction - science for Africa 2.0 3. Lack of representation of Global South - The IMF chief during Swapee - Reformed institutions - akin to the world we live. India growing statature - leading the IMF reform. 'Consensus consensus' - capitalism starts compromise. This i reformed I.UT is the need of the hour.