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The IMF is back? Think again (June 2009)

Rethinking Bretton Woods | Tue, Jun 9, 2009

By Aldo Caliari

Just two years ago, the IMF seemed to be on an inexorable downward path: its credibility and effectiveness in question, its portfolio of borrowers severely reduced, its legitimacy and governance structure under challenge, and its own finances in disarray. In fact, the Fund had started "downsizing" its staff as the only way to avoid running one of the deficits that it so strongly advises client countries to steer away from.

Against this backdrop, the world's credit drought offered the international financial institution a lifeline, and prompted commentators to identify the institution as the great winner of the global debacle.

In this article for Foreign Policy in Focus. and republished by the Asia Times, Aldo Caliari argues that accounts of an IMF "revival" are superficial and premature.

Click here for full version of "The IMF is Back? Think Again."

Click here to read this article as it appeared in the Asia Times.