Arun Maira: The Washington Consensus has collapsed and it won’t be mourned
4 months, 2 weeks ago

Arun Maira: The Washington Consensus has collapsed and it won’t be mourned

Live Mint  

The US won the Cold War when the Soviet Union fell in 1991. A New York Times/Siena College poll in October 2024 revealed that 45% of Americans believe that US democracy doesn’t do a good job of representing the people, and as many as 76% believe it is under threat from internal corruption and inadequacies. For supporters of free markets, trouble in an economy is a sign that it has not ‘reformed’ enough, that it is too socialist, its government did not get out of the private sector’s way sufficiently, continued to nurture domestic industries and employment and kept delivering services to needy citizens rather than relying on private enterprise to uplift lives. In the IMF’s World Economic Outlook Report, the Fund has examined why many governments have been forced to dilute IMF-backed structural reforms and even backtrack. The US Supreme Court opened the taps for billionaires to fund political parties with its Citizens’ United vs Federal Election Commission decision of 2020.

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History of this topic

IMF reform reality: The US and China must cooperate, willy-nilly
8 months ago

IMF reform reality: The US and China must cooperate, willy-nilly

Live Mint  

In July 1944, exactly 80 years ago, representatives of 44 countries met in an obscure New Hampshire village to negotiate the Bretton Woods Agreement that established the International Monetary Fund. In terms of its surveillance of countries’ policies, the IMF needs to address its perceived lack of even-handedness; whereas emerging and developing countries are held to demanding standards, high-income countries …

What should replace the Washington Consensus?
3 years, 11 months ago

What should replace the Washington Consensus?

Live Mint  

Two events this month, one tragic and the other routine, might hold some keys to the future of the world economy and globalization. During his stint at the Institute for International Economics, he organized a conference in 1990 on the Latin American debt problem, and came up with a 10-point structural reform programme for these economies, a road-map to achieve …

IMF joins Powell, Lagarde urging governments to keep spending
4 years, 5 months ago

IMF joins Powell, Lagarde urging governments to keep spending

Live Mint  

The International Monetary Fund said more public spending will be needed to complete the economic recovery from coronavirus, joining central bankers and finance leaders who are urging governments to set aside fears about mounting debt for now. It said global government debt will “make an unprecedented jump” this year, but it’s “not the most immediate risk. Cutting the cost of …

‘A crisis like no other': IMF facing huge demand for support
4 years, 11 months ago

‘A crisis like no other': IMF facing huge demand for support

Associated Press  

WASHINGTON — The head of the International Monetary Fund said Wednesday that the lending agency is facing huge demand for support from its members during the global pandemic. An unprecedented 102 of the IMF’s 189 member countries are seeking assistance from the organization, Managing Director Kristalina Georgieva said. “It is a crisis like no other,” Georgieva told reporters, reiterating her …

IMF: Global economy will suffer worst year since Depression
4 years, 11 months ago

IMF: Global economy will suffer worst year since Depression

Associated Press  

WASHINGTON — Beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund says in its latest forecast. The IMF’s twice-yearly World Economic Outlook was prepared for this week’s spring meetings of the 189-nation IMF and its sister lending organization, the World Bank. Last …

No free lunch from Modern Monetary Theory, says IMF’s Gita Gopinath
5 years, 11 months ago

No free lunch from Modern Monetary Theory, says IMF’s Gita Gopinath

Live Mint  

Washington: The International Monetary Fund’s chief economist has a message for the disciples of modern monetary theory: don’t expect a free lunch. “Fiscal policy is a very important part of the tool kit for policymakers,” Gita Gopinath told reporters at a press conference Tuesday in Washington, following the IMF’s release of its global economic outlook. Heavyweights from Wall Street and …

India disappointed over non implementation of IMF reforms | India TV News
9 years, 11 months ago

India disappointed over non implementation of IMF reforms | India TV News

India TV News  

Washington: India has expressed deep disappointment over the non-implementation of IMF quota and governance reforms that would give it a greater say in the global crisis lender, matching the country's growing economic might. "We are greatly disappointed that the 2010 Quota and Governance Reforms have not become effective in spite of the strong support of the global community for the …

IMF chief says global economy at inflection point
10 years, 5 months ago

IMF chief says global economy at inflection point

India TV News  

Washington: International Monetary Fund chief Christine Lagarde said Thursday that the global economy was at an inflection point with weaker than expected recovery momentum, as he called for bolder policies and multilateral efforts to inject new impetus. Speaking at the IMF-World Bank annual meeting in Georgetown University, Lagarde said the global economy was weaker than envisaged and only a modest …

Failure to act on IMF reform damages G20 leadership
10 years, 11 months ago

Failure to act on IMF reform damages G20 leadership

China Daily  

WASHINGTON -- Failure to act on the much-delayed International Monetary Fund quota and governance reform will seriously damage the leadership of G20, a senior Chinese official warned Thursday. "Failure to deliver the 2010 IMF reform is a serious damage to the G20 leadership," Yi said, noting that the reform package was in every G20 communique released after the G20 Seoul …

At 65, the IMF is changing – for the better
13 years ago

At 65, the IMF is changing – for the better

Al Jazeera  

Though some of its troubling policies remain, the financial crisis has triggered constructive new thinking at the IMF. The global financial crisis has triggered some constructive new thinking and policy at the IMF – though the institution has continued some of its more concerning policies as well. The IMF is definitely changing, but the question is whether or not it …

International Monetary Fund debates internal reforms, global economic growth
14 years, 5 months ago

International Monetary Fund debates internal reforms, global economic growth

China Daily  

The 24-member board of the IMF approves billions of dollars in loans for countries hit by the global financial crisis. "The fourth on the board belongs to 23 sub-Saharan African countries, and it would be unwise for the IMF to exclude African countries which have been taking out loans most consistently for last 30 years." That's because, he says, votes …

IMF 'needs reform' to raise more funds
15 years, 11 months ago

IMF 'needs reform' to raise more funds

China Daily  

进入英语学习论坛下载音频 The International Monetary Fund needs "substantial reforms" of its voting and governance structure to fulfill its ambitious agenda including expansion of lending resources, Chinese economists have said. Despite Norway's commitment to contribute $4.5 billion, the IMF will face severe challenges unless there is "substantial" reform on voting rights and governance structure to bolster its credibility and pool more funds …

IMF at it again
16 years, 3 months ago

IMF at it again

The Hindu  

To developing countries lining up for liquidity, the IMF is pushing the same disastrous conditions that caused financial collapse in other emerging markets. From 2002 onwards, the IMF, along with the World Bank, became a net recipient of funds from developing countries, as repayments far exceeded fresh loans. So, the IMF completely breaks from all its past practice to recommend …

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