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The IMF’s Latest Victims

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14.08.2019

NEW DELHI – The process of selecting the International Monetary Fund’s next managing director must change. In particular, the tradition of choosing a European for the post – based on an unfair and anachronistic “gentlemen’s agreement” reached with the United States when the institution was established 75 years ago – needs to be discarded. But even more important, the IMF’s longstanding approach to lending should be transformed.

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    The Fund has a long history of policy mistakes. Yet, as Christine Lagarde’s just-completed tenure showed, it has learned little from them. Consider the case of Argentina. In mid-2018, the IMF agreed to provide the country with a heavily........

    © Project Syndicate