The unfinished business of the IMF

The International Monetary Fund (IMF) shows promising signs of changing with the times. In addition to acknowledging that climate change poses significant risks to financial stability, it has responded to the pandemic with a significant allocation of special drawing rights (the Fund’s reserve asset) and has criticized the inadequacy of the G20 framework for debt crisis management. Furthermore, in a recent deal with Argentina, the Fund is moving away from the kind of austerity programs that have always tarnished its reputation, not to mention the economic damage they have caused around the world.

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