The IMF's shift in stance regarding easing Greece's debt burden reflects a deepening controversy about whether austerity policies are counter-productive.
We are very pleased to see the IEO continue its excellent work reaching out to stakeholders, external parties and shareholders, while both considering its work programme and conducting evaluations. This is a vital component of the IEO’s approach that ensures well-informed and well-considered analysis.
Analysis, news, and about the events inside and around the World Bank/IMF annual meetings 2012. This page is being updated regularly.
The launch of the IMF's autumn 2012 World Economic Outlook (WEO) report stimulated a controversy over economic forecasting during the annual meetings of the IMF by admitting that the Fund's models, used to dictate the terms of bailouts, were flawed.
The IMF's role as a member of the Troika, the grouping of the European Central Bank (ECB), European Commission and the Fund in the eurozone crisis, is attracting new criticism. Deepening recessions in eurozone nations have brought the efficacy and appropriateness of Troika-led reforms into question.
Egypt has been in talks to get over $11 billion in foreign aid, of which at least $7.5 billion will be contingent on IMF approval, sparking concerns from activists over policies likely to be imposed by the Fund, just as it has ended its conditionality review.
International financial institutions increasingly recognise the negative impacts of austerity on labour markets, however, a disjuncture remains between their public pronouncements and their policies and practice.
As European elections show the public increasingly rejecting austerity, critics call on the IMF to focus on the flaws of the eurozone rather than austerity in country programmes.
A report published in May by the US-based Center for Economic and Policy Research (CEPR) found that an overwhelming debt burden and conditions on IMF loans are hindering Jamaica's economic recovery.
The term 'revolving doors' refers to frequent staff turnover between institutions, usually relevant when these represent different interests working on the same policy issues. This serves to foster cross-institutional networks, practices and alliances. The staff turnover between international financial institutions (IFIs) and borrowing governments works as a mechanism through which specific ideas and practices learnt and promoted in IFIs are translated into policies in borrowing countries