While the IMF has focussed on its mandate review and governance reform, the institution’s policy towards low-income countries has taken a backseat. Civil society groups are worried that the IMF has returned to promoting fiscal austerity and constraining the investment needed to reach goals on poverty.
Conditionality impacts
IFI governance
News
IMF crisis lending reform faces fundamental critiques
While the IMF has given the green light to new crisis lending windows, critics argue that it should focus instead on other ways of preventing crises.
Accountability
News
Gender-blindness and conditionality cast shadow over record World Bank lending
New evidence of worsening gender performance and persistent conditionality has led critics to ask if the Bank is fit for purpose.
Accountability
Analysis
Submission on the World Bank and IFC to DFID's multilateral aid review
As the UK government reviews its funding and relationships with multilateral organisations, we argue that the World Bank Group's poor performance, lack of country ownership and accountability, and tendency to 'mission creep', require a focus on institutional and policy change at the Bank, and no increase in funding.
Social services
Commentary
The Greek crisis and the involvement of the IMF
The “Greek expression” of the crisis has revealed an amazingly broad range of issues not only concerning the structural problems of the Greek economy, but also those of the European Union (EU) as an economic and currency area, and its unwillingness or inability to react to the problem in a timely, meaningful and collective way.
Infrastructure
News
IMF's latest prescription: Cure the crisis with austerity
The IMF has gone back to promoting fiscal austerity and pressuring governments to implement spending cuts and structural reforms. Austerity also remains at the heart of the Fund's debt sustainability policies.
Conditionality
News
Debt crisis in Europe: Beware IMF bearing gifts
The descent of Greece into a sovereign debt crisis marks the first time a country that uses the euro has gone to the IMF. The fear of adverse market reaction has now moved Europe towards greater coordination and the G20 to argue against continued fiscal stimulus.
Conditionality
Background
The IMF's framework for low-income countries
In the midst of the global financial and economic crisis the IMF amended its lending framework for low-income countries (LICs). It now has three main instruments for LICs – the Extended Credit Facility, the Standby Credit Facility and the Rapid Credit Facility. The three different programmes are subsidised by the newly created Poverty Reduction and Growth Trust (PRGT). The IMF also engages with LICs through non-financial facilities, especially the Policy Support Instrument (PSI) and the St
Conditionality
News
IMF board shies away from bold mandate changes
In a series of four papers the IMF executive board has been discussing fundamental changes to the way it does business. Despite the financial, economic and debt crises demonstrating the failures in the current international architecture, there was no consensus on the need for, or direction of, reform.
IFI governance
Background
An IMF for the 21st century - the low-income country perspective
Civil society event at the World Bank spring meetings 2010, 22 April
Featured briefings
6 April 2022
The Bretton Woods Observer: Spring 2022
8 December 2021
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8 November 2021
IMF surveillance and climate change transition risks
New briefing by ActionAid USA and the Bretton Woods Project highlights research showing that IMF policy advice has undermined a just energy transition since the Paris Agreement was signed.