Reforming the IMF: Back to the drawing board Yilmaz Akyüz

This paper discusses extensively how the IMF must substantially reform itself to be able to ensure its legitimacy as a genuinely multilateral institution, and one that can effectively prevent crises. A genuine reform of the IMF would require as much a redirection of its activities as improvements in its policies and operational modalities. It must cease to depend on a few countries for resources and there should be a clear separation between multilateral and bilateral arrangements in debt and finance.

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