Noted Economist Joseph Stiglitz (Ex-Chief Economist, World Bank), argued that the IMF's ability handle Crisis situations is fast deteriorating and that there is a need to review its policies and their applicability to each of the crises.
The IMF originally founded as an international provider of liquidity, still maintains its importance, but with issues arising about the U.S involvement (Read: Interference) and countries fast losing faith in the IMF's ability to 'solve' a situation, a lot is left wanting as food for thought.
The IMF is also touted as being partial to liberal reforms in its directives, which is seen in bad light when the need of the hour is to focus more on development and consolidation of the economies.
Also there has been a rising debate globally, about the low transparency levels of the Fund, with respect to accounts and allocation of the loan money.
But what cannot be ruled out is the fact that the IMF is as important as any thing in the global economy and that it has tremendous potential, at a global level, to enable economies to resurrect in case of debacles or bridge the gap between disparate nations.
…
