Has the International Monetary Fund (IMF) become completely irrelevant?
Is this world body, set up more than six decades ago to foster global economic stability and help countries facing financial crises, really reforming itself? And will it become more responsive to the aspirations of developing countries? Opinion is sharply divided on these questions as the IMF undergoes an exercise to change its “quota and vote” system that is linked to the financial commitments made by 184 countries that are its members. A member’s quota delineates basic aspects of its financial and organizational relationship with the Fund, including its powers to vote and its access to loans. Three years ago, the IMF had loaned more than 100 billion US dollars to various countries to help them tide over problems including management of external balance of payments. This amount has now shrunk to less than 20 billion dollars a year. In fact, instead of primarily being a lender of funds, the IMF has become a net receiver of funds with an inflow in excess of 20 billion dollars in the for
