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Missing the big picture on IMF lending

Market Commentary

02 March 2021

In a recent opinion piece in the Financial Times, Ousmene Mandeng makes the point that the lending programmes of the International Monetary Fund (IMF) are defective. He is right. No one wants to surrender control of economic policy to the global financial policeman. But Mr Mandeng’s call for new types of IMF lending programmes, while laudable, misses the bigger point that the IMF can never be the real solution to financial vulnerability in EM countries.

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