The IMF’s Lending Overhaul
Too often, countries approach the IMF too late, when crises have become almost intractable, for which the Fund's sometimes heavy-handed conditionality has been partly to blame. But, under the IMF's just-approved lending framework, conditionality will be relaxed (and often dropped altogether), funds will be increased, and disbursements easier to obtain.
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The International Monetary Fund should be an essential port of call for emerging-market and developing countries facing financing needs. With its ability to mobilize large financial resources and buttress policy credibility, the IMF can help mitigate the large economic and social costs often associated with crises. Against this background, the world has come together in the midst of the crisis to radically overhaul the framework for IMF lending.