The International Monetary Fund is currently a problematic institution. A brief enumeration of the principal, commonly perceived problems includes the following:
- the institution is no
longer fulfilling the functions it used to fulfil, nor is there a clear
vision of any new functions for it;
- due to a drastic pruning of its
loan operations, it is not receiving enough revenue to cover its
operating costs;
- the IMF has not played a notable role in the debate
a-bout global imbalances, even though this issue is at the very heart
of its institutional remit;
- it is suffering a crisis of legitimacy,
with its power structure questioned by many members;
- there is a lack of confidence, from quite different perspectives, in its intellectual orientation and the quality of its policy recommendations.
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