Question Q19Critically examineGS2GS2

Critically examine the role of International Monetary Fund (IMF) in addressing debt distress in the Global South. How can India use its post-G20 presidency momentum to push IMF reforms?

Introduction

International Monetary Fund (CIMF) is the global multi-lateral institution for ensuring transparency in currency exchange and international debt.

18 words

Main Body

International Monetary Fund (CIMF) is the global multi-lateral institution for ensuring transparency in currency exchange and international debt.

Positive Role of IMF in addressing debt Distress:

1Apex Institution: IMF is the apex institution for handling international debt.

2Ensuring Transparency in debt conditions and agreements.

3Aid to debt-ridden countries to manage their payments.

4Collective action → IMF Board contains plural influential country like USA.

Limited Role in addressing Debt Distress:

1Limited ability to control Debt Trap Diplomacy at China. [E] Sri Lanka Crisis at 2022.

2External Imposition of Washington Consensus on countries → impact Sovereignty. [E] India's 1991 BOP crisis-LPG.

3Inability to mandate structural change. [E] IMF gave bailout to Pakistan 21 times → though no change.

4Hegemony of Global North → USA and Western countries using it for their economic system.

5Slow work towards the needs of Global South vis-a-vis North. [E] expedited relief package for Greece.

India → past G20 momentum to push Reforms in IMF

1Push towards Global Consensus: Collectively use NAM as the voice of global south.

2Use its ability of being connector of Global North to Global South. [E] invited to G7.

3Use synergy to push for reforms in all multilateral bodies like IMF, world Bank, UNSC.

4Find like-minded partners. [E] G4 for UNSC reforms.

5Leverage its HADR credentials. [E] Vaccine Maitri and helping Sri Lanka during debt crisis.

Above steps will go long way in reforming IMF.

— GAURAV CHOPRA · AIR 83

246 words3 paragraphs

Conclusion

Above steps will go long way in reforming IMF.

9 words

Examiner score

1.2/10

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Topper

GAURAV CHOPRA

AIR 832025

Subject & Paper

GS2GS2

Topic

International Institutions, Agencies and Fora - Structure and Mandate

Important International Institutions

IMF Role in Debt Management

Writing Stats

273

Total words

Paragraphs

analytical

Tone

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