Rethinking and Reforming the IMF

In November 2021, the G20 committed to recycle $100 billion of SDRs to developing countries. In June 2023, they declared victory. But how much of the developed world’s largesse has made it into low- and middle-income countries’ coffers? Only $23.6 billion to date.

Late last year the IMF confronted two difficult but related policy challenges… There were strenuous and mounting calls for the IMF to reduce or eliminate surcharges that raised interest costs for the IMF’s large borrowers. At the same time, the IMF’s Poverty Reduction and Growth Trust (PRGT) was fas...

It has been almost two and half years since the IMF launched the Resilience and Sustainability Facility. While the RSF saw a strong initial uptake, demand peaked in 2023 and has since tapered off. Two key features of RSF eligibility and program design are inhibiting its uptake by countries.