Fachartikel
New Resources for an Unreformed IMF?

New Resources for an Unreformed IMF?

The present US Crisis once again saved the IMF after a wave of early repayments had pushed it to the brink of bankruptcy, also making it more powerful. Unsurprisingly, reform proposals abound, especially with the IMF they have become some kind of cottage industry. It is all the more surprising that the most urgent problem has practically eschewed attention: making the IMF obey its own statutes and the principles it preaches – applying good governance and the Rule of Law to itself. This paper argues that any "reform" remains meaningless as long as the IMF is allowed to continue to breach its own statutes and to inflict heavy damages on its Southern members and clients with impunity, financial and institutional gain. Gravest negligence, even open violations of its statutes, causing substantial damage to its clients, have increased the IMF’s income. IMF-flops have created IMF-jobs. This perverted incentive system must be abolished.