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
1.2/10Open original scan
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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
3
Paragraphs
analytical
Tone