As the global economic landscape evolves, the Latin American Committee on Macroeconomic and Financial Issues (CLAAF) is sounding an alarm – calling for immediate and specific reforms of the IMF to ensure it is empowered to tackle challenges ahead.
This important briefing covers why leading economists are calling for the IMF to adapt or face an erosion in the credibility of its country programs.
In its most recent statement, the CLAAF asserts that the IMF lacks the firepower and flexibility needed in this critical moment - and offers specific proposals to help it tackle several imminent challenges threatening emerging economies:
• How can the IMF effectively and credibly be a source of liquidity in times of high turbulence in international capital markets?
• When debt restructurings are needed, what is the appropriate treatment of domestic debt relative to external debt?
• How should the IMF manage its unsuccessful programs, namely those loans where countries repeatedly fail to comply with program targets?
During this briefing, CLAAF members describe the global economic shifts triggering its recommendations and share their analysis on the risks ahead if the IMF fails to embrace this moment and transform in a few key areas.
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0:00 Intro Video
1:04 Urgent - The IMF Needs Reform Presentation
20:10 Critical Development Trends & Implications for IMF Reform
23:13 Proposal #1 - Emerging Market Fund
31:07 Proposal #2 - Restructuring Domestic Debt
36:01 Proposal #3 - IMF Failed Programs
42:04 Addressing Critics & Tradeoffs
49:40 Global Economy Looking Forward
1:02:50 EMF & Long-Term Priorities
