The Future of IMF Lending

Abstract

Abstract How can the International Monetary Fund (IMF) be reformed so that its lending programs do not have the adverse socioeconomic consequences documented in this volume? This concluding chapter elaborates on what can be done for the IMF to effectively live up to its promise and potential. The chapter first examines how IMF programs impact meeting the goal of universal social protection, a requisite for achieving many of the Sustainable Development Goals. Subsequently, it draws attention to a newer area of IMF engagement: supporting countries in their climate change adaptation and mitigation efforts. As environmental degradation poses an existential challenge to humanity, ensuring that countries have appropriate macroeconomic frameworks in place to facilitate the green transition is of paramount importance, and the IMF has a role to play here too. Finally, the chapter spells out the challenges in the road ahead for the IMF, and what types of practices could underpin a reformed IMF.