Once again a developing nation has attacked the International Monetary Fund. Viktor Orbán, Hungrary's prime minister stated on Monday that its country did not need any further action from the IMF despite of the current crises its country is suffering.
For the last several years, the IMF reputation within the developing world has been drastically diminished - specially throughout Latin America. These countries, have not only attacked the role of the IMF but also challenged it. Several countries went as far as breaking all relations they had with the organization.
As the IMF reputation diminishes and developing nations tend to label this institution as the enemy of economic growth; I start to wonder if it is time to change the ways of the institution. I like to believe that the IMF sole goal is to "work to foster global monetary
cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."
However, as more developing nations line up against this and other institutions I find it hard to believe that the IMF its doing its job right. Can it be that institutions such as this one and the World Bank are being used as an instrument for neo-imperialism? Should we modify its internal structure so that they actually work to achieve their mission statement? Also, lets not forget about this year's controversial World Bank presidential elections.
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