Towards a New Bretton Woods

Challenges for the World Financial and Trading System: Selected Backgound Papers Prepared for a Commonwealth Study Group, Volume I and II

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IMF Reform: The Developing World's Perspective

This paper deals with the issues of the reform of the International Monetary Fund (IMF) under five major headings: (l) creation of international liquidity; (2) extension of payments finance and conditions attached thereto; (3) relationship with the commercial banks; (4) relationship with regional monetary groupings; and(5) participation in decision making by member countries. In the process of dealing with each of these issues, we have taken note of changes not only in the exchange rate regimes but also in the evolving balance-of-payments situation in general and of the developing countries in particular.


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