Report slams IMF over Article IV ‘formalistic rituals’

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A report by the IMF's Independent Evaluation Office (IEO) has taken the Fund to task over "long-standing problem areas" in the way it interacts with member countries, despite finding that the IMF's overall image has improved in the aftermath of the financial crisis.

The report's criticisms centred around tensions between the IMF's surveillance and advisory roles. Emerging markets were especially disgruntled. "Almost half of the surveyed authorities in large emerging markets said that the IMF had

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