Re-Envisioning Economic Sovereignty: Developing Countries and the International Monetary Fund

Abstract

Developing countries in financial difficulties routinely enter into arrangements with the International Monetary Fund (IMF). Such arrangements reduce the economic sovereignty of the developing country markedly. This paper analyses this reduction in sovereignty and seeks to assess whether it is warranted given the IMF's performance in the past 15 years and the proven capacity of some developing countries in policy development and implementation. It concludes by considering ways forward for the IMF.

Keywords: Developing countries, economic sovereignty, International Monetary Fund