How to fix the International Monetary Fund

EVER SINCE imf it was founded in 1944, thehas had to get used to reinventing itself. Today, however, it faces an identity crisis like none before. The fund, whose annual spring jamboree kicks off on April 10th, is supposed to provide a financial safety-net for countries in distress. Yet, although the poor world is in the throes of the worst debt crisis in decades, the fund seems all but unable to . The fund has hundreds of billions of dollars of spare firepower and has sought more from its members. However, since the pandemic began its loan book has grown by a paltry $51bn.The because it is a multilateral institution that aspires to , at the same time as being a club which is controlled by America and its Western allies. That worked when America was the world’s dominant power and was intent on pursuing liberal internationalism. Now China is trying to build an alternative order and America is turning inward. Unless the fund acts soon, its ability to do its job as a crisis lender will be in question.