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Abstract The International Monetary Fund (IMF) is entering a period of unprecedented challenge. Countries need its assistance to deal with debt distress, the post-Covid development crisis, new threats of financial instability, and the fallout of a decade of unconventional monetary policy. But the IMF faces two challenges of its own. As powerful countries ‘reset’ the rules on which the IMF’s work proceeds, it must build a new paradigm for advising its borrowers. Equally, as those same powerful countries show less willingness to cooperate with each other in international organizations, the IMF must keep them involved and working together within the institution.

Original publication




Journal article


Oxford Review of Economic Policy


Oxford University Press (OUP)

Publication Date





329 - 338