From the archive: is the IMF fit for purpose?
Dec 10, 2025•40 min
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Summary
Amidst a severe global debt crisis exacerbated by the pandemic, war, and climate change, this episode questions the International Monetary Fund's effectiveness as a global lender of last resort. It delves into the IMF's history of imposing unpopular austerity measures, which led to a backlash, particularly during the Asian Financial Crisis, and prompted many nations to seek financial autonomy. The discussion also covers how geopolitical competition from lenders like China is pushing the IMF to re-evaluate its strategies, highlighting the paradox of US power in shaping global economic stability.Episode description
We are raiding the Guardian long read archives to bring you some classic pieces from years past, with new introductions from the authors. This week, from 2022: as the world faces the worst debt crisis in decades, the need for a global lender of last resort is clearer than ever. But many nations view the IMF as overbearing, or even neocolonial – and are now looking elsewhere for help By Jamie Martin. Read by Kelly Burke. Help support our independent journalism at theguardian.com/longreadpod
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