As the COVID-19 outbreak impacts economies around the world with debilitating effects, international financial institutions like the International Monetary Fund (IMF) and the World Bank face the prospect of helping keep the engines of the global economy running. Several countries, particularly developing economies, have been seeking assistance from these organisations. But how effective have their responses been, and how will the global south’s relationship with international finance evolve in the coming days?
In this episode of Himal Podcasts, we discuss these issues with C P Chandrasekhar, a professor of economics at the Jawaharlal Nehru University in New Delhi. He explains the role of the IMF and the World Bank in the global economy, why emerging economies shouldn’t expect much from them, and how the ongoing crisis requires us to revisit mainstream economic doctrines.