Thanks to Barbara and Stephany for sharing this. My optimism is somewhat more tempered.
My disappointment with the CRA is that it continues to require a country that takes recourse to it to enter into a surveillance arrangement with the IMF to access more than 30 per cent of country quota from the Fund. . This is not desirable and continues to endorse the unsuitable existing governance arrangements and methods of valuation that the IMF uses to declare a country " sustainable " Their new DSGE model is even worse than what preceded it; the DSGE has been "validated" in Rwanda and declared fit for global application and to my horror, is the flavour of the month amongst many technocrats in India, China and Brazil.
It's regrettable that, as reflected above, the economic leadership in even large emerging economies continue to be intellectually subservient to the IMF orthodoxy when they are in a historic position to do and act otherwise. " It's better than nothing" is not a good enough argument for me. Oliver wants more!
Director and Chief Executive
National Institute of Public Finance and Policy
Delhi 110067, India
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