The IMF Must End Its Destructive Surcharges
The International Monetary Fund’s surcharge policy has led to an unseemly state of affairs: countries in financial distress have become the largest source of net revenue to the Fund in recent years. These surcharges must be eliminated or, at the very least, adjusted to reduce the excessive burden on highly indebted countries.
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NEW YORK – A group of 22 financially distressed countries, including Pakistan and Ukraine, has become the largest source of net revenue to the International Monetary Fund in recent years, with payments exceeding the Fund’s operating costs. The institution entrusted with providing the global public good of a well-functioning international financial system is, in effect, asking countries that are hardly able to pay their own bills to pick up the tab for the rest of the world.