The fund has a long history of policy mistakes. Yet, as Christine Lagarde’s just-completed tenure showed, it has learned little from them.
Consider the case of Argentina. In mid-2018, the IMF agreed to provide the country with a heavily frontloaded three-year loan worth nearly $57 billion – the largest in the institution’s history – following a series of reckless decisions by President Mauricio Macri.
By last year, Argentina’s fiscal and current account...
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