ABSTRACT
The activities of international financial institutions (IFIs) in developing countries have been the subject of intense criticism in recent years.1 Detractors of the International Monetary Fund (IMF) and the development agencies forming the World Bank Group (WBG) have regularly denounced the inadequacy and inefficiency of the policies recommended by IFIs. Indeed, the disappointing performance of the IMF and WBG in a number of recent economic and social crises around the world has led to questions about the work of these institutions and their relevance on the international scene. In particular, in the wake of the 2001 economic, financial and social collapse in Argentina, the policies of IFIs were scrutinized in such a way that their staff was prompted to assume their share of self-criticism.2
