Should the IMF discontinue its long-term lending role in developing countries?

The IMF was set up to fulfil three roles: an adjustment role, a short-term financing role and a systemic role. With the collapse of the Bretton Woods system in the early 1970s, it largely lost its traditional systemic role of managing a pegged exchange rate international financial system. However, at the same time, it became more heavily involved in lending to developing countries and eventually to countries in transition (CIT).