The International Monetary Fund

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Abstract
One would not ordinarily think of the International Monetary Fund (IMF) as of particular importance to the less developed countries. Nevertheless, in recent years the less developed coun-tries have come to have a very high regard for the IMF; and the IMF, in turn, has become the great defender of the interests of the less developed countries. This entente has evolved out of the course of events. In the current discussions on international monetary reform the IMF has be-come the spokesman for universal participation in reserve creation. This suits the institutional interests of the IMF. At the same time it makes the IMF the advocate of the interests of the less developed countries

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