Lagarde says IMF no longer forces ‘structural adjustment’

April 15, 2014 9:20 am

Christine Lagarde, the managing director of the International Monetary Fund (IMF) has said the global financial organisation no longer imposes tough “structural adjustment” programmes as it did in poor countries two decades ago, AFP has reported. Told by a journalist from Ghana that many people there had “a phobia for the IMF” due to the harsh conditions of its past structural adjustment programs in Africa and South America, Lagarde responded: “Structural adjustment? That was before my time, I have no idea what it is. We don’t do that anymore.”