G7 meeting June 2005

The G7’s plan for debt reduction was criticized by Raghuram Rajan, the International Monetary Fund’s chief economist, for not considering each country individually and instead grouping them all into a “one size fits all” plan. In a published report put out by the IMF, Rajan said, “‘One size fits all’ proposals, while politically more convenient, are unlikely to benefit recipient countries as much as proposals that tie debt relief and additional aid to a country’s specific situation.”