Recent years have seen IMF lending focusing almost exclusively on the developing world as richer countries have turned to more flexible sources of finance. This provides the first analysis of Fund lending and key changes needed for future success. `This book, the product of a research project under the auspices of the Overseas Development Inst of London, provides a detailed theoretical and empirical analysis of IMF lending policies, and concludes that fundamental changes in IMF lending strategy and, indeed, in its philosophical orientation, are required to improve the efficiency and equity of IMF lending,' I Jrnl of Technical Cooperation