The IMF pursues various facets of its mandate in a number of ways. It promotes international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems. This mandate gives the IMF its unique character as an international monetary institution, with broad oversight responsibilities for the orderly functioning and development of the international monetary and financial system. The IMF grants loans to countries that are experiencing economic distress to prevent or mitigate financial crises. The economic policy conditions attached to such IMF loans have become an important vehicle through which orthodox and marketoriented economic policies are carried out, especially in developing countries. Over time, the IMF has continued to be subjected to a range of criticisms, generally focused on the conditions of its loans and other financial assistance. The IMF has also been criticised for its lack of accountability and willingness to lend to countries with bad economic management and human rights records. The writer highlights how IMF policies are affecting the development of developing countries.

The UK Financial Reporting Council (FRC) and the International Ethics Standards Board for Accountants (IESBA) jointly released the publication, Ethical and Auditing Implications Arising from GovernmentBacked COVID-19 Business Support Schemes. This staff publication highlights ethical and auditing implications arising from government-backed business support programs which have been utilized at unprecedented levels during the COVID-19 pandemic. The guidance sets out important ethical considerations for professional accountants who are called upon to assist their employing organizations or clients in applying for and using COVID-19- related funding or financial support. The document includes guidance for those who prepare related financial information and disclosures, as well as for those who independently audit or provide assurance services regarding such information