IMF corrects misleading impression given by FT

Raghuram G. Rajan, one of the authors of the much quoted and misquoted IMF working papers which look at the impact of aid on growth, has published a correction to the Financial Times article which, he says, misrepresents the IMF’s position.

Andrew Balls’ article "Aid will not lift growth in Africa, IMF warns" (June 29), reporting on my research with Arvind Subramanian, is misleading; nor does it represent the International Monetary Fund’s position. First, the aim of research papers is to inform and generate internal and external debate, but every research paper, including the ones on which Mr. Balls reports, clearly states that the views are those of the authors and not necessarily those of the IMF, its management or its board. What is more, the pessimism in your headline mischaracterises the implications drawn by us, as well as the position of the IMF. Your editorial "Time to prove aid works" (July 1) helps clarify what our studies do, and do not, say and is most welcome.

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