The framework governing the International Monetary Fund's (IMF) lending operations is no longer appropriate, says a paper from the Bank of England.

The research finds that members of the Fund are more heterogeneous, differing sharply in their economic characteristics and needs, compared to the first three decades of IMF's existence. The study says that the Fund is unlikely to provide financing on a sufficient scale to meet demands of its higher-risk members, leading members to rely more on self