N K Singh, chairman of the 15th Finance Commission, accused the World Bank as well as the International Monetary Fund (IMF) of “developing rigidities” while encountering new challenges, and assigning higher weighting to developed regions such as the Europe and US. He went on to say that the “rules of the game” were applied in a discriminatory manner between the rich and poor nations.

Singh questioned the way the IMF scrutinises macroeconomic policies of the developing world, which he claimed is done differently than for the richer nations. He stressed on the ...