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With the International Monetary Fund gaining new prominence and new resources following last month G20 summit in London, debate is intensifying on to what extent promises for reform in the institution are illusory. In a report released last week, the Global Campaign for Education looked at the implications for education, concluding that so far policy changes by the Fund in response to the global recession are more cosmetic than substantive. This AfricaFocus Bulletin contains a press release and excerpts from the full report, which provides a detailed analysis of the impact of IMF policy mandates on the education sector in developing countries.