In July, 2023, the Board of the International Monetary Fund (IMF) approved the first strategy for gender mainstreaming in the institution. In broad terms, it seeks to mainstream gender in its main activities: surveillance, lending and capacity development. Although the adoption of this strategy is a milestone and a step forward in the recognition of links between financial and macroeconomic policy and gender equality, the news was greeted with caution and even rejection by activists and scholars in the field of feminist economics. Beyond the specific criticisms that can be made against the proposed strategy, there is a big elephant in the room when we ask ourselves a question: "Is a gender perspective compatible with the Fund�s theory of change and the conditions that derive from it?� In particular, feminist economists have shown that the economic model and austerity measures promoted by the IMF have a disproportionate and negative impact on women.