Reform Proposals for the Governance Structures of the International Financial Institutions
The Outcome Document of the Financing for Development (FfD) conference called to “broaden and strengthen the participation of developing countries and countries with economies in transition in international economic decision-making and norm-setting.” It specifically called upon the World Bank (“the Bank”) and the International Monetary Fund (IMF or “the Fund”) to “continue to enhance participation of all developing countries and countries with economies in transition in their decision-making.” As a result, at the most recent annual meetings of the Bank and Fund in 2002, the Development Committee requested the Bank and the Fund to prepare a background document to facilitate consideration of the subject at the upcoming Spring 2003 meetings. Implementation of this mandate from the FfD Conference is also subject to monitoring in the follow up mechanisms provided for in the FfD document. These include the UN Economic and Social Council (ECOSOC) meeting with the Bretton Woods Institutions (BWIs) to take place also in the Spring, and UN General Assembly consideration of progress in implementation. The fact that the issue has been placed on the international policy agenda offers a rare window of opportunity to press for crucial reforms of the governance structure of the BWIs with a view to make them more accountable, participatory and transparent.
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