Accountability Of The International Monetary Fund (Voices in by Barry Carin, Angela Wood

By Barry Carin, Angela Wood

Brings jointly best specialists from around the world to extra the talk at the quite a few dimesions of responsibility of IMF to its quite a few sharholders and stakeholders. Having absolutely explored how the concept of responsibility might be pragmatically utilized it then assessments a variety of replacement appriaches and makes a few options.

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39 In this regard, the possibility of a union between the French and German seats has been considered; and a further possibility could be to achieve agreement among the remaining 5-6 European chairs, to a reduction in one further European seat. In practice, unless there is agreement to enlarge the size of the Executive Board, which appears unlikely given objections by the large industrial countries and particularly the USA, the resolution of the current acute minimisation of Africa's voice in the IMF Executive Board will only be able to be resolved once the European chairs determine how to reduce their representation, including the number of European board seats, in the IMF Executive Board.

Would represent a very significant departure from current practice. Option 13: Increase ED terms and staff This option would address the challenge of lack of institutional memory and staffing constraints of the developing country members. The length of service of all elected Executive Directors could be increased to between three and five years. This would enable developing country Executive Directors to acquire greater influence, through the ability to become more familiar with Fund policies and 40 At present, Latin American and Caribbean members have three seats (headed by Brazil, Argentina/Chile and Mexico/Venezuela, the latter except in two of every six years, when Spain assumes the chair); Asian members, excluding Japan, have three seats (China, India, and Thailand/Indonesia) and one alternate position (Korea); and Middle Eastern members have three seats (Egypt, Iran and Saudi Arabia).

159-205. There is no question that the efforts of NGOs have borne fruit. Thanks in substantial part to their demands, the Fund is a far more transparent and less secretive organization than it was a decade ago, and it pays at least some attention to some of the substantive issues raised by the campaigners. However, with a few notable exceptions, non-governmental organizations lack the sustained funding and expertise needed for concerted campaigns on Fund issues. Moreover, relying on civil society groups to serve as the channel for public voice into the IMF is problematic.

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