A coalition of groups Sept. 28 urged the International Monetary Fund to make governance reforms, including better disclosure policies.
New Rules for Global Finance, Oxfam International, the Center for Global Development, other civil society organizations and some academics wrote the IMF Board of Governors saying “progress has been slow on improving critical aspects of IMF governance in which full support of the membership is essential.”
The 13 signatories urged action on five points, including enacting a shift of at least 5 percent of the institution’s voting power from advanced to emerging and developing economies while safeguarding the relative position of low-income countries. They said the board should only include elected chairs “through a major consolidation of European representation in order to give a greater voice to currently under-represented areas of the world.”
On disclosure, the letter stated suggested “a significant improvement to the limited and outdated disclosure standards of executive board decision-making, with presumed predisclosure of board documents and timely disclosure of board transcripts, to allow citizens of member countries prompt access to its proceedings.”
Also recommended were “a transparent, open and merit-based selection of senior management and leadership of the IMF and other international organizations without any restriction as to the nationality of the candidates; and a lowering of the 85 percent supermajority rule for decisions other than amendments to the Articles of Agreements.”
Filed under: IFTI Watch