An IMF governance reform deal agreed in November 2010 (see Update 73) has been stalled by US Congress’ failure to grant it approval. The deal, which gives emerging markets greater voting shares as well as requiring that all IMF board members be democratically elected, will not pass until at least November as Congress is now in recess for the US elections. As the US has 17 per cent of IMF votes, the deal cannot pass without US approval, ensuring that the original mid October deadline will be missed. Charles Kenny of the Washington think tank Centre for Global Development claimed “the threat of losing worldwide economic dominance has left the US too scared to engage constructively in building up global institutions”.
Originally created to help the poor escape poverty and deprivation, the World Bank became the most important advocate for the commercialised microcredit model. Yet, critics argued it undermined the chances of sustainable and equitable development to create a poverty trap of historic proportions.
While the World Development Report (WDR) 2018 on education has some redeeming features, it is part of the Bank's longstanding very narrow view of education, and is silent on education financing.
Donate to the Bretton Woods Project
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).