A new report from UK NGO CAFOD criticises the IMF response to the financial crisis as “inadequate and at times harmful to the interests of the poor” and urges “deep reforms”. It calls for:
- a more democratic and less northern-dominated IMF voting structure;
- increased IMF transparency and accountability;
- systematic and independent evaluation of IMF activities;
- minimising use of conditionality in favour of partnership and dialogue;
- social, environmental and gender impact assessments of all programmes prior to their approval.
The report also criticises the Bank’s excessive reliance on social safety-nets and calls for: “a greater determination to mainstream poverty reduction at all levels of policy design.”
Instead of pressing for further financial liberalisation, international bodies should assess different approaches to re-regulating global finance to bring it back under some form of democratic control.
Capital Punishment by Duncan Green is available from CAFOD, UK: tel: +44-20-7733-7900; dgreen@cafod.org.uk.
