Following its expulsion of the World Bank’s country representative (see Update 56), Ecuador has now thrown the IMF’s resident representative out of the offices of the central bank. Most IMF offices are established within central banks or finance ministries when countries are borrowing from the IMF. Ecuador’s economy minister Ricardo Patiño set a 15 July deadline for the IMF to leave and said that the IMF was welcome to have an office in the country, but that it would have to find its own location in a private building. The three staff members seconded to the IMF office were reassigned to normal functions within the central bank and the IMF withdrew its representative from Ecuador entirely.
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
Donate to the Bretton Woods Project
Established in 1995, the Bretton Woods Project (BWP) is a civil society watchdog of the International Monetary Fund and World Bank. By monitoring the work of these institutions, supporting and connecting critical civil society communities, and advocating for transformational change, the Project challenges their power and fights for the development of policies that are gender transformative, equitable, environmentally sustainable and consistent with international human rights norms.