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.
New BWP briefing offers critical gender analysis of World Bank lending instrument to borrowing countries.
At 75, the World Bank and IMF face a crisis of multilateralism in no small part of their own making as failed economic policies have resulted in skepticism of the international order they helped to create.
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