A 2011 survey conducted by the Inter Parliamentary Union (IPU), a permanent forum of 162 national parliaments, found that while 59 per cent of the developing country parliaments studied have the authority to ratify IFI loans, 71 per cent do not involve themselves in loan negotiations. At an assembly held in Kampala in early April, IPU delegates criticised World Bank and IMF policies for being “unfair, non-transparent and ill-intentioned,” and described how minimal parliamentary oversight hinders national ownership of development. According to Argentine senator Sonia Escuredo, the inherent inequalities of IFI governance prevent developing countries from fully appreciating the implications of such multilateral loans for state sovereignty.
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The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
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