Two forces for change have converged on the IMF in recent years. The first is in relation to the financial crisis that swept across the globe in 1997 and 1998. The second has arisen from the pressure for debt cancellation to be linked to poverty reduction objectives and the acceptance that structural adjustment policies have failed to achieve lower levels of poverty.
Briefings
WB/IMF roles
Analysis
Comments on the paper “Making The IMF’s Independent Evaluation Office (EVO) Operational&
The Bretton Woods Project welcomes the establishment of an EVO.
Conditionality
Analysis
ESAF, Surviving The Spotlight?
The IMF has taken few steps to openly evaluate its operations. To try to remedy this situation, and in response to non-governmental organisations’ calls for a fully independent review mechanism, the IMF executive board decided to establish an ad hoc external review mechanism on a trial basis (1998).
Conditionality
Analysis
Bank pilot in Bolivia fails to create “clear, structured space” for CSOs
The World Bank’s pilot of its Comprehensive Development Framework (CDF) in Bolivia, reflects both scepticism and a complete lack of involvement. How did this state of affairs come about? And are the prospects for the CDF really as bleak as this might suggest?
Social services
Analysis
Social principles: an update
When the social principles were proposed by Gordon Brown at the 1998 AGM of the Bank and IMF it was envisaged that they would apply to all countries and would be monitored as the other codes on Fiscal Transparency, Monetary Policy and Corporate Governance will be. The Development Committee charged the World Bank with the task of drawing up the principles (1999).
Conditionality
Analysis
The IMF’s Enhanced Structural Adjustment Facility: What Role for Development?
Although it has sought to adapt, the Fund still has particular difficulties in dealing effectively with low income countries. The introduction of ESAF was an important attempt at adaptation but its programmes are still too short term, the scale of support is often too small, and the policy conditions laid down are too blinkered.
Conditionality
Analysis
What Role for the Multilateral Institutions, Donors, and NGOs in the New Framework for Poverty Eradi
This paper considers how the relationships and roles of intenational and national non-governmental organisations, donors and the multilateral institutions are likely to change as a result of new initiatives to put poverty reduction and country ownership at the centre of the development process (2000).
WB/IMF roles
Analysis
Policing the Policemen - the case for an independent evaluation mechanism for the IMF
Briefing outlining the case for an independent evaluation unit for the IMF and setting out the outlines the principles on which it should function (1998).
WB/IMF roles
Analysis
Beyond Meltzer
This briefing is a response to the “Meltzer Report” produced by the US congressional Committee led by Allan Meltzer on the roles of the IMF and World Bank. It examines the Committee’s recommendations and outlines why they are inappropriate and how they would actually increase the power of the IMF, whilst turning it into an institution that would serve the needs of private sector investors rather than assisting governments (2000).
WB/IMF roles
Analysis
Partnerships For Development: A New World Bank Approach
The World Bank has produced a discussion paper, Partnership for Development: Proposed Actions for the World Bank, which presents a strategy for building ownership into the development process, developing partnerships between donors to fund government designed programmes and to make more effective use of aid resources (1998).
Private Sector
Analysis
The IFC’s Beyond 2000 Strategy Paper: Missing the Point
Short note outlining concerns about the International Finance Corporation’s attempt to redefine its strategy. The new strategy ducks the key issue of how the IFC can use its leverage to improve companies’ social and environmental peformance. (February 1998)
Private Sector
Analysis
The World Bank and the Private Sector
Explains and examines the World Bank Group’s approach to supporting private investment in developing countries through privatisation, guarantees and lending. Outlines critical perspectives on whether the Bank’s strategy will lead to poverty reduction and sustainable development (March 1997).
Featured briefings
6 April 2023
World Bank and IMF Spring Meetings 2023
5 April 2023
The IMF at the 75th anniversary of the Universal Declaration of Human Rights: The need for governance reform
As the world celebrates the 75th anniversary of the Universal Declaration of Human Rights, it is time the IMF’s shareholders use the opportunities provided by the anniversary and growing calls for reforms to the international financial architecture to redesign the IMF’s governance structures and programmes to ensure they are consistent with the commitments outlined in 1948 and with international human rights law.
5 April 2023
The global financial architecture and the international debt crisis: An urgent call for reform
Influence of unreformed international financial institutions and creditor interests in debt solutions in low- and middle-income countries plagued by delay and ineffective when undertaken.