Leading non-governmental thinkers and advocates met in Ottawa in parallel with the Commonwealth Finance Ministers’ meeting to discuss financial crises and the needs of the world’s most vulnerable and poorest people.
There are signs that the IMF may be reconsidering its stance that all capital flows are harmful.
The UK government is leading the effort to enable the IMF to pursue capital account liberalisation (CAL) in its member countries.
Doubts about the IMF’s capacity to deal with international currency problems are mounting as the South East Asian crisis worsens despite the IMF’s bail-out efforts.
The IMF’s interventions have again raised discussions of who bears the burden of financial crises.
The 50 Years is Enough alliance of NGOs took to Washington’s streets in January to protest about US funding for the IMF and its bailout of the Asian economies.
The IMF has established the Supplemental Reserve Facility (SRF) to provide extra resources to countries with balance of payments problems caused by rapid capital outflows such as those experienced in South East Asia.