Uneven votes shares and global power imbalances shape the IMF voting shares, as it prepares to shake up its voting quotas
2010 agreement to reform IMF voting shares in favour of developing countries flounders as IMF governance reforms blocked by US Congress, again. Developing countries expressed anger and raised concerns about the Fund’s ability to deal credibly and effectively with new and ongoing financial crises.
IMF’s Independent Evaluation Office has found the Fund’s 2010/2011 Troika lending to Greece, Ireland and Portugal fell short in terms of surveillance, design, implementation and decision making, and described controversial decisions as appearing “rubber-stamped”.
This Inside the Institutions examines the recent and ongoing reforms at the IMF and World Bank, and places them in context of existing structures and processes.
Reform to the IMF’s voting shares shifts some power to emerging countries, but the institution’s leadership selection process remains opaque and undemocratic.
Reforms to World Bank and IMF voting shares continue to stall, leaving developing countries with no greater say in how they are run.
This briefing shows that multilateral governance is at risk if long-overdue IMF quota and board reforms are not ratified.
US legislature’s spending bill blocks IMF governance reform, insists the World Bank pay reparations to communities that suffer human rights abuses, and bans US support for large dams or extractive projects in tropical forests.
The Bretton Woods Project review of the most important developments at the World Bank and IMF in 2013.
Countries, including Russia and India, have continued to express concerns over the failure to complete the 2010 IMF quota reform.