Africa Report, a magazine focussing on African politics and economics, has scrutinised racial diversity in Bank staffing, and claims that black Africans and African-Americans remain underrepresented
In late October, hedge fund advocate Antonio Borges was appointed the director of the IMF's European department.
IMF managing director Dominique Strauss-Kahn called recent agreements reached on IMF governance reform "historic". However, a closer analysis reveals that the shifts in votes are smaller than claimed and though the basic power structure of the IMF will better incorporate large emerging markets, it will also continue to see dominance of the US and Europe.
A briefing by World Bank staff on the investment lending reform, 9 October 2010
Coverage of the communiqu
IMF governance reform was thrown into disarray in August by a fight between the US and Europe over reducing European board seats. Other promised reforms, including to voting shares and leadership selection appear to be going backwards.
While the IMF has given the green light to new crisis lending windows, critics argue that it should focus instead on other ways of preventing crises.
The Independent Evaluation Office (IEO) of the IMF issued a list of possible topics for future evaluations of the IMF and invited input from civil society and external stakeholders.
Much as developing countries have often taken the approach that "no deal is better than a bad deal" at the WTO, a strong joint negotiating position would leverage larger gains in the IMF governance reform process due to be concluded by the end of 2010. Possible gains from a tough negotiating position include a rewriting of the IMF quota formula, double majority voting, more developing country seats on the board, and an end to the US veto. Limited change at the Bank highlights potential pitfalls.
We are writing to raise our concerns about the limited nature of the quota reform of the International Monetary Fund (IMF) currently under discussion, and to urge you to push for more meaningful changes to IMF governance.