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.
The Bretton Woods Project review of the most important developments at the World Bank and IMF in 2013.
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.
Detailed analysis of the communiqués from the 2013 World Bank and IMF annual meetings.
Countries, including Russia and India, have continued to express concerns over the failure to complete the 2010 IMF quota reform.
Minutes of CSO meeting with Stewart James, UK Alternate Executive Director to the World Bank, 15 July 2013
As the World Bank's attention moves from goal-setting to implementation of a new strategy, it is becoming clear that it intends to further prioritise the role of the private sector and adopt many practices of its private sector arm, the International Finance Corporation (IFC), as the main pillars for the whole group.
Eimi Watanabe, a Japanese national, has been appointed to chair the World Bank's Inspection Panel for one year starting in May.
As developing countries continue to complain about the US failing to approve IMF governance reforms, the US Treasury formally resubmitted a request for the approval to US Congress.
Following the publication of the Fund's response to the IEO evaluation report which was endorsed by the Board in April, the IMF has published its three-part implementation plan on international reserves including a successor paper updating the Fund's 2011 work on reserve adequacy.