As part of the IMF’s overhaul, the IMF Board has agreed to further changes in key credit lines: the Contingency Credit Line (CCL), the Extended Fund Facility and Stand-by Loans.
A Financial Sector Review Group has been set up to provide the IMF with an independent perspective on its financial sector and capital markets work.
At the Annual Meetings South African Finance Minister, Trevor Manuel, demanded a more powerful voice for developing countries.
Terms of reference have been agreed for the IMF’s External Evaluation Office (EVO).
The Boards of the IMF and World Bank have each established working groups to review the processes for selecting the Managing Director and President of the respective institutions.
Executive directors have agreed to set up an independent evaluation unit for the IMF.
US Treasury Secretary Lawrence Summers has suggested that the Fund and Bank should set up outside advisory committees which would choose new heads for the institutions from a panel of candidates.
More than 120 NGOs and academics in 38 countries demanded an end to the secretive and undemocratic process for appointing the IMF Managing Director.
Michel Camdessus, former IMF Managing Director, has proposed that the G8 should be expanded to the G30, to include all countries represented on the IMF and World Bank boards plus representatives from the IMF, WB and UN institutions.
At the Davos Economic Summit in January UK Prime Minister Tony Blair called for serious debate about reforming global institutions.