In early September the World Bank announced the appointment of Kaushik Basu of India as its next chief economist from the beginning of October.
An IMF governance reform deal agreed in November 2010 has been stalled by US Congress' failure to grant it approval.
The Bretton Woods Project would like to sincerely thank the Honorable James M. Flaherty, Canada's finance minister, for his kind end June response to a letter we sent him about leadership selection at the IFIs.
The term 'revolving doors' refers to frequent staff turnover between institutions, usually relevant when these represent different interests working on the same policy issues. This serves to foster cross-institutional networks, practices and alliances. The staff turnover between international financial institutions (IFIs) and borrowing governments works as a mechanism through which specific ideas and practices learnt and promoted in IFIs are translated into policies in borrowing countries
In the middle of a review of its lending facilities for low-income countries (LICs) and a funding drive for more concessional resources, the IMF is facing criticism over its conditionality and a review of its debt sustainability framework.
While the IMF has been promised another $456 billion to add to its coffers, large emerging markets are conditioning their contributions on governance reforms. Meanwhile, activists are calling for deeper changes in the way international institutions are governed.
IMF integrated surveillance decision delayed.
With the future of the World Bank up for grabs in the presidency race and the IMF facing a resource crunch, many developing countries are pursuing alternatives to the Washington-based lenders, with Brazil, Russia, India, China and South Africa even mooting a joint BRICS Bank.
An unprecedented competition for the presidency of the World Bank, with two highly experienced developing country candidates nominated in addition to the US candidate, has raised demands for reform of the Bank's approach to middle-income countries, human rights, environmental issues, and the private sector, among others.
It is widely accepted that global imbalances were a major contributing factor to the recent global financial crisis. In written evidence submitted to the UK Treasury Committee, we argue that there are four main underlying causes and three areas of major reform needed.