On the 40th anniversary of US default on its gold convertibility obligation, decreasing confidence in the dollar has strengthened calls to reform the international monetary system. The IMF is accused of ignoring inequities at the core of the system, while developing countries are increasingly seeking alternative regional arrangements.
A report by the IMF’s arms-length evaluation body, the Independent Evaluation Office (IEO), suggests that Fund research does not allow room for alternative perspectives, while academics attack the World Bank for pursuing ideologically driven research agendas.
While South Sudan achieved formal independence in early July, it was not until late July that full agreement was reached that left South Sudan with no debt, apportioning all existing debts, including significant arrears to the IMF and World Bank, to Sudan alone.
The crisis-hit government of Swaziland agreed a 2.4 billion rand ($324 million) loan from South Africa in August, which will be conditioned on the adoption of IMF-recommended fiscal reforms.
Ecuador is shunning IMF credit facilities in favour of a long-term loan arrangement with China in exchange for oil.
In late June the Egyptian Ministry of Finance turned down a $3 billion loan package from the IMF, citing the rejection as a response to "public debate".
NGOs ActionAid and Eurodad published in July a review of IFIs' approach to taxation.
In late July, a US House of Representatives sub committee, now controlled by the Republican party, moved to slash funding to multilateral institutions.
Tentative schedule of the World Bank-IMF spring meetings in Washington DC, from 21 to 26 September, 2011.
An August IMF working paper by John Brondolo takes the IMF into new territory, giving detailed information on how a financial transaction tax (FTT) could be implemented.
Over the summer the Independent Evaluation Office of the IMF released draft issues papers for two forthcoming evaluations.
In early July, thousands of protesters took to the streets in the Ukrainian capital Kiev to try to block pension reforms promised as part of the country's IMF loan.
As the world celebrates the 75th anniversary of the Universal Declaration of Human Rights, it is time the IMF’s shareholders use the opportunities provided by the anniversary and growing calls for reforms to the international financial architecture to redesign the IMF’s governance structures and programmes to ensure they are consistent with the commitments outlined in 1948 and with international human rights law.
Influence of unreformed international financial institutions and creditor interests in debt solutions in low- and middle-income countries plagued by delay and ineffective when undertaken.
