[stop-imf] UK Committee calls for IMF reform

[Robert Weissman]

Feb 24, 2000
From: Angela Wood <awood@gn.apc.org>

The UK's Treasury Committee which watchdogs the Treasury has released a
report on the IMF following its recent inquiry.

The committee heard and received written evidence from NGOs, academics and
Treasury officials on aspects of IMF governance and its role. Much of
which is published in the report, including the letter from UK academics
and NGOs to the Committee concerning the MD selection process.

Recommendations include:

The Treasury should provide an annual report to parliament after the
Autumn meetings on its work in the IMF;

The IMF should publish agendas and minutes of Board meetings;

the choice of IMF Managing Director should be a much more transparent and
openly democratic process;

the Chancellor should publish the UK voting record.

Other recommendations focussed on the role of the IMF in transition
countries (particularly Russia); encouraging developing countries to be
involved in standard setting and codes; rules for including the private
sector in crisis resolution; refocussing the IMF on its original mandate;
increased transparency on conditionality; and a limited role for
governance conditionality.

The report is available from the Stationery Office (=A315.90) email orders
t= o <book.orders:theso.co.uk> or call 0845-7-585463.

For copies of BWP submissions email me at <awood@gn.apc.org>.

Angela.