Gordon Brown comments on IMF (fwd)

[Robert Weissman <rob@essential.org>]

Notes from Angela Wood of the Bretton Woods Project:

On 14th December the UK's Treasury Select Committee heard evidence from
Gordon Brown on his position on the IMF. The following are brief notes from
the hearing.


Brown said that progress has been made on global as well as national 
stablisation following the Asian crisis. He highlighted the social principles 
and the need for public/private discussion about the way ahead.

He said that the UK had voted against big salary increases for IMF staff, 
but would not confirm or deny UK voting position on the big Russian loan. 
Brown said that he was pushing for more openness in the Fund, and when 
pushed by MPs said that he would not make specific commitments now 
but wanted to move ahead with other countries who have hesitations. He 
said that the international financial community needs to move together.

There was some discussion about whether the people who arrange the 
loans from the IMF should be the same people who make judgements 
about how far standards have improved. 

He mentioned the need to involve the private sector, saying that everyone 
should not just "run for the door" the moment problems arise. The private 
sector must accept its responsibilities.

Brown sid that there are significant overlaps between the Fund and BAnk, 
and that if you were creating the institutions now you would not create two 
organisations in this way, and he agreed that there was possibly a case for 
"greater co-ordination" he said that the UK position was to have close co-
operation not to press for merger. 

He said that the US Congressional vote on IMF funds should not stop 
movement ahead with the debt trust fund. Brown used the opportunity to 
call for the US to make its full contribution.

He defended conditionality on the basis that it weas necessary to press for 
the money to be used on poverty reduction etc.

____________________________________________________________
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with a network of 27 UK non-government organisations. 

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