Accountability Of The International Monetary Fund (Voices in by Barry Carin, Angela Wood

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By Barry Carin, Angela Wood

Brings jointly top specialists from around the globe to additional the talk at the a number of dimesions of responsibility of IMF to its quite a few sharholders and stakeholders. Having totally explored how the concept of responsibility may be pragmatically utilized it then assessments quite a few substitute appriaches and makes a few thoughts.

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Hence nearly 25 per cent of 21 Refer to Memorandum of African Governors to IMF Managing Director, Special Meeting of Africa Group 1 Constituency, Maputo, Mozambique, June 1999. 22 Note that one SSA member (Ghana) is also represented by the constituency chaired by Iran. 4 per cent of the voting share; and have two of the 24 available board seats. Using any conceivable measure of fairness or efficacy, SSA members argue that this represents an almost irrelevant share of both vote and seats. The allocations do not resonate with the IMF's objective of addressing the interests of low-income developing countries.

The advantage of this approach would be that it would include the views of Executive Board members themselves, thereby providing a direct overview of the day-to-day challenges experienced by Directors. A disadvantage could be that the issue could prove to be too contentious to address at the level of the Executive Board, placing unnecessary strain on the regular conduct of board operations. Option 2: Establish a committee of the Board of Governors To initiate a broad shareholder dialogue, the Board of Governors could establish a committee representative of the membership, to examine the issue and to report back to the Board of Governors.

However it would, over time, correct a significant flaw in the methodology used for computing GDP. The approach could also serve as an incentive for those countries which have not yet developed a PPPbased measure of GDP, to do so within a reasonable timeframe. For countries which currently do not have PPP-based data, the average degree of correction among all other member countries could be applied, or some other basis mutually agreed by the collective membership, in computing their quota share.

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