says even Foreign Policy, with 5 easy reasonable fixes…
Tag: IMF (page 1 of 2)
A reform path without linking up to the UN consensus on the future and on development.
ITUC’s statement about the needed reforms:
Looking at the quota system
IMF-Quota-reform_June-2024_online.pdf (brettonwoodsproject.org)
Despite mounting crises, persistent lack of political will to match rhetoric with action remains
This week’s IMF and World Bank Spring Meetings kicked off celebrations marking 80 years since they were created at the Bretton Woods Conference. But instead of moving with the times, the lack of outcomes this week demonstrate just how outdated and ill-equipped these institutions are, making them unable to address the complex realities of the 21st century.
Instead of addressing their structural problems, they have reaffirmed the same failed recipes.
Civil society organisations addressed the World Bank and the IMF at their spring meetings in order to promote social security world wide
2024-SpringMeetings-IMF-WBG-EDs-Letter-SS.pdf (socialprotectionfloorscoalition.org)
ITUC: Time for democratisation of global institutions
The ITUC calls for a major democratic reform of the international financial architecture as a key demand in its For Democracy campaign, as the International Monetary Fund (IMF) and the World Bank hold their spring meetings.
Economists could benefit from greater engagement with the ideas of philosophers, historians, and sociologists, just as Adam Smith once did. The philosophers, historians, and sociologists would likely benefit.
Angus Deaton
Rethinking Economics or Rethinking My Economics by Angus Deaton (imf.org)
Four years have passed since the International Monetary Fund adopted a new
Strategy for Engagement on Social Spending that was meant to increase the
support that IMF gives to national policies on social protection, health and
education. The Fund interprets this as instructing its staff to focus on the
adequacy, efficiency and sustainability of social programs when they can affect
macroeconomic conditions (are “macro-critical”) in member countries. The
staff make their judgments during annual assessments of macroeconomic
conditions in individual countries or when devising policy adjustment
programs with countries that need to work toward recovery from
macroeconomic crises. One way to assess how the new strategy is being
implemented is to look for changes in IMF advice and the policy requirements
for IMF loans. Results so far have not been encouraging, although it is still
early.
Read the article by Barry Herman
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