IMF

IMF IMF
International Monetary Fund Along with the World Bank, the IMF was founded on the day the Bretton Woods Agreements were signed. Its first mission was to support the new system of standard exchange rates.

When the Bretton Wood fixed rates system came to an end in 1971, the main function of the IMF became that of being both policeman and fireman for global capital: it acts as policeman when it enforces its Structural Adjustment Policies and as fireman when it steps in to help out governments in risk of defaulting on debt repayments.

As for the World Bank, a weighted voting system operates: depending on the amount paid as contribution by each member state. 85% of the votes is required to modify the IMF Charter (which means that the USA with 17,68% % of the votes has a de facto veto on any change).

The institution is dominated by five countries: the United States (16,74%), Japan (6,23%), Germany (5,81%), France (4,29%) and the UK (4,29%).
The other 183 member countries are divided into groups led by one country. The most important one (6,57% of the votes) is led by Belgium. The least important group of countries (1,55% of the votes) is led by Gabon and brings together African countries.

http://imf.org

6 months after the official announcements of debt cancellation for the countries of the South: Where do we stand?

18 September 2020 - by Milan Rivié

As they were faced with requests for debt cancellation from several heads of state from countries of the South and social movements at the end of March and in early April, international financial institutions and other creditor groups suggested (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 23)

The World Bank’s accounts

7 September 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 22)

The Meltzer Commission on the IFI at the US Congress in 2000

1 September 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMFare 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
World Bank’s rating obsession will negate debt justice

31 August 2020 - by Patrick Bond, Dominic Brown

The international financial system’s reliance upon credit ratings – usually based on dubious premises – needs urgent rethinking. The Covid-19 pandemic is just one of the catastrophes leaving many low-income countries – and soon middle-income (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 21)

James Wolfensohn switches on the charm (1995-2005)

26 August 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 19)

The World Bank and the IMF: the creditors’ bailiffs

14 August 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
IMF: if you didn’t like the starter, wait for the main dish

5 July 2020 - by Amandla

The Treasury has made clear that it is seeking a smallanyana three to five year loan from the International Monetary Fund (IMF) of $4.2 billion, at a smallanyana interest rate of 1 or 1.1%. It will also be looking for a loan of $55-60 million (...)
South African should be wary about long term repercussions of new IMF loans

5 June 2020 - by Patrick Bond

Amidst this raging debate about the role of IMF loans to pull out countries from the economic mess triggered by the outbreak of the pandemic, Patrick Bond, professor at the University of the Western Cape School of Government in an interview to (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 14)

Theoretical lies of the World Bank

4 June 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
Running to the now ‘reformed’ IMF would be a mistake

3 June 2020 - by Dominic Brown

Covid-19 creates an opportunity for the government to act boldly, which includes greater investment in social services and a much larger public sector Historically regarded as a villain that has obstructed the prosperity of “developing (...)
A Feminist Strike against Debt

18 May 2020 - by Verónica Gago, Luci Cavallero

Recently, the transnational feminist movement has taken up the struggle against debt as a banner of struggle as part of the dynamics of the feminist strike. Around the world we have said, “We want ourselves alive and debt free!” (Argentina), “It (...)
UNCTAD calls for aid plan and hard tackles creditors

15 May 2020 - by Milan Rivié

The coronavirus pandemic has triggered a real economic crisis whose effects will be as severe as they are long-lasting, even more so in the countries of the South. In recent days, the international financial institutions’ announcements to cancel (...)
Along with Bernie Sanders and Alexandria Ocasio-Cortez, 300 parliamentarians from around the world are writing to the IMF and World Bank to cancel the debt

15 May 2020 - by Collective

Editor’s note : We are publishing a letter sent to the IMF and the World Bank by 300 worldwide parliamentarians. In this letter the 300 parliamentarians call for the “complete debt remission of the International Development Association’s (IDA) (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 13)

The World Bank and the IMF in Indonesia: an emblematic interference

13 May 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
Now more than ever, supporting abolition of the debt is a priority!

5 May 2020 - by Brigitte Marti

The covid 19 pandemic has demonstrated that the neoliberal system that leads the world is detrimental to health care systems, public services, and bad for people, especially for the poor and third world populations. We should remind the (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 11)

The World Bank and the Philippines

17 April 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
World Bank and IMF response to debt crisis undermines women’s rights

10 April 2020 - by Iolanda Fresnillo, Verónica Serafini

Summary Debt crisis continues to unfold in the Global South IMF and World Bank responses cling to austerity and privatisation New gender-sensitive debt resolution framework needed A new debt crisis is unfolding, once again, in the Global (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 10)

World Bank and IMF support to dictatorships

9 April 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
Call of the indigenous peoples, afro-descendants and peoples’ organizations of Latin America

3 April 2020 - by CADTM, Collective

We publish in English a Latin American and Caribbean appeal launched on 1 April 2020 by a large number of popular movements and political organizations. It calls for a radical response to the crisis linked to COVID-19. This call is supported by (...)
Latin America and the outbreak of COVID-19: a chronicle of multiple crises

31 March 2020 - by María Romero

By María José Romero (Eurodad), Jasmine Gideon (Birkbeck, University of London), Patricia Miranda and Verónica Serafini (Latindadd) The outbreak of COVID-19 is a global health emergency that is likely to trigger a global economic crisis, (...)
No to IMF loans! Cancel Kenyan debt!

30 March 2020 - by David Calleb Otieno

On 4 March 2020, the International Monetary Fund (IMF) during a joint press conference with the World Bank Group announced that it was ready to lend $1 trillion to its members around the world that are struggling with the humanitarian and (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 7)

Why the Marshall Plan ?

19 March 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
Mozambique : Credit Suisse is liable for the $2 bn secret debt

17 March 2020 - by Joseph Hanlon

Strenuous efforts by donors and lenders over four decades turned Mozambique from a socialist success story into a neoliberal capitalist one. The private sector dominates; a domestic elite dependent on foreign companies has been created. But a (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 6)

SUNFED versus World Bank

12 March 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
Lebanon is a severe case of subordinate financialization that must avoid the IMF

9 March 2020 - by Costas Lapavitsas, Jude Kadri

Costas Lapavitsas is an economist from Greece. He presently teaches Economics at the University of London and was elected as a member of the Greek Parliament for SYRIZA in January 2015. He left to form Popular Unity in August 2015, when SYRIZA (...)