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

Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 25)

The IMF and the World Bank in the time of Coronavirus: the failed campaign for a new image

9 November 2020 - by Eric Toussaint, Emilie Paumard, Milan Rivié

Considering the economic and social tragedy resulting from the structural adjustment policies (SAP) imposed on people in the South from the 1990s onward, several voices have exposed the promoters of such policies, namely the IMF and the World (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 27)

The World Bank, the IMF and the respect of human rights

25 October 2020 - by Eric Toussaint

“When I came to the Bank, we were not allowed to mention the word ‘corruption’. It was called the “c” word. Well, maybe we need to mention the “r” word which is ‘rights’” James Wolfensohn, 1 March 2004 The question of “human rights” has never been a (...)
Debt disaster with no escape

19 October 2020 - by Michael Roberts

The IMF-World Bank semi-annual meeting took place from 12th to 18th October 2020. Earlier the IMF kicked off the show with a warning that the poor countries of the world are heading for a catastrophe from the pandemic slump, leading to defaults (...)
The CADTM denounces the G20’s measures on debt

17 October 2020 - by CADTM International

At the time of the WB-IMF annual assemblies held from 12 to 18 October 2020, the G20 Finance Ministers met on Wednesday 14 October to decide on new debt relief measures for the countries of the South. The G20 proved unable to meet the emergency (...)
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 26)

World Bank and IMF: 76 Years is Enough! Abolition!

15 October 2020 - by Eric Toussaint

At a time when the IMF and the World Bank are meeting together from 12 to 18 October 2020, mainly virtually, Eric Toussaint, international spokesperson for the CADTM, makes an assessment of the World Bank and its alter ego the IMF and proposes (...)
Arrested Development: International Monetary Fund lending and austerity post Covid-19

13 October 2020 - by Daniel Munevar

A Eurodad-led review reveals insufficient and inadequate multilateral response to the Covid-19 pandemic on the part of the IMF, locking a large number of countries into a decade-long crisis of debt and austerity. A review of International (...)
IMF’s new policy at odds with green Covid-19 recovery

13 October 2020 - by Bizcommunity

A new review of the International Monetary Fund’s (IMF) most recent economic policy advice for five countries with ongoing coal sector expansions show it is green-lighting fossil fuel expansion, despite the fund’s stated support for a green (...)
How the IMF and World Bank Turned a Pandemic into a Public Relations Stunt

13 October 2020 - by Walden Bello

The IMF and the Bank would like the global South to believe that they are indispensable. They are not. The International Monetary Fund and the World Bank hold their annual fall meetings this week in the midst of a pandemic that has blazed a (...)
The Bretton Woods Twins in the Era of COVID-19: Time for an Exit Strategy for the Global South?

13 October 2020 - by Focus on the Global South

As they mark their 76th year, the International Monetary Fund and the World Bank have been presented with a grand opportunity, not to save the world, but to salvage their tattered reputation. The Fund enters the annual IMF-World Bank meetings (...)
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 (...)