W4CA Network

The domination of the United States and Europe countries in the multilateral donor agencies (i.e. World Bank and International Monetary Fund (IMF) should be reviewed because it does not give chance to  developing countries that which have begun increased their economic conditions.

The role of developing countries in decision-making process in World Bank and IMF should be improved. Therefore, the decisions taken seen as proper as the aspirations of many countries. As we know, in the IMF, the USA still has a veto right. U.S. has a 18 percent vote. In the IMF, it requires 85 percent approval vote for fundamental decisions. Therefore, f the U.S. does not agree, the decision can not be taken.

A question which we often asks is if the veto right from a country is still valid or not in the global era. Consequently, IMF reformation is needed. We need to simplify the decision-making process between the Ministry of Finance or the Governor of the Central Bank to represent the Executive Director. In addition, we also need to simplify professional staff and top management.

In the G-20 meeting, the reformation of  IMF was popular. G-20 agreed that the existing format is not proper with our present world conditions.