By Barry Carin, Angela Wood
Brings jointly best specialists from world wide to extra the talk at the quite a few dimesions of responsibility of IMF to its a number of sharholders and stakeholders. Having absolutely explored how the inspiration of responsibility will be pragmatically utilized it then exams quite a few replacement appriaches and makes a few ideas.
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Currently, there is only one instrument, namely the quota that is aimed at achieving multiple policy objectives such as determination of members' contribution to the Fund, their access to Fund resources and their influence in the governance of the Fund through voting rights. Kelkar et al. suggest that the number of instruments should be not less than the number of policy objectives. As there are three policy objectives, at least three instruments are needed. To achieve this, quotas should be confined principally to determining members' contributions to Fund resources; quotas should be delinked from policy and a greater role should be assigned to the Westphalian principle (one country one vote) in the determination of voting rights.
30 Refer to Public Information Notice (PIN) No. 02/31 - IMF Executive Board Reviews the Poverty Reduction Strategy Paper (PRSP) Approach, which reviewed progress with the PRSP. Many issues on which progress was made during this review were issues which had been raised three years earlier by SSA and other low-income country members when the PRSP was conceptualised. The third and very significant adverse consequence of the low voting share/low board presence combination has been to erode - and with the growth of SSA membership in the Fund, to effectively remove - any realistic possibility that these members can build a consensus.
However, with a few notable exceptions, non-governmental organizations lack the sustained funding and expertise needed for concerted campaigns on Fund issues. Moreover, relying on civil society groups to serve as the channel for public voice into the IMF is problematic. 6 Inevitably the best-funded, largest, and best-located NGOs end up with disproportionate attention. This magnifies the voice of Northern citizens within the Fund since they have more chance to influence both their powerful government representatives in the institution as well as their home-grown NGOs and their parliaments.