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PRESS RELEASE:
FORMATION OF NEW HIGH-LEVEL
INTERNATIONAL PANEL ANNOUNCED
NEW PROJECT TO SCRUTINIZE IMF BOARD
June
18, 2006
ü
First Ever to Focus Global Spotlight on the IMF Board.
New Rules for
Global Finance Coalition announces its plans to form a new High Level Panel to
evaluate the Executive Board of the International Monetary Fund and to recommend
changes to make the IMF’s Board a model for inter-governmental accountability.
Part of the
criticism of the IMF is that its current Board:
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Is not
representative even of the current global distribution of wealth;
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Operates in
secret, allegedly by consensus, but with numerous reports of
heavy-handedness on the part of larger share-holders;
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Requires
transparency in its client states, but does not adhere to its own criteria
in its institutional performance;
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Is of
questionable competence.
The New
International Panel will be comprised of senior experts from around the world
noted for their in-depth knowledge of the IMF and passion for accountability.
The Panel will identify key problems that need to be changed in the Board,
review proposals for change, and set out an effective and feasible program for
Reform of the Board.
New Rules
undertakes this project convinced that full Board Accountability will transform
the institution into a more legitimate and effective instrument for equitable
and environmentally sustainable poverty reduction. New Rules will receive
technical assistance on criteria and standards of accountability from One
WorldTrust, a non-profit organization that conducts research on the
accountability of global organizations.
New Rules for Global Finance is
a coalition of development, human rights, labor, environmental, and religious
organizations and scholars dedicated to the reform of the global financial
architecture in order to stabilize the world economy, reduce poverty and
inequality, uphold fundamental rights, and protect the environment.
OneWorldTrust
promotes education and
research into the changes required within global organizations in order to
achieve the eradication of poverty, injustice and war. It conducts research on
practical ways to make global organizations more responsive to the people they
affect, and on how the rule of law can be applied equally to all. It educates
political leaders and opinion-formers about the findings of its research.
Contact information:
Jo Marie Griesgraber, Ph.D., Executive
Director, New Rules for Global Finance Coalition. Mobile Phone: 202-277-9390 or
Email Address:
jgriesgraber@new-rules.org |
