International Monetary Fund | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions


bicusa.org/imf Home InstitutionsIMF International Monetary Fund Overview Structure Lending Policies Updates Resources Contacts RSS Update \| 22 August 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 19 August 2008 Bretton Woods institutions send mixed messages about China’s role in Africa Since the Chinese economy has taken off and it has increasingly looked to Africa to provide raw materials, the World Bank and IMF have been confronted with the question of how to respond. Recent statements by the institutions have shown that these responses are careful and at times contradictory. Read more Update \| 15 August 2008 Weekly roundup: IFIs in the News The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 14 August 2008 IFIs respond to Georgian conflict The international financial institutions (IFIs) have offered aid to Georgia, as the conflict winds down. Read more Update \| 8 August 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 1 August 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 25 July 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 18 July 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 17 July 2008 IMF working group drafts guidelines for sovereign wealth funds On July 9-10, 2008, the International Monetarty Funds’s (IMF) Working Group on Sovereign Wealth Funds (SWFs) held a two-day meeting in Singapore to address concerns around SWFs and consider possible guidelines. Read more Update \| 11 July 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 1 July 2008 BIC's new handbook for advocacy on extractive industry revenues Bank Information Center has recently released it's new "Handbook for Advocacy on Extractive Industry Revenues: Good Practices and the IMF’s Guide on Resource Revenue Transparency." Read more Update \| 1 July 2008 Europe stays out of bid for top position at IMF's main policy-setting committee For the first time, the Europeans have decided to stay out of the bidding for the chair of the International Monetary and Financial Committee (IMFC). Read more Update \| 27 June 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 25 June 2008 Jubilee Act passes U.S. Senate Foreign Relations Committee On June 24, 2008, the Jubilee Act passed the U.S. Senate Foreign Relations Committee. The bill must now be considered and passed by the full U.S. Senate before it can go to the President and be signed into law. Read more Update \| 13 June 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 6 June 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Country Update \| 4 June 2008 Azerbaijan Country Update #14 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Azerbaijan. Read more Country Update \| 4 June 2008 Kazakhstan Country Update #16 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Kazakhstan. Read more Country Update \| 4 June 2008 Kyrgyz Republic Country Update #5 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in the Kyrgyz Republic. Read more Country Update \| 4 June 2008 Mongolia Country Update #2 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Mongolia. Read more Country Update \| 4 June 2008 Georgia Country Update #1 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Georgia. Read more Country Update \| 4 June 2008 Russia Country Update #1 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Russia. Read more Update \| 30 May 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 28 May 2008 As developing countries prosper, IMF influence wanes The International Monetary Fund (IMF) lending is at an all time low, and the institution is forced to redefine its role as developing countries benefit from the availability of other sources of finance. Read more Update \| 23 May 2008 Weekly roundup: IFIs in the news This is a new feature from BIC! This "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 16 May 2008 Weekly roundup: IFIs in the News This is a new feature from BIC! This "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 9 May 2008 Amid food riots and shaken governments IFIs scramble to develop a coherent response Skyrocketing food prices have forced the international financial institutions (IFIs) to articulate responses to the situation. The World Bank has conjured a "New Deal for Global Food Policy" to pump agriculture-oriented loans and programs into Africa and to address emergency financing needs. The IMF has voiced concern over the likely macroeconomic shocks of the food crisis in low-income countries. But the Bretton Woods Institutions must wrestle with a legacy that helped set the stage for diminished food security in many low-income countries. Read more Update \| 9 May 2008 Weekly roundup: IFIs in the news This is a new feature from BIC! This "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 7 May 2008 IMF chief economist resigns Less than a week after 591 employees at the International Monetary Fund (IMF) opted to take a buyout package, the IMF’s chief economist announced his resignation. Read more Update \| 2 May 2008 Weekly roundup: IFIs in the news This is a new feature from BIC! This "Weekly Roundup" is a compliation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 1 May 2008 Exodus at the IMF As the International Monetary Fund (IMF) continues to face escalating deficits and a crisis of credibility, almost a quarter of its 2,400 full-time staff in Washington, D.C. have voluntarily applied for resignations. At the same time, the Board of Governors of the IMF has approved the proposed quota and voice reforms with a 92% majority vote. Read more Update \| 15 April 2008 Projecto Conjunto Bretton Woods Actualizacion #60 Lea la edición especial de la Actualización de Bretton Woods, coproducida por Afrodad, Bank Information Center, Choike y Eurodad. Esta edición esta disponible también en ingles. Read more Update \| 7 April 2008 Joint Bretton Woods Project Update # 60 Read the special Spring Meetings edition of the Bretton Woods Update, co-produced with Afrodad, Bank Information Center, Choike, and Eurodad. The issue is also available in Spanish. Read more Press Release \| 4 April 2008 Jubilee Act passes House Financial Services Committee Jubilee USA Network heralded the passage by voice vote in the House Financial Services Committee of the Jubilee Act for Responsible Lending and Expanded Debt Cancellation (HR 2634). The legislation calls on the US Treasury Department to negotiate at the International Monetary Fund (IMF) and World Bank for an agreement for debt cancellation for up to 24 additional poor countries that need cancellation to meet the Millennium Development Goals (MDGs) but do not currently qualify for the current IMF/World Bank debt relief initiative. Read more Update \| 25 March 2008 Advocacy letter on IMF consultations framework by global civil society South-North civil society call for the IMF to establish a consultations framework in its operations, premised on the automatic and timely disclosure of information. Read more Update \| 13 March 2008 Food riots hit West and Central Africa Rising global food prices have led to outbreaks of civil unrest in West and Central Africa. While the International Monetary Fund (IMF) and the World Bank plan their responses to the growing crisis, Cameroon, site of worst strife, relaxes IMF policies on wages and prices. Read more Update \| 11 March 2008 IMF Gold Sales: the U.S. Treasury agenda, Congressional leverage, and civil society advocacy Although the U.S. Treasury has voiced its support for International Monetary Fund (IMF) gold sales under its own set of reform priorities, the ultimate leverage rests with the U.S. Congress. Civil society has started to conduct policy advocacy to the U.S. Congress, calling for the attachment of a number of key policy reforms for development in low-income countries. Read more Update \| 13 February 2008 Iraq renews $744 million loan from the IMF Iraq’s renewed Stand-By Arrangement with the International Monetary Fund (IMF) includes macroeconomic policy reforms that may restrict fiscal space for public spending, particularly on the public wage bill. It also continues the deep involvement of international financial institutions in Iraq’s oil sector. Read more Update \| 4 February 2008 IMF attempts to fix its problems through ambitious work program for early 2008 Managing Director Dominique Strauss-Kahn attempts to fix the IMF’s fractured legitimacy and financial fiasco through an ambitious, opaque, and inaccessible "Interim Work Program." Read more Update \| 1 February 2008 Zoellick pledges support for post-conflict countries during Liberia visit The World Bank President also spoke of the need to “speed up the process of clearing the arrears of countries that have fallen behind in payments to multilateral lenders.” Read more Update \| 30 January 2008 Civil Society Guide to IFI Policy Reviews Read more Update \| 17 January 2008 Did the World Bank and the IMF use false statistics to build their economic success story in Egypt? A report issued by the Egyptian Central Auditing Organization accuses the Egyptian government of using misleading financial statistics. Read more Update \| 4 January 2008 IMF’s internal watchdog criticizes continued reliance on structural conditions On January 3, the International Monetary Fund (IMF) released a report by its Independent Evaluation Office (IEO) on the use of structural conditionality in IMF programs. The IEO has a record of often making sharp criticisms of IMF practice, though its recommendations are sometimes criticized for being too moderate in relation to the severity of its critique. Read more Update \| 7 December 2007 IMF to cut staff by 15% In an exclusive interview with the Wall Street Journal, Dominique Strauss-Kahn, the new Managing Director of the International Monetary Fund (IMF), reveals plans for significant layoffs at the institution, by as many as 300-400 jobs. Read more Update \| 6 December 2007 Malawi wins results and recognition for rebuffing World Bank prescriptions A prominent New York Times article describes how Malawi went from food aid recipient to regional food provider in just two years after re-introducing fertilizer subsidies for its low-income farmers. The move contravened years of policy guidance from the World Bank and IMF, which warn against such distortions of the “free market.” But donors find it hard to argue with success, especially because in violating what its wealthy benefactors in Europe and North America say, Malawi is doing precisely as they do. Read more Update \| 15 November 2007 Nurses, teachers in Burundi strike over IMF-mandated constraints Thousands of teachers and hundreds of nurses in Burundi went on strike last month to protest the government’s inability to meet its commitments to increase wages and improve working conditions. Read more Update \| 13 November 2007 IMF cancels Liberia's debt The International Monetary Fund (IMF) announced yesterday that it will write off Liberia's debt by securing $842 million from its own institutional reserves and donor country pledges. The move comes after the Fund endured heavy criticism in the international media last month for not following through on its commitment to Liberia, eighteen months after the country had met the IMF's stringent policy conditions. Read more Update \| 7 November 2007 Terms of appointment for IMF head disclosed For the first time, the International Monetary Fund (IMF) has publicly disclosed the official terms of appointment for its new Managing Director, Dominique Strauss-Kahn. His terms include an annual salary of $420,930 (net of income taxes), an annual allowance of $75,350 for maintaining “a scale of living,” and the ability to resign from his position at any time. Read more Update \| 5 November 2007 People's tribunal in Bangladesh announced A people's tribunal against the World Bank, International Monetary Fund and the Asian Development Bank was announced in Dhaka, Bangladesh yesterday, hours before World Bank President, Robert Zoellick's arrival in the country. Read more Update \| 31 October 2007 Changing of the guard at the IMF Dominique Strauss-Kahn, former Finance Minister of France, takes over as the new Managing Director of the International Monetary Fund (IMF) on November 1. DSK, as he is generally known, inherits an institution experiencing crises of legitimacy, identity, and solvency, yet is unlikely to implement real changes at the institution. Read more Update \| 30 October 2007 WB/IMF Annual Meetings 2007: Little Flash, Some Substance Robert Zoellick’s first World Bank annual meeting passed with little fanfare or flak – a marked contrast to the boisterous semi-annual meeting in April, when the pressure on his predecessor, Paul Wolfowitz, to resign reached a fever pitch. Read more Update \| 18 October 2007 2007 World Bank/IMF Annual Meetings Read the latest information on World Bank and civil society events organized around the upcoming IMF/World Bank Annual Meetings and how to get involved. Read more Update \| 9 October 2007 The International (European) Monetary Fund? As yet another top post at the International Monetary Fund goes to a European, critics question the institution's committment to increasing the voice and representation of developing country constituencies in the Fund. Read more Update \| 2 October 2007 Is the IMF's role in low-income countries conducive to reducing poverty? Controversial both inside and outside the institution, the International Monetary Fund's (IMF) strategy in low-income countries was debated at a recent panel that questioned whether or not the IMF should exit low-income countries. Read more Update \| 28 September 2007 No surprise: Strauss-Kahn takes the helm of the IMF The International Monetary Fund (IMF) today announced that Dominique Straus-Kahn will take over as managing director of the IMF beginning November 1, 2007. Read more Update \| 7 September 2007 U.K. backs Strauss-Kahn and Europe assures reforms, while developing countries cry foul The U.K. confirms its support of the EU nominee Dominique Strauss-Kahn for the leadership of the IMF; Luxembourg's prime minister assures a non-European leader in the future; and emerging countries such as India call out for real reform of governance in the IMF. Read more Update \| 22 August 2007 IMF head selection process: Russia crashes western Europe’s party While western European countries continue to assert naming rights to run the IMF, Russia makes a surprise nomination. Read more Update \| 21 August 2007 2007 Annual Meetings of the World Bank/IMF Read more Update \| 16 August 2007 Reflecting Africa-wide trend, China emerges as key investor in Chad China's "no-strings-attached" investments in Africa appear to many a welcome alternative to the conditional loans offered by the World Bank and IMF. But what consequences will China's growing involvement on the continent have for Africans? Read more Update \| 1 August 2007 WB, IMF and AfDB-backed program to privatize Egyptian banks arouses controversy The Egyptian government is facing criticism from members of its parliament over plans to sell off the country’s publicly owned banks. The plan to privatize several national banks within the framework of an $8.7 billion financial sector reform program has the backing of the World Bank, the International Monetary Fund, the African Development Bank and US Agency for International Development. Read more Update \| 26 July 2007 U.S. backs Strauss-Kahn to lead IMF The U.S. backing of Dominique Strauss-Kahn will likely confirm his nomination to head the IMF, continuing the "old boy's club" tradition. Read more Update \| 20 July 2007 Lebanese civil society concerned that social programs are lagging behind IMF-backed economic reforms The IMF reports that the Lebanese government is "on track" in implementing its fiscal and economic reform agenda. Read more Update \| 10 July 2007 EU rushes to cement hold on IMF leadership post European countries are rushing to protect their patronage rights to name the head of the IMF after Rodrigo Rato's surprise resignation announcment just two weeks ago. Read more Update \| 8 July 2007 IMF leadership selection process: time for reform, or more of the same? Will the International Monetary Fund learn from the recent World Bank crisis, and reform the outdated process through which European countries basically appoint the Managing Director? Read more Update \| 5 July 2007 IMF to prioritize post-conflict countries in Africa Critics question whether the Fund has the expertise to engage countries emerging from conflict, and are concerned that the it might exert undue leverage over cash-strapped governments with little bargaining power. Read more Update \| 28 June 2007 IMF Managing Director to step down early In a message to IMF staff on Thursday, Managing Director Rodrigo de Rato announced he will step down after the 2007 Annual Meetings for personal reasons. Read more Update \| 21 June 2007 Paulson testifies about state of international financial system In his testimony before the U.S. House Committee on Financial Services earlier this week, Treasury Secretary Henry Paulson discussed the need to upgrade global governance structures and operations. He also touched on U.S. and global economic developments, strategic economic dialogue with China, promoting open trade and investment, foreign direct investment, helping small businesses in Latin America and strengthening the international framework against illicit finance. Read more Update \| 18 June 2007 IMF tells Zambia to raise taxes and increase fiscal discipline Critics maintain opposition to IMF tax proposals, call on government to demand equitable royalty rates for Zambia's lucrative copper mining. Read more Update \| 15 June 2007 IMF predicts DR Congo to "reap the benefit" of its mineral wealth Critics contend that even with the upcoming review of 60 mining contracts signed during the war and by the interim government, the Congolese stand to benefit little. Read more Update \| 30 April 2007 ActionAid confronts IMF on impacts of its policies in Africa A new report documents the results of IMF macroeconomic policies on governments' ability to hire teachers. Read more Update \| 6 April 2007 US swears in Executive Director to IMF Meg Lundsager was confirmed by the US Senate and is now the official US Executive Director at the International Monetary Fund. Read more Update \| 14 March 2007 US nominates new Executive Directors for World Bank, IMF and ADB Testimonies were presented by nominees Margrethe Lundsager, Eli Whitney Debevoise II and Curtis S. Chin to the Senate Committee on Foreign Relations and statements were followed by a question and answer period. Read more Update \| 13 March 2007 IMF’s work in Africa found wanting New report shows that IMF's lending in Africa is "confused, vague, lacks transparency and suffers from a large gap between rhetoric and practice." Read more Update \| 20 February 2007 2007 Spring Meetings of the World Bank/IMF Read the latest information on World Bank and civil society events organized around the upcoming IMF/World Bank Annual Meetings and how to get involved. Read more Update \| 8 February 2007 Key US Treasury official concerned with the international financial institutions resigns US Treasury International Affairs Under-Secretary Timothy D. Adams announced his resignation on February 2, 2007. Read more