Writer: Hassan Sherry
Repeated experiences with the IMF demonstrate that the misalignment between rhetoric and practice and the problem of politicization of decisions have become structural issues rather than mere circumstantial exceptions. These practices confirm that international financial institutions, including the IMF and the World Bank, require radical reform to redefine their role within the global economic governance system.
Within the framework of the Financing for Development process, civil society organizations have called for the IMF and the World Bank to be re-subordinated to the United Nations. This umbrella would ensure that they adhere to the principles of transparency and democratic accountability, and that their policies are consistent with the Sustainable Development Goals (SDGs) and human rights, away from the geopolitical hegemony of a limited group of countries.
Addressing these systemic issues is more urgent than ever to ensure a fair and balanced global economic system that serves the interests of all peoples.
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