Category: International Organizations

US Leaders Urge Congress to Ratify IMF Voting Reforms


The Obama administration has asked U.S. lawmakers to approve an increase in the United States’ contribution to the International Monetary Fund, as well as changes to the voting process within the Fund that will boost the influence of emerging economies like China and Brazil in the global financial institution.

The Treasury Department on Tuesday sought Congressional permission to approve a 2010 International Monetary Fund reform package that would change the distribution of voting power within the organisation.

US Calls for Ban on Drunk Diplomats at UN Meetings


The United States has called for drunk diplomats to be barred from United Nations meetings, proposing that negotiation rooms “should in future be an inebriation-free zone”.

Speaking at the UN General Assembly’s budget committee, also known as the Fifth Committee, U.S. ambassador for management and reform at the United Nations, Joseph Torsella on Monday censured his colleagues for excessive drinking during delicate budget meetings and debates which often turn into heated marathon sessions that run into the early hours of the morning.

Senior IMF Economist Lashes Out At “Tainted” Leadership In Resignation Letter


A senior economist at the International Monetary Fund (IMF) has criticised the fund for its “incompetence” in dealing with the eurozone crisis; and slammed the decision to appoint Christine Lagarde as managing director, in a resignation letter submitted to the Dean of the IMF Executive Board on June 18, 2012.

Peter Doyle, a division chief in the IMF’s European Department, had resigned following 20 years of service, but had written the letter as he “wanted to take this opportunity to explain (his) departure.”

World Bank Publishes List Of Corrupt Companies & Individuals


Any corrupt official or company who siphons money from the World Bank’s development assistance fund will now be publicly exposed, wrote a statement by the international financial institution on May 30th, following the inaugural publication of a set of decisions issued by the World Bank Group’s Sanctions Board in cases of alleged fraud and corruption.

America’s Perverse Control Over The World Bank: Joseph Stiglitz


Rumours suggest that the US is likely to insist on maintaining the perverse selection process in which it gets to pick the World Bank’s president. But while Jim Yong Kim may be a good candidate, no single country should effectively decide who gets the job. Should America continue to insist on controlling the selection process, it is the Bank itself that would suffer.

BRICS To Rally Behind Single World Bank Candidate


The BRICS nations must be united in backing a single nominee as the next World Bank president, said Brazil’s finance minister Guido Mantega on Thursday.

Though Mantega was speaking after a meeting with the US nominee Jim Yong Kim, he insisted that his government had not made up its mind on whom it would back; and he would try to seek a consensus among all the BRICS as to whom the best candidate for the post should be.

With Kim’s Nomination, The US Finally Awakens To A New Reality: Jeffrey Sachs


Until now, the United States had been given a kind of carte blanche to nominate anyone it wanted to the World Bank presidency. That is how the Bank ended up with several inappropriate leaders, including several bankers and political insiders who lacked the knowledge and interest to lead the fight against poverty. But the nomination now of Jim Yong Kim could be a breakthrough for the US, and most importantly, the World Bank.

Can The World Bank Rediscover Itself? : Jeffrey Sachs


The World Bank’s central mission, when it was established in 1944, was to reduce global poverty and ensure that global development was environmentally sound and socially inclusive. However, since then the Bank has only served as an extension of US foreign policy and commercial interests.

NEW YORK – The world is at a crossroads. Either the global community will join together to fight poverty, resource depletion, and climate change, or it will face a generation of resource wars, political instability, and environmental ruin.

Will The World Bank Make The Right Choice?: Devesh Kapur & Arvind Subramanian


With Robert Zoellick departing in June as President of the World Bank, the Bank requires a new selection process that will enable it to choose the most qualified person, regardless of nationality. More importantly, it needs to identify the qualifications needed to run the Bank at a time when its role must be adapted to far-reaching global changes.

International Economic Organizations


Here is a list of internationally recognised economic bodies: 

  • Abu Dhabi Fund for Development

  • African Development Bank Group(AfDB)

    • African Development Fund (AfDF)
    • Nigeria Trust Fund (NTF)

  • African Export-Import Bank (AFREXIMBANK)

  • Andean Community General Secretariat

  • Andean Development Corporation (CAF)