Reforming the IMF: some organizational and operational issues


  • S. CHEBIL S.



IMF, global economic conditions, financial crises


While financial crises during the 1990s have started a lively debate on IMF policies toward member countries, reform of the Fund's organisational structure and operations have been largely ignored. Improved organisation and operations would increase IMF efficiency and membership participation, which would in turn increase IMF effectiveness in enhancing global economic conditions. In this paper, a number of such issues--quotas, voting structure and decision making; executive board and ministerial committees; management structure and staff; political dimensions, transparency andcredibility--are assessed.


JEL Codes: E02, F33


ASKARI, H. (1991), Third World Debt and Financial Innovation: the experience of Chile and Mexico, OECD, Paris.

BANDOW, D. and I. VASQUEZ (1994), "A record of addiction and failure", in Perpetuating Poverty: the World Bank, the IMF, and the Developing World, Cato Institute, Washington, pp. 15-36.

BIRD, G. (1995), IMF Lending to Developing Countries: Issues and Evidence, Routledge, New York.

BLUSTEIN, P. (1999), "IMF concedes errors in Asia but denies aggravating crisis", Washington Post, January 20, p. F3.

BROWNE, R.S. (1994), "Alternatives to the International Monetary Fund", in J. Cavanagh, D. Wysham and M. Arruda eds, Beyond Bretton Woods: Alternatives to the Global Economic Order, Pluto Press, London, pp. 57-73.

CALOMIRIS, C.W. (1998), "The IMF's imprudent role as lender of last resort", The Cato Journal, vol. 7, no. 3, pp. 275-94.

CALOMIRIS, C.W. (1998), "Blueprints for a new global financial architecture", presented to U.S. House of Representatives, October 7.

CARREAU, D. (1994), "Why not merge the International Monetary Fund (IMF) with the International Bank for Reconstruction and Development (World Bank)", Fordham Law Review, no. 62, May, pp. 1999-2000.

CATAN, T. (1999), "World Bank considers new lines of credit", Wall Street Journal, April 12, p. B5.

COHEN, A. (1999), "Russia does not need new IMF loans", The Heritage Lectures, no. 626, Heritage Foundation, February.

THE ECONOMIST (1999), "World financial regulation: plumb lines", February 27, p. 74.

FISCHER, S. (1998), "In defense of the IMF", Foreign Affairs, vol. 77, no. 4, July/August, pp. 103-06.

FRIEDMAN, M. (1998), "Markets to the rescue", Wall Street Journal, October 13, p. A22.

GUITAN, M. (1999), "Conditionality: past, present, future", IMF Staff Papers, vol. 42, December, pp. 792-835.

HAROLD, J. (1998), "From grandmotherlieness to governance: the evolution of IMF conditionality", Finance and Development, no. 35, December, pp. 44-47.

HORSEFIELD, J.K. and M.G. DE VRIES (1969), The International Monetary Fund 1945-1965: Twenty Years of International Monetary Cooperation, International Monetary Fund, Washington.

INTERNATIONAL MONETARY FUND (1970-98), Annual Report, various issues, Washington.

INTERNATIONAL MONETARY FUND (1994), "HALIFAX Summit Communiqué", IMF Press Office, Washington, June 16.

INTERNATIONAL MONETARY FUND (1998), Financial Organization and Operations of the IMF, Treasurer's Department,Washington.

INTERNATIONAL MONETARY FUND (1999), Press Release, no. 99114, April 25.

INTERNATIONAL MONETARY FUND (1999), "IMF-supported programs in Indonesia, Korea and Thailand: a preliminary assessment", January.

JIMENEZ, J.J. (1999), "Implication for IMF members of US conditions to eleventh quota increase in the Fund", Intergovernmental Group of Twentyfour on International Monetary Affairs, no. G24, April.

KAPUR, D. (1998), "The IMF: a cure or a curse?", Foreign Policy, no. 111, June 22, pp. 114-29.

LISSAKERS, K. (1998), Testimony: Hearing on the IMF before the General Oversight sub-committee of the banking and Financial Services Committee, US House of Representatives, 105th Congress, 2"d Session, April 12.

MANURAUNG, M. (1998), "Don't blame the EvIF", Asiaweek, April 3, p. 5.

MONTEK, S.A. (1999), "The IMF and the World Bank: are overlapping roles a problem?", paper presented at G-24 Technical Group meeting in Colombo, February.

NOVAK, R. (1999), "4.6 billion for Russia neutrality", Washington Post, April 12, p. A23.

OMNIBUS BILL FOR THE 1999 BUDGET (1998), Title VI: International Financial Programs and Reform, Washington, October 21.

OXFAM POLICY DEPARTMENT STAFF (1995), "A case for reform: fifty years of the IMF and World Bank", Oxfam Insights, Oxford.

PETERSMANN, H.G. (1998), Financial Assistance to Developing Countries: The Changing Role of the World Bank and International Monetary Fund, Europa Union Verlag, Bonn.

POLAK, J.J. (1994), The World Bank and the IMF: A Changing Relationship, The Brookings Institution, Washington.

SANGER, D.E. (1998), "US and IMF made Asia crisis worse, world bank finds", New York Times, December 3, p. A20.

SCHADLER, S. et al. (1995), "IMF conditionally: experience under stand-by and extended arrangements", IMF Occasional Paper, no. 128, September.

SIMPSON, G. (1999), "International Monetary Fund Report says secrecy hurt efforts to combat bias within agency", Wall Street Journal, April 9, p. A14.

SINGH, M. (1994), "The IMF and the World Bank in an evolving world", in J.M. Boughton and K.S. Lateef eds, Fifty Years after Bretton Woods: The Future of the IMF and the World Banks, International Monetary Fund, Washington, pp. 35-42.

WIGHTON, D. (1998), "Blair urges big IMF overhaul", Financial Times, September 22, p. 4.




How to Cite

ASKARI, H., & CHEBIL S., S. (2013). Reforming the IMF: some organizational and operational issues. PSL Quarterly Review, 52(211).