Annual World Bank and IMF Meetings Close Under Heavy Criticism

As the annual World Bank and International Monetary Fund (IMF) meetings closed under heavy fire, both from within and from civil society activists, Africa Action today condemned the undemocratic nature and harmful policies of these institutions. The organization underscored that the countries most affected by World Bank and IMF policies, particularly the debt-burdened countries of Africa, must have a greater say within the international financial institutions.

This week, the IMF re-organized the system of voting rights, increasing the voting power of China, Mexico, South Korea and Turkey, and the World Bank indicated that it would also be willing to consider a similar shift. But Africa Action notes that while developing country finance ministers and civil society from around the world have pushed for a more representative voting structure, these latest minor changes still leave power disproportionately concentrated in the hands of the wealthiest nations.

Ann-Louise Colgan, Acting Co-Executive Director of Africa Action, said today, "The World Bank and IMF persist in ignoring the priorities of the developing world, and African countries continue to pay the price. The decisions made by these institutions have long-lasting effects on African countries, and yet there is little opportunity to hold them accountable. As a result, Africa’s illegitimate debt burden remains at overwhelming levels, and the World Bank and IMF continue to impose unfair conditions on Africa’s economies."