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Press ReleasesNew High-Level Panel on Accountability of IMF Executive Board
New High-Level Panel on Accountability of IMF Executive Board
Press Release
October 3, 2006
On Thursday, September 7, and Friday September 8, 2006, a new High-Level Panel convened to consider the Accountability of the Board of Directors of the International Monetary Fund. The Panel discussed emerging principles of accountability and in that regard, examined the framework on accountability for inter-governmental organizations (IGOs) that the One World Trust developed based on research of, and engagement with, a wide range of IGOs and a cross-section of their respective stakeholder groups. The One World Trust is a charity in the United Kingdom that specializes in the accountability of transnational actors. The Panel entered into a wide-ranging discussion, framed by the Fund’s Articles of Agreement, the Fund’s constitution, on the Executive Board’s responsibilities and on current and potential mechanisms of accountability. One of the Panelists made a presentation on the accountability of the IMF to external stakeholders, including a complaints mechanism that is already in use in a range of intergovernmental organizations. Participants expressed concerns about the Fund’s current and evolving roles, raised constructive and probing questions about the scope of reforms, and offered proposals for enhancing the Fund’s accountability arrangements. The Panelists agreed to withhold any public statement and recommendations until next year. They further agreed to share written suggestions for discussion and distribution among themselves before the Panel reconvenes in January 2007.
Panelists participate in their personal capacity. Those present for this inaugural event were:
- Charles Abugre, Head, Global Advocacy & Policy Division, Christian Aid, UK/Ghana
- Marc-Antoine Autheman, Former IMF & World Bank Executive Director, France
- Monica Blagescu, Accountability Programme Manager, One World Trust, UK
- Jack Boorman, Former Counsellor and Director of the Policy Development and Review Department, International Monetary Fund, USA
- Daniel Bradlow, Professor of Law & Director of International Legal Studies, Washington College of Law, American University, USA/South Africa
- Binny Buchori, Executive Director, Centre for Welfare Studies, Perkumpulan Prakarsa, Indonesia
- Jo Marie Griesgraber, Executive Director, New Rules for Global Finance Coalition, USA
- Daniel Kaeser, Former IMF Executive Director, Fellow of the Swiss Forum for International Affairs, Switzerland
- Bulus Lolo, Minister, Permanent Mission of Nigeria to the United Nations, Nigeria
- Djoomart Otorbaev, Former Deputy Prime Minister, Kyrgyz Republic
- Jeff Powell, Coordinator, Bretton Woods Project, UK
- James Riker, University of Maryland, USA (Rapporteur)
- Leo Van Houtven, President, Per Jacobsson Foundation, Belgium/USA
- Patrick Watt, Policy Coordinator, ActionAid UK, participated on the behalf of Ramesh Singh, Chief Executive, Action Aid International, UK and South Africa
The Panel was organized by the New Rules for Global Finance Coalition, a Washington-based non-profit organization, comprised of academics, researchers from think-tanks, and non-governmental organization representatives who are committed to a global financial system that promotes equitable, participatory and transparent methods for eradicating poverty and sustaining the environment. The work of the Panel is supported by a grant from the Ford Foundation.
Contact::
Jo Marie Griesgraber
Executive Director
New Rules for Global Finance Coalition
tel. 202-277-9390
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www.new-rules.org