Poverty & Social Development: A Caribbean Perspective

An Extra-Mile for Reforms…
Not really a big extra-mile! But I mean that this can be quite a shaky road for the IMF. As some observers have pointed out, the future for global economic and financial stability can be conditional with the IMF’s willingness to overhaul its current governance structure.

Ok, let’s see for a moment… at this juncture several questions come to mind, and by moving ahead with this process of reforms, the IMF board has to put on the table a package of measures to assure accountability in regards to the participation of low-income countries vis-à-vis its policies and decision-making. So, let us wait for the upcoming annual meeting and its outcomes, scheduled, September 19-20, 2006 in Singapore.

Furthermore, in regards to quotas and the prospects behind these governance reforms, the current regime of voting at the executive board and board of governors is based on a one dollar, one vote system. Thus setting the tone for unequal patterns in decision-making… Reforms can go a long way, but to which extent the decision-making could be reflective of broad inclusion, is still a pending question.

Moreover, if this transformational agenda is steered through the introduction of a complete transparent and democratic (!) process, chances are that the implementation of effective and varied stakeholder groupings could be feasible gearing toward the integration of geographical diversity. This last element taking into account a broad recruiting strategy vis-à-vis the management of multi-lateral organizations, to harbor a framework that would move closer to a valuable decision-making apparatus, and increase in participation for all member governments. Let us see, let us see….