NGOs criticize outcome of IMF-WorldBank meeting

They also attacked the lack of democracy and participation, manifested by the treatment meted out to NGOs at the annual meetings in Singapore, as well as the lack of basic changes in the decision-making structures of the two institutions, despite the positive "spin" that the IMF secretariat had tried to put on the decision adopted by the IMF Board to raise the quota shares of four countries.

The NGOs presented their views at a press conference at the venue of the annual meetings. The NGOs were also launching the 2006 report of Social Watch, which is the product of year-long investigations by over 300 civil society groups across more than 60 countries.

Below is a report summarising the points raised by NGOs during the aforementioned meeting, including a synthesis of the findings of the Social Watch report 2006. The report was published in the SUNS#6103 Thursday 21 September 2006.

Author and source: Martin Khor, Third World Network

For more information:

NGOs criticize outcome of IMF-World Bank meeting, by Celine Tan, Third World Network, Singapore 20 Septmber 2006

Social Watch report entitled "Impossible Architecture: Why the Financial Structure is Not Working for the Poor and How to Redesign it for Equity and Development"