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Transparency & democracy at World Bank & IMF reiterated

14
Apr '07
Against a background of intense media attention surrounding World Bank President Paul Wolfowitz, the ITUC has reiterated its call for proper transparency and democracy at the Bank and the International Monetary Fund.

Both institutions are facing a crisis of legitimacy, and must respond by increasing their accountability to member and client countries and the public at large, as well as refocusing their policies and activities to address major fault lines in the global economy.

“The IMF itself has acknowledged that working women and men are getting a diminishing slice of the world economic cake – unless the course of globalisation is changed dramatically, then inequality, insecurity and unsustainable business practices will worsen. Both the major international financial institutions need to face this reality squarely and change direction”, said ITUC General Secretary Guy Ryder.

The international trade union movement believes that the value of the World Bank in the world economy should be to act as a leader in ensuring high labour, social and environmental standards, which are determined and implemented through transparent processes and through close consultations with governments, trade unions, other civil society organisations and the public.

On the issue of labour standards, the Bank should follow the lead of its private sector arm the International Finance Corporation, by implementing its stated commitment to incorporate core labour standards into its lending criteria.


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