On Thursday 14 April, the Progressive International held an Inquiry into the IMF that heard evidence from lawyers, experts and parliamentarians from nine countries (full list of inquiry members available here) of “illegality, impunity and disregard for human rights.” These abuses include “violations of the IMF mandate”.
The inquiry called for urgent and immediate accountability for the IMF as a public institution managing public funds supposedly for public benefit. Four separate paths to greater accountability were proposed.
Take the IMF to the International Court of Justice
Recognise IMF loans as “agreements” in international law
Bring the IMF under the UN’s Economic and Social Council
Varsha Gandikota-Nellutla, who chaired the Inquiry session, said:
“I want to be very clear about why we convened this inquiry: What is taking place is not an accident, it is not chance policy failure or ineffectiveness. The IMF is a public institution that lends public money with a mandate to serve public purpose — but it answers to no one. There is currently no authority anywhere in the world that holds the IMF accountable for its actions.”
You can watch the full session of the Inquiry here.
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