The IMF and the countries of the South
International Monetary Fund
Together with the World Bank, the IMF was founded on the day the Bretton Woods agreements were signed. Its first mission was to support the new standard exchange rate system.
When the Bretton Woods fixed rate system came to an end in 1971, the main function of the IMF became that of being both policeman and fireman of world capital: it acts as policeman when it applies its structural adjustment policies and as a firefighter when he intervenes. to help governments at risk of not repaying their debt.
As with the World Bank, a weighted voting system works: based on the amount paid as contribution by each member state. 85% of the votes are needed to modify the IMF Charter (meaning that the USA with 17.68% of the votes has a de facto right of veto on any change).
The institution is dominated by five countries: the United States (16.74%), Japan (6.23%), Germany (5.81%), France (4.29%) and the Kingdom United (4.29%) .
The other 183 member countries are divided into country-led groups. The most important (6.57% of the vote) is led by Belgium. The smallest group of countries (1.55% of the vote) is led by Gabon and includes African countries.
http://imf.org and countries of the South
July 14 (Thursday) HK 21:00 – 24:00 (GMT 13:00 – 16:00)
Prabhat Patnaik (Jawaharlal Nehru University, India)
Juan SANTARCANGELO (National University of Quilmes, Argentina)
Eric TOUSSAINT (Committee for the abolition of illegitimate debts, Belgium)
David BARKIN (Autonomous Metropolitan University, Mexico)
Moderator: David BARKIN (Autonomous Metropolitan University, Mexico)
Simultaneous interpretation: English/Spanish/Chinese
This session can last up to 3 hours, including questions and answers. We will collect questions from Zoom as well as Chinese social media.
Please register in advance (speakers and participants):