MADRID(PTI): The annual meetings of the IMF and World Bank ended with opinion sharply divided over a greater role for the IMF to supervise policies of major industrial countries and, unexpectedly, over a fresh, general allocation for Special Drawing Rights (SDRS). A new vision, or “architecture as some delegates put it, for the two institutions was considered necessary in view of the rapidly changing world economic scene and increasing globalization of the economies of their members, particularly of the developing countries in the light of major economic reforms and trade liberalization by them.
While the two day 50th anniversary conference ended as expected without a new mandate for the two institutions the annual meetings of the boards of governors saw a bitter wrangle over a fresh, general allocation for SDRS leading to an unprecedented stalemate in the IMF’s policy making body, the interim committee.
Usually all controversial issues are sorted out before such formal gatherings.
Article extracted from this publication >> October 14, 1994
