News / Economy

IMF Critics Call For Reforms

Mohamed El-Erian, (File)
Mohamed El-Erian, (File)

Critics of the International Monetary Fund are calling for reforming the global lender and changing the way it picks leaders.

The head of Pimco, the world's largest bond fund, economist Mohamed El-Erian says French Finance Minister Christine Lagarde is likely to be the next IMF Managing Director.  He urges her to "hard-wire" (make permanent) a selection process for the next IMF chief and key staff members that is based on merit rather than nationality.  

El-Erian says the IMF must also strengthen its analytical skills, and find a way to cope with the next financial crisis while the institution has significant resources tied up helping Greece.

In an article he wrote for the Financial Times, El-Erian also says it is time to end the practice of appointing leaders who use the post as a stepping stone to national political offices.  Previous IMF  Managing Director Dominique Strauss-Kahn was expected to run for President of France before he resigned to to face trial on sexual assault charges.

A scholar at the Peterson Institute for International Economics calls the current selection process "rigged."  In an e-mail to journalists Arvind Subramanian says the selection of a European to head the IMF will slow needed reforms.

Brazil's Finance Minister Guido Mantega says one reform he wants to see is a larger role for fast-growing emerging nations like his in the IMF.  He says Lagarde has promised to continue IMF reforms, which may be why Brazil endorsed her candidacy on Tuesday.

You May Like

Video VOA ‘Town Hall’ Shines Light on Ebola Crisis

Experts call for greater speed in identification and treatment of deadly disease More

UN Rights Commission Investigates Eritrea

Three-member commission will start collecting first-hand information from victims and other witnesses in Switzerland and Italy next week More

Funding Program Helps Extremely Poor in Ghana

Broad objective for Ghana's social cash transfer program is to lessen the impact of poverty on the most vulnerable people, elderly, orphans, those with disabilities More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ebola Economic Toll Stirs W. Africa Food Security Concernsi
X
November 19, 2014 11:39 PM
The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Mexico Protests Escalate Over Disappearances

Protests in Mexico over 43 students missing since September continue to escalate, reflecting growing anger among Mexicans about a political system they view as corrupt, and increasingly tainted by the drug trade. Mounting outrage over the disappearances is now focused on the government of President Enrique Pena Nieto, accused of not doing enough to end insecurity in the country. More from VOA's Victoria Macchi.
Video

Video US Senate Votes Down Controversial Oil Pipeline - For Now

The U.S. Senate has rejected construction of a controversial pipeline to transport Canadian oil to American refineries. The $5 billion project still could be approved next year, but it faces a possible veto by President Barack Obama. As VOA’s Michael Bowman reports, the pipeline has exposed deep divisions in Congress about America’s energy future.
Video

Video Can Minsk Cease-fire Agreement Hold?

Growing tensions between government troops and separatists in eastern Ukraine further threaten a cease-fire agreement reached two months ago in the Belarusian capital of Minsk. Critics of U.S. policy in Ukraine say it is time the Obama administration gives up on that much-violated cease-fire and moves toward a new deal with Russia. VOA's Scott Stearns has more.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.
Video

Video Ferguson Church Grapples with Race Relations

Many white residents of Ferguson, Missouri, say they chose to live there because of the American Midwest community's diversity. So, they were shocked when a white police officer killed an unarmed black teenager in August – and shaken by the resulting protests and violence. Some local churches are leading conversations on how to go forward. VOA’s Ayesha Tanzeem reports.
Video

Video What Jon Stewart Learned About Iran From 'Rosewater'

Jon Stewart, host of the satirical news program "The Daily Show" talks with Saman Arbabi of Voice of America's Persian service about Stewart's directorial debut, "Rosewater."
Video

Video Lebanese Winemakers Thrive Despite War Next Door

In some of the most volatile parts of Lebanon, where a constant flow of refugees crosses the border from Syria, one industry continues to flourish against the odds. Lebanese winemakers say after surviving a brutal civil war in the 1970s and 80s, they can survive anything. Heather Murdock has more for VOA from the Bekaa Valley in Lebanon.
Video

Video China's Rise Closely Watched

China’s role as APEC host this week allowed a rare opportunity for Beijing to showcase its vision for the global economy and the region. But as China’s stature grows, so have tensions with other countries, including the United States. VOA’s Bill Ide in Beijing reports on how China’s rise as a global power is seen among Chinese and Americans.

All About America

AppleAndroid

World Currencies

EUR
USD
0.7977
JPY
USD
117.63
GBP
USD
0.6379
CAD
USD
1.1349
INR
USD
61.994

Rates may not be current.