governance reform
25 March 2009
The committee on IMF reform has released its final report. This committee of
eminent persons was appointed by the Managing Director of the International
Monetary Fund Dominique Strauss-Kahn, on 4 September 2008, to advise on the
adequacy and effectiveness of the IMFs framework for decision making. It is
chaired by Finance Minister Trevor A Manuel, MP.
The report proposes a package of measures to enhance the Fund's legitimacy
and effectiveness. These include:
* the formation of a high-level ministerial council to foster political
engagement in strategic and critical decisions
* the acceleration of the quota and voice reform that begun last year
* a broader mandate for surveillance and clearer lines of responsibility and
accountability between various decision making entities in the fund
* the introduction of an open, transparent and independent of nationality
selection process for the Managing Director
* a review of the Fundâs decision making rules
* updating the fundâs legal mandate to ensure consistency with its evolving
role and
* increasing the Fundâs resources to address current and future crises
The report was welcomed by the IMF managing director as coming at a critical
time when the need for effective engagement between senior policy makers to
tackle the global crisis has acquired new urgency.
The committee is chaired by Minister Manuel and includes: Michel Camdessus,
former Managing Director of the IMF, Kenneth Dam, Professor at the University
of Chicago, Mohamed El-Erian, CEO of Pacific Investment Management Company.,
Sri Mulyani Indrawati, Minister of Finance of Indonesia, Guillermo OrtÃz,
Governor of the Bank of Mexico, Robert Rubin, Center for Foreign Relations,
Amartya Sen, Professor at Harvard University, and Zhou Xiaochuan, Governor,
People's Bank of China.
Issued by: National Treasury
25 March 2009
