Globalisation : the role of the IMF, ninth report of session 2005-06, report, together with formal minutes, oral and written evidence

The Committee's report examines the future role of the International Monetary Fund, including issues of governance and finance, its surveillance and analysis functions, and the UK Government's report on its dealings with the IMF.

Findings include: support for the idea of a focused Fund, with a greater role in crisis prevention than crisis resolution; the need for governance reforms to ensure that the IMF is more representative of its stakeholders and accountable to them, including a more open selection process for the next Managing Director and greater representation for low-income countries and emerging market economies via a reform of the quota allocations; and the need for a more transparent decision-making process, especially around the workings of the Executive Board, to ensure the Fund remains accountable to its stakeholders.

The Committee supports the Exogenous Shocks Facility to provide assistance to countries suffering from crisis events such as natural disasters.

In promoting IMF financial reforms, the UK Government should seek to ensure that the IMF maintains both its independence in surveillance and its ability to support low-income countries.