Making the IMF and the World Bank more Accountable

The International Monetary Fund (IMF) and the World Bank (the Bank) are now regularly accused of being secretive, unaccountable and ineffective. Not only radical non-governmental organizations (NGOs) but equally their major shareholders are demanding that the institutions become more transparent, more accountable and more participatory. Accountability, in particular, has become the catchcry of officials, scholars and activists in discussing the reform of the institutions. Yet few attempts have been made to dissect the existing structure of accountability within the international financial institutions (IFIs), to explain its flaws and to propose solutions. That is the aim of this article. The first section examines the structure of accountability planned by the founders of the IMF and the World Bank. The second section discusses the defects in this structure. Section three analyses recent attempts to make the institutions more accountable. The conclusion offers some recommendations for improving the institutions, and a warning about the limits of accountability at the international level.