Question

What one example to prove that the global instution, IMF, fails to pass the simple test of democracy that is used for national government

Answer 1

HEY!!

▶The International Monetary Fund (IMF) gives loans to the governments who need it.

▶Before lending they ask the concerned government to show all its accounts and direct it to make changes in its economic policy.

▶It is one of the biggest moneylenders for any country in the world.

▶ Its 173 member states do not have equal voting rights.

▶ The vote of each country is weighed by how much money it has contributed to the IMF.

▶ Nearly half of the voting power in the IMF is in the hands of only seven countries (US, Japan, France, UK, Saudi Arabia, China and Russia).

▶The remaining 166 countries have very little say in how these international organisations take decisions.

▶Thus, depending on the division of voting powers, it can be concluded that IMF is not a completely democratic state.

 

Answer 2

Voting rights of the country depends upon the monetary contributions made by them to the IMF. Hence, IMF is under the control of few rich