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Decision-Making in the International Monetary Fund: Implications for Sovereign Equality of States

Decision-Making in the International Monetary Fund: Implications for Sovereign Equality of States AbstractThe International Monetary Fund (IMF) is one of the post-Second World War international organizations set up to promote good international economic cooperation among states. Unlike international organizations like the United Nations (UN) and the World Trade Organization (which succeeded the General Agreement on Tariff and Trade 1947), decision-making in the IMF is quite peculiar in that it is based on the joint stock company model where the value of shares determine the value of a member’s vote. Thus the principle of sovereign equality of states that underpins the one-member-one-vote system in the UN and WTO is absent in the IMF. This paper discusses the various decisionmaking organs in the IMF and concludes with a discussion on the sovereignty implications of the use of IMF conditionalities in the giving of loans, especially to developing countries. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Legal Studies de Gruyter

Decision-Making in the International Monetary Fund: Implications for Sovereign Equality of States

Ansong, Alex
Journal of Legal Studies , Volume 23 (37): 23 – Jun 1, 2019
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Publisher
de Gruyter
Copyright
© 2019 Alex Ansong, published by Sciendo
eISSN
2392-7054
DOI
10.2478/jles-2019-0004
Publisher site
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Abstract

AbstractThe International Monetary Fund (IMF) is one of the post-Second World War international organizations set up to promote good international economic cooperation among states. Unlike international organizations like the United Nations (UN) and the World Trade Organization (which succeeded the General Agreement on Tariff and Trade 1947), decision-making in the IMF is quite peculiar in that it is based on the joint stock company model where the value of shares determine the value of a member’s vote. Thus the principle of sovereign equality of states that underpins the one-member-one-vote system in the UN and WTO is absent in the IMF. This paper discusses the various decisionmaking organs in the IMF and concludes with a discussion on the sovereignty implications of the use of IMF conditionalities in the giving of loans, especially to developing countries.

Journal

Journal of Legal Studies – de Gruyter

Published: Jun 1, 2019

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