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Related: Washington Post Highlights Agenda For ‘Bank Of The World’
Global financial chiefs agreed yesterday to reshape the International Monetary Fund, moving to broaden its mission and accelerate plans to give developing giants including China, Brazil and India more say within the institution.
The IMF, which in recent years had become largely an advisory body to nations in crisis, will now be charged with aggressive monitoring of the global economy. Underscoring that role, Treasury Secretary Timothy F. Geithner said yesterday that Washington had consented to a rigorous IMF review of the U.S. financial system for the first time since the fund was created at the end of World War II.
The International Monetary and Financial Committee — the IMF’s policy-setting body made up of financial ministers and central bankers from a host of nations, including the United States — additionally endorsed new, easier terms for IMF lending to the fast-growing number of nations buckling under the pressure of the global crisis.
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The agreement was reached at the annual spring meeting in Washington of the IMF and its sister organization, the World Bank. It amounted to a broad endorsement of a shift in thinking already underway at the fund, which was outlined by world leaders at an economic summit in London this month.
As the financial crisis has spread in recent months, the IMF has adopted a more pragmatic approach toward lending, moving away from decades of harsh terms and enforcement of strict financial policies for countries that borrow.
