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Reforming the Governance of the International Monetary Fund and the World Bank

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The IMF is funded with the taxpayer money. It operates behind the veil of secrecy. The affected community members do not participate in designing loan packages. It works with a select group of central bankers and finance ministers to make the policies without input from other government agencies such as health, education and environment departments (Lessambo, 2013, pp. 75-77). To increase the exports countries are encouraged to give tax breaks and subsidies to export the industries. Public assets including government utilities and forestland are sold to the foreign investors at bottom prices (Bologna, 2010, pp. 150-152).

The IMF is a secretive institution with no accountability that is funded by the taxpayer by the taxpayer money which is yet to operate behind the veil of secrecy of the country. Members are being affected by the communities and they do not participate in designing loan packages. It has also stated about workers who have been hurt for suppressing wages and bargaining of laws. The IMF advised countries to export their way out of the crisis. The IMF and World Bank frequently advise countries to attract foreign investors by making their labor laws weak.

The IMF’ s labor flexibility permits the corporations to fire and to move on where the wages are cheapest. Workers in the U. S have also hurt by the IMF policies because they have to compete with cheap and exploited labor. Asian financial crisis has plunged Indonesia, Thailand, South Korea, and other Asian countries one in a depression and that made more than 200 million people poor. It has also told the countries to export the crisis (Eichengreen, 2008, pp. 65-69). The commonwealth bank of Australia is an Australian multinational bank that is doing business across New Zealand, Fiji, Asia, USA, and the United Kingdom.

It provides a variety of financial services including retail, business, and institutional banking, fund management, insurance and broking services (Brakman, 2006, pp. 55-57).

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