Williams backs call to reform IMF & World Bank

1.59.08pm BST (GMT +0100) Tue 9th Aug 2005

Stephen Williams, Liberal Democrat MP for Bristol West, is backing a global campaign to give governments who receive funds from the IMF and the World Bank more say in how their economies are run.

The cross party petition has already been signed by over 1000 parliamentarians from 50 parliaments, both in developed and developing nations. The petition calls for the so called 'Bretton Woods Institutions' of the World Bank and the International Monetary Fund to "ensure that the democratically elected representatives of recipient nations are the final arbiters of all economic policies in their countries".

Currently, the unelected and unaccountable Boards of both institutions are able to impose economic policies on any country as a condition for the receipt of new loans or debt relief.

Stephen Williams said "Countries that are in need of support from the World Bank and the IMF often suffer great hardship as a result of the economic constraints imposed upon them. There is a huge democratic deficit in these institutions which often means that freely elected governments lose control of their own economies. Such a system cannot be allowed to continue."

The petition has been organised jointly by the All Party Parliamentary Groups on Debt, Aid and Trade and World Government, the Bretton Woods Project, the World Development Movement, Action Aid, Christian Aid and the World One Trust. More information can be found at www.ippinfo.org