scholarly journals THE ROLE OF THE WORLD BANK AND THE IMF IN THE INTERNATIONAL FINANCIAL SYSTEM AND THE HUMAN RIGHTS SPHERE

2019 ◽  
Vol 5 (4) ◽  
pp. 25
Author(s):  
Daryna Abbakumova
Keyword(s):  
Human Rights ◽  
World Bank ◽  
Financial System ◽  
International Financial System ◽  
Legal Method ◽  
The World Bank ◽  
The World ◽  
The Government ◽  
The International Monetary Fund ◽  
The Imf

The main purpose of the article is to provide legal analysis of the activities of the World Bank and the International Monetary Fund, as well as to clarify their role in the international financial system and the peculiarities of the correlation with the sphere of human rights. Methodology. To achieve the scientific objectivity of the results, the entire complex of general scientific and special research methods, which are widely used in the modern science of public international law and international economic law in particular, were used. Thus, the method of objectivity was used to determine the probability and completeness of the information that was used in the research process. The dialectical method was useful in studying the development of the organizational structure and powers of the World Bank and the IMF. The special legal method allowed analysing the provisions of the constituent documents of these international organizations, and system-structural – to determine their place in the international financial system. The comparative legal method has become useful in defining the features of supranationality of international organizations. The results of the study revealed that the World Bank and the International Monetary Fund continue to occupy key positions in the international monetary and financial system, despite the fact that they were created in the middle of the last century. It has been found that in recent years, the World Bank and the IMF have somewhat changed their position in providing financial assistance to the states. Their position has become more rigid than the one they followed at the beginning of their activity. It is established that this is manifested, first of all, in the application of the principle of good governance, when considering the issue of the allocation of money. This principle, which became fundamental in the activity of these international financial institutions, helps to determine whether the government of the state is fair and honest enough for using the provided assistance for the right purposes, not for the corrupt schemes, and whether these funds would not be stolen by the government in the future. The main practical impact of such research is to identify the link between the functioning of the World Bank and the IMF, which are fully focused on monetary and financial operations, and such completely remote from them area as human rights. Clarification of the relationship between the activities of these financial institutions and the field of human rights allows us to find ways to protect people, whose rights have been violated during the realization of the projects funded by the World Bank and the IMF. Value/originality. The main features that international intergovernmental organizations must have to be regarded as those who have supranational nature are investigated. On this basis, it was established that the World Bank and the IMF do not have supranational features, and the only organization possessing such features remains the European Union.

Poverty, Human Rights and the Quest for Sustainable Human Development in Structurally-Adjusted Uganda

2000 ◽  
Vol 18 (1) ◽  
pp. 23-44
Author(s):  
J. Oloka-Onyango
Keyword(s):  
Human Rights ◽  
World Bank ◽  
Political System ◽  
Economic Adjustment ◽  
Basic Principles ◽  
The World Bank ◽  
Sustainable Human Development ◽  
The World ◽  
Resistance Movement ◽  
The International Monetary Fund

In a bid to address the almost two decades of economic malaise and decline that Uganda had experienced in the 1970s and 1980s, Yoweri Museveni's National Resistance Movement adopted radical measures of economic adjustment under the tutelage of the World Bank and the International Monetary Fund. Although those measures resulted in significant economic growth – in GDP terms – this article argues that they failed to be conscious of basic principles of human rights relating to equality, non-discrimination and participation, and have consequently compounded the situation of poverty in the country. It further argues that the ‘non-party’ political system in existence further undermines the promotion and protection of fundamental human rights.

Resistance Is Futile – You Will Be Assimilated

2006 ◽  
Vol 19 (1) ◽  
pp. 259-274 ◽  
Author(s):  
SUSAN MATHEWS
Keyword(s):  
Human Rights ◽  
International Law ◽  
World Bank ◽  
International Human Rights Law ◽  
Human Rights Law ◽  
Cambridge University ◽  
The World Bank ◽  
The World ◽  
Light And Shadow ◽  
The International Monetary Fund

Sigrun Skogly, The Human Rights Obligations of the World Bank and the IMF, London, Cavendish Publishing, 2001, ISBN 1859416659, 240 pp., £71.50 (pb).Mac Darrow, Between Light and Shadow:The World Bank, the International Monetary Fund and International Human Rights Law, Oxford, Hart Publishing, 2003, ISBN 1841133906, 376 pp., £42.00.00 (hb).Balakrishnan Rajagopal, International Law from Below: Development, Social Movements and Third World Resistance, Cambridge, Cambridge University Press, 2003, ISBN 0521016711, 360 pp., £19.99 (pb).

scholarly journals Human Rights and Financial Institutions: Pinning the Responsibility

2013 ◽  
pp. 116-128
Author(s):  
Nidhi Modani
Keyword(s):  
Human Rights ◽  
World Bank ◽  
Financial Institutions ◽  
Developing Nations ◽  
Special Focus ◽  
International Financial Institutions ◽  
Human Right ◽  
The World Bank ◽  
The World ◽  
The International Monetary Fund

This paper is a study of the possible human right obligations of international financial institutions. As financial institutions have not been looked upon as agencies influencing or influenced by human rights, this study becomes significant. The study is limited to international financial institutions, with a special focus on the World Bank (hereinafter ‘Bank’) and the International Monetary Fund (hereinafter ‘Fund’ or ‘IMF’). 2 Further, there is a special focus on developing nations.3

scholarly journals Friends or foes? Brazil, the IMF and the World Bank, 1961–1967

2021 ◽  
pp. 1-32
Author(s):  
Carlo Edoardo Altamura ◽  
Claudia Kedar
Keyword(s):  
World Bank ◽  
International Monetary Fund ◽  
Military Coup ◽  
The World Bank ◽  
The World ◽  
The Difference ◽  
The Right ◽  
The Military ◽  
The International Monetary Fund ◽  
The Imf

Between June 1959 and March 1964, the democratic governments of Brazilian presidents Juscelino Kubitschek (January 1956 – January 1961), Janio Quadros (January–August 1961), Ranieri Mazzilli (August–September 1961) and João ‘Jango’ Goulart (September 1961 – April 1964) received no support from the World Bank (WB), which refused to fund even a single new project during this period. During this same period, and, more specifically, between July 1958 and January 1965, the International Monetary Fund (IMF), the WB's twin institution, granted financial assistance to Brazil only twice: a controversial and highly conditional Stand-By Arrangement (SBA) signed in May 1961; and a non-conditional and automatically approved Compensatory Financial Facility (CFF), granted in May 1963 to compensate Brazil for the decrease in coffee prices on the international market. This attitude towards Brazil changed significantly following the military coup of March 1964. Money flowed into the country and by 1970 Brazil had become the largest receiver of WB funds and a chronic borrower from the IMF, signing two SBAs in 1965, and one per year between 1966 and 1972. We use recently disclosed material from the International Monetary Fund and the World Bank archives to analyse the relationship of these two institutions with Brazil and to foster the debate on their political neutrality, arguing that the difference in the IMF's and especially the WB's relations with the military regime reflected, more than anything else, the existence of an ideological affinity between the parties with regards to the ‘right’ economic policy.

scholarly journals BRICS Countries: Participation in the Governance Reform of the International Monetary Fund and the World Bank Group. What are the Results?

2019 ◽  
Vol 12 (3) ◽  
pp. 58-67
Author(s):  
L. N. Krasavina
Keyword(s):  
World Bank ◽  
World Bank Group ◽  
Governance Reform ◽  
Brics Countries ◽  
The World Bank ◽  
The World ◽  
Bank Group ◽  
The International Monetary Fund ◽  
The Imf

The article analyzes the BRICS countries’ participation in the management reform of the International Monetary Fund and the World Bank Group as an institutional framework of the Jamaica Monetary System (Jamaica Plan 1976). As the novelty of the study, the author considers this problem in the context of the transition from interstate regulation to global financial and economic regulation. The definition proposed by the author (broader than the term “global financial regulation”) is due to a new assessment of the financial risks. The article substantiates the participation of the BRICS countries (as well as all members of the IMF and the World Bank) in the reform and the interest in the relative stabilization of the world economy and Finance. The author grounded the assessment of the group of 20 (G20) as the initiator of this reform in the context of the global crisis and the gradual weakening of the control of the implementation of the recommendations of the summits. Based on the position of the G20 on an integrated analysis of the role of the Bretton Woods institutions in the Jamaica Plan 1976, the author gave a comparative description of the relationship of their functions and role in the functioning of the two global currency systems over 70 years. The author made conclusions about the effectiveness of the BRICS countries’ participation in the IMF and the World Bank Group governance reform regarding the increase of their share in quotas and votes, and their representation in the form of appointment of their own Executive Director to the IMF Executive Board. It has been revealed the negative impact of the transformation of the role of these institutions in the global financial and economic regulators in connection with the introduction of integrated currency supervision over the preparation and use of the sovereign currency reserves of the countries. Summing up, the author formulated proposals for further strengthening the positions of the BRICS countries in the management of the IMF and the World Bank on the basis of improving the new formula for calculating quotas introduced in 2008.

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