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Senate Foreign Relations Committee Report: "The International Financial Institutions - a Call for Change"

Published March 10, 2010

Senate Foreign Relations Committee Ranking Member, Richard Lugar, stated in the letter of transmittal of this report,

"Seven years ago, I began an oversight project on the multilateral development banks, focused on ensuring that their financing reached the intended people and projects. I chaired six Senate Foreign Relations Committee hearings that included reviews of individual projects and policies of the respective development banks. I met with international financial institution leaders and my staff examined projects in many countries. The attached report provides† fifty recommendations for eight different organizations to improve the accountability, transparency and effectiveness of the World Bank, the IMF and the other development banks. The American people must have confidence that our funds will be managed effectively, efficiently, and transparently. Given our domestic budget and employment situation, it is all the more critical that we ensure that our contributions successfully promote United States interests.

The United States and the G-20 are evaluating changes to the relative power countries wield at the international financial institutions while considering requesting billions in additional funds for the multilateral development banks this spring. This report suggests that contributions to the development banks should be a consequence of, not a precursor to, needed reforms given that financial flows to development countries are rebounding sharply from their 2009 lows."

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