American Bar Association Section of International Law and Practice Standing Committee on World Order under Law Report to the House of Delegates: International Monetary Fund and the World Bank Group

Abstract

The International Monetary Fund (IMF) and the World Bank Group are the subjects of this report. The report, with its accompanying recommendation, is one of several reports on selected United Nations specialized agencies and the International Atomic Energy Agency. The report has been developed by the Section of International Law and Practice, International Institutions Committee, through its Working Group on UN Specialized Agencies. This is a contribution to the 50th Anniversary of the United Nations in fulfillment of the American Bar Association\u27s Goal VIII-to advance the rule of law in the world. The accompanying recommendation addresses issues of an enhanced role of the IMF in promoting a more stable system of exchange rates, legal technical assistance to member countries of the IMF and the World Bank Group undertaking institutional reform, and the support by the United States to the IMF and the World Bank Group. Of all the Specialized Agencies of the United Nations, perhaps the International Monetary Fund (IMF) and the World Bank Group have the highest profile and draw the most attention, both favorable and unfavorable. They stand at the center of the international economic system. This report addresses a few key matters that appear crucial to the future of the IMF and the World Bank Group-with particular emphasis on issues that have a legal aspect. The report begins with a limited set of conclusions and recommendations. It then presents facts and findings that support these recommendations. The Working Group has concluded that on balance, these institutions make valuable contributions to the global economic order and deserve continued support from the United States, including financial support