§ Mr. Worthington
To ask the Chancellor of the Exchequer what measures he intends to bring forward to improve parliamentary scrutiny of activities at(a) the World Bank and (b) the International Monetary Fund.
§ Mr. Nelson
The United Kingdom's contribution to the World Bank group is part of the aid programme and as such is subject to scrutiny from Parliament and the Foreign Affairs Select Committee. Parliamentary approval is also required for the UK's contribution to capital increases or replenishments. The UK's quota as the IMF is financed from the national loans fund, which is audited by the National Audit Office. The accounts are laid annually before Parliament. We believe these existing arrangements provide ample scope for oversight by Parliament.