§ Lord Steel of Aikwoodasked Her Majesty's Government:
What accountability mechanisms exist for the International Monetary Fund to be answerable to member governments. [HL4852]
§ Lord McIntosh of HaringeyThe board of governors, on which all member countries are represented, is the highest authority governing the IMF and through which IMF management is held accountable by member governments. The Chancellor of the Exchequer is the UK's governor. The board of governors meets once a year at the IMF annual meetings.
The International Monetary and Financial Committee (IMFC), currently chaired by the Chancellor of the Exchequer, is the main committee of the board of governors. The IMFC is the main forum for discussing IMF policies at ministerial level. The IMFC meets twice a year at the spring and annual meetings.
On a day-to-day basis the IMF is answerable to the executive board, which is responsible for conducting the business of the fund. There are 24 executive directors representing all member countries through a constituency system. The UK is a single country constituency and the executive director is a senior official from HM Treasury.
The recent establishment of the IMF's Independent Evaluation Office is an important development to enhance the accountability of the IMF. After wide consultation with member governments, the IMF and civil society on the design of their work programme, the IEO intends to publish its first report, on repeat use of fund resources, in time for the annual meetings. The IEO will continue to report regularly to member governments through the IMFC and the executive board.
The Government are also committed to improving the accountability and transparency of the UK's dealings with the IMF. HM Treasury publishes an annual report to Parliament and to the public describing in detail the position taken by the UK on key policies and operations.