Africa Must Be Heard in the Councils of the Rich

The World Bank and International Monetary Fund (IMF) have come under intense scrutiny, as the two international financial institutions prepare to meet in Washington this October. Though the agencies greatly influence the shape of the global economy, critics note that their decision-making mechanisms are profoundly undemocratic and favor the interests of rich nations. Wealthy countries maintain majorities within executive boards; Belgium, for instance, has more votes than Nigeria, Ethiopia, Zambia, Tanzania, Mozambique, and South Africa combined. According to this International Herald Tribune piece, this "deficit of democracy" detrimentally affects policy; the authors suggest that by reforming voting structures, the IMF and World Bank will ensure greater credibility and legitimacy in the management of increasingly interdependent economies. – YaleGlobal.