ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Forgettable Anniversary

THE last annual report of the International Monetary Fund, which coincided with the 50th anniversary of the Bretton Woods Conference, claims that the anniversary had been marked by assessment of changes in the international monetary system and a forward-looking perspective on the future of the IMF. Enough information is, however, available on the deliberations of the IMF's executive board and on bilateral country consultations under Article IV of the Fund' s articles of agreement to show that there can be no hope of any radical change in the working of the international monetary system in the direction of a more equitable world economic order and that the Bretton Woods institutions have reached their final destination of subserving the economic and ideological interests of the US in particular and the rich nations in general. Given the dominant influence of the US and the other industrialised countries in the voting arrangements of the IMF and the World Bank, it was perhaps simple-minded to expect any other outcome. The forums of the IMF and the World Bank have been increasingly used for legitimising and providing a multilateral umbrella for the pursuit of the advanced countries' interests.

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