Friday, April 30, 2010

The Senate Calls for a Revision of Global Institutions

While the U.S. government is often under attack from critics about foreign policy and development strategies in third-world countries, Senator Richard G. Lugar has been working to bring it to the attention of the Senate Foreign Relations Committee, a committee of nineteen senators with Senator John Kerry as chair and Senator Richard Lugar as the Ranking Member.

Senator Lugar, with the help of several others, has created a proposition to revise and reformulate the global institutions such as the IMF, World Bank, and other development banks in order to assure their overarching mission - that is "alleviating poverty, hunger and disease in poor countries, promoting sustainable development, economic growth, and good governance, and ensuring financial stability."

The proposition and suggestions for reform are extensive and include "accountability, transparency, and effectiveness of the World Bank, the IMF, and other development banks." A thorough examination of the institutions may seem overwhelming, but it is a step in the right direction.

To read the full report go to and click on Featured Report:The International Financial Institutions: A Call For Change . ».

- Leah Kelly

SOURCE: Senate Foreign Relations Committee