Open statement on steps to democratize the World Bank and IMF

Following the Monterrey conference on Financing for Development a number of official discussions are underway about changing the governance regime of international institutions. Civil society organisations and others have long pointed out that the World Bank and IMF wield enormeous power over developing country governments, yet have severe shortcomings in their legitimacy and effectiveness. The undersigned organisations and individuals hereby put on record a statement of some of key problems with World Bank and IMF governance and their demands for minimum steps to improve it.