A global coalition of campaigners have called for an open process to elect the next Managing Director of the International Monetary Fund, and an end to the stranglehold that Europeans have had on the post since it was created.
The International Monetary Fund (IMF) board will meet this week [6 April] to discuss how to use the extra $2.8 billion windfall it made from selling 403.3 tons of gold late last year. The windfall profits should be used to cancel the debts of poor countries facing crises outside their control.
The IMF will issue a $450 million loan to Pakistan which risks plunging Pakistan into debt that it can ill-afford. Oxfam is calling for the cancellation of all multilateral and bilateral loans to Pakistan, and for debt relief to be given on emergency assistance from the IMF.