Busy PBS: IMF Committee Session 1

“The IMF is failing at the intended goal it has.”,. Many nations, primarily in Africa, stress that the "one-size-fits-all” way the IMF is conditioning their rules is not tailored to poorer countries, leading to intense debt and casualties.

Brazil, Nigeria, and the Dominican Republic believe that many developing countries’ sovereignty is at risk due to western countries having more power in votes and realizing the power imbalance between countries. They realize that western, developed countries do not suffer from similar conflicts with the majority of other countries. Despite this fact, western countries have the most votes and say on certain conditions. This leads to problems being worsened instead of solved like what is happening in Greece, where the IMF created strict boundaries that led to a deeper hole of unemployment.

The Dominican Republic and Australia believe that there should be more flexibility in the conditions, set out by the IMF for countries in extreme debt and struggling with climate change.

Senegal urged for a new “African Monetary Funds” as they saw the problems with the current conditions. Senegal suffered from half a million child deaths because of the imbalanced rules. Pakistan believes that honesty will lead to prosperity and governments must be honest to increase accountability. They explain how many governments are forced to hide their funds toward public services in order to save money to pay off debts. Many other solutions were presented to rebuild infrastructure like education in developed countries and to provide specific help to countries instead of simply austerity measures.

Countries have shown to be in unison with the problems of the conditions of the IMF and they must be reformed. Many are worrying about the stability of the future for countries in Europe and Africa with their own sets of strengths and weaknesses.\