Busy PBS: IMF Committee Session 2

Debt is at an all-time high for developing countries, bringing an unfortunate time that the delegates need to solve. This is why debt prevention was at the top of many countries’ lists of solutions that they need to solve. Leading to a very chaotic UNMOD

Delegates were excited to present the working papers that they have diligently debating about during UNMODs. One working paper, called “Congress”, was the first to present. It was made by a group of around 11 countries including China and Nigeria. It focuses on giving the countries in a debt crisis and the contributors to the IMF more say. They said that 40% of votes should go to the countries in crisis, 40% of the votes should go to the contributors, and 20% of the votes should go to the rest of the counties. They also stated that the super majority will increase from 75% to 85%. Another working paper that presented was called “Fixing Economic Disparity (F.E.D.)”. Countries that created this working paper include Chile and Serbia. They plan on using economic specialists to get a better view on the current economic position of countries and to ensure the loans are able to be achieved by the countries. They will also change conditions depending on developing countries. Also using previous crisis data to predict future crises. The final one presented was an untitled working paper created by countries such as Egypt and Ecuador. They want to get rid of the “one-size-fits-all” condition for the IMF and instead create conditions depending on the country. They also want to cap currency inflating by 15% while also allocating more funding for public welfare like healthcare and education, with the funding coming from eco-friendly solutions like Nepal turning water into electricity.

Unfortunately, not all delegates were able to present the working papers that worked due to the lack of time. But the UNMOD showed how important this problem was to them. One group of 16, including Senegal and the Dominican Republic,  came up with an interesting idea to create an African Monetary Fund and a South American Monetary Fund. This would help them boost competition between them and the western, more developed countries. Another working paper made by many countries, such as Mexico and Germany, created a solution to have a panel of representatives with around 30 members to give the public a say. The committee has shown many new and interesting solutions.