To governors and executive directors of the IMF,
The ‘gentleman’s agreement’, which has ensured that the IMF managing director has for 75 years been European and the World Bank president a US national, is undemocratic, illegitimate, and rooted in neo-colonial principles.
International institutions currently face a crisis of legitimacy, as faith in the multilateral system of global governance withers. If the IMF and World Bank want to present themselves as modern institutions capable of tackling today’s challenges, it is imperative that they become democratic and accountable to all of those they represent.
