Economists Seek IMF Reform

Letter to the US Treasury Secretary-designate Timothy F. Geithner

January 26, 2009

Mr. Timothy F. Geithner
US Treasury Secretary-designate

Dear Mr. Secretary-designate:

The undersigned are encouraged by your responses to questions from the Senate Finance Committee about the Obama administration's position on IMF reform.

We believe that the package of IMF reforms that was agreed to a year ago and submitted to the Congress last November is inadequate, particularly in light of the ongoing global economic and financial crisis. We urge you and the administration to defer its Congressional consideration for now. Instead, we urge you to reopen the package starting in your discussions with other governments in advance of the meeting of G-20 heads of government in London on April 2, 2009.

The IMF's legitimacy and relevance must be substantially enhanced and supported through bold steps to realign significantly voting power in the IMF, to augment the Fund's resources commensurate with the needs of today's globalized economy, to implement the Fund's mandate for exchange-rate surveillance, and to reform, once and for all, the management selection process in the IMF.

We look forward to working with you on these crucial issues.

Nancy Birdsall   Center for Global Development
Colin Bradford   Brookings Institution
Ralph Bryant   Brookings Institution
Jo Marie Griesgraber   New Rules for Global Finance Coalition
Morris Goldstein   Peterson Institute for International Economics
Homi Kharas   Brookings Institution
Johannes Linn   Brookings Institution
Domenico Lombardi   Oxford Institute for Economic Policy
Eswar Prasad   Cornell University and Brookings Institution
Vijaya Ramachandran   Center for Global Development
Liliana Rojas-Suarez   Center for Global Development
John Sewell   Woodrow Wilson International Center for Scholars
Arvind Subramanian   Center for Global Development, Peterson Institute for International Economics, Johns Hopkins University
Edwin Truman   Peterson Institute for International Economics
John Williamson   Peterson Institute for International Economics

Affiliations are listed for identification purposes only.