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    Suspension of Debtor Countries' Voting Rights in the IMF: An Assessment of the Third Amendment to the IMF Charter

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    Head_33VirginiaJIntlL591(1993).pdf (2.981Mb)
    Issue Date
    1993
    Author
    Head, John W.
    Publisher
    University of Virginia School of Law
    Type
    Article
    Article Version
    Scholarly/refereed, publisher version
    Version
    http://ssrn.com/abstract=1325474
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    Abstract
    Two conclusions emerge from an examination of the Third Amendment to the IMF Charter, which was approved in 1992 to introduce a new form of sanction against countries failing to repay the IMF. First, going to the effort of formally amending the IMF Charter was preferable as a legal matter to suggesting that the IMF has an implied power to suspend a member country's voting rights. Hence the IMF could not have legally imposed such a suspension without an amendment to its charter. Second, the Third Amendment was, from a different perspective, neither necessary nor wise. Adding the threat of suspension to the various forms of rebuke already at the disposal of the IMF seems unlikely to persuade recalcitrant countries to clear their arrears to the IMF. Nor does the new suspension power offer any means of overcoming the deeper economic and political problems that underlie those arrears. In short, the Third Amendment represents only a reaction to the problem of growing arrears to the IMF, not a solution to it.
    URI
    http://hdl.handle.net/1808/7456
    Collections
    • Center for Latin American and Caribbean Studies Scholarly Works [743]
    • Center for East Asian Studies Scholarly Works [362]
    • Law School Scholarly Works [617]
    • Distinguished Professors Scholarly Works [918]
    Citation
    John W. Head, Suspension of Debtor Countries' Voting Rights in the IMF: An Assessment of the Third Amendment to the IMF Charter, 33 Virginia Journal of International Law 591-646 (1993).

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    Contact KU ScholarWorks
    785-864-8983
    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    785-864-8983

    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    Image Credits
     

     

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