Recently I was researching the financial status of some equipment manufacturers and banks in connection with a project. Apart from their technical and operational information I also collected summaries of their annual audited accounts.
As I surfed the web, I stumbled upon the websites of two of the world’s biggest and most influential financial institutions, The World Bank and the International Monetary Fund. To my utter surprise I was unable to find any annual accounts, balance sheets or auditor’s reports on these websites, although there was a wealth of other data.
I really wonder as to whether these institutions are bound by any laws at all. If not, they must be the wellsprings of worldwide financial anarchy.
There were other things too that made me wonder. The World Bank’s slogan is “Working for a World free of poverty”. Does that mean they only look after the interests of those who are free of poverty at the expense of the poor? From their performance record it seems quite likely.
The IMF proudly states “Unlike the General Assembly of the United Nations, where each country has one vote, decision making at the IMF was designed to reflect the position of each member country in the global economy. Each IMF member country is assigned a quota that determines its financial commitment to the IMF, as well as its voting power.” Same story.
