Open letter to the G7 finance ministers
When the G7 heads of government met in Halifax in June 1995, leaders made a commitment to a series of measures to reform the Bretton Woods Institutions. The G7 called for the provision of multi-lateral debt relief for the poorest countries, the promotion of environmentally sustainable development and the reduction of poverty.
Seven years later, these promises are unfulfilled. The crisis of legitimacy confronting the World Bank and the IMF at the 50th anniversary of their creation led to the G7 to take up the reform of the international financial institutions (IFIs) in Halifax. As the G7 finance ministers return to Halifax, this question of legitimacy continues to haunt the institutions.