International economic governance and human rights accountability

The focus on development and poverty reduction by the World Bank and the International Monetary Fund has increased the scope, and opportunity, for these influential international financial institutions to consider the human rights implications of their policy-based operations. Some notable advances have been made, such as greater attention by the Bank to the links between securing human rights and economic growth. Still, the negative impact these institutions themselves may have on the exercise of basic socio-economic rights by people in borrowing countries, due to the particular policies they pursue, has not been acknowledged. Given the functioning of international economic governance today it is necessary to consider the human rights accountability, not just of the developing states, but of international actors that influence the direction of their social and economic policies.