The Imf Supports Social Responsibility Through Its Civil Society Organizations

The Imf Supports Social Responsibility Through Its Civil Society Organizations

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The IMF supports social responsibility through its Civil Society Organizations (CSOs). CSOs are experts in economics and globalization, and exist in near every IMF member country. Utilizing their extensive networks, CSOs influence and address political, social, and economic issues through a wide range of programs. The IMF’s primary concern remains on the economic front, where it collaborates with the World Bank to fulfill the organization’s goal of international poverty reduction by bringing macroeconomic stability to low-income countries (International Monetary Fund, 2016d).
The IMF also collaborates with the World Bank to provide universal access to basic social services to developing economies. Together, they also support increased spending on social services in support of poor households. Furthermore, they support primary and secondary educational programs and encourage governments to increase spending on basic health care. In recent years, the IMF also participated in social programs aimed at eliminating gender inequality (International Monetary Fund, 2016c).
Because of the IMF’s primary focus on economics, social programs in developing countries sometimes suffer because of the IMF’s economic scrutiny. For example, while the Ukrainian government is currently negotiating a credit extension of approximately $17.5 billion from the IMF, the organization is mandating severe cuts to Ukrainian social services to help them balance their budget. For a country like the Ukraine, a nation already suffering from severe economic decline and rising prices, these cuts could result in a humanitarian disaster. This example also demonstrates the tremendous challenge within the IMF to balance social programs with economic responsibility...

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...wer, multinational corporations often hold significant power over developing nations and governments, some of it through the mere threat of economic withdrawal. Workers in developing countries are often subjected to long workdays, limited worker protections, and low wages. Where labor is engaged in work for multinational organizations, those resources are often removed from labor for national interests (Banjo, 2014). Furthermore, multinational corporations are often criticized for producing goods that are unaffordable in the countries that produce them, an argument often voiced against Apple Corporation (“Multinational Corporations”, n.d.). Based on the previous examples, it is clear that the effects of multinational corporations on economic cooperation and competition will remain controversial, especially while economic imbalances exist between world economies.

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