Roles of International Financial Institutions

The roles of international financial institutions IFI are regulated by the international laws as they are operational in more than one country. The shareholders or the owners of the international financial institutions are national governments of the countries.

The international financial institutions (IFI) are getting involved in the conflicting situations very easily due to various international laws. It is widely believed that structural and political concerns of the countries cause obstacles to the development of roles of international financial institutions. This is caused mainly due to the international humanitarian laws. On the other hand, it is also believed that the roles of international financial institutions in the international community help them to make contribution to the enforcement and implementation of the international humanitarian laws.

The involvement of IFI in international humanitarian law can also be helpful to the United Nations in supporting its efforts to prevent violations of the international humanitarian law.

It is also helpful to enforce the law against those who are suspected of committing atrocities. The International Monetary Fund (IMF) and World Bank are the specialized financial agencies of the United Nations that function as independent international organizations. Their functionalities are not bound by the UN decisions but are regulated by the UN Security Council resolutions.

The decisions made by the IFIs may be significantly influenced by the international humanitarian law violations. The humanitarian law violations are licit economic concern to the IFIs and that should not be excluded from its consideration as political issues.

It is also argued that IFIs need to consider international humanitarian law issues in some circumstances to fulfill their authorizations. The violations of rights under humanitarian laws can give insight into how the governments will handle the international obligations like loan agreements with the IMF or the World Bank. It is also seen that human rights violations during the conflicts can affect the economic growth of a country. It may also affect the state’s ability to service its debts, financial success of development programs and also the IFI’s ability to supervise and manage the projects. Having information about such humanitarian law violations will thus help IFIs to ensure that they can fulfill their authorizations.

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