The world is increasingly getting interconnected via the world’s economies. As the number of new states increases in the world, there has been seen an explosion in the number of nongovernmental organizations (NGOs) and intergovernmental organizations (IGOs). IGOs have only states as members and the authority of decision making is vested with representatives from governments which are members.
NGOs and IGOs have key roles in the international economics. They include the Bank Information Centre(BIC), International Accountability Project (IAP), Halifax Initiative (HI) and New Rules for Global Finance (NRGF) (Richardson 2018).
Mission
In its mission, Bank Information Centre collaborates with the civil society in countries which are developing impacting international financial institutions (IFIs) and the World Bank to promote economic justice. BIC is an institution which non-governmental, non-profit and independent and which encourages transparency, participation, and accountability to the public in the World Bank Group’s operations and also in the regional development banks (Richardson 2018).
Roles of BIC in the International Economy
The BIC’s roles in the international economy concentrate on the most crucial elements to democratizing the aspect of making decisions within public institutions which are powerful:
Greater Opportunities for Civic Engagement. The BIC makes a demand for greater opportunities for civic involvement through the development of a set of the learned lessons, guidelines and principles that assist the civic society put down the terms of involvement in the IFI’s future policy processes and project.
Holding IFIs Accountable. The BIC strengthens and extends the mandates of the World Bank Inspection Panel. The BIC in the same case strengthens the accountability mechanisms which are internal at other IFIs. At the same, it promotes alternative accountability channels (Richardson 2018).
Protection of Economic Rights. BIC promotes a bigger consistency between international law, norms and standards and IFI safeguards. In this way, it protects the economic, social, cultural and environmental rights.
BIC Services and Tools
In promotion of the international economy, BIC deals with popular education materials. This entails the Guide to Understanding The Asian Development Bank and the World Bank Toolkit For Activists (Richardson 2018). BIC has an access to project documents which are hard to obtain as well as access to other international financial institutions’ information.
Another service is an analysis of policy and advocacy to rights promotion, accountability and transparency within the institutions’ governance and activities. Additionally, it has strategic support for guarding policies and projects which are individual.
Conclusion
BIC adopts the highest standards of transparency. It works n being honest, accountable and open about its activities. The organization pro-actively discloses its information concerning budget and finances on its website and acts on the requested information on its operations.
Works Cited
<https://www.econlib.org/library/Columns/y2018/Willisstillsummer.html>
<https://www.wto.org/english/thewto_e/whatis_e/tif_e/fact1_e.htm>
Richardson, M. (2018). Dimensions of Trade Policy. World Scientific.
