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Deficiency of Dispute Settlement Regime in International Monetary Law: A Critical Appraisal

The International Monetary Fund (IMF), is the sole provider of global legal framework to maintain orderly exchange arrangements among member countries, to restrain competitive exchange depreciation and to eliminate restrictions on foreign exchange, among others. To promote the international monetary cooperation, IMF provides machinery for consultation, cooperation and collaboration on international monetary matters. The legal framework on monetary relations needs to put in place the dispute settlement mechanism (DSM) as well to ensure fair and equitable monetary and currency relations among all state parties whether they are developed or least developed countries (LDCs). Legal framework of dispute settlement, particularly in currency and foreign exchange matters, must be impartial, consistent, precise, predictable, enforceable and accessible to all member nations. However, exceptionally limited provision in dispute resolution in international monetary rules is serious problem to enhance the accessibility of LDCs to international economic justice. This paper critically analyses how far the dispute settlement provisions in the Articles of Agreement of the IMF are sufficient to enhance the accessibility of LDCs thereto. Based on thorough analysis of the IMF Articles, this study endeavours to find out the effective measures to have favourable legal framework in place that consistently encourage the accessibility of LDCs to international monetary disputes.