The initiative is timed to coincide with the spring meetings of the World Bank and the International Monetary Fund (IMF) planned for April 12. Organizers say, however, that signatures are being accepted beyond that date as key decisions taken up at the meetings may be postponed until later this year.

The petition notes that the World Bank and the IMF have enormous influence over the governments of developing countries, yet at the same time these unelected financial tribunes face strong criticism concerning both their own legitimacy and effectiveness. In many instances the institutions suffer from "mission creep," the petition says, their roles spreading far beyond either their mandates or competence. In response, both institutions need to engage in fundamental reforms, rebalance governing boards, make the operations more transparent and bring leadership selection into line with merit principles.

The statement and two articles analyzing the current official processes and positions on governance reforms can be found online at: www.brettonwoodsproject.org/topic/reform.

Martin Edwin Andersen is a reporter for Insight. Readers can reach him with tips on governmental waste, fraud and abuse of power at InsightWatchers@AOL.com.