A South Korean court has rejected a lawsuit filed by a group of labour unions against the IMF for alleged policy mistakes. The unions were suing the IMF for 480 million won ($426,000) in compensation for job losses caused by austerity measures imposed by the IMF in return for the $57 billion bailout. The unions claimed the IMF had given wrong advice – including maintaining high interest rates and corporate restructuring – which had caused businesses to fail and unemployment to rise. The judge accepted the IMF‘s defence that no signatory country can hold the IMF civilly or criminally liable over its policy implementation.
Originally created to help the poor escape poverty and deprivation, the World Bank became the most important advocate for the commercialised microcredit model. Yet, critics argued it undermined the chances of sustainable and equitable development to create a poverty trap of historic proportions.
While the World Development Report (WDR) 2018 on education has some redeeming features, it is part of the Bank's longstanding very narrow view of education, and is silent on education financing.
Donate to the Bretton Woods Project
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).