The World Bank was accused of “behaving like vultures, like loan sharks” by US NGO 50 Years is Enough Campaign after it offered to help finance emergency relief efforts in El Salvador in the wake of January’s earthquake. The group was complaining about the use of hard currency loans for this purpose. Under its current programme for El Salvador, the World Bank has earmarked US$375m in loans for ongoing projects. Damage estimates are about US$1bn. IMF staff are also in discussions with the government about a possible standby programme.
This briefing analyses the role of the Bank and Fund in the UN Financing for Development negotiations.
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The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, and the Bretton Woods Bulletin, an online update of news and action on the institutions.
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