The publication on 29 March of the Inspection Panel investigation into the Mumbai urban transport project has revealed that the Bank “did not comply with a number of requirements under its own policies”. The Panel found that the rail and road transport project, which will see some 100,000 people displaced, “overlooked the needs of low and middle-income shopkeepers” and their staff. Serious problems were identified relating to living conditions at resettlement sites, flaws in the environmental assessment and the failure to establish an effective grievance system. Remedial steps to be taken include improved services for resettlement sites, effective functioning of the grievance mechanism and strengthened Bank supervision.
The IMF and the World Bank are increasingly engaged with the challenge of addressing how tax avoidance and evasion affect developing countries, but need to address the role played by multinational enterprises and tax havens in exacerbating inequality and undermining countries’ domestic revenues.
The Bretton Woods Project has published a new briefing providing a critical analysis of the IMF's latest work on gender equality. The briefing questions the sustainability of the Fund's new approach to gender equality and reveals that the Fund's analysis so far is limited and inconsistent with the full achievement of women's economic empowerment.
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