The World Bank Campaign Europe has called on European governments to consider redirecting funding away from the Bank unless it ends economic policy conditions and support for fossil fuels. In October, it held a public hearing where testimonies were given on topics including the West Africa gas pipeline, cotton sector liberalisation in Mali, and the Bank’s role in food insecurity in Malawi. A similar hearing took place in India in September (see Update 57) and another is planned for Bangladesh (see comment, Update 58). A US campaign has backed the European demands and added a third request – improved accountability for development results.
In the news
Last year BRICS' leaders agreed to launch a BRICS development bank. Whether this is considered positive depends in part what questions are being asked. Sameer Dossani of ActionAid International highlights the flaws in the World Bank and IMF, analyses whether a BRICS Bank could be different from these institutions and proposes what it should do and what it should look like.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).