Doubts have been raised over the efficacy of World Bank anti-corruption efforts. A recent Wall Street Journal article claims that some firms remained on the Bank’s books even whilst under investigation. for collusive bidding in a Phillipines road project which was halted in November 2007. In the wake of the Stayman case (see Update 64) US-based NGO Government Accountability Project (GAP) has criticised “the persistent difference between the disclosure regulations for project and loan vendors and the Bank’s own internal contractors.” It concludes that the breach “is inexplicably wide” and argues that the Bank needs to apply the same disclosure standards to its internal contracts as it does to project and loan finances.
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).