In mid April, after long delays, the IMF board approved the disbursement of Iceland’s third loan instalment, amounting to $159 million, in mid April. The delays were caused by a dispute between Iceland and the UK and the Netherlands over compensation to British and Dutch account depositors in the collapsed Icelandic bank Icesave. The IMF had refused to complete the review because the European Union portion of the financing was being held up. Although no concrete agreement on the Icesave dispute has been made yet, Iceland is under increased pressure after the European Free Trade Association in a late May letter advised of the country’s legal obligation to insure a minimum deposit guarantee of €20,000 per saver. Meanwhile, worries remain over Iceland’s debt sustainability (see Update 71).
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.
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