In 2007, the Volcker Panel was convened to review the World Bank’s anti-corruption Department of Institutional Integrity (see Update 57). US NGO the Governance Accountability Project (GAP) alleges that accounts published by the Bank’s internal court, the administrative tribunal, show that the head of the department, Suzanne Rich Folsom, was “systematically informed about which of her staff members spoke to reviewers and what they said”. GAP alleges that Folsom “doctored documents, altered practices and intimidated witnesses”, leading staff members to sue the Bank. Bank management has reportedly done nothing to re-examine the panel’s recommendations.
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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).