In March, the Zimbabwean cabinet agreed to a new debt relief strategy that includes recourse to the IMF and World Bank’s Highly Indebted Poor Countries (HIPC) initiative. President Robert Mugabe has voiced consistent resistance to the conditions of HIPC debt relief, but finance minister Tendai Biti has said that the move was a consensual “cabinet decision”. Reports also surfaced in June that Zimbabwe is considering entering into a Staff Monitored Programme with the IMF (see Update 71), meaning heavy Fund monitoring and conditionality but no additional finance. This idea has been rejected by Mugabe’s ZANU-PF party.
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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