The International Development Association (IDA), the World Bank’s low-income country arm, appeared at the top of NGO Publish What You Fund’s 2011 Aid Transparency Index. IDA’s transparency is, however, only rated as “fair” by the assessment, published in November 2011. The transparency policies of the Bank (see Update 68) and other international financial institutions have been criticised by a December report of the NGO network Global Transparency Initiative (GTI). The report, Openness policies of the international financial institutions singles out the exceptions given for protecting the commercial interests of third parties and internal deliberations. These “serious problems” can be resolved by adopting the best practices applied at the national level, and “applying a strong public interest override”, said the report.
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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).