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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New Bretton Woods Project report reveals World Bank Group channelling crucial development resources to banks instead of directly investing in pro-poor projects.
In December 2013, the German Development Institute, Friedrich-Ebert-Stiftung and Bretton Woods Project, in collaboration with the G-24, hosted a high-level workshop in Berlin to foster an open exchange on the profound changes in the global economy and the implications for global economic governance and its constituent institutions and members.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).