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.
BWP briefing explores gender dimensions of IMF’s key fiscal policy advice on resource mobilisation in developing countries, in particular on Value-Added Tax.
World Bank faces increased competition over large scale infrastructure in Asia, with the Asian Infrastructure Investment Bank and the BRICS Bank.
IFC accused of “McDonaldisation” of education, with investment in low-fee private schools, despite evidence of negative impacts on inequality.
The World Bank and IFC continue push for controversial hydropower, with projects in Guatemala, Democratic Republic of Congo, East Africa, Niger, Pakistan and Macedonia. The Bank warned on long term viability of hydropower, as Uruguay’s state hydro company agreed insurance with the Bank.
Pakistan’s education system has recently received enormous global attention however the increase in World Bank-backed investment in low cost private schools threatens to undermine recent government moves and the campaign to provide all children with free compulsory education.
The Bretton Woods Project review of the most important developments at the World Bank and IMF in 2013.
Alongside development and economic issues, Pakistan will be tackling the debt repayments that the country is scheduled to make in the next two years and beyond thanks to a $6.64 billion IMF loan agreement. The debt burden is suffocating public spending.
NGO coalition Our Land Our Business denounced the World Bank’s March conference on land and poverty, condemning the Bank’s role in land grabs.
Independent Evaluation Group highlights lack of gender integration in World Bank social safety net projects
In late June, finance minister Ishaq Dar informed Pakistan's national assembly that the government "will have to go to the IMF" in order to repay current outstanding loan instalments to the Fund.
The Pakistani prime minister Raja Pervaiz Ashraf controversially appointed his son-in-law Raja Azeemul Haq as World Bank executive director (ED) in December replacing current ED Javed Talat whose term had expired.
Pakistan must radically change its economic strategy, and raise Rupees 360 billion ($3.67 billion), 1.5 per cent of its GDP, before the Fund will agree to a new programme.
Talks between the IMF and Pakistan under post-programme monitoring resumed in September. Despite confidence amongst Pakistan officials in their country's capacity to repay its loans, the IMF fears the need for a second loan early next year
In November, Pakistan and the IMF again failed to agree conditions for release of the sixth instalment of the country's Stand-by Agreement.
Coca-Cola Pakistan retreated from a proposed a $60 million loan from the International Finance Corporation (IFC), the World Bank's private sector arm, after a trade union announced plans to challenge the investment.