IMF senior staff blog about the IMF’s controversial approach to debt sustainability, but their approach continues to disproportionately burden countries with repayment while bailing out private lenders and speculators.
The World Bank has announced funding for the controversial Southern Gas Corridor, while exiting two other high profile but problematic megaprojects, Inga 3 in Democratic Republic of Congo and Simandou in Guinea.
Investments by the World Bank-hosted Global Financing Facility (GFF) do not reflect the family planning priorities identified by developing countries and local communities. The GFF also continues to suffer from a lack of transparency and meaningful civil society participation, raising doubts about the new mechanism’s effectiveness.
A revised Clean Technology Fund (CTF) pipeline management and cancellation policy has been approved. A document outlining further details on the proposed “CTF 2.0” will be discussed. Approval for reallocation of funds for a Morocco project was challenged by Germany and the decision postponed.
Pipeline management and cancellation policies are in preparation for the Pilot Program for Climate Resilience (PPCR) to address funding constraints, with no funding available for new pilot countries’ projects. Questions were raised about gender impacts for a renewable energy project in Mozambique.
Challenges in measuring progress were noted for the Forest Investment Program (FIP), in particular greenhouse gas accounting. Investment plans for Mozambique and Ivory Coast have been approved. Questions were raised over the reasoning for a commercial teak plantation project in Ghana.
A new a new Enhanced Private Sector Program for the Scaling up Renewable Energy Program in Low Income Countries (SREP) is due to discussed. Cambodia’s investment plan has been approved. Social, environmental and financial risks related to a Nicaragua geothermal project were raised.
New edition of the Bretton Woods Project's biannual Climate Investment Funds (CIFs) Monitor, including an update on the Green Climate Fund, published to coincide with the World Bank-hosted CIFs trust fund committee meetings.
Ghana elected a new president who has pledged to review the country's IMF programme, which was criticised by civil society for its harsh impacts on the poorest.
Mozambique defaults on its debt after IMF freezes loan. IMF reopens discussions on new loan programme but civil society concerned lessons are not learnt.
Notes from a side event on citizen engagement in World Bank operations, which took place during the World Bank-IMF 2016 annual meetings.
Notes from a side event on privatisation of education and low-fee private schools, which took place during the World Bank-IMF 2016 annual meetings.
The World Bank has announced that it is withholding new lending for Uganda, following the cancellation of a criticised road project.
Uganda has announced that it will close IFC-backed Bridge Academy private schools due to poor hygiene and sanitation.
The World Bank has suspended funding for the much criticised Inga 3 hydro power project in the Democratic Republic of Congo.
As the World Bank closed the third and final round of public consultations on its new draft social and environmental standards, further concerns have been raised about problematic and weak language.