Police shot student protesters in Port Moresby, Papua New Guinea in late June. The protesters were objecting to plans pushed by the IMF and World Bank to privatise telecommunications and electricity companies as well as the government-owned bank, airline and the port authority. Trade unions claim that thousands of jobs would be lost and have struck an alliance with prominent student groups. The World Bank and IMF proposals for ‘modernising’ the land ownership system have also been condemned as a thinly veiled land grab by rich individuals and companies.
World Bank & IMF in the news
Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.