The IMF is replacing the head of its Manila mission, Joshua Felman, after he was linked to leaks of confidential information. The Philippine central bank last month barred UBS Warburg from managing funds after the investment bank issued a report saying official current-account data were overstated. The report seriously hampered the sale of $500 million of government bonds. UBS apologised in a letter that identifies the IMF as the source of the data. The Fund denied that Felman’s impending job change was linked to the dispute.
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.