The British government has issued more detailed plans for a mechanism to increase the amount of money spent on development assistance. The International Finance Facility would allow money to be raised from the bond markets against government pledges, effectively bringing forward spending towards the Millenium Development Goals. The money would be spent through existing channels such as the World Bank. And as the British government has just initiated a war which may cost four times the annual aid flow to developing countries, enthusiasm may be limited.
World Bank & IMF in the news
EarthRights International examines how the Jam v. IFC case has helped to shift the landscape of accountability for international financial institutions by successfully challenging their claim to “absolute” immunity in US courts, potentially opening IFC up to further legal challenges in future.