The IMF is still hoping to rally various interested parties to its proposal of a mechanism to restructure poor countries debt (see Bretton Woods Update 32). After a conference held in Washington DC to discuss the latest proposal, some civil society representatives said in its current state the mechanism “would not return poor, indebted nations to viability/sustainability” and would “enshrine an increased role for the IMF in international law”. Opposition from the private sector and some Northern and Southern countries had previously led the Fund to water down the plan – leading some observers to pronounce it ‘dead in the water’.
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.