The World Bank board held a formal meeting at the end of July to discuss proposals to rebalance the governance of the World Bank and IMF. Because the rich nations were not prepared to concede power and position, however, little was agreed. Governance is still on the agenda of the Bank/Fund annual meetings in Dubai, however, and will also come up at UN meetings at the end of October. There is not likely to be anything significant to announce on either occasion, although some limited capacity-building measures are expected with support from European bilateral donors and some new ways may be found to involve developing countries in discussions about IDA replenishment next year.
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.