Bank role in global funds ruled out

8 September 2003

In preparation for the High-Level Dialogue on Financing for Development to be held in New York in October, UN, WB and IMF staff met in Pocantico, New York, in May to discuss possibilities for additional sources of development finance. This included the UK’s proposed International Finance Facility, IMF special drawing rights and international taxes. One of the conclusions of the meeting was that until a body to administer and allocate proceeds could be found, “no really large source of revenue is likely to be approved.” “For political reasons this someone could probably not be the UN Secretariat or the World Bank Executive Board.”