A number of new reports have come out criticising the IFC’s recent revision of its lending standards (see Update 50). A report edited by Halifax Initiative in Canada provides a helpful analysis of each of the eight issue-specific performance standards and identifies what is missing in relation to the Extractive Industries Review. A second briefing by UK NGO Forest Peoples Programme looks at the IFC’s indigenous peoples policy and finds that the IFC has yet to develop tools that could be used to monitor how corporations will assess and uphold indigenous peoples’ rights and not interfere with states’ obligations.
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.