Rebuke for UK’s WB love affair

1 April 2008

The UK’s International Development Committee has sharply reprimanded the Department for International Development for its decision to hand over a 50 per cent increase in funding for the World Bank without sufficient analysis of whether or not this is good value for money. The report contains sharp analysis of the Bank’s failure to use impact assessments; its continued use of conditionality; and the British government’s lacklustre efforts to bring democracy to the Bank. The committee has called for a “greater weight of subsidies for clean, renewable energy and less for extractive industries and this rebalancing should be happening at a faster rate”.