The Independent Evaluation Group (IEG) published in April its Review of IDA Internal Controls examining the loss of World Bank funds due to corruption. The report, quietly released just before the Spring meetings, found deficiencies in the fiduciary processes and controls the Bank has set up to manage the risk of corruption in IDA operations. It recommended that the governance and anticorruption (GAC) programme, a controversial initiative of the previous president Paul Wolfowitz (see Update 55), be implemented rapidly, that specific measures be taken that target the risk of corruption, and that money be spent on improving developing country fiduciary systems.
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
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