In December the Nigerian House of Representatives declared a $300 million loan from the World Bank invalid, because the National Assembly had not been consulted before the government began negotiations for the loan. The Debt Management Act requires that all loans taken out by the federal government be ratified by the National Assembly. The loan was due to commence in November 2009. The assembly members advised the government to follow due process if it wished to pursue the loan. The World Bank has previously been strongly censured for failing to subject its plans to proper parliamentary scrutiny (see Update 46).
1 March 2010
1 June 2005
1 March 2010
Review maintains inadequate and inconsistent approach to economic and gender inequality, as well as climate change.
Donate to the Bretton Woods Project
The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).