The Compliance Advisor/Ombudsman (CAO), the International Finance Corporation’s (IFC) accountability mechanism, has transferred a complaint over an IFC-supported aluminium smelter in Mozambique to its compliance function, which will assess whether the project has breached the IFC’s performance standards. Mozal, which operates the smelter, received $135 million in equity and loans from the IFC between 1997 and 2001. A coalition of NGOs claimed that Mozal’s activities “will result in harmful exposure to people and the environment”, and also questioned “the environmental and social due diligence undertaken” and “the lack of access to and disclosure of information.”
Renewed calls for a substantial SDR allocation raise urgency of reforming the inequitable global reserve ‘non-system’.
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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.
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