In May, the Compliance Advisor/Ombudsman (CAO), the accountability mechanism of the International Finance Corporation (IFC, the Bank’s private sector arm), closed the Maple Energy case (see Update 79) as it “does not merit an audit of IFC”, despite a new oil spill by the company being reported in April. The CAO case was initiated after two indigenous communities from nearby the IFC-funded company’s oil producing site in Peru filed a complaint in 2010 that oil spills from the Maple Energy operations had caused numerous social, environmental and health issues. According to the US-based NGO Accountability Counsel, “Maple Energy, under IFC’s guidance, has not improved its social and environmental practices.” It reported that “community members were not informed or alerted to the [April] spill”, which represents “a continuing violation of the IFC’s performance standards”.
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
Donate to the Bretton Woods Project
Established in 1995, the Bretton Woods Project (BWP) is a civil society watchdog of the International Monetary Fund and World Bank. By monitoring the work of these institutions, supporting and connecting critical civil society communities, and advocating for transformational change, the Project challenges their power and fights for the development of policies that are gender transformative, equitable, environmentally sustainable and consistent with international human rights norms.