In August, the Compliance Advisor/Ombudsman (CAO), the accountability mechanism of the International Finance Corporation (IFC, the World Bank’s private sector arm), launched an audit into its $30 million investment in palm oil and food company Corporación Dinant in Honduras, that “merits further enquiry”. The case was initiated by the CAO vice president in April in response to NGO concerns, including allegations that Dinant “conducted, facilitated or supported forced evictions of farmers”, the “inappropriate use of private and public security forces”, and “that IFC failed to identify early enough and/or respond appropriately to the situation of Dinant in the context of the declining political and security situation”.
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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