French police searched the Paris apartment of IMF managing director Christine Lagarde in late March as part of an investigation over the way Lagarde, as French minister of finance, handled the compensation settlement of French businessman Bernard Tapie (see Update 76). An IMF spokesman said that, despite the raid, which occurred on a day of key negotiations over a loan to Cyprus (see above), and the ongoing investigation, “Madame Lagarde would be able to effectively carry out her duties as managing director”. The IMF executive board confirmed it knew about the Tapie investigation at the time of her hiring.
10 June 2011
World Bank & IMF in the news
Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.