What has most surprised World Bank watchers is how little Paul Wolfowitz has changed the institution he took over one year ago. On Africa, infrastructure, debt relief and the environment, he has stayed the course - for better or worse - set by his predecessor James Wolfensohn. On the high-profile issue of corruption, he has created a lot of noise, but many question whether or not he has a plan. Only in his management moves has he lived up to the fears - or in some cases wishes - of his critic
Briefings
Finance
Analysis
Trip wires and speed bumps in service of global financial stability: A proactive role for the IMF
Under the current IMF strategic review, a "review of the effectiveness of the Fund's instruments to facilitate crisis resolution" is planned. Ilene Grabel, professor of international finance at the University of Denver, argues that the Fund must move from being a reactive institution to being a pro-active one. The IMF should use its technical expertise to mitigate the risks that culminate in financial crises, involving a programme of 'trip wires and speed bumps'.
Finance
Analysis
The IMF and capital flight: Redesigning the international financial architecture
The international financial system facilitates trillions of dollars of capital flight from developing and developed countries to onshore and offshore financial centres, with the active participation of banks and other financial institutions. The consequences are massive tax evasion, a resultant erosion of state budgets, and rising disrespect for the law. The relevant international organisations that, working together, can change this situation are the IMF, the OECD, and the UN.
IFI governance
Analysis
How much trust should we put in the funds?
In 2004, the World Bank was responsible for the disbursement of over $3 billion through the 903 trust funds that it manages. The amount of funds being channelled through trust funds looks set to take off as increased international aid commitments chase limited spending channels. Recipients of these funds may see them as manna from heaven - but if trust fund support is not additional to other aid commitments, is this an optimum use of resources or just a cacophony of voices all trying to pull t
Social services
Analysis
Secretive World Bank tribunal confronts calls to open up
Civil society groups are backing official calls for reform of the World Bank's International Centre for the Settlement of Investment Disputes - however, the future of the reforms looks uncertain due to resistance from developing countries.
IFI governance
Analysis
Kept in the dark: The World Bank, the IMF and parliaments
Parliamentarians from across the globe have signed on to the International Parliamentarians' Petition. They believe that parliamentarians should be the final arbiters of economic decisions. Current practice, however, means they are not. The World Bank and IMF continue to pressure developing country governments to overrule or sideline their legislatures; a far cry from the principles of good governance which the institutions themselves espouse.
IFI governance
Analysis
Development Gateway: biased, unaccountable and overpriced?
A study prepared for the Bretton Woods Project has found that the Development Gateway, an internet portal on development issues initiated by the World Bank, presents a biased picture of development debates, lacks independence and is inefficient when compared with other similar initiatives.
Rights
Analysis
World Bank, IMF: Helping peace or creating conditions for war?
Recent involvement in countries such as Afghanistan and Iraq has put World Bank and IMF post-conflict operations in the spotlight. While some believe multilateral finance is essential, others argue that the Bank and the Fund are acting primarily as pawns of powerful diplomatic and economic interests.
Rights
Analysis
World Bank, IMF and armed conflicts
Recent involvement in countries such as Afghanistan and Iraq has put the World Bank and the IMF work post-conflict in the spotlight, with serious implications for their mandates and work methods.
Knowledge
Analysis
Leading a horse to water: Is there a role for the IMF in poverty reduction?
Many observers were sceptical when a few years ago the IMF embarked on a mission to respond to the "cries of the poor", in the words of its then head Michel Camdessus
Rights
Analysis
World Bank social and environmental policies: abandoning responsibility?
The World Bank is planning a controversial major overhaul of its ten social and environmental policies.
Trade
Analysis
Harmonisation and coherence: White knights or Trojan horses?
In recent months, the World Bank has been leading the charge to increase the harmonisation of donor policies and further coherence between the Bank, the IMF and the WTO.
Featured briefings
1 October 2024
Year one of World Bank Paris Agreement alignment in the energy sector: ‘green conditionality’ dwarfs green investments
New BWP research finds the Word Bank's approach to Paris alignment is being used to a significant extent to impose ‘green conditionalities' on borrowing countries, especially in the Global South.
3 July 2024
The Bretton Woods Observer: Summer 2024
3 July 2024
Is the World Bank rolling back commitments to citizen engagement, again?
Understanding the Bank’s chequered history with public, community and civil society participation is key for understanding what is at stake and what to do next.