While Hungary has booted out the IMF, Greece is still toeing the line of IMF austerity demands. The IMF has softened its rhetoric in some places, notably on unemployment, but critics worry that many staff are still pushing fiscal retrenchment that may damage growth prospects.
Analysis
Environment
Analysis
The World Bank: Access or impediment to climate finance?
Proposals to place climate funds at an institution like the World Bank, over which developing countries have limited ownership, have undermined the process of negotiations through the UNFCCC. However, G77 countries have stood against the World Bank and have firmly supported placing climate finance under the UN, despite a diversity of positions. Lobbying by the World Bank and key donors both in international and bilateral discussions to secure a significant and decisive position for the Bank with
Finance
Analysis
Adjusting foreign investment
This briefing explores the impact of capital account policy on international development. The liberalisation of capital accounts in developing countries has been promoted by international economic and financial institutions. However, with evidence showing the damaging economic, social and human consequences of unrestricted capital movement, tools to manage capital flows are increasingly being embraced by policy makers and academics.
Finance
Analysis
Rethinking the IMF's capital account mandate
While the intellectual thinking within some parts of the international financial institutions has recognised the usefulness of capital controls, there is yet to be formal acceptance of them within the International Monetary Fund (IMF). While the IMF's Articles of Agreement already contain important provisions about the rights of countries to use capital controls, consensus has not been achieved among the Fund's largest members on capital account management, despite its importance for both large
IFI governance
Analysis
IFI governance reform
Much as developing countries have often taken the approach that "no deal is better than a bad deal" at the WTO, a strong joint negotiating position would leverage larger gains in the IMF governance reform process due to be concluded by the end of 2010. Possible gains from a tough negotiating position include a rewriting of the IMF quota formula, double majority voting, more developing country seats on the board, and an end to the US veto. Limited change at the Bank highlights potential pitfalls.
Accountability
Analysis
Submission on the World Bank and IFC to DFID's multilateral aid review
As the UK government reviews its funding and relationships with multilateral organisations, we argue that the World Bank Group's poor performance, lack of country ownership and accountability, and tendency to 'mission creep', require a focus on institutional and policy change at the Bank, and no increase in funding.
Infrastructure
Analysis
Climate Investment Funds Monitor 2
As pilot countries are selected and funding allocated, concern mounts over poor consultation, the weakness of some country proposals, and failure to address governance issues.
Social services
Analysis
Social insecurity
This paper aims to raise awareness of private financial institutions' influence on healthcare and pensions in developing countries.
Rights
Analysis
Human rights (the World Bank way)
Most of the world's governments have ratified at least one human rights treaty or convention. Kirk Herbertson, Kim Thompson and Robert Goodland of the World Resources Institute ask why the World Bank Group - which is owned by these same governments - is hesitant to discuss human rights openly.
Infrastructure
Analysis
Clean energy targets for the World Bank
This paper questions what the World Bank counts as clean energy and whether it reports on its energy lending in an accountable way. The concerns it highlights demonstrate the need for a far more rigorous and transparent approach, subject to independent monitoring.
IFI governance
Analysis
IMF mandate needs fundamental rethink
The IMF needs to fundamentally rethink its role, and return closer to its original purpose, focussing on three key areas: reform of the international monetary system; surveillance over the policies of systemically important countries; and providing rapid access, conditionality-free finance to countries facing crisis.
IFI governance
Analysis
Analysis of World Bank voting reforms
The World Bank will continue to be overwhelmingly dominated by rich countries, which stunts its legitimacy and limits its capacity to serve the interests of developing countries.
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IMF surveillance and climate change transition risks
New briefing by ActionAid USA and the Bretton Woods Project highlights research showing that IMF policy advice has undermined a just energy transition since the Paris Agreement was signed.