In April the Bank’s Board discussed a progress report on the Strategic Compact: Wolfensohn’s reform package agreed one year ago.
A Citizen’s Guide to the Globalisation of Finance outlines current trends, and examines the recent financial crash in Southeast Asia and the potential for a similar crisis in India.
Private capital flows fell sharply in the latter half of 1997 after having risen in the beginning of the year, as short-term capital flowed out of emerging markets in the wake of the Asian crisis.
The World Bank’s Inspection Panel has received a complaint from residents of Alexandra township, Johannesburg, about “Phase 1B” of the Lesotho Highlands Water Project (LHWP), which involves diverting water from the mountains of Lesotho to South Africa’s industrial heartland.
UK Secretary of State for International Development Clare Short told the Financial Times in April: “We are in a very silly situation. The international institutions are meant to be complementary, but the IMF keeps charging around taking other peoples’ jobs in areas where it is not necessarily competent”.
The April 1998 Institute for Development Studies Bulletin critiques the Bank’s World Development Report, The State in a Changing World.
The Bank will spend $50m over the next two years recruiting financial sector experts for a new Special Financial Operations unit.
The Nam Theun 2 (NT2) Hydroelectric Project is the largest prospective hydropower project in Lao PDR.
The Human Development Department of the World bank is preparing an Education Sector Strategy Paper (ESSP).
The IMF has established the Supplemental Reserve Facility (SRF) to provide extra resources to countries with balance of payments problems caused by rapid capital outflows such as those experienced in South East Asia.
The NGO World Bank Working Group is in the process of restructuring to become more regional and more representative.
In February the World Bank Board will again review the functioning of the Bank’s Inspection Panel, subject of two new NGO reports.