The UK Department for International Development is funding 2 social advisors to join the IMF’s Africa department to advise on the social implications of the IMF’s ESAF programmes.
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Financial Stability Forum agreed
The G7 will establish a Financial Stability Forum (FSF) to improve the monitoring and regulation of financial markets.
New credit line means more IMF conditionality
The G7 proposal to establish a Contingency Credit Facility has met with opposition from some European and developing countries.
Post-crisis social code diluted to weak Bank principles
There is danger that the aims and scope of the social principles (formerly the Social Code), which was proposed by Gordon Brown as a fourth pillar of the new international architecure, will be watered down to become simply a framework for the Bank’s social policy.
Thanks for support
The Bretton Woods Project thanks the CS Mott Foundation and Christian Aid for their continued support.
India power loan cleared
In February the World Bank’s Board cleared a $210 million dollar loan to the state of Andhra Pradesh, India after the United States Government decided to stop blocking the loan.
Dams Commission workplan nears completion
The World Commission on Dams has nearly completed its workplan and selected consultants to lead work on the thematic reviews.
Narmada dam construction restarts
Construction has restarted on the Sardar Sarovar (Narmada) dam, Western India, after a decision by the Supreme Court.
New IFC chief expresses need for new inspiration
Peter Woicke, new Executive Vice President of IFC (the World Bank’s private finance investment arm) told IFC magazine Impact why he left J.P. Morgan Securities after 29 years.
Bank/Fund growth model questioned
Both ENDS and the Bretton Woods Project co-organised a roundtable meeting in early March to discuss the World Bank and IMF’s core economic models.
Democracy and civil society rise up Bank’s agenda
At the end of February the World Bank and the Government of Korea hosted a conference entitled Democracy, Market Economy and Development.
Bretton Woods Update
The Bretton Woods Project is just establishing a website at www.brettonwoodsproject.org.
Featured briefings
6 April 2022
The Bretton Woods Observer: Spring 2022
8 December 2021
The Bretton Woods Observer: Winter 2021
8 November 2021
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.