While the recent reforms to the IMF and World Bank governance reforms and the establishment of new Southern-led IFIs are symbolically important, they are thus far not a rupture with the Western-dominated international financial architecture.
Other International Financial Institutions
The World Bank and other multilateral development banks continue to push for public-private partnerships for infrastructure projects, despite concerns of debt risks and lack of transparency.
This briefing examines the trajectory of China's evolving leadership in international development finance, including the impact of it's massive increase in development finance for developing countries.
A report assessing the effectiveness of 11 development bank’s accountability systems found that they are not effective at consistently providing remedy to those harmed.
This briefing notes that recent reforms to the IMF and World Bank governance and the establishment of new Southern-led IFIs are symbolically important, however, they are thus far not a rupture with the Western-dominated international financial architecture.
The best books and papers on the World Bank and IMF from 2015.
Reform to the IMF’s voting shares shifts some power to emerging countries, but the institution’s leadership selection process remains opaque and undemocratic.
New edition of the Bretton Woods Project's biannual Climate Investment Fund (CIFs) Monitor, published to coincide with the World Bank-hosted CIFs committee meetings.
An impending shortfall in available resources for the Clean Technology Fund continues to concern, leading to cancellation of projects. Questions were raised about development impacts and reliance on geothermal energy in India and Indonesia's revised investment plans, and on debt sustainability in a Caribbean project.
The Pilot Program for Climate Resilience (PPCR) has expanded with ten countries despite a lack of funds. The US questioned the approval of a Bolivia project and resettlement issues were raised on two Cambodia projects.
Six new countries were invited to join the Forest Investment Program (FIP), with a further nine invited to develop investment plans, despite insufficient funds. Potential support for oil palm plantations in Democratic Republic of Congo and industrial logging in Indonesia and Peru were questioned.
Concerns have been raised about the slow progress with the Scaling up Renewable Energy Program in Low Income Countries (SREP). Ghana, Haiti and Nicaragua's investment plans were approved, with questions asked about the loan/grant ratio, promotion of PPPs, and reliance on funding from the Green Climate Fund.