Civil society groups have challenged Bank plans to rush through a new lending instrument, Program-for-Results, that would mean safeguards or equivalent standards no longer apply to a major portion of Bank lending. Meanwhile, a secretive review could strip the Bank's accountability bodies of their independence and safeguards could be scaled back for projects deemed "low risk".
Conditionality impacts
Accountability
News
World Bank launches new Africa strategy
In March, the World Bank launched its new Africa strategy, outlining three main areas in which it will focus its operations: competitiveness and employment, vulnerability and resilience of citizens, and governance and public sector capacity.
Conditionality
News
Nigerian economists bash IMF advice
February's IMF Article IV consultations in Nigeria resulted in strong criticism by the Nigerian government, central bank, the Nigeria Economic Summit Group, and economic analysts.
Conditionality
News
IMF fails to include social impact in review
In mid March, the IMF released a concept note outlining the scope of its internal conditionality review, to be published before the Fund's annual meetings in September.
Conditionality
Analysis
The IMF's new conditionality
While the 2007-2010 crisis offered the International Monetary Fund an unexpected opportunity to demonstrate that it was serious about changing its emergency lending practices, Daniela Gabor argues that in Eastern Europe the Fund ended up pushing unnecessary fiscal austerity and privileging private financial interests.
Conditionality
News
IMF loan to Bangladesh might slow growth
In early December, the IMF reached a "broad agreement in principle" with the Bangladesh government to lend $1 billion under the Fund's Extended Credit Facility.
Accountability
News
Donor IDA pledges fall flat
The World Bank gained a 12 per cent inflation adjusted increase from the 16th fundraising round for its low-income country arm, the International Development Association (IDA), despite flat donor contributions, amid renewed criticism of its overall approach.
Rights
News
IMF serious about measuring conditionality impacts?
More criticism emerged of IMF programmes as it begins the process of another conditionality review. Political upheaval in Ireland and continued protests in Greece are focussing attention on the IMF's controversial economic policy advice.
IFI governance
News
Dollar debate continues
In January, French president Nicholas Sarkozy stoked the debate about reforming the international monetary system while deliberations on the potential future role of the IMF’s special drawing right as a prototype global reserve currency continued.
Conditionality
Commentary
Repaying bondholders while immiserating people: Ireland’s EU-IMF programme
Partly as a result of the failures of successive Irish governments, Irish people are now confronted with the same anti-democratic and immiserising consequences the IMF has imposed around the rest of the world. Opposition to the EU-IMF intervention, and to the Irish government's cutbacks (including cuts in the minimum wage and social welfare), must demand a default on bank debt and not just a reorganisation of which sectors of Irish society should bear the cost of debt repayments.
Featured briefings
6 April 2022
The Bretton Woods Observer: Spring 2022
8 December 2021
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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.