Debt

Social services

News

IMF's focus on austerity proved "wrong, wrong, wrong", say critics

While Christine Lagarde and staff at the Fund begin to acknowledge that too much austerity is risking jobs and growth and civil society groups call for an end to IFIs policy conditions, IMF programmes continue to promote fiscal retrenchment.

21 November 2011

Accountability

News

IMF plays "second fiddle" as governments fall in the eurozone

As the eurozone debt crisis escalates and protests multiply, the IMF increasingly appears side-lined. Italy's calling in of the Fund for "verification" of implementation of its EU-agreed austerity package symbolises the limits of its influence and resources.

18 November 2011

Accountability

Background

UK civil society meeting with HM Treasury and UK IMF Executive Director

Notes meeting Alex Gibbs September 2011

12 October 2011 | Minutes

Finance

News

Bank upgrade of Zambia fails to impress

The World Bank's reclassification of Zambia from low-income country to lower middle-income country has been hailed as an economic achievement by Zambia's president Rupiah Banda, but is less celebrated in other quarters.

14 September 2011

Finance

News

Bank misdefining domestic debt?

At its debt sustainability conference in June, the Bank emphasised the importance of governmental use of domestic borrowing rather than international borrowing.

14 September 2011

Finance

News

Arab civil society rejects IFI involvement

In late June the Egyptian Ministry of Finance turned down a $3 billion loan package from the IMF, citing the rejection as a response to "public debate".

14 September 2011

Accountability

News

South African loan to Swaziland hinges on IMF conditions

The crisis-hit government of Swaziland agreed a 2.4 billion rand ($324 million) loan from South Africa in August, which will be conditioned on the adoption of IMF-recommended fiscal reforms.

14 September 2011

Finance

News

South Sudan born free from IFI debt

While South Sudan achieved formal independence in early July, it was not until late July that full agreement was reached that left South Sudan with no debt, apportioning all existing debts, including significant arrears to the IMF and World Bank, to Sudan alone.

14 September 2011

Social services

Commentary

IFC helping Western multinationals exploit Ghana's water crisis

The water supply crisis in Ghana is being exploited by all manner of pro-market corporate bodies ranging from the World Bank to Coca-Cola. While the World Bank is licking its wounds from failed private water management initiatives, such as the Aqua Vitens Rand Limited management contract in Ghana, the International Finance Corporation (IFC), its private sector arm, is investing in small-scale private water ventures via WaterHeath International (WHI).

13 September 2011 | Guest comment

Environment

News

Donor governments join critical chorus on the CIFs

The Bank-housed Climate Investments Funds (CIFs) are facing increasing criticism from donor governments and civil society groups, while concerns that the Bank's role in the new Green Climate Fund (GCF) constitutes a conflict of interest continue.

13 September 2011