In the midst of the global financial and economic crisis the IMF amended its lending framework for low-income countries (LICs). It now has three main instruments for LICs – the Extended Credit Facility, the Standby Credit Facility and the Rapid Credit Facility. The three different programmes are subsidised by the newly created Poverty Reduction and Growth Trust (PRGT). The IMF also engages with LICs through non-financial facilities, especially the Policy Support Instrument (PSI) and the St
Debt
Conditionality
News
Debt crisis in Europe: Beware IMF bearing gifts
The descent of Greece into a sovereign debt crisis marks the first time a country that uses the euro has gone to the IMF. The fear of adverse market reaction has now moved Europe towards greater coordination and the G20 to argue against continued fiscal stimulus.
Finance
News
Zimbabwe turns to the IMF
In March the Zimbabwean cabinet agreed to a new debt relief strategy that includes recourse to the IMF and World Bank's Highly Indebted Poor Countries (HIPC) initiative.
Conditionality
News
IMF approves Iceland's loan review
In mid April, after long delays, the IMF board approved the disbursement of Iceland's third loan instalment, amounting to $159 million, in mid April. The delays were caused by a dispute between Iceland and the UK and the Netherlands over compensation to British and Dutch account depositors in the collapsed of the Icelandic bank Icesave.
Conditionality
News
Haiti to receive Bank finance and debt relief
In late March the World Bank announced a three-year programme of financial support for Haiti totalling $479 million, which includes total cancellation of its $39 million debt to the Bank.
Finance
News
World Bank hinders Southern Sudan's reconstruction
Government officials and development groups have criticised the failure of the World Bank and developed countries to deliver financial aid promised to Southern Sudan.
Accountability
Background
Meeting between UK civil society and Alex Gibbs, UK IMF Executive Director
Minutes of a meeting between UK civil society, UK IMF Executive Director Alex Gibbs, and UK Treasury staff
Finance
News
Nigerian law makers: World Bank loan invalid
In December the Nigerian House of Representatives declared a $300 million loan from the World Bank invalid, because the National Assembly was not consulted before the government began negotiations for the loan.
Finance
News
IEG calls World Bank's crisis action limited
A November report by the World Bank's arms-length Independent Evaluation Group declared that the additional Bank funding made in response to the financial crisis was "sizable yet modest, compared to the fall in private capital flows to emerging and developing economies and to the assistance provided by some other sources."
Rights
News
Bangladesh conference speaks out against IFIs
Civil society representatives from Bangladesh, India and Pakistan met at a December workshop in Dhaka on international financial institutions and debt, and said that it was time to free the region from the IFIs.
Featured briefings
1 October 2024
Year one of World Bank Paris Agreement alignment in the energy sector: ‘green conditionality’ dwarfs green investments
New BWP research finds the Word Bank's approach to Paris alignment is being used to a significant extent to impose ‘green conditionalities' on borrowing countries, especially in the Global South.
3 July 2024
The Bretton Woods Observer: Summer 2024
3 July 2024
Is the World Bank rolling back commitments to citizen engagement, again?
Understanding the Bank’s chequered history with public, community and civil society participation is key for understanding what is at stake and what to do next.