Reeling from a bruising fight with his board over his plans to tackle corruption, Bank president Paul Wolfowitz now must go hat in hand to donor countries asking them to cough up more for poor country financing just as it has been revealed that the Bank has not been able to get the money it already has earmarked for Africa out the door.
Newly elected Nicaraguan president Daniel Ortega and his Sandinista party are presenting two different faces to the IMF.
Newly elected Ecuadorean president Rafael Correa, announced in January that he would make early repayments of his country’s $33 million debt to the IMF.
NGOs contest a review of the World Bank and IMF’s debt sustainability framework for low income countries which concluded that the system was “broadly appropriate”.
In November Uruguay committed to clearing its balances with the IMF earlier than required, announcing its intention to repay its remaining balance of $1.1 billion sometime next year.
The World Bank's anti-corruption framework was the subject of one of the most bruising Development Committee debates in memory at the annual meetings. Further challenges for the Bank include the impact of a rapid rise in Chinese lending to developing countries on anti-corruption efforts, and debt campaigners use of the corruption issue to highlight creditor responsibility for 'illegitimate lending'.
Highlights from a UK NGO meeting held with Paul Wolfowitz, head of the World Bank, in London on 13 November 2006. Issues covered include: the Bank's anti-corruption framework; financing 'fragile' states; conditionality; debt; and the extractive industry, energy infrastructure and climate change
Highlights of semi-annual meeting between UK Secretary of State for International Development and UK NGOs. Topics covered include CSO access to annual meetings, conditionality, anti-corruption, odious debt, clean energy, education in LICUS, bank internal governance, IFC safeguards
Highlights of quarterly meeting between UK executive director to the World Bank and IMF and UK NGOs. Topics covered include CSO access to annual meetings, IMF strategic review, conditionality, anti-corruption and education.
On 1 August, the IMF board approved Cape Verde's application for the Policy Support Instrument (PSI)