An April report by the Bank’s arms-length evaluation unit faults the International Finance Corporation (IFC), the Bank’s private sector arm, for failing to pay attention to how its promotion of private sector growth impacts the poor.
2010 was a year of uncertainty for the global economy. While many countries, particularly emerging markets, emerged from recession, public finances deteriorated across the globe as governments struggled to recover from the recent crisis. The troubles of the Eurozone dominated the headlines, but this only reflected the continued fragility of many countries still reeling from the biggest depression since the 1930s. The ongoing impacts of the recession remained high, particularly on the poor and vu
Minutes from a 4 May 2011 consultation in London between civil society organisations and IMF staff.
The Independent Evaluation Office (IEO) found major IMF lapses in judgement before the financial crisis, including the promotion of "light-touch regulation", casting doubt on the Fund's ability to contribute to taming global finance.
The World Bank’s arms-length Independent Evaluation Group (IEG) released its annual report, Results and performance of the World Bank Group in November last year.
"The managing director of the IMF must have gone on vacation and some of the orthodox old men ... got distracted and wrote this stupid thing", said Brazil's finance minister Guido Mantega about a January IMF report on the country's fiscal situation.
In October, the World Bank launched an initiative to help countries include the benefits of protecting nature into their national accounts.
The UK should not increase its contribution to IDA in the current replenishment. Instead, it should focus on achieving substantial reforms of the World Bank and IFC in key areas, including health, gender, climate and energy, and the private sector, and in radically improving the legitimacy, transparency and accountability of the institution.
The Independent Evaluation Office (IEO) of the IMF issued a list of possible topics for future evaluations of the IMF and invited input from civil society and external stakeholders.
As the UK government reviews its funding and relationships with multilateral organisations, we argue that the World Bank Group's poor performance, lack of country ownership and accountability, and tendency to 'mission creep', require a focus on institutional and policy change at the Bank, and no increase in funding.