US congress has agreed a proposal to revalue IMF gold to fund the HIPC Debt Initiative on the condition that the money earned is not used to refinance ESAF (now renamed the Poverty Reduction and Growth Facility - PRGF).
The extra funding released to restructure the Bank under President Wolfensohn’s “Strategic Compact” reform initiative will run out in March 2000.
In late August India’s central bank chief told a meeting of bankers in Sri Lanka that the voting structure of international funding agencies should be changed to reflect the economic strengths of developing nations.
Wolfensohn’s Comprehensive Development Framework, which aims to make the World Bank more responsive to different policy proposals, and encourage long-term, integrated decision-making, is now being piloted in 12 countries.
A small committee has been set up to investigate whether to reform the IMF’s formula for allocating votes between countries on its Board.
Two more external evaluations of the IMF’s activities are about to be completed.
This summer Anne Simpson will leave Pensions and Investment Research Consultants to develop the World Bank’s corporate governance strategy for the private sector.
This spring Willy Reuben left a Costa Rican NGO to join the World Bank as head of its NGO Unit.
The Bank’s new Vice President for Europe, Jean-Francois Rischard aims to increase the Bank’s engagement with European NGOs and academics.
The World Bank may have failed to secure European financial support for the Prototype Carbon Fund, one of the controversial carbon-trading schemes devised to implement the Kyoto climate change protocol.