The extra funding released to restructure the Bank under President Wolfensohn’s “Strategic Compact” reform initiative will run out in March 2000.
In September the World Bank produced a new private sector development strategy.
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.
Key Bolivian NGOs feel that Wolfensohn has misrepresented the Bolivian National Dialogue (carried out in 1997) and subsequent process as a model for other countries to follow.
The G7 will establish a Financial Stability Forum (FSF) to improve the monitoring and regulation of financial markets.