A small committee has been set up to investigate whether to reform the IMF’s formula for allocating votes between countries on its Board.
Bank President James Wolfensohn has announced a new initiative which aims to balance economic with non-economic analysis and enable real participation and transparency in drawing up country strategies.
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.
The UK Department for International Development is funding 2 social advisors to join the IMF’s Africa department to advise on the social implications of the IMF’s ESAF programmes.
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.
In September over 50 NGOs from 15 countries made recommendations to the World Bank on the environment.
The G7 has agreed to the G22 Working Group on Transparency and Accountability’s recommendation to establish a formal mechanism to evaluate IMF policies and programmes, but it is not clear what form this will take.
A refreshing new World Bank discussion paper frankly recognises that aid agencies are not cooperating effectively, and that mechanisms such as Consultative Groups and the Bank’s internal culture need to change.