IMF and World Bank face up to slowing global economy, but downplay risks of new debt crises for low income countries
East Asia & Pacific
Reform to the IMF’s voting shares shifts some power to emerging countries, but the institution’s leadership selection process remains opaque and undemocratic.
The IMF has confirmed that China’s currency, the remnimbi or yuan, will be included in the IMF’s calculation of its international reserve asset from October 2016.
New edition of the Bretton Woods Project's biannual Climate Investment Fund (CIFs) Monitor, published to coincide with the World Bank-hosted CIFs committee meetings.
Every year the Bretton Woods Project highlights some of the most farcical remarks of Fund and Bank staff.
Civil society organisations have called on the World Bank to support the needs of evicted Boeung Kak families before resuming new lending to Cambodia.
An impending shortfall in available resources for the Clean Technology Fund continues to concern, leading to cancellation of projects. Questions were raised about development impacts and reliance on geothermal energy in India and Indonesia's revised investment plans, and on debt sustainability in a Caribbean project.
The Pilot Program for Climate Resilience (PPCR) has expanded with ten countries despite a lack of funds. The US questioned the approval of a Bolivia project and resettlement issues were raised on two Cambodia projects.
Six new countries were invited to join the Forest Investment Program (FIP), with a further nine invited to develop investment plans, despite insufficient funds. Potential support for oil palm plantations in Democratic Republic of Congo and industrial logging in Indonesia and Peru were questioned.
Concerns have been raised about the slow progress with the Scaling up Renewable Energy Program in Low Income Countries (SREP). Ghana, Haiti and Nicaragua's investment plans were approved, with questions asked about the loan/grant ratio, promotion of PPPs, and reliance on funding from the Green Climate Fund.
Shayda Naficy argues that water infrastructure and distribution should be financed and managed by public entities rather than through privatisation.
New edition of the Bretton Woods Project's biannual Climate Investment Fund (CIFs) Monitor, published to coincide with the World-Bank hosted CIFs committee meetings.