Latin American states are actively exploring alternative mechanisms to the ICSID state-investor dispute mechanism which they claim has investor bias.
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ICSID, a World Bank arm for investor-state dispute arbitration, ruled that the $250 million case brought by Pac Rim Cayman against El Salvador in 2009 was without merit.
Notes of a meeting on governance and impact report 2014 at the World Bank-IMF annual meetings 2014
Venezuela's Central Bank said in November that the country should begin to pull out of recession with 2 per cent growth predicted for 2011, four times more than the IMF suggested.
Venezuela has asked Exxon Mobil to go back to the World Bank's International Centre for the Settlement of Investment Disputes, and drop lawsuits filed in other courts in London and New York.
On 12 April Thomas Dawson, the gaffe-prone IMF External Relations Director, welcomed the short-lived Venezuelan administration headed by Pedro Carmona, a business association leader.