The World Bank was rejected as a possible agency to manage any new global funds for development at a meeting in Pocantico, New York in May.
For years, IMF staffers, some of Washington's highest-paid workers, have been enjoying haute cuisine at cut-rate prices. Frugal friends from the World Bank have also been spotted at the Fund trough since their subsidized lunch was axed in 1995. In the spirit of Labour Day solidarity, the IMF stopped subsidising the food at its cafeteria on May 1.
A study from George Mason University has found that the World Bank generates $2 billion in economic activity annually for the Washington DC region.
A report released by the Institute for Policy Studies (IPS) claims the World Bank provided over $750 million in assistance to Enron power projects in seven different countries in the 1990s.
In September US Treasury Secretary, Paul O’Neill, told the Senate Banking Committee that he would favour establishment of an international bankruptcy law as an alternative to IMF bailouts.
The implications for the World Bank and IMF of the 11 September atrocities and their aftermath are as yet uncertain.
Activists and NGOs in Washington marked the first anniversary of the Seattle-WTO protests by holding a counter-reception outside the IMF’s headquarters during the formal opening of its new visitor center.
In July, the United States Congress passed legislation aiming to bar the International Monetary Fund and the World Bank from imposing “user fees” on primary health care and education on poor countries.
In April the US General Accounting Office has produced a report on the World Bank’s anti-corruption strategy.
A US Congress commission, which reported in March, called for major cut backs in World Bank and IMF activities.
The Meltzer Report has renewed fears that the debate on International Financial Institution (IFI) reform will be heavily skewed towards right-wing interests.
The U.S. General Accounting Office (GAO), the audit and investigative agency of the U.