The World Bank has announced funding for the controversial Southern Gas Corridor, while exiting two other high profile but problematic megaprojects, Inga 3 in Democratic Republic of Congo and Simandou in Guinea.
The International Finance Corporation praises the pulp and paper company Stora Enso as an industry leader in environmental and social standards, but questions about Stora Enso’s Dutch tax arrangement remain unresolved.
French court finds IMF managing director Lagarde guilty of “negligence in dealing with public funds” when she was finance minister in 2008, however no fine or sentence was imposed.
IMF claims it is does not advocate austerity as Greek finance minister accuses IMF of economising with the truth and pushing harmful and counterproductive reforms.
Notes of a UK CSO meeting with DFID on the annual meetings and the IDA process 23 September 2016.
IMF’s managing director lost a July appeal to avoid trial in France over negligence while French finance minister.
IMF’s Independent Evaluation Office has found the Fund’s 2010/2011 Troika lending to Greece, Ireland and Portugal fell short in terms of surveillance, design, implementation and decision making, and described controversial decisions as appearing “rubber-stamped”.
The World Bank is set to reappoint president Jim Yong Kim for another five year term, despite persistent concerns from Bank staff and renewed calls for a merit-based process based on principles of transparency and diversity.
Notes of a meeting with UK World Bank Executive Director Melanie Robinson 21 July 2016.
Despite their popularity, PPPs have a very bad track record of delivering cost-effective investment for governments, and pose additional and serious problems by reducing transparency and accountability.
As Eurozone countries agree a new loan package to Greece, the IMF has conceded to ‘major concessions’ instead of up front debt relief and may participate in a new programme despite its insistence that the Fund's involvement in future programmes is dependent on ‘significant debt relief’.
The World Bank has announced its intention to fund the Azerbaijan and Turkey part of the Southern Gas Corridor to Europe, despite concerns over the geopolitical context and fossil fuel dependency.