15 September 1998
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.
The Russian economic crisis, hot on the heels of the Asian meltdown, has provoked the Financial Times to comment that “the role of the International Monetary Fund in preventing crises has been comprehensively undermined.”
A new report, commissioned by the Government of Norway, reveals that the World Bank has a long way to go in clarifying and operationalising its poverty reduction objectives.
In 1997 the IFC commissioned a welcome review of its objectives following pressure from NGOs and some Executive Directors who argued that it emphasised deal-making in response to the private sector at the expense of any clear focus on poverty alleviation or environmental protection.
At the 80th anniversary of the World Bank and IMF, global civil society must maintain pressure on the Brazilian and South African G20 presidencies to ensure the forth Financing for Development Conference in 2025 results in urgently required international financial architecture reform.
Multilateral development banks can reduce their dependence on hard currency lending and make local currency financing a central element of their developmental mandate.
