Bretton Woods
Update 19
Post Prague
Many people are wondering what the World Bank and IMF Prague annual meetings, plus associated independent discussions and protests amounted to.
New global governance proposals
Three new books and reports set out proposals for reorienting and improving global governance arrangements.
Reform of IMF governance now on the agenda?
At the Annual Meetings South African Finance Minister, Trevor Manuel, demanded a more powerful voice for developing countries.
Bank global net plan: concern grows
In mid-September the Bretton Woods Project coordinated a joint letter of protest on the World Bank’s Global Development Gateway plans.
WDR gets mixed response
The World Bank got a mixed response to the launch of its Poverty World Development Report in mid-September.
New books and reports
A selection of recent books and reports not mentioned in other articles.
Revision of IMF conditionality guidelines
The focus of the IMF’s internal review of IMF conditionality has expanded in the light of IMF Horst K
New directions for IMF?
“I have a heart” pleaded Horst K
Hondurans strike against privatization
In August, thousands of civil servants went on strike for 24 hours in Honduras disrupting education, transport and health services.
IMF Lending facilities reformed
As part of the IMF’s overhaul, the IMF Board has agreed to further changes in key credit lines: the Contingency Credit Line (CCL), the Extended Fund Facility and Stand-by Loans.
Bank procedure changes
The World Bank has confirmed that it will tie its Country Assistance Strategies into the Poverty Reduction Strategy Papers by 2001.
Brazilians say “no” to debt and the IMF
In Brazil a national plebiscite on External Debt, held in September, rejected the government’s agreement with the IMF and its commitment to full debt repayment at whatever cost.
Russian u-turn on IMF conditionality
In September, Russia reimposed energy sector controls to force Russian oil companies to sell some of their product on the home market, only months after it removed them to comply with IMF conditionality.
IMF transparency pledges
The IMF’s Executive Board agreed to improve IMF transparency in September, including writing documents in clearer language and making them available in other languages than English.
Bank proposes World Commission on Mining
Bank president James Wolfensohn surprised NGOs at the annual meetings by suggesting that he would consider establishing a new world commission to look into concerns about the oil, gas and mining industries.
Don’t dictate policy, Turkey tells IMF
In September, Turkish Prime Minister, Bulent Ecevit, told the IMF not to dictate policies after further protests erupted in Istanbul and the southern city of Adana.
Evaluating the Fund
Terms of reference have been agreed for the IMF’s External Evaluation Office (EVO).
Nigerian union takes IMF and Bank to court
In October, the Academic Staff Union of Universities (ASUU) asked the High Court in Lagos to declare as illegal, pressures by the World Bank and the International Monetary Fund (IMF) on President Olusegun Obasanjo to implement their economic policies on Nigerians.
Pakistan cricket hero calls for IMF protests
In October, 50 supporters of Pakistani cricket hero-turned politician Imran Khan were arrested during a demonstration against the IMF.
Bank information policies under scrutiny
A number of NGOs are mobilizing to input into the redrafting of the World Bank’s information disclosure policy.
Little change in new IMF Indonesian programme
A revised programme agreed between the Indonesian government and the IMF in September has led to few changes.
Bolivians appeal for end to conditions
The worsening social and economic crisis in Bolivia, has led to several weeks of riots, according to The Bolivian Foro Jubileo 2000, which appealed to the international community and the Paris Club, which met in October, not to impose any new adjustment conditions.
Bank blocked on global public goods
Despite the public pressure it faced, the World Bank tried to use the Prague annual meetings to extend its remit to new issue areas.
Human rights abuses in Indonesia
In a letter to Bank President, James Wolfensohn, the Japanese Network for Indonesian Democracy, called for the Indonesian Consultative Group meeting, scheduled for 17-18th October in Japan, to be postponed until the human rights situation improved.
Prague Declaration
Several NGOs from countries including the US, Thailand, the Czech Republic and South Africa released a “Prague Declaration” challenging the right of the IMF and World Bank and those who control them to dictate economic policy, and opposing the undemocratic and elitist character of the institutions and the meetings they hold.
Financial review body formed
A Financial Sector Review Group has been set up to provide the IMF with an independent perspective on its financial sector and capital markets work.
realworldbank.org – feedback wanted
A new collaborative website produced by a team including the Bretton Woods Project – www.
Chad-Cameroon mechanism contested
Civil society groups have provided detailed comments to the World Bank on the proposed International Advisory Group which is supposed to monitor implementation of the Chad-Cameroon Pipeline.
Environment strategy discussions
The World Bank has recently undertaken on- and off-line consultations about its environment strategy, to be released next year.
Union complaints on Bank labour standards
The International Federation of Building and Wood Workers’ Unions (IFBWW) has been trying to push the World Bank to insert core labour standard clauses into contracts for works under Bank-supported projects.
World Bank economic modelling unmasked
Briefing to expose the problems with the data model still used by the World Bank to produce the influential projections used in every Country Assistance Strategy.
Forest and adjustment policy reviews
The series of eight Regional Consultations on the World Bank’s forest policy have been completed.
Capital account liberalization and the poor
This report will consider the linkages between financial and capital account liberalization, the implications for governments’ choice of macroeconomic policies and the impacts on poor people.