Bretton Woods Bulletin
February 2014
IFC’s bitter tea
As the CAO publishes its assessment report of its investigation into allegations of human rights violations by IFC-funded APPL, Tata Tea’s parent company in Assam new evidence emerges of the IFC’s failings.
BRICS Bank: New bottle, how’s the wine?
Last year BRICS’ leaders agreed to launch a BRICS development bank. Whether this is considered positive depends in part what questions are being asked. Sameer Dossani of ActionAid International highlights the flaws in the World Bank and IMF, analyses whether a BRICS Bank could be different from these institutions and proposes what it should do…
World Bank accountability mechanisms: Any lessons learned yet?
The effectiveness of the Bank’s accountability mechanisms relies on the extent their findings are accepted by Bank management. In three recent cases the Bank president has not responded seriously to their findings. The mechanisms must be made powerful and independent enough to hold the Bank to account.
Shopping mall Shangri-La: IFC’s lending for luxury
IFC investments in luxury hotels and shopping malls highlight projects with weak development outcomes.
World Bank’s mining treasure map
The World Bank is promoting a “billion dollar map” of minerals in Africa, and continues to invest in fossil fuel extraction. Controversy is tainting Bank-funded mines in Colombia and Haiti as locals resist the extractive projects.
World Bank and agriculture: Cultivating controversy?
The World Bank’s push for ‘climate-smart agriculture’, including a new joint initiative, was criticised by CSOs. An Inspection Panel case on forced labour in Uzbekistan cotton fields was postponed for up to 12 months.
World Bank’s thirst for hydropower
The World Bank and IFC continue push for controversial hydropower, with projects in Guatemala, Democratic Republic of Congo, East Africa, Niger, Pakistan and Macedonia. The Bank warned on long term viability of hydropower, as Uruguay’s state hydro company agreed insurance with the Bank.
World Bank’s Burma spending spree
The World Bank has announced big spending programmes in health, electricity and telecoms in Burma, however, critics point to its failure to protect human rights or consult properly with civil society.
The Troika “hellhound” bites back in Greece
Troika mulls new loan while Greek government touts economic success story but economic, health and human rights conditions deteriorate. Lagarde admits “miscalculations” occurred in Greek loan, while European parliamentary committee blasts Troika as unaccountable and illegitimate.
IMF blames the victims as markets thow another taper tantrum
As emerging markets suffer renewed bout of financial volatility, risk of worse to come as IMF struggles to provide even-handed global policy coordination.
IMF lending facilities to low-income countries
The IMF has reformed lending facilities for low income countries, introducing three credit facilities; the Policy Support Instrument, a non-financing programme will monitor the mechanisms with a review expected in 2015.
Lagarde – equality champion?
Lagarde discusses income inequality in UK speech and cites Oxfam paper that criticises IMF, but ignores recommendations to reduce income inequality.
Program-for-Results review launched
The Bank is launching a review of the controversial Program-for-Results instrument which was approved in early 2012.
Bank develops “citizen engagement” strategy
The World Bank has launched a consultation on its new strategy to mainstream a coherent approach to citizen engagement.
Grenada: IMF admits failures
IMF admits its programme in Grenada ignored vital information and was based on false assumptions, as trade unions predict damaging consequences of wage freeze.
Malawi’s cash-gate scandal
The IMF has restarted its programme in Malawi after alleged looting of government money in 2013, releasing a $20 million disbursement. NGOs have voiced their dissatisfaction with the IMF, as well as the government over the failure to publish an audit upon which Fund’s decision was based.
Complaint filed against IFC funded Lafarge mining operation
Khasi indigenous people in Indian state of Meghalaya have filed a complaint with the CAO over illegal land infringement by French multinational Lafarge’s Bangladeshi cement plant.
IFC funded Tata Mundra coal plant to be investigated by ADB
IFC funded 4,000 MW coal plant Tata Mundra in India is to be investigated by ADB for negative social and environmental impacts.
World Bank guarantees policy reform
The World Bank publishes draft of a proposed new operational policy on guarantees.
