Bretton Woods Bulletin
December 2013
CAO finalises report into IFC’s role in Dinant, Honduras
A CAO report into the IFC’s controversial role in Honduras palm oil company Dinant, has stalled with Bank management as civil society groups call for Bank president Kim to take action against the human rights abuses.
Staff restructure after new World Bank strategy approved
Several new appointments as part of the restructure for the implementation of the World Bank’s new strategy.
“Mind and culture” topic for next WDR
The World Bank has announced that the World Development Report 2015, due to be published in autumn 2014, will focus on Mind and culture.
World Bank’s Inspection Panel updates its procedures
The World Bank’s accountability mechanism, the Inspection Panel, is updating its operating procedures, including a proposed pilot “to support early solutions” in the Panel process.
IMF secures funding for LICs
Countries, amounting to 90 per cent of voting rights, have given agreement to transfer their IMF allocations from gold sales to low income countries.
The IMF’s debt restructuring dilemma
Burgeoning debt levels, and problems in Jordan and Philippines, indicate that debt crises are not behind us. While the IMF considers policy changes, an influential group of scholars has proposed a new Fund facility for handling sovereign debt restructuring.
Croissants and TV guides: World Bank’s new poverty reduction strategy?
IFC investments in a TV guide, hotels and online shopping highlight projects with weak development outcomes
A mine of controversy: World Bank push for large scale extractives
New concerns have been raised on the World Bank’s involvement in the Simandou mine in Guinea, including on the use of biodiversity offsets, while civil society has repeated unaddressed concerns on the Mongolia Oyu Tolgoi mine. Further concerns have been raised on mines in Dominican Republic, Peru and South Africa.
World Bank courts controversial coal in India and Indonesia
Despite its increasingly strong rhetoric on tackling climate change the World Bank continues to fund contentious coal projects in India and Indonesia, including rejecting the findings of its accountability mechanism.
A fragile solution: World Bank’s new approach to fragile and conflict affected states
World Bank launches a new approach to fragile states, accompanied by resources, including IFC investment but it remains unclear what role it will play in implementing the reforms.
IFC-financed private equity fund implicated in Honduras dam
Amidst new complaints on the failure of the investments of the IFC’s financial sector clients to meet the IFC performance standards, including a controversial dam in Honduras, civil society organisations have rejected the IFC’s proposed action plan as unacceptable.
IMF transparency policy
A decision paper relating to IMF transparency policy was published in July but has not satisfied critics, particularly civil society groups.
Calls for IMF quota reform implementation
Countries, including Russia and India, have continued to express concerns over the failure to complete the 2010 IMF quota reform.
IEO announces new evaluation on IMF crisis response
The Independent Evaluation Office (IEO) announces new evaluation on the IMF’s response to the global financial crisis
Civil society reacts to 2014 World Bank Doing Business report
Civil society organisations react to the latest Doing Business Report and call for reforms.
World Bank trust funds database criticised
A World Bank website purporting to give more transparency on Bank group trust fund datasets has been labelled by a freedom of information website are not reader friendly.
World Bank push for water privatisation challenged
New Bank report highlighting benefits of privatisation heavily criticised by NGOs, pointing to the impact on communities in the Philipines, left without water.
Romania’s new IMF loan conditionality criticised
The IMF has approved Romania’s precautionary stand-by agreement, but critics have questioned the pervasiveness of structural conditionality in the IMF’s advice.
IMF denies its own wealth tax proposal
The IMF denies its own proposal to tax the rich and multi-national corporations.
Palestinian NGOs reject Red Sea-Dead Sea canal
In the wake of the April publication of the World Bank funded feasibility study of the Red Sea – Dead Sea canal, a coalition of 19 Palestinian organisations and three experts have rejected the plan and described the participation process as a “mockery”.
Nigeria and IFC in talks on national gas pipeline
The government of Nigeria and the IFC have begun talks for the funding of a national gas pipeline network in the south of Nigeria.
World Bank funded private schools in Pakistan
Pakistan’s education system has recently received enormous global attention however the increase in World Bank-backed investment in low cost private schools threatens to undermine recent government moves and the campaign to provide all children with free compulsory education.
World Bank reviews sanctions regime
The World Bank has begun reviewing its sanctions regime, but has been criticised by civil society for its lack of transparency.
Iran moves to normalise relations with World Bank
Despite initiating World Bank loan repayments , and having its status upgraded by the Bank, Iran’s politicians continue to reinforce the harmful impact of sanctions on the country’s economy.
IFC financed tea plantation investigated over human rights violations
An in-depth investigation is currently being taken out by the CAO into human rights violations on IFC financed Tata tea plantations.
