Bretton Woods
Update 15
Power company controversy after Orissa cyclone
A major beneficiary of World Bank-backed power sector reforms in India is US-based multinational company AES.
Ecological debt outweighs financial debt
The view that poor countries owe the rich millions of dollars in loan repayments is challenged by a Christian Aid report.
UK ED quizzed on UK role in Bank and Fund
In October UK Executive Director Stephen Pickford was called before the Treasury and International Development Select Committees for questioning by MPs.
IMF takes on poverty mandate
Important changes to the IMF’s remit in the poorest countries were announced at the IMF-WB Annual Meetings in September.
IMF/WB/WTO: unholy trinity?
At the Seattle meeting of the World Trade Organisation (WTO) in late November, the World Bank confirmed that it will expand its work on trade.
Strategic Compact reform funding to end
The extra funding released to restructure the Bank under President Wolfensohn’s “Strategic Compact” reform initiative will run out in March 2000.
TOP SECRET: Bank strategy on Asian private infrastructure
The impact of the East Asia crisis on private infrastructure projects has been comparatively little discussed.
Southern organisations demand end to adjustment
Organizations and activists in more than 20 Southern countries have launched a campaign against the destructive lending policies of the World Bank.
Prague 2000
A small group of NGOs has begun to discuss common initiatives towards the World Bank/IMF annual meetings in Prague next September.
IMF-WB corruption roles investigated
A new report from Christian Aid investigates how the policies of northern donors and international financial institutions encourage corrupt practices in developing countries.
Bank to review India power sector reforms
The World Bank is planning an independent review of its power sector reforms in India.
Bank adjustment directive under discussion
The World Bank is revising its Operational Directive for Structural Adjustment Lending.
Population project fraud
A December, 1999 study by Dr. Vineeta Gupta of Insaaf International alleges serious malpractice in the World Bank’s Reproductive and Child Health Project in Punjab, India.
IMF and WB to assess financial stability
The Bank and IMF have established the Financial Sector Assessment Programme (FSAP) to assess financial stability in all member countries and prevent crises.
Bank’s new green indicator: “genuine nonsense”?
A new Bretton Woods Project report examines the World Bank’s new measure of national sustainability, genuine savings.
Swiss delegation to Brazil
In late November a delegation of Swiss NGOs, parliamentarians and senior aid officials travelled to Brazil to examine recent World Bank lending to that country.
Capital punishment
A new report from UK NGO CAFOD criticises the IMF response to the financial crisis as “inadequate and at times harmful to the interests of the poor” and urges “deep reforms”.
CASE prawn-farm study
The World Bank’s project to improve the integration of the environment in its Country Assistance Strategies has a component to examine decisions made in environmental management which have had significant negative or positive impacts on economic development.
Bank private sector strategy
In September the World Bank produced a new private sector development strategy.
Indian tribals blockade World Bank Delhi office
In late November more than 300 people from mass and tribal organisations from the Indian state of Madya Pradesh, blockaded the World Bank office in Delhi.
Cambridge to London office
Sarah Cambridge has joined the World Bank’s London office to manage the outreach programme in the UK and Ireland.
Wanted: a new global monetary system
Debates on international finance are taken further in a new book which argues for the democratization of money creation and a new basis for the work of the IMF.
Civil society assesses SAP record in Zimbabwe
In November 250 representatives of civil society met in Harare for the first Zimbabwe national forum of the joint NGO-WB SAPRI (Structural Adjustment Participatory Review Initiative).
IMF crisis conditions reviewed
A new review of IMF conditionality will assess the conditions applied to financial crisis countries, and recommend future approaches.
Bank communication report
A Communications Strategy Needs Assessment was submitted to the World Bank’s NGO Unit in October.
Bank to seek capital increase
It looks likely that the World Bank Group will seek a rare capital increase for its International Bank for Reconstruction and Development arm.
Bank compliance with IDA conditions assessed
At the request of donor governments, the Bank’s Operations Evaluation Department will review the performance of the Bank’s IDA programme from 1994 to the present.
World Bank “coopted NGOs”
The Economist (11th December 1999) carried a lengthy article on NGO campaigning on international institutions.
Jubilee South summit
Jubilee 2000 representatives held a South-South Summit in South Africa in late November.
Thai dam compensation demanded
The World Bank should compensate communities affected by the Pak Mun Dam in Thailand, argues a new report by International Rivers Network.
IMF halts Russia loans during Chechnya crisis
In December the IMF halted loans to Russia as the war in Chechnya reached crisis point.
New participation study
The Institute of Developoment Studies is reviewing participatory approaches to formulating and monitoring poverty reduction strategies.
Demystifying the IMF
Friends of the Earth-US has produced a handbook on the IMF.
World Bank operations in China, Pakistan examined
In November the Bretton Woods Project filed a submission to the International Development Committee inquiry into British aid to China and Pakistan.
Camdessus quits IMF
Michel Camdessus, Managing Director of the IMF for nearly 13 years has announced his resignation.
Chad Cameroon project faces further problems
The World Bank has again delayed a decision on the Chad-Cameroon oil pipeline after further criticism from NGOs in Chad, Cameroon, Europe and the USA.
G20 financial group named
A new brick in the financial architecture has been put in place with the disclosure of the members of the group of 20 globally important financial nations, known as the G20.
“Knowledge Bank” breaks new ground
The World Bank was a leading organiser of a conference in early December which convened 400 researchers and heads of development think tanks to discuss ways to generate and share research to shape policies.
Gold tied to IMF evaluation
US congress has agreed a proposal to revalue IMF gold to fund the HIPC Debt Initiative on the condition that the money earned is not used to refinance ESAF (now renamed the Poverty Reduction and Growth Facility – PRGF).
Useful web bulletins
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