Bretton Woods
Update 45
Kept in the dark: The World Bank, the IMF and parliaments
Parliamentarians from across the globe have signed on to the International Parliamentarians’ Petition. They believe that parliamentarians should be the final arbiters of economic decisions. Current practice, however, means they are not. The World Bank and IMF continue to pressure developing country governments to overrule or sideline their legislatures; a far cry from the principles…
Wolfowitz era begins: Realpolitik 1, Democracy 0
Paul Wolfowitz’ nomination as World Bank president was approved by the board 31 March. Observers from across the political spectrum have denounced the selection process.
IMF and World Bank use of conditions under the microscope
Responding to stinging criticism from civil society and the Commission for Africa, the IMF and the Bank are under pressure for a fundamental rethinking of the use of conditionality. The results of a series of ongoing evaluations will be critical.
World Bank/IMF spring meetings schedule
Members of the staff of the Bank and Fund, board members, development and finance ministers are gathered in Washington 15 – 17 April.
Parliamentarians demand World Bank and IMF respect their authority
The international parliamentarians’ petition will be launched at the spring meetings. The petition demands that…
People’s assembly demands justice from World Bank
Villagers of Badin district in southeastern Pakistan are demanding compensation from the World Bank for a drainage infrastructure project that has wrought environmental devastation and led to the loss of lives.
IFC safeguard review integrity in question
Summary of concerns on process and substance of the IFC’s on-going review of its safeguard policies
Bank facilitates illegal logging in Cambodia
According to NGOs, the World Bank has facilitated illegal logging in Cambodia, violating its own operational policies in the process.
World Bank gets failing grade on ‘results’
The annual report of the Operations Evaluation Department of the World Bank released in March is scathing in its critique of the institution’s failure to become more focused on results on the ground.
IFIs on trade: “enormous investment” but to what end?
The World Bank’s international trade unit presented a progress report to the board in early March describing an enormous increase in investment in trade-related analysis which it is now looking to translate in to new lending – a serious concern for analysts who feel the Bank and Fund have got it wrong on trade.
IFC oil field in Kazakhstan flouts disclosure, safeguards policies
Summary of environmental health problems and human rights violations related to the Karachaganak oil and gas condensate field
Donors finalise commitments to Bank’s low-income arm
In return for agreed changes from the World Bank to allocation procedures, results-based monitoring, transparency and harmonisation, donor countries have finalised their commitments to the International Development Association.
World Bank disclosure: disappointing progress
In early March the World Bank board approved an updated disclosure policy, bringing to a disappointing end a secretive two-year long review.
Further violations at IFC-backed mine
A summary of anti-mining activity in Guatemala and an update on the Marlin mine investigation by the CAO.
Board approves Nam Theun 2 dam in Lao PDR
Bank approves support for Nam Theun 2 dam in Lao PDR despite controversy and strength of international opposition