Bretton Woods
Update 49
The IMF and capital flight: Redesigning the international financial architecture
The international financial system facilitates trillions of dollars of capital flight from developing and developed countries to onshore and offshore financial centres, with the active participation of banks and other financial institutions. The consequences are massive tax evasion, a resultant erosion of state budgets, and rising disrespect for the law. The relevant international organisations that,…
Both arsonist and fire-fighter: the World Bank on school fees
A former UN special rapporteur on the right to education questions the World Bank’s claim to have relinquished its support for user fees in education.
Bank and Fund in-roads into Iraq
The Bank approves the first development loan to Iraq at the same time as the IMF signs a stand-by agreement, leading to a dramatic increase in fuel prices.
Latin America sends IMF packing
The IMF’s role and financial health have been brought into further question as a result of the early repayment of two of its largest debtors.
The World Bank and education
brief summary of the World Bank’s work and priorities in education
Using human rights tribunal to force Bank compliance: Uruguayan paper mill
The recent filing of two international complaints against a planned Bank-financed world’s-largest paper mill in Uruguay is a unique experiment in bringing World Bank projects under the scrutiny of international human rights tribunals.
Internal accountability creates “institutional discomfort”
Discussion of the CAO’s internal accountability role and the difficulties it faces in light of the IFC/MIGA’s disregard and criticisms from affected communities and civil society.
Recommended resources of the year 2005
BWP staff picks for books, official papers, websites and civil society briefings which made an impact in 2005.
Aid for trade: “distraction” from a bad deal
The consensus among civil society observers was that the agreement struck at the December Hong Kong WTOtrade ministerial was a bad deal for developing countries, with IFI-backed ‘aid for trade’ used as a “major distraction”.
IMF shocks facility – will anybody use it?
In November, the IMF’s board approved the establishment of the Exogenous Shocks Facility (ESF) to…
IMF debt deal ‘a victory’
In December, the IMF board approved 100 per cent debt relief to 19 countries under the Multilateral Debt Relief Initiative amounting to $3.3 billion.
Bank freezes pipeline funds to Chad
Bank freezes Chad’s funds following government violation of agreement with Bank over the Chad-Cameroon oil pipeline
World Bank “pushing big dams” across Asia
Bank upscales its funding for large scale hydro in Pakistan and Inda, fails to adequately assess resettlement in China, and tries to take credit for increased investment in renewable energy and energy investment merely by increasing its funding for large high risk dam projects.
Fury at Wolfowitz political appointee (2)
Bank president Paul Wolfowitz has confirmed the appointment of the acting head of the Bank’s department of institutional integrity, Suzanne Rich Folsom.
IEO to evaluate Fund restrictions on African budgets
The IEO has released a draft issues paper for a planned evaluation of the Fund’s role in determining aid resources in sub-Saharan Africa.
Good news from Haiti labour dispute
In December an agreement was reached between management and the union at the IFC-sponsored Grupo M textile factory in the Ouanaminthe free trade zone.
Bankspeak of the year 2005
The most incomprehensible use of the english language handed down from the Bretton Woods Institutions during 2005.
Donors’ group: “room for improvement” for Bank
The Multilateral Organisations Performance Assessment Network has published its 2005 survey of the perceptions of multilateral organisations at the country level, covering the World Bank, the UN Population Fund and UNAIDS.
IEO on IMF in Jordan: “moderately successful”
The Independent Evaluation Office has said that the IMF’s role in Jordan in the period 1989 – 2004 was “moderately successful”.
Whistleblower standards pressure Bank
The UN issued a new standard of whistleblower protection in late December which signals a new direction for the Bank.
Bechtel drops case against Bolivia
US water multinational Bechtel Corporation dropped its $50 million legal case in January against the people of Cochabamba for ending its contract to provide water to the citizens of Bolivia’s third-largest city.
Fury at Wolfowitz political appointee
Kevin Kellems, advisor to Bank president Paul Wolfowitz since June 2005 and former spokesman for US vice president Dick Cheney, has been named director of strategy of the external affairs department.
Bank implementation falls short on oil, gas and mining
Civil society highlights the shortcomings of the Bank’s management reponse to the extractive industries review.