Bretton Woods
Update 50
The World Bank weeds out corruption: Will it touch the roots?
A series of loan suspensions and internal investigations has everyone at the World Bank talking about corruption; despite high-profile moves by president Paul Wolfowitz, the root causes of corruption – underpaid civil servants, an acceptance of bribery by big business, and dirty money – remain largely unaddressed.
UK reports on World Bank and IMF: More work to do
The UK’s Department for International Development and Treasury released in late March annual reports on their relationship with the World Bank and the IMF respectively.
Where did the Inspection Panel go?
After a relatively quiet year in 2005, the Inspection Panel will move back into the limelight over the coming months as it issues a series of reports and decisions on requests for investigation. The Bretton Woods Project talked with Eduardo Abbott, Executive Secretary of the Panel secretariat about Wolfowitz, the attack on safeguards, and the…
“Over-optimistic about trade liberalisation”: World Bank trade evaluation
In the most comprehensive evaluation ever conducted of the World Bank’s work in trade, the Bank’s evaluation unit has found that the Bank neither fully understood the implications of its “narrow focus on trade liberalisation”, nor did enough to strengthen trade capacity on the ground.
World Bank approves $37 billion in debt relief
World Bank member nations approved $37 billion in debt relief for 17 countries at the end of March.
Trip wires and speed bumps in service of global financial stability: A proactive role for the IMF
Under the current IMF strategic review, a “review of the effectiveness of the Fund’s instruments to facilitate crisis resolution” is planned. Ilene Grabel, professor of international finance at the University of Denver, argues that the Fund must move from being a reactive institution to being a pro-active one. The IMF should use its technical expertise…
Will IMF set its sights on managing global reserves?
The managing director’s report on implementing the Fund’s medium-term strategy was discussed by the board 3 April and is anticipated to be released at the spring meetings. Civil society groups have been critical of the opaqueness of the process and the failure to broaden participation.
Early repayment by paper firm relieves culpability for violence, says IFC
The International Finance Corporation has washed its hands of a violent eviction carried out by the Brazilian federal police in January on behalf of the pulp and paper company Aracruz Cellulose.
Evaluation gives World Bank breathing space on ‘results’
The 2005 Annual Report on Operations Evaluation by the Independent Evaluation Group of the World Bank, has elected to give the Bank more time to see the impact of new measures taken in response to stinging criticisms in previous editions.
The World Bank and water
An overview of how water-related issues are managed at the World Bank.
Evaluation of IMF finance assessments
The Independent Evaluation Office report on the Financial Sector Assessment Program describes the programme as a “distinct improvement” in the Fund’s ability to conduct financial sector surveillance.
IFC safeguard review finished: client risk over protecting rights
Critics assert that the IFC’s new revised standards will lead to more not fewer cases of social and environmental abuse.
Why have Bank-CSO dialogues on water faltered?
Since 2003, there have been two attempts at starting a World Bank-civil society dialogue on water supply issues. Both of these simpered to a halt.
“Watered-down” changes to arbitration
A package of seven amendments to the rules and regulations of the World Bank’s International Centre for the Settlement of Investment Disputes, has been approved by an overwhelming majority of the Centre’s member governments.
IFC backs controversial Ghana gold mine
On 31 January, the IFC approved a $125 million loan to Newmont Mining Corporation for the development of the Ahafo gold mine project in western Ghana, which NGOs link to human rights and environmental problems.
Mumbai infrastructure violates safeguards: Inspection Panel
The publication on 29 March of the Inspection Panel investigation into the Mumbai urban transport project has revealed that the Bank “did not comply with a number of requirements under its own policies”.
Investigation demanded into World Bank reform of DRC mining
NGOs have called on the Bank to investigate two mining contracts between the Democratic Republic of Congo’s state mining company and two British Virgin Island-based companies.
Bank failed to apply safeguards in DRC: Inspection Panel
A preliminary investigation by the Inspection Panel has reveled serious concerns about Bank programmes to develop the rainforests of the Democratic Republic of Congo.
Audit finds MIGA at fault in DRC mine
The independent audit of the Compliance Advisor Ombudsman was made public in February.
Recent Update features
Recent features from the Bretton Woods Update, including comments from southern civil society, at issue in-depth briefings, and inside the institutions.
Bretton Woods Update in Spanish
The Bretton Woods Update will be published in Spanish on a pilot basis in 2006.
WB-IMF spring meetings schedule
Tentative schedule of the World Bank-IMF spring meetings in Washington, April 21 – 23, 2006.