Bretton Woods
Update 55
Wolfowitz to face trials over Bank fundraising drive
Reeling from a bruising fight with his board over his plans to tackle corruption, Bank president Paul Wolfowitz now must go hat in hand to donor countries asking them to cough up more for poor country financing just as it has been revealed that the Bank has not been able to get the money it…
The elusive quest for ‘fiscal space’
For the last several years the World Bank and IMF have squared off against governments, NGOs, UN agencies and even each other over the concept of ‘fiscal space’. This often nebulous and ill-defined term has caused much confusion. Nancy Alexander finds that at the heart of the matter is a difference of opinion over how…
World Bank: private role in water under scrutiny
At this year’s World Bank water week, the Bank and water CSOs took a step closer to dialogue; while the contentious role of the private sector in water provision has been highlighted by the withdrawal of Norway from an infrastructure trust fund, a new UNDP-supported report, and pending investment arbitrations.
Bank approves anti-corruption strategy: Back to where we started?
In late March, the World Bank board of executive directors approved a heavily revised version of the governance and anti-corruption strategy.
Human rights trump internal procedures
As the UN human rights council holds its fourth session, the last few months have witnessed dynamic processes on human rights and development finance that bolster arguments to hold international financial institutions accountable under international law.
More fossil fuels and faith in the private sector
As part of its commitment to solve the global problems of energy poverty and climate change, in late March the World Bank and the European Investment Bank launched the Carbon Fund for Europe. However the Bank’s recent Implementation of the Management Response to the Extractive Industries Review 2006 reveals an alarming rise in its fossil…
IFC: Cowboys in the Amazon
In March the IFC approved $90 million towards a $424 million expansion and modernisation programme for Brazil’s leading beef and leather processor Bertin Ltda.
Evaluation finds that IMF misleads the public about its role in Africa
A report released by the Independent Evaluation Office (IEO) of the IMF criticises the role of the IMF in managing aid inflows to Sub-Saharan Africa, but fails to address more fundamental questions about the Fund’s role in low-income countries.
The IDA replenishment
Every three years, a series of meetings is held to cajole rich countries into putting money into the coffers of the International Development Association.
Rocking the Fund governance reform boat
While IMF members continue to debate a decision on increasing basic votes and reforming the quota formula, questions are being raised about the approach of IMF management and major shareholders.
Experts call for end to PRGF
An external committee of experts found collaboration between the World Bank and IMF seriously wanting, and recommended that the IMF withdraw from development finance. Taken with an earlier external report on Fund finances, it presents challenges to the Fund’s medium-term strategy.
Third researchers’ conference on the World Bank
The 2007 Annual Bank Conference on Development Economics (ABCDE) will take place 17-18 May in Bled, Slovenia. The third researchers’ conference on the World Bank will be held in parallel.
Bank of the South to challenge IMF or IDB?
Argentine president Nestor Kirchner and Venezuelan president Hugo Chavez announced 21 February that the two governments would establish a Bank of the South within 120 days.
Growth commission gears up
The World Bank-funded Commission on Growth and Development will hold workshops in New York on ‘Growth and Some of its Micro and Macro Foundations’ (April 9) and ‘The Role of Leadership and Governance in Shaping and Implementing Growth Strategies’ (April 10).
2007 World Bank-IMF spring meetings schedule
Tentative schedule of the World Bank-IMF spring meetings in Washington, April 13 – 15, 2007.
World Bank dams provoke hunger strikes in Pakistan
In February affected communities, and local NGOs undertook a hunger strike in protest against the implementation of the Bank funded water project of the Taunsa Barrage Emergency Rehabilitation and Modernisation.
Bank to release WDR on agriculture
The World Bank’s 2008 World Development Report (WDR), to be released in October, will focus on agriculture for development.
Iraq: staffer shot, oil deal continues
In February Iraq’s cabinet approved the IMF supported draft oil law
Recent Update Features
Recent features in the Bretton Woods Update
Parliamentarians on World Bank
The seventh annual conference of the Parliamentary Network on the World Bank was held in Cape Town in March.
Latest editions to the top of the heap
The latest top staff to take over at the Bank and Fund.
Mercury rising: The World Bank and the Nura river clean-up
In 2003 the World Bank approved a $40 million loan for the Nura river clean-up project in central Kazakhstan, however without the World Bank’s respect for basic public participation and environmental impact assessment standards, the project is at risk of causing unexpected and badly mitigated effects.
Bujagali dam unlikely to benefit ordinary Ugandans
The World Bank is so keen to promote the Bujagali II hydropower project as the solution to Uganda’s energy problems that it has set up a special website for it. Local and international groups who have been lobbying for a full and fair review of Uganda’s energy options point out that Bujagali is unlikely to…
Zambian copper boom fails to alleviate poverty
Despite the boom in the global copper price, communities on the copper belt in Zambia have not seen the development gains they were promised and are now expressing frustration through strikes, protests and the ballot box.
Chad-Cam oil spill
In January, an off-shore oil spill from the Chad-Cameroon oil pipeline occurred near the Cameroonian town of Kribi. The slow response time and allegations that the public was not properly informed raise critical questions about the safeguards that exist to cope with a larger accident.
Serbia pays out, Turkey next?
Serbia became the latest country to retire its debt to the IMF earlier than anticipated. The National Bank of Serbia paid out 15 March the final $230 million of debt that was not due for full repayment until 2010.