Bretton Woods
Update 59
Is the Bank’s carbon markets approach an effective way to address climate change?
The World Bank’s involvement in the carbon market is under hot debate: Janet Redman from the Institute for Policy Studies opposes its approach while Jon Sohn, from Climate Change Capital argues that there is a role for the Bank to play.
Donor contributions to IDA up record amount
Despite evidence that it has failed to end the practice of forcing policy reforms on recipient countries, the World Bank will collect a record $41.6 billion for its low-income arm, the International Development Association.
Bank violates indigenous rights
The World Bank-funded Nam Theun 2 (NT2) dam in Lao PDR is under scrutiny once again from NGOs, UN representatives and ‘international experts’ for its violation of human and indigenous peoples’ rights, and its failure to achieve the development and environment goals it has promised
IMF conditionality high, effectiveness low
A report by the IMF’s evaluation arm faulted the Fund’s overuse of structural conditionality and partially blamed donors for the problem, but civil society critics of conditionality are not satisfied with the scope of the report or the changes accepted by the Fund.
Recommended resources 2007
Recommendations from Bretton Woods Project staff on the best papers, books and electronic resources of 2007.
Zoellick and corruption: A new approach?
World Bank president Robert Zoellick’s handling of corruption in India and changes to the anti-corruption unit, signal a different approach to the problem from predecessor Paul Wolfowitz.
IMF’s proposed sovereign wealth fund code ruffles feathers
The IMF’s effort to craft a voluntary code of conduct for sovereign wealth funds (SWFs) has sparked concern in different parts of the globe.
World Bank and power
Calls for the Bank to end its lending for fossil fuels have increased in the aftermath of the 13th conference of the parties of the UN framework convention on climate change in Bali but the Bank has continued to push oil, gas and coal operations.
New figures cast shadow over Bank poverty reduction claims
Preliminary recalculations of global economic output excluding differences in domestic prices and currencies, released by the World Bank in mid-December, may undermine the much-trumpeted claims that globalisation has reduced the number of people living in extreme poverty.
Bankspeak of the year 2007
Annual Bretton Woods Project award for the most incomprehensible or absurd use of language in a Bank or Fund document or speech.
Whoever loses, the Bank always wins
The World Bank developed its campaign to ‘combat’ climate change through curbing carbon emissions from deforestation in tropical countries, but nobody noticed that the Bank, through its lending and development policies, has been promoting deforestation in tropical countries like Indonesia.
As dollar, markets crash where is the IMF?
Amid a global financial market seizure, which the IMF proclaimed was not likely to happen as recently as October, EU leaders and international economists speculate about how the Fund could be tackling the crash of the dollar and financial market turmoil. At the World Economic Forum, the IMF’s managing director abruptly reversed the Fund’s advice…
The IFIs and Islamic finance
The World Bank Group and the IMF have become more involved in assistance to and oversight of Islamic financial institutions.
IFC and health “unsubstantiated claims”
In a December report financed by the Bill and Melinda Gates Foundation, the International Finance Corporation (IFC) estimates that over the next decade $25 to $30 billion will be needed to meet the needs of Africa’s health care and announced that it will coordinate $1 billion, in equity investments and loans to finance private sector…
Staff in black
Thanks to pressure from the major shareholders the IMF’s new managing director Dominique Strauss-Kahn is being forced to cut the IMF’s budget. Internal documents reveal some details of the restructuring, including 15 per cent staff layoffs and charges for technical assistance, but fail to shed light on whether the Fund will shift away from dictating…
De Rato in the money
Former IMF managing director Rodrigo de Rato, whose June 2007 announcement that he would resign surprised many, has taken up posts at large private sector banking institutions.
Bujagali dam under second investigation
As a result of claims submitted by the Ugandan NGO, National Association of Professional Environmentalists, the Bujagali dam is under investigation again
Special issue coming up next!
For the next issue of the Bretton Woods Update we launch a new trial initiative to bring you broader insights into the international financial institutions.
IMF humiliates Bangladeshi officials over tax law
The Dhaka-based New Nation newspaper reports in January that the IMF has over stepped its bounds in trying to convince the government to reform its tax policy.
Peru to bow out, Turkey to renew?
Peru has indicated that it does not plan to renew its stand-by arrangement with the IMF when it expires next year. Turkey, the Fund’s largest borrower, is still debating is next move when its programme expires in May.
Panel investigates Ghana’s landfill complaint
In October the board accepted the Inspection Panel’s recommendation for a full investigation into a complaint filed by the NGO Centre for Housing Rights and Evictions (COHRE)
Chinese tipped as Bank chief economist
Lin Yifu, or Justin Lin, was expected to be appointed as the Bank’s chief economist, after the post had lain vacant for nearly four months.
Video of resistance to World Bank
The World Bank Campaign Europe in conjunction with the Indian Permanent Peoples’ Tribunal held a public hearing on the World Bank in October.
Bank violates own policies in Congo
The findings of an Inspection Panel investigation into the Bank’s failure to comply with its own safeguard policies in its support for forest sector reforms in the Democratic Republic of Congo (DRC) was discussed by the board in January
IFC offloads illegal timber trader
the IFC has offloaded its 3.35 per cent equity stake, worth up to $7.5 million in the Singapore-based global commodities trader, Olam International
UK to get new Bank board post
The British government announced in January that it will be ending the practice of having a single executive director for both the World Bank and the IMF.