Bretton Woods
Update 61
Rethinking the IFIs’ roles in conflict states
A new report from NGO International Alert draws lessons for the Bank’s work from its experience in Burundi, Nepal and the DRC. The IMF is struggling to decide how to engage in conflict-affected states.
Agribusiness vs. food security
The causes of and remedies for the food crisis are hotly contested; how this rupture in the status quo is resolved will have decisive implications for the roles of the IFIs as well as more broadly for global food security and ecological sustainability.
The IMF’s regressive secret
While tax policy and reform is an election battleground in developed countries, the IMF has increasingly turned it into a secret technocratic exercise in developing countries. This briefing examines the IMF’s involvement in providing advice on tax policy, particularly its recommendations for the imposition of value added taxes (VATs).
Everything old is new again: Growth Commission rediscovers the state
The Commission on Growth and Development, a group of policy makers, business leaders and scholars, has warmed to state intervention and cooled towards unfettered market-led reforms.
The World Bank and transport
Given that the World Bank’s primary activity in its first decades of operation was financing infrastructure projects, the fact that the transport sector is the single largest sector for Bank lending should come as no surprise. However with the prevalence of concerns about underinvestment in social sectors, transport lending was on the decline in the…
World Bank and poverty debates (II): Poverty reduction claims vindicated?
Two new World Bank working papers have rekindled the debate over how to count the poor, with the Bank asserting that even more people have been brought out of poverty in China than had previously been estimated.
Turkey and the long decade with the IMF
In May Turkey ended its latest stand-by agreement with the IMF. To some this meant the long awaited declaration of autonomy for Turkey and the loss of the final “consumer” for the IMF. For others who adhere to the neoliberal orthodoxy, this meant the graduation of Turkey and the successful completion of the IMF programme.…
Evaluation faults Bank’s ‘same old formula’ for public sector reforms
In May, the Independent Evaluation Group (IEG) released its evaluation of Bank support for public sector reform, giving high marks for looking after the books, but failing grades for reforming the civil service and rooting out corruption.
Upheaval planned for IMF technical assistance
The Fund has finally decided to revamp one of its three main pillars of activity, technical assistance, but the changes threaten country ownership over TA strategies.
IMF structural conditionality here to stay
Despite the criticism of Fund structural conditionality levelled in the IEO’s January report, the management implementation plan of board-endorsed recommendations provides little confirmation that the IMF will solve the problem.
IMF challenged on accountability, governance
A scathing report from the Independent Evaluation Office highlights the IMF’s lack of transparency and accountability, but there appears to be little shareholder agreement on the IEO’s conclusions and consolidation of European board representation.
UN calls for human rights accountability
A UN report says the World Bank’s investment arbitration facility is at odds with the protection of human rights.
IFC’s intermediaries neglect environment: evaluation
The Independent Evaluation Group found ‘high development outcomes’ in approximately two-thirds of projects funded by IFC-financed financial intermediaries (FI) which serve micro, small and medium enterprises.
Donor cartel undercuts finance for renewables
The World Bank and donors have finalised the design of the climate investment funds (CIFs) despite continued complaints over their governance and worries over their investment in non-renewable energy.
All change at the top of the Fund
With 13 of the IMF’s 20 Washington-based departments facing a change of leadership, the IMF may be at its most malleable state ever, offering managing director Dominique Strauss-Kahn a chance to put his imprint on the institution.
IMF allowed to plug budget hole
The IMF executive board approved three measures in April to plug the Fund’s budget deficit.
Jeff Powell leaves the Project
Jeff Powell is leaving his position as coordinator of the Bretton Woods Project after over six years with the organisation.
Bank whistleblower policy a “cardboard shield”
US NGO Government Accountability Project (GAP) has applauded the World Bank’s new policy on whistleblower protection, but expressed disappointment over the failure to ensure two “crucial” protections.
Dutch conference on the future of the Bank
A conference hosted by the Dutch ministry of foreign affairs and the World Bank July 12-13 in Amsterdam will bring together officials and researchers to discuss “the challenges faced by the Bank in delivering its long-term strategic priorities”.
Inspection Panel conflicts
The Inspection Panel has closed applications for a new Panel member to replace Tongroj Onchan. An NGO letter had expressed concerns about the conflict of interest posed by the inclusion of Bank staff on the selection committee, and the failure to involve civil society in the process.
Much needed increase in UK WB oversight
Susanna Moorehead, former DFID head in India, has been appointed UK executive director (ED) to the World Bank; Alex Gibbs will remain ED to the Fund (formerly the ED covered both the Bank and Fund).
New African dams to power mining
Two dam projects are being rushed to power the mining booms in Africa.
Asian Monetary Fund on the cards?
The long-awaited multilateralisation of the Chiang Mai initiative was agreed in early May in Madrid on the sidelines of the Asian Development Bank annual meeting.
World Bank tries to rewrite Bolivian history
The World Bank’s Bolivia office has decided to get into the propaganda game. This month it produced a snazzy little 22-page booklet that it is distributing by the tens of thousands in three major Bolivian dailies, in La Paz, Cochabamba, and Santa Cruz. The booklet is titled, “Ten Things They Never Told You About the…
IEO issues paper on member relations
The IEO has released the draft issues paper for an evaluation on the relationship between the IMF and its member countries, which will focus on the interaction of staff with member-country officials.
