Bretton Woods
Update 68
Bank wrestling for control of climate finance
With much awaited climate talks in Copenhagen in December, the World Bank and its supporters are positioning the institution to play a significant, if not dominant, role in future climate finance.
Bank accused of neglecting poorest countries
The Bank is under fire for failing to focus on low-income countries in its lending, and concentrating instead on the demands of rich and middle-income countries.
Expert panel calls for sweeping Bank governance reform
Official ambitions for reform of World Bank governance remain limited, while the Zedillo Commission calls for far-reaching change. At the IMF, aside from small shifts in voting share, details of further quota reform are notably absent.
IFC lends a hand in great “land grab”
As the International Finance Corporation, the private sector arm of the World Bank, announces plans to increase investment in agribusiness by up to 30 per cent in the next three years, NGO reports shed light on the IFC’s role in ‘land grabs’ and flaws in its approach to the food crisis.
Leopard about to change its spots? IFIs debate role of financial sector
The financial crisis has divided perceptions within the IFIs about the role of the financial sector in development. While some parts of the World Bank and IMF highlight the merits of small banks, others continue to push globalised finance.
Burning controversy over Bank and environment
Hot on the heels of the start of its energy strategy review the Bank has launched a review of its 2001 environment strategy but continues to come under fire over its green record.
Progress on Bank transparency?
The World Bank’s draft disclosure policy, published in October, marks a significant step forward in Bank transparency but has been criticised for excluding key information from public access.
Faulty systems at the Bank’s Forest Carbon Partnership Facility
As the Bank seeks to position itself as the vehicle of choice for future climate finance, the experience of the Forest Carbon Partnership Facility (FCPF) calls its competence into question.
IMF lending programmes: old wolf in sheep’s clothing?
The debate over IMF conditionality heats up as data comes in about IMF programmes; economic turmoil continues in countries such as Latvia and Ukraine, which face stern IMF demands.
The World Bank’s new energy strategy
As the World Bank prepares to revise its energy strategy, Oliver Johnson of the Sussex Energy Group (Science and Technology Policy Research Unit, University of Sussex), reviews the Bank’s chequered history in this sector. The conflicting agendas for energy are drawn out, and principles suggested to guide the Bank’s support for low-carbon development.
Destructive development: A case of ecological debt in Bangladesh
‘Development’ has become synonymous with destruction in Bangladesh as many of the so-called development projects, financed mainly by the International Financial Institutions (IFIs), have huge negative impacts on the ground. They have added to the global north’s ‘ecological debt’, which must now be repaid.
Unjustifiable Bank domination over climate funds in Bangladesh
World Bank’s record in Bangladesh shows there is no place for it in a just response to climate change, but it is set to dominate the new fund for adaptation in Bangladesh. Civil society critics speak out.
The role of the World Bank in climate finance
The World Bank currently plays four different roles in arrangements to distribute finance for mitigation and adaptation to climate change in developing countries. In addition, its overall lending portfolio can have significant environmental impacts.
IMF pours cold water on monetary reform
As academia and NGOs call for reform of the international financial architecture, the international monetary system is the focus of scrutiny. Support for capital controls and a financial transaction tax has met resistance from the IMF.
Please nominate 2009 best Bankspeak and resources
Continuing a much-heralded tradition at the Bretton Woods Project, the first issue of 2010 will feature ‘Bankspeak of the year’ and ‘resources of the year’.
Your support for the Bretton Woods Project is crucial
After a year of helping to coordinate civil society responses to the global financial crisis, we at the Bretton Woods Project are more committed than ever to a global economic system that puts at its heart ending poverty, guaranteeing human rights and protecting the environment.
Human rights landmark in ICSID tribunal
For the first time ever, a tribunal of the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) will hear human rights arguments.
Bank Inspection Panel leadership changes
Roberto Lenton succeeded Werner Kiene as chair of the World Bank’s Inspection Panel on 1st November, and Eimi Watanabe was appointed as a panel member.
Egyptian NGO appeals against Bank project
The $145 million World Bank ‘West Delta’ project has come under fire. Egyptian NGO, Land Centre for Human Rights (LHCR) has filed an appeal on behalf of farmers in the Egyptian delta and they want to change the course of the planned irrigation scheme.
Palm oil plantation perpetuates poverty
A study by NGO Rainforest Action Network of a World Bank-funded oil palm plantation in Papua New Guinea reports violations of Bank performance standards by thrice funding the palm oil plantations of agribusiness giant Cargill with no record of a consultation process.
Banco del Sur capitalised
South American member states pledged $7 billion for the newly created Banco del Sur to finance development projects and trade, providing a regional alternative to the World Bank.
IFI financial sector assessments of limited use
An internal evaluation of 10 years of practice with the Financial Sector Assessment Program (FSAP) has shown that it failed to reflect reality.