Bretton Woods
Update 71
Human rights (the World Bank way)
Most of the world’s governments have ratified at least one human rights treaty or convention. Kirk Herbertson, Kim Thompson and Robert Goodland of the World Resources Institute ask why the World Bank Group – which is owned by these same governments – is hesitant to discuss human rights openly.
Debt crisis in Europe: Beware IMF bearing gifts
The descent of Greece into a sovereign debt crisis marks the first time a country that uses the euro has gone to the IMF. The fear of adverse market reaction has now moved Europe towards greater coordination and the G20 to argue against continued fiscal stimulus.
The Greek crisis and the involvement of the IMF
The “Greek expression” of the crisis has revealed an amazingly broad range of issues not only concerning the structural problems of the Greek economy, but also those of the European Union (EU) as an economic and currency area, and its unwillingness or inability to react to the problem in a timely, meaningful and collective way.
Is IFC palm oil investment a foregone conclusion?
The World Bank is currently undertaking a major review of its controversial engagement in palm oil production, but critics warn that consultation has been inadequate and that the Bank seems to have already decided to continue investment in the sector.
World Bank performance standards review reveals need to raise the bar
With a review of the social and environmental performance standards of the International Finance Corporation (IFC) underway, reports from within the World Bank Group as well as civil society highlight the need for reform.
IMF bank tax proposals cause controversy
A leaked copy of the IMF’s report to the G20 on A fair and substantial contribution by the financial sector which proposes two new financial sector taxes to cover some of the costs of the financial and economic crisis, has been criticised by campaigners for inadequate analysis of the potential of the financial transactions tax…
IFI governance reform freezing over?
An in-depth analysis of the latest round of World Bank reforms shows they delivered significantly less than proclaimed, while IMF governance reforms, slated to conclude in January 2011, are proceeding slowly and promising only minor changes.
Resistance to Bank’s role in climate finance as alternatives gain traction
As talks aim toward an agreement on climate finance in December in Cancun, fault lines remain about the role of the World Bank. Contradictions in recent Bank lending and contributions to alternative financing mechanisms have fuelled ongoing debates about the Bank’s role.
World Bank clings to fossil fuels, stumbles on clean energy
The World Bank’s energy lending suggests that it remains wedded to fossil fuels, as independent evaluators and civil society groups raise serious concerns about its approach to energy efficiency and renewables.
World Bank work on land supports “a new form of colonialism”
A set of voluntary principles for agricultural investment in developing countries, launched by the World Bank and other institutions in April, veils the promotion of investors’ interests at the expense of host populations, warn civil society groups.
IMF’s latest prescription: Cure the crisis with austerity
The IMF has gone back to promoting fiscal austerity and pressuring governments to implement spending cuts and structural reforms. Austerity also remains at the heart of the Fund’s debt sustainability policies.
IMF board shies away from bold mandate changes
In a series of four papers the IMF executive board has been discussing fundamental changes to the way it does business. Despite the financial, economic and debt crises demonstrating the failures in the current international architecture, there was no consensus on the need for, or direction of, reform.
FMI: Amenazado el crecimiento palestino
El FMI está preparando un informe para defender su posición afirmando que no será posible sostener el 6.8 por ciento de tasa de crecimiento en Cisjordania si Israel no levanta sus restricciones sobre las inversiones palestinas públicas y privadas.
IFC finances China investment in Africa
In April, the International Financial Corporation (IFC), the World Bank’s private sector arm, agreed to finance Chinese investment in a Tanzanian commercial complex in Dar es Salaam.
IMF grants Antigua loan amid controversy
The IMF has faced increased political pressure to refuse a $118 million loan to Antigua and Barbuda following the government’s seizure of assets belonging to Allen Stanford, former head of the now fallen Stanford Investment Bank (SIB).
Pakistan running from the IFIs
The Pakistani government is facing increased pressure from the IMF to meet the requirements of its financial stabilisation programme, agreed in 2008, including the full implementation of a value added tax (VAT) and specific foreign borrowing targets.
World Bank fails to focus on results in health
A newly published report adds to mounting criticism of the World Bank’s approach to health projects.
New World Bank Africa strategy in the works
The World Bank’s 2005 Africa Action Plan (AAP) is up for review and the Bank is rolling out consultations.
Governments agree $86.2 billion boost to World Bank capital
Shareholder governments have agreed an $86.2 billion boost to the capital that guarantees the lending of the International Bank for Reconstruction and Development (IBRD, the World Bank’s middle-income country lending arm).
Gender: IFI neglect continues
Gender Action and the Center for International Environmental Law published Speaking up for gender: A step-by-step guide to holding IFIs accountable.
World Bank’s anti-corruption “charade”
Fresh revelations have again called into question a review of the Bank’s anti-corruption unit.
Goodbye to Bank Swirled
With no less than seven references to a certain Colombian singer, the final edition of the annual spoof newsletter Bank Swirled, produced by anonymous Bank staff (we hope in their spare time), has been published.
World Bank engaged in controversial Ethiopian dam?
In May, over 30 NGOs worldwide issued a letter telling IFIs, bilateral development agencies, and export credit agencies to stop investing in the Ethiopian hydropower project Gilgel Gibe III.
Shakira gets the wrong man?
Colombian pop sensation ‘she wolf’ Shakira ended up in a February press conference with a World Bank president, Robert Zoellick, to launch her charity’s joint initative with the Bank on early childhood development in Latin America.
Trade: IMF staff paper, World Bank strategy review
A March staff paper by the IMF outlines that although trade restriction measures have increased in the wake of the financial crisis, they have only had a strong negative impact in the products they targeted, and their aggregate impact is just 0.25 per cent of global trade.
The IMF’s framework for low-income countries
In the midst of the global financial and economic crisis the IMF amended its lending framework for low-income countries (LICs). It now has three main instruments for LICs – the Extended Credit Facility, the Standby Credit Facility and the Rapid Credit Facility. The three different programmes are subsidised by the newly created Poverty Reduction and…
World Bank investment lending reform: pro-poor?
In May, the Heinrich B
Court finds fault with IFC-backed paper mill
Controversy over the Botnia paper mill, which was part financed by the International Finance Corporation (IFC), the World Bank’s private sector arm, continues as the International Court of Justice (ICJ) ruled that Uruguay breached regional treaty obligations by failing to properly inform neighbouring Argentina when authorising its construction.
Zimbabwe turns to the IMF
In March the Zimbabwean cabinet agreed to a new debt relief strategy that includes recourse to the IMF and World Bank’s Highly Indebted Poor Countries (HIPC) initiative.
IMF approves Iceland’s loan review
In mid April, after long delays, the IMF board approved the disbursement of Iceland’s third loan instalment, amounting to $159 million, in mid April. The delays were caused by a dispute between Iceland and the UK and the Netherlands over compensation to British and Dutch account depositors in the collapsed of the Icelandic bank Icesave.