Bretton Woods
Update 73
COVID-19 crisis highlights urgency of reconsidering World Bank’s MFD approach
Looming financial crisis has roots in Bank’s privatisation, financialisation and deregulation agenda.
World Bank board oversight mechanisms derailed
World Bank management’s proposal for a Multiphase Programmatic Approach erodes executive board oversight and suffers from lack of civil society consultation.
Development to the rescue of finance – the Bank’s ‘cascade’ approach
World Bank unveils cascade concept that privileges private over public finance. De-risking in order to attract private sector investments threatens to shift risks to public sector and result in third wave of privatisation.
Death of Doing Business Report greatly exaggerated as World Bank announces rebranding plans
World Bank announces relaunch of Doing Business Report in approximately two years.
IFC and MIGA must ‘walk the accountability walk’ on the road mapped by independent review
Implementation in full of the independent review of IFC, MIGA and CAO is essential if institutions are to meet persistent accountability and remedy gaps.
The IMF and World Bank-led Covid-19 recovery: ‘Building back better’ or locking in broken policies?
Early evidence suggests IMF programmes are maintaining long-term fiscal consolidation targets, while World Bank further continues Maximizing Finance for Development narrative amidst Covid-19 crisis.
Civil society calls for World Bank to reroute ‘Evolution Roadmap’ away from Cascade
Civil society questions the proposed expansion of the Cascade approach, which has failed to deliver the ‘trillions’ promised.
Undemocratic gentleman’s agreement will further challenge next IMF managing director
EU countries’ backing of Kristalina Georgieva for a second term as IMF Managing Director will likely set in motion the next steps towards her reappointment, representing another lost opportunity to reform IMF governance.
World Bank Group strategy: who benefits?
A new World Bank Group strategy will be signed off at the 2013 annual meetings. It prioritises greater use of the private sector and “transformational engagements”, but criticisms continue over the Bank’s desire to tell countries what to do.
The IMF and World Bank: Aiding and abetting inequality in Asia
As inequality in Asia continues to deepen, civil society renews calls for IMF and World Bank to be held accountable for exacerbating inequality.
G20 debt proposal continues to favour creditors
New common framework for debt relief announced at G20 Leaders’ Summit maintains prominent role of IMF and fails to include World Bank debt relief.
World Bank rolls out the carpet for “troubled megaprojects” and PPPs
The World Bank and other multilateral development banks continue to push for public-private partnerships for infrastructure projects, despite concerns of debt risks and lack of transparency.
As World Bank signals end of extraction finance, CSOs call for end to its other fossil fuel funding
Despite World Bank’s One Planet Summit announcement that it will stop funding oil and gas extraction after 2019, it still has much to do to fully decarbonise its lending portfolio.
Civil society still waiting for ‘IMF Spring’ to blossom
Civil society was out in full force during annual meetings challenging the IMF’s claims that it is reducing economic and gender inequality.
Here we go again: Surprise IMF leadership change litmus test for its legitimacy
Lagarde resignation kicks-off another leadership race overshadowed by gentleman’s agreement.
Opportunity lost? IMF approach to Special Drawing Rights channelling risks wasting golden chance
Civil society groups argue that IMF must be far more ambitious in its plans for SDRs to be channelled to countries in need.
G20 review calls for increased MDB lending as World Bank ignores urgent need for policy changes
G20 independent review calls for increased lending by multilateral development banks to address multiple crises, but lack of reform in World Bank crises response framework raises concerns about how it would use additional resources.
A proposal for Ajay: No evolution without remedy
While World Bank President declares the benefits of a “bigger and better” Bank, the scandal of alleged child sexual abuse and cover up relating to IFC investments in Bridge Academies demonstrates the urgent need for the Bank to establish a robust remedy framework.
Banga’s decision to join Board of Peace raises questions about World Bank’s commitment to multilateralism
Bank’s role as trustee for Board of Peace’s Gaza Reconstruction and Development Fund, and Banga’s involvement in board, condemned by civil society.
The political cost of IMF programmes
As Jordan is engulfed in social unrest and political upheaval, questions are raised around the relationship between IMF conditionality and trends in instability.
World Bank and IMF influence casts shadow over South Africa’s Just Energy Transition Partnership
World Bank’s support for fossil fuel projects, including problem-riddled Medupi coal power station, leaves its reputation in tatters with South African civil society.
Behind the fumes: the dirty truth behind the World Bank’s commitments on climate change
New report provides evidence that IFC investments in financial intermediaries (FIs) support the construction of coal power plants in contradiction to World Bank policy and IFC statements that FI lending is ring-fenced and does not support coal.
Throwing evidence to the wind? The World Bank continues pushing PPPs
The World Bank continues its strong marketing push for PPPs, despite concerns raised by IMF, IEG, civil society and the Bank’s own publications.
Annual Meetings 2025 Wrap-up: IMF and World Bank declare uncertainty the “new normal” amid spectacle showcasing US and private capital interests
Annual Meetings showcased the BWIs’ efforts to prove their loyalty to the current US administration and prioritise private capital, even as multilateralism erodes and civil society space shrinks.
IMF and World Bank complicit in ‘austerity as new normal’, despite availability of alternatives
UN organisations build consensus on need to expand fiscal space, as IMF and World Bank continue to push austerity.
World Bank gender strategy risks undermining new human rights language with continued private sector bias
World Bank’s gender draft strategy for 2024-2030 steps up to name gender a human rights issue but fails to address barriers perpetuated by Bank’s macroeconomic model, while civil society warns of need to move away from Bank’s Maximising Finance for Development model as austerity sweeps the globe.
IFC 3.0: superficial upgrades, same problems?
As the IFC sets out a new strategy, CAO and CSO reports have raised further criticism over its investment in financial intermediaries, and a new law suit challenges its immunity.
World Bank support for Covid-19 vaccination fails to ensure equitable access
World Bank’s Covid-19 vaccination programme contributes to global response but fails to ensure free access to vaccines and healthcare during the pandemic.
Democratic deficit: The IMF, Ecuador, and central bank independence
IMF’s continued push for central bank independence criticised as undemocratic, unequal and for curtailing countries’ capacity to respond to the pandemic.
IMF in Greece: a “slush fund” for “its political masters”
As Greece agrees a loan extension which excludes an IMF contribution, commentators condemn the impact of IMF’s previous loan conditionalities on the Greek economy.
World Bank’s vision of work leaves it isolated from the international community
World Bank’s vision of the changing nature of work clashes with the feminist community, civil society, trade unions and international organisations.
Tout change et rien change pas: Global power and IMF leadership
The present IMF leadership ‘contest’ makes a mockery of the institution’s multilateral character and further diminishes its legitimacy.
The IMF gender strategy: Will it lead to real change for women’s rights?
While the strategy’s first concept note outlines an ambitious vision to mainstream gender across the Fund’s core operations, civil society emphasises that a deeper analysis of on the effects of Fund-endorsed policies on women’s rights is still missing.
As Jubilee year draws to a close, debt crisis remains unresolved
The current debt architecture continues to prioritise creditors over people as Jubilee-inspired movements push for genuine cancellation, fair restructuring and enforceable rules to rebalance global economic power.
The IMF’s role in the Ebola outbreak
IMF conditionalities attached to loans to Liberia, Sierra Leone and Guinea drained health services, damaging countries’ ability to handle the recent Ebola crisis.
World Bank and IMF’s response to global food crisis misses mark, as financial speculation drives food prices to historic highs
Action plan launched by Bretton Woods Institutions and other IFIs ignores role of corporatisation of agriculture in contributing to current crisis.
Spring Meetings 2026 Wrap-up: America First exacerbates global instability as war on Iran leads to latest economic shock
The Spring Meetings offered a chilling response to the persisting strains of global instability and multilateralism in crisis.
Kept in the dark: The World Bank, the IMF and parliaments
Parliamentarians from across the globe have signed on to the International Parliamentarians’ Petition. They believe that parliamentarians should be the final arbiters of economic decisions. Current practice, however, means they are not. The World Bank and IMF continue to pressure developing country governments to overrule or sideline their legislatures; a far cry from the principles…
IMF debt sustainability analysis in times of compounding crises: Still unfit for purpose
New IMF debt sustainability framework fails to alleviate concerns over transparency and overoptimism in midst of large-scale debt crisis, as countries face severe austerity and private lenders wait for bailouts.
World Bank’s update on Paris alignment fizzles at COP27 as countries demand MDBs evolve to face climate emergency
Despite continued public rhetoric about importance of civil society engagement, Bank is yet to commit to holding a public consultation period on its Paris alignment approach.
UN Secretary General’s New Agenda for Peace calls for urgent financial architecture and policy reform
UN Secretary General’s New Agenda for Peace report identifies growing threats to global peace and stability, and proposes urgent reforms to the unjust economic system. World Bank and IMF resist policy and governance reform.
IFC standards review must respond to UN’s call for rights-based transition mineral value chains
Amid escalating transition minerals mining, the expected 2025 review of IFC’s Performance Standards must result in a new approach.
Civil society defends feminist demands amidst threats to women’s rights and fresh questions over the role of the BWIs
It is a dangerous time for gender as a development priority. As Donald Trump entered…
From donor to investor: The dangers of the development paradigm shift
As significant cuts to ODA are made, a narrative shift by rich donor countries attempts to detract attention from reduced spending.
Expanding global cooperation on climate justice
Mary Robinson and Alice M Miller outline how a human rights framework should be an essential tool in designing strategies, programmes and institutions to help nations mitigate and adapt to climate change. They focus on institutional issues including the role played by the World Bank and highlight reforms needed. Finally they call for building stronger…
Fundamental change or more of the same?
In this review, we assess the progress of the G20, and particularly of the UK government, towards the 12 policy recommendations as set out by the Put People First platform in March 2009 and identify areas where further progress should be pursued in 2010. This review shows that the international community needs to continue to…
Appointment of next World Bank head
Reacting to the announcement that Robert Zoellick is stepping down as World Bank President, a global coalition of campaigners has called for an open and merit-based process to elect the next World Bank leader, and for developing countries to determine the selection.
‘Leveraging’ private sector finance
The notion that public investments should be used to ‘leverage’ additional investments from private actors is increasingly used in a variety of development finance forums, including aid, development finance, agriculture and, in particular, climate finance. The World Bank has become one of the leading proponents of this concept, though nowhere has it spelled out clearly…
BRICS Bank: New bottle, how’s the wine?
Last year BRICS’ leaders agreed to launch a BRICS development bank. Whether this is considered positive depends in part what questions are being asked. Sameer Dossani of ActionAid International highlights the flaws in the World Bank and IMF, analyses whether a BRICS Bank could be different from these institutions and proposes what it should do…
IMF policy in the MENA region: Lessons unlearnt
New report reveals IMF policy in the MENA region has remained unchanged after the 2011 Arab uprising, despite its rhetoric for change towards inclusive growth.
A critical analysis of the World Bank’s World Development Report on education
While the World Development Report (WDR) 2018 on education has some redeeming features, it is part of the Bank’s longstanding very narrow view of education, and is silent on education financing.
Pro-poor or anti-poor? The World Bank and IMF’s approach to social protection
Stephen Kidd critiques Bretton Woods Institutions’ approach to targeted social protection systems, arguing the poor lose out the most.
Was Rato the best candidate? We’ll never know.
Press release from Bretton Woods Project and CRBM on the nomination of Rodrigo Rato as Managing Director of the IMF.
Repairing harm caused: What could a reparations approach mean for the IMF and World Bank?
It is time for the IMF and World Bank to understand their own responsibility and decolonise their approach.
Haitian jobs hang in the balance in IFC-funded plant
The International Finance Corporation, the Bank’s private-sector arm, has brought in labour mediators in an attempt to resolve a dispute that threatens to leave hundreds of employees at an IFC-funded plant in Haiti without work.
European Parliament weighs in on future direction of IMF
On 14 March, the IMF came in for some heavyweight political criticism as the European Parliament adopted a resolution on the strategic review of the Fund.
Evaluation of World Bank support for education says enrolment up, learning down
The Bank’s evaluation unit has released a report giving the Bank passing grades on increasing primary school enrolment and access for the disadvantaged, but failing grades on learning outcomes and educational management. Members of the report’s external advisory panel say the report failed to address teachers, the impact of HIV/AIDS, and the role of IMF…
IMF economic policies under fire
While the political agenda at the IMF is shifting back to mandate and governance reform, there are growing calls that the Fund needs to fundamentally rethink the monetary and fiscal policies it recommends if the institution is to retain legitimacy and renew its mandate.
Less than meets the eye: IMF reform fails to revolutionise the institution
IMF managing director Dominique Strauss-Kahn called recent agreements reached on IMF governance reform “historic”. However, a closer analysis reveals that the shifts in votes are smaller than claimed and though the basic power structure of the IMF will better incorporate large emerging markets, it will also continue to see dominance of the US and Europe.
The role of the World Bank in carbon markets
This paper outlines the World Bank’s involvement in the carbon market and reviews concerns about its impacts on greenhouse gas emission reductions and development.
World Bank-IMF spring meetings 2011
Analysis of governance reforms and other decisions made at the 2011 World Bank and IMF spring meetings
Year 2 of the Tunisian revolution: Private profit vs public interest
In October 2012, the Tunisian government submitted a draft bill to the Constituent Assembly to shape a legal and institutional framework favourable to public-private partnerships (PPP).
Disempowered development
World Bank support for a Nepal power line has been criticised for violating indigenous peoples’ rights and the use of armed forces, yet an Inspection Panel investigation has been delayed.
The rise of the infrastructure giants
World Bank faces increased competition over large scale infrastructure in Asia, with the Asian Infrastructure Investment Bank and the BRICS Bank.
Where is the public in PPPs? Analysing the World Bank’s support for public-private partnerships
A review of the World Bank’s support for public-private partnerships by the Independent Evaluation Group reveals a lack of proven poverty impacts.
IFC decision pending on controversial Haiti free trade zone
The Board of the International Finance Corporation, the World Bank’s private-sector arm, is in the final stages of approval for a loan for development of the first of a series of proposed free trade zones along the border between Haiti and the Dominican Republic.
Bretton Woods at 75
BWP publishes essay series reflecting on the legacy of 75 years of IMF and World Bank policies and power.
The IMF at the 75th anniversary of the Universal Declaration of Human Rights: The need for governance reform
As the world celebrates the 75th anniversary of the Universal Declaration of Human Rights, it is time the IMF’s shareholders use the opportunities provided by the anniversary and growing calls for reforms to the international financial architecture to redesign the IMF’s governance structures and programmes to ensure they are consistent with the commitments outlined in…
Financial liberalisation, capital controls and development in Africa: The case of Uganda
Financial liberation has had a significant effect on Uganda’s economy opening the door for significant foreign ownership while facilitating the ongoing extraction of wealth.
The World Bank, the apartheid wall and the ghettoisation of Palestine
Comment by Jamal Juma, campaign coordinator of the Palestinian anti-apartheid wall campaign: StoptheWall.
Better ways to reduce the pain of debt crises for developing countries?
Amid challenging global conditions, proposals to address liquidity issues must be urgently matched by a reformed, development-focused international financial architecture.
Year one of World Bank Paris Agreement alignment in the energy sector: ‘green conditionality’ dwarfs green investments
New BWP research finds the Word Bank’s approach to Paris alignment is being used to a significant extent to impose ‘green conditionalities’ on borrowing countries, especially in the Global South.
New data reveal World Bank DPF ‘climate finance’ carries strong private sector bias, undermining a just transition
While the World Bank counted 70 per cent of energy-sector reforms in Development Policy Finance as having ‘climate co-benefits’ between 2018-2023, most promoted a private-led energy transition.
Fuelling authoritarianism: The role of the Fund and Bank in eroding the social contract
BWIs’ policies continue to contribute to the rise of populism, authoritarianism and backlash against multilateralism despite the institutions’ long-standing concerns and rhetorical support for reform.
Grading the World Bank Group on climate justice principles: A scorecard on the Bank’s 2025 climate finance
BWP’s scorecard gives World Bank’s a C- on its reported climate finance for FY 2025.
IFC helping Western multinationals exploit Ghana’s water crisis
The water supply crisis in Ghana is being exploited by all manner of pro-market corporate bodies ranging from the World Bank to Coca-Cola. While the World Bank is licking its wounds from failed private water management initiatives, such as the Aqua Vitens Rand Limited management contract in Ghana, the International Finance Corporation (IFC), its private…
Unsafe haven? New IFC tax haven policy questioned
A new report finds widespread use of tax havens by World Bank clients, while the new Bank policy is criticised for having major loopholes.
The World Bank and industrial policy: Hands off or hands on?
Former deputy secretary general of UNCTAD Carlos Fortin, of the Institute of Development Studies, examines the Bank’s record on industrial policy over the last 20 years and shows that the Bank’s position is more nuanced.
The IMF’s debt restructuring dilemma
Burgeoning debt levels, and problems in Jordan and Philippines, indicate that debt crises are not behind us. While the IMF considers policy changes, an influential group of scholars has proposed a new Fund facility for handling sovereign debt restructuring.
Corporatising agriculture
World Bank’s Benchmarking the Business of Agriculture rankings are unlikely to benefit the world’s smallholder farmers, but could instead facilitate corporate land grabs.
Public water: the antidote to failed World Bank water policy in Lagos
The World Bank’s push for water privatisation in Nigeria is harming people’s access to safe, affordable water.
The wrongdoings of the Doing Business Rankings and the corporate take-over of agriculture
Civil society urges the World Bank to scrap DBR and EBA, claiming the latter harms small-scale farmers by putting corporate interests first.
Bank/Fund annual meetings 2003 round-up
Short assessment of key issues and decisions at Dubai annual meeting.
Spring Meetings amid Covid-19 crisis: Will this change everything?
World Bank and IMF Spring Meetings take place amid a global health emergency which experts estimate could result in millions of deaths.
Costa Rica resoundingly rejects IMF’s ‘austericidal’ recipe
Alternative progressive solutions reached by democratic and inclusive multi-sectoral dialogue.
Quota reform needed at IMF in order to address 21st century challenges
As economic conditions worsen and the Fund’s legitimacy comes under increasing pressure, IMF leaders gathering for the Annual Meetings must make progress on ongoing review of IMF quotas and agree a more equitable formula and distribution of voting power.
Spring Meetings 2023 Wrap up: Bretton Woods Institutions fail to deliver a transformative ‘evolution’
In the absence of transformative reform blocked by geopolitical fragmentation, the World Bank and IMF continue addressing global challenges with short-term, misguided measures of trickledown economics and private sector over reliance.
World Bank and IMF promoting private finance and fiscal consolidation despite mounting evidence of harmful impacts
Civil society research documents clear harms from privatisation and fiscal consolidation on public services and human rights, as Bank and Fund push for their deepening.
Sustainable development requires sustainable finance: why local currency financing is part of the solution
Multilateral development banks can reduce their dependence on hard currency lending and make local currency financing a central element of their developmental mandate.
Breaking free from the aid trap: time for Africa to halt international financial institutions’ austerity policies
The ‘aid trap’ continues in light of significant ODA cuts amidst political change in donor countries, as the BWIs continue to facilitate the financialisation of essential services like healthcare.
The IMF’s upcoming surveillance review: In an ever more urgent global context, the Fund must learn lessons from its past failures to reform
The IMF’s Comprehensive Surveillance Review takes place this year in a global context in which it is more pressing than ever to ensure that countries have the ability to take real action on climate change and rising social inequality.
Mitigating currency mismatch in development finance: MDBs and local currency lending
MDBs must consider local currency lending a central pillar of their development mandate.
Sustainability dismantled
World Bank president Wolfowitz announces his move to disband the Environmentally and Socially Sustainable Development (ESSD) network within the Bank. It will be merged with the Bank’s infrastructure department and report to the current head of the infrastructure department, Kathy Sierra.
Don’t bank on it! Challenging the World Bank’s role in future climate finance
Despite a superficial ‘climate makeover’, UK civil society organisations conclude that the World Bank is still a long way from operating in transparent, participatory and accountable ways, or lending upon a truly green portfolio, and therefore should not be trusted with the world’s climate funds. Furthermore, the form and functions of a climate finance institution…
IFC’s bitter tea
As the CAO publishes its assessment report of its investigation into allegations of human rights violations by IFC-funded APPL, Tata Tea’s parent company in Assam new evidence emerges of the IFC’s failings.
World Bank set to finance criticised mega gas pipeline from Azerbaijan to Europe
The World Bank has announced its intention to fund the Azerbaijan and Turkey part of the Southern Gas Corridor to Europe, despite concerns over the geopolitical context and fossil fuel dependency.
World Bank/IMF spring meetings 2004 Round Up
This year’s spring meetings of the World Bank and IMF mark 60 years of their founding in 1944. Fasts in Pakistan and outside the World Bank in DC were some of the actions taken by global justice campaigners to press on issues including debt cancellation.
The role of World Bank and IMF post-tsunami in Indonesia
The Paris Club communiqu
Annual Meetings 2024 Wrap-up – Don’t look back: BWIs plough down path of reforms lacking evidence and willingness to engage with broader UN-led reform processes
The 2024 World Bank and IMF Annual Meetings, taking place in the context of the institutions’ 80th anniversary, offered little substantive reform despite multiple ongoing organisational processes and reviews.
IFC green gloss: new private sector guide to biodiversity
IFC launches private sector guide to biodiversity at convention in Curitiba
