Bretton Woods
Update 75
El Banco Mundial aumenta los prestamos a las industrias extractivas a pesar de los abusos a los dere
Los grupos de la sociedad civil han acusado al Banco por no haber previsto o respondido a los casos de las violaciones de los derechos humanos en el oleoducto Baku-Tbilisi-Ceyhan patrocinado por el Banco (BTC) en el Caucaso y Turquia, justo en el momento en el que el Banco anuncia un aumento en las inversiones…
Energy for the poor: World Bank urged to make a clean break
Policymakers, analysts and campaigners have said the Bank must revise its proposed energy strategy to set a clear course for reducing energy poverty and supporting low-carbon development. The credibility of the strategy is also at risk from new coal investments under consideration at the Bank
Heading for the right choice?
The IMF has committed itself to ending European dominance of selection of its managing director, and introducing an open, merit-based and transparent process. This paper sets out the three key elements to ensuring a successful process next time: a focus on selecting the best candidate available; a clear, fair, and transparent process; and the legitimacy…
Call for debt audit as IMF austerity fails
As IMF austerity policies fail to solve Greece’s debt crisis, activists call for an audit commission. Despite ongoing public protests and increasing challenges from academia, old economic principles continue to guide Fund practices.
World Bank increases extractives lending despite human rights abuses
Civil society groups have accused the World Bank of failing to foresee or respond to human rights abuses in the Bank-sponsored Baku-Tbilisi-Ceyhan (BTC) oil pipeline in the Caucasus and Turkey, just as the Bank announces a boost in investments in extractive industries.
Cambodia and the limits of World Bank accountability
The World Bank Inspection Panel released an investigation report in March, which found that the Bank breached its operational policies by failing to properly design and supervise the Cambodia Land Management and Administration Project (LMAP), contributing to “grave harm” to affected families.
UK reviews of World Bank paint a mixed picture
The UK government’s review of multilateral aid endorsed the World Bank, despite identifying major institutional weaknesses.
World Bank research impact questioned
World Bank evaluations of the influence of its research and reports paint a mixed picture.
Industrial policy: World Bank turning the corner?
Over the past year, World Bank chief economist Justin Lin has tried to reopen debate at the Bank over whether developing country governments should adopt active industrial policies, previously taboo at the institution.
World Bank’s privatisation approach to social services fails to deliver
While the Bank is developing a new social protection and labour strategy, its approach to health and continuing push for privatisation of public services have come under fire again.
The long road to nowhere? Disputes on the global financial architecture
While official ambitions are to refashion the global financial architecture, the IMF has yet to publish new thinking on capital flows, the G20 discussion on global imbalances is mired in dispute and the debate on a new monetary system may go in the wrong direction.
World Bank safeguards and independent scrutiny at risk?
Civil society groups have challenged Bank plans to rush through a new lending instrument, Program-for-Results, that would mean safeguards or equivalent standards no longer apply to a major portion of Bank lending. Meanwhile, a secretive review could strip the Bank’s accountability bodies of their independence and safeguards could be scaled back for projects deemed “low…
World Bank ignoring forest communities?
The World Bank has come under fire for its Inspection Panel’s decision on the forestry sector in Liberia, while new reports from civil society groups add to the growing backlog of criticism over the Bank’s Forest Carbon Partnership Facility (FCPF).
World Bank seeks expanded role in climate finance despite civil society protests
As civil society organisations line up to demand a minimal role for the World Bank in the new Green Climate Fund (GCF), the Bank is pushing its Climate Investment Funds (CIFs) as a model for the GCF, despite criticism and protest at CIF projects flaring up in recipient countries.
Cambodians denounce World Bank-funded land grab
We are the residents of Boeung Kak in Sras Choc commune, Phnom Penh, Cambodia who submitted a complaint to the World Bank Inspection Panel in September 2009. Our land rights, including our right to register our land, were unfairly denied by the World Bank-financed land-titling project.
Gold sales: funding debt relief or IMF bureaucracy?
Preliminary IMF board discussions on the use of excess money generated through gold sales are awaited before the Fund’s spring meetings in mid April. Gold sales were completed in late December 2010, at a time of historically high gold prices, providing the Fund windfall profits of at least $2.8 billion more than projected in 2008…
Bank seeks business in Middle East unrest
Staff at the World Bank’s political insurance arm greeted unrest in the Middle East and North Africa as a business opportunity, amid criticisms that IFI policies had fuelled the crises.
Singaporean becomes first Asian to lead IMFC
In late March, Singaporean finance minister Tharman Shanmugaratnam was selected as chairman of the International Monetary and Financial Committee.
New report on Bank’s role in controversial dam
In a March briefing, US NGO Bank Information Center (BIC) detailed major risks surrounding the construction of the Rogun mega-dam in Tajikistan, for which the Bank is funding environmental and social impact assessments.
World Bank launches new Africa strategy
In March, the World Bank launched its new Africa strategy, outlining three main areas in which it will focus its operations: competitiveness and employment, vulnerability and resilience of citizens, and governance and public sector capacity.
Another G7 national appointed as IMF deputy managing director without open process
In late February, the IMF appointed Nemat ‘Minouche’ Shafik as the third deputy managing director, replacing Brazilian Murilo Portugal, who resigned in mid January to become the president of Brazilian Banking Federation.
Nigerian economists bash IMF advice
February’s IMF Article IV consultations in Nigeria resulted in strong criticism by the Nigerian government, central bank, the Nigeria Economic Summit Group, and economic analysts.
IMF fails to include social impact in review
In mid March, the IMF released a concept note outlining the scope of its internal conditionality review, to be published before the Fund’s annual meetings in September.
Uganda: aid withheld after IMF PSI decision
As the IMF refused to sign off on Uganda’s first review of the Policy Support Instrument in mid February, fears amounted of declining donor support.