Bretton Woods
Update 76
World Bank’s Africa strategy remains rutted in comfort zone
A critical analysis of the World Bank’s new strategy for Africa
European countries plot heist of IMF top job once again
As nominations close on the IMF leadership race it seems certain that European countries will trample over promises for “an open, merit-based and transparent selection process”, and succeed in shoe horning French finance minister Christine Lagarde into the job.
IEG faults IFC poverty focus
An April report by the Bank’s arms-length evaluation unit faults the International Finance Corporation (IFC), the Bank’s private sector arm, for failing to pay attention to how its promotion of private sector growth impacts the poor.
IFC financial intermediary lending: cause for complaint?
A case filed by communities in India has prompted the first internal probe of the International Finance Corporation (IFC), the Bank’s private sector arm, for its lending through financial intermediaries, highlighting concerns about the transparency and effectiveness of this lending.
World Bank energy strategy stalled
A mid April meeting of the World Bank board sub-group, the Committee on Development Effectiveness (CODE), threw the development of the Bank’s energy strategy into disarray, while NGOs complain of a weakening of Bank commitment to consultation and continue to critique Bank energy investments.
BP cash for World Bank forest fund
Global oil and gas company BP has pledged $5 million to the Bank’s Forest Carbon Partnership Facility (FCPF).
Conflict of interest? World Bank’s role in global climate fund causes outcry
As civil society groups and developing countries continue to warn against World Bank influence in the design and management of the new Green Climate Fund (GCF), further criticism is emerging of existing Bank climate initiatives.
Brazil, India spurn IMF capital controls framework
Major developing countries have rebuffed the IMF’s proposed framework on capital controls, or ‘code of conduct’ as it has been renamed. The board paper discussed in March drew fire from Brazil and India for being too prescriptive and suggesting that controls should only be used temporarily and as a last resort, but the policy will…
The IFC’s approach to international trade finance
Trade finance refers to financing arrangements that support international trade transactions. It is one of the central parts of a new ten-year strategy paper on international trade currently being developed by the World Bank for the period between 2011 and 2021.
Rehash of failed policies for Arab states?
As revolutionary movements sweep the Arab world, the World Bank and the IMF have taken a lead in international economic engagement in the Middle East and North Africa region. But critics have warned of the dangers of locking transitional governments into long-term loans with economic conditionalities that may perpetuate the flawed development model that contributed…
IMF policy, but not practice? Regressive tax in Pakistan
The IMF is withholding part of a loan to Pakistan over its failure to raise consumption taxes or decrease spending, but IMF-led reforms fail to address the under-taxation of the country’s wealthy elite. The IMF’s official approach to tax policy advice, articulated in a March board paper, shows a new appreciation for the distributional effects…
Unease over Bank approach to global food crisis
NGO criticism of the World Bank’s market-based approach to the global food crisis, particularly with regard to foreign agricultural investment, increased in recent months, while the Bank reiterated its existing position in April meetings.
IMF’s European austerity drive goes on
The IMF programme in Portugal highlights the heavy conditionality attached to loans. Meanwhile, a big, and very public, fight is brewing over debt in Greece, where the IMF denies any problems.
Open for business: World Bank to reinvest in palm oil amid criticism
Early April saw the launch of the new World Bank Group strategy for engagement in the palm oil sector, which failed to resolve civil society concerns over several issues, including the rights of indigenous peoples and how performance standards will be applied across supply chains.
El Banco Mundial niega el acceso a los bloggers
En sus reuniones de primavera en abril de 2011, el Banco Mundial decidio no conceder la acreditacion de prensa para AidWatch – un blog relacionado con el Instituto de Investigacion sobre el Desarrollo de la Universidad de Nueva York – prohibiendo tambien la entrada de los bloggers al sitio de acceso del centro de la…
World Bank project in Sri Lanka criticised by Tamils
In April Tamilnet.com, an independent newswire service dedicated to issues concerning Tamil people in Sri Lanka, accused the World Bank of contributing to the “the dismemberment of the Eezham Tamil nation in the island.”
World Bank admits failures in East Timor
In April the Independent Evaluation Group (IEG), the Bank’s arms-length evaluation body, released a critical report assessing Bank operations in East Timor from 2000 to 2010.
World Bank refuses accreditation to bloggers
At its April spring meetings, the World Bank decided not to give press accreditation to Aidwatch – a blog linked to the New York University’s Development Research Institute – banning the site’s bloggers from access to the media briefing center.
US cuts funding to World Bank Climate Fund
The Clean Technology Fund (CTF), one of the controversial Bank-housed Climate Investment Funds (CIFs), was a victim of the 2011 US budget deal, which passed in April.
IMF paper finds lobbying contributed to financial crisis
In May, three IMF staffers published a working paper with National Bureau of Economic Research,, A Fistful of Dollars: Lobbying and the Financial Crisis, pointing out the role of lobbying by financial firms for lax regulation which directly led to the 2008 subprime crisis.
Aid to Afghanistan, Malawi suspended on IMF decision
International donors including USAID and UK DFID have halted aid to Afghanistan following the IMF’s suspension of funds in February.
IMF agrees new reserve adequacy metrics
In early March, the IMF board agreed to the use of new ways of measuring whether a country’s foreign exchange reserve were adequate.
IMF to spend $436 million on office refurb
The April IMF board approval of its budgets for the 2012 financial year (FY), and indicative budgets for FY2013-14, gave the first public insight into the amount the Fund plans to spend on refurbishing its offices.