Bretton Woods
Update 80
New World Bank president: what’s on the agenda?
An unprecedented competition for the presidency of the World Bank, with two highly experienced developing country candidates nominated in addition to the US candidate, has raised demands for reform of the Bank’s approach to middle-income countries, human rights, environmental issues, and the private sector, among others.
IFIs and labour markets
The G20 has ensured that the IFIs are receiving increasing resources to deal with the economic crisis. However, the institutions are resisting the drive to find new paths for world development, particularly for ensuring jobs and employment, and instead remain attached to dogmatic liberal principles and recommend the same old-fashioned liberalisation proposals that have driven…
IMF policy recommendations
IMF policy recommendations are often criticised for being too restrictive, procyclical and paying little attention to country-specific circumstances. In the aftermath of the 2008 crisis, the Fund showed some policy rethinking, bringing about expectations of change. However, Rathin Roy and Raquel A. Ramos of the UNDP Policy Centre for Inclusive Growth analyse IMF policy recommendations…
IEG finds World Bank not well adapted to crisis lending
The final report of the World Bank’s Independent Evaluation Group’s (IEG, the Bank’s arms-length evaluation unit) assessment of the Bank’s response to the 2008/09 global economic crisis confirms that Bank measures followed pre-crisis patterns and often failed to reach those most affected, leaving the Bank vulnerable to future crises.
False solutions? The IFC, private equity and climate finance
As the International Finance Corporation (IFC), the Bank’s private-sector arm, announces new investments in its climate-focused private equity fund, critics argue that investing scarce public climate funds in the financial sector is of unproven effectiveness, will miss the world’s poorest regions and has questionable developmental impacts.
Capital flows: IMF guidelines criticised
The current surge of capital flows to emerging markets continues to challenge the IMF’s historical position regarding capital account regulation and exchange rate policies, with the Fund’s policy framework being criticised by academics and emerging markets.
Building alternatives BRICS by BRICS
With the future of the World Bank up for grabs in the presidency race and the IMF facing a resource crunch, many developing countries are pursuing alternatives to the Washington-based lenders, with Brazil, Russia, India, China and South Africa even mooting a joint BRICS Bank.
World Bank backs dirty energy despite objections
Continued controversy over a coal power project in Kosovo, partly funded by the World Bank, and a catalogue of complaints over its projects highlight the impact of extractives and the lack of alternatives in the Banks energy lending portfolio.
IFIs labour approach “will get us in trouble”
With global unemployment at record high levels, the IFIs’ approach to employment is being criticised for still encouraging countries to lower labour protections.
IMF’s approach to financial regulation “behind the curve”
While the IMF’s strategic plan for boosting its financial sector surveillance has not been published, the Fund continues to argue that developing countries need more liberal financial systems.
Nature on the market?
The Bank will showcase new initiatives on oceans and the valuation of ecosystem services at the United Nations Conference on Sustainable Development, or Rio+20, in Brazil in late June, but is attracting criticism from civil society groups for its approach to ‘green growth’.
The World Bank and agriculture
Agriculture re-emerged in the last decade as a focus of World Bank Group lending, with the Bank claiming that “improving agricultural performance is the most powerful tool we have available to reduce global poverty and hunger.”
IMF in Europe: doomed to fail?
The IMF has scaled back its percentage stake in the Greek loan package but remains assertive in the eurozone, calling for more austerity raising questions over whether periphery nations will play along.
World Bank views on poverty “econocentric”
As the World Bank released its latest global poverty estimates, critics warn of the data’s shortcomings and how it compromises the understanding of the issue.
World Bank’s land policies under fire
In February about 200 people from across Asia demonstrated outside the World Bank office in Bangkok to highlight the failure of the Responsible Agricultural Investment (RAI) principles, co-authored by the Bank, to protect small farmers
World Bank’s Google deal threatens to “lock up data”
Concerns abound over the Bank’s deal to access Google Map Maker’s global mapping platform.
Peter Chowla becomes new Bretton Woods Project coordinator
We are delighted to announce that Peter Chowla is the new Bretton Woods Project coordinator. He takes over from Jesse Griffiths, who has joined the NGO European Network on Debt and Development. For the last three years Peter has been programme manager at the Project for the IMF and finance, and for three years prior…
Egypt to agree IMF loan despite opposition
Egypt’s interim government announced in February that they expect to sign a $3.2 billion loan deal with the IMF and state-media reported that negotiations are underway for a $1 billion loan from the World Bank.
Red Sea – Dead Sea project: World Bank intentions questioned
The Inspection Panel (IP), the Bank’s compliance body, issued a report in March considering “legitimate” environmental and human rights concerns regarding the Bank’s feasibility study for a project to channel water from the Red Sea to replenish the Dead Sea.
Job vacancy: Programme Manager IMF
This leadership role is an exciting opportunity to make a real contribution to influencing international financial institutions so they work for poverty eradication and reducing inequality.
IFC criticised for water privatisation
The World Bank participated in events and showcased investments in water services at the World Water Forum held in France in March. However, critics from civil society accused the Bank’s private sector arm, the International Finance Corporation, of working closely with major water-using corporations to advocate for an increased role of the private sector.
IFIs must “engage with the Burmese people”
Civil society groups from Burma have written to the heads of the IMF and World Bank requesting that the IFIs involve grass roots actors in their newly revived activities in Burma and that their operational policies “guarantee maximum transparency, accountability, social inclusiveness and safeguards”.
World Bank failing on reproductive health?
In an article for UK newspaper The Guardian, Elizabeth Arend of international NGO Gender Action questioned the World Bank’s status as a “global leader” in reproductive health.
World Bank lagging on gender and disability
A recent report by the Australian NGO RESULTS International criticises the Bank for its lack of consideration of gender and disability in its education projects.
2012 World Bank-IMF spring meetings schedule
Tentative schedule of the World Bank-IMF spring meetings in Washington DC, from 18 to 21 April, 2012.
IMF gold sales money to fund loans
The IMF has approved a plan to use $2.3 billion of the profits from the sale of its gold reserves to fund concessionary lending to low-income countries.