Bretton Woods
Update 82
World Bank’s climate record in the dark
As the World Bank officially stepped into its role as interim trustee of the United Nations Framework Convention on Climate Change’s (UNFCCC) new Green Climate Fund (GCF), its track record on fossil fuel investments continues to raise concerns.
Unearthing the IFC’s links to mining abuses
As mining projects in South Africa and Peru face violent opposition, critics are questioning the stakes held by the International Finance Corporation (IFC, the World Bank’s private sector arm) in the corporations at the centre of the controversies. New IFC funding for mining projects in Mongolia and Guinea is also causing alarm, leading to a…
World Bank making poverty worse in Kosovo
Before joining civil society organisations (CSOs), I worked for Kosovo’s state-owned power company for many years. During my time there I learned how the coal industry works and how much it negatively affects every segment of our lives. Already two years ago, Kosovan CSOs warned the World Bank that things would not turn out well…
IMF divided over capital flows management?
IMF research staff have joined external critics in saying that capital account regulation should be more widespread and better coordinated across recipient countries, setting the stage for a contentious final debate on an IMF institutional view on capital account management at end October.
World Bank lending facilities
The World Bank’s investment lending (ILs) have been joined in recent years by new lending instruments, whilst IL itself faces an overhaul, as the Bank’s operational policies come under review and pilots for the use of ‘country systems’ mature. The Bank is presently using four lending instruments: investment lending, development policy lending (DPL), Program-for-Results, and…
IMF commits gold windfall to PRGT, concerns this risks “entrenching” LIC debts
As the IMF reviews lending facilities, it has decided to commit windfall profits to financing such lending, raising concerns that this may prolong poor nations’ indebtedness.
World Bank safeguards under scrutiny
With the World Bank’s safeguards review due to be launched, indigenous groups and civil society organisations (CSOs) called for it to be rigorous and extensive. Meanwhile, the environmental and social track record of the Bank and its private sector arm, the International Finance Corporation (IFC), has come under scrutiny in India, Colombia and Brazil.
IMF’s “incompetence” and “failures” in Europe led to “suffering”
The IMF’s role as a member of the Troika, the grouping of the European Central Bank (ECB), European Commission and the Fund in the eurozone crisis, is attracting new criticism. Deepening recessions in eurozone nations have brought the efficacy and appropriateness of Troika-led reforms into question.
Avoiding crashes on the financial “highway”?
The launch of the World Bank’s new annual study, the Global financial development 2013 report (GFDR) and an IMF conference on financial crises, both in September, have renewed scrutiny of the Bank and the IMF’s support for the development of private sector financial systems and the role their policy advice played in the global financial…
No strings attached?
Egypt has been in talks to get over $11 billion in foreign aid, of which at least $7.5 billion will be contingent on IMF approval, sparking concerns from activists over policies likely to be imposed by the Fund, just as it has ended its conditionality review.
Revamped IMF surveillance: lacks influence?
The IMF has modified its mandate for scrutiny of its members’ economies, pushing for greater oversight of large important countries. Doubts remain over its ability to influence the policy process in its biggest members.
IFC to fund Nigerian shopping malls to improve food security
The Bank’s private sector arm, the International Finance Corporation (IFC), announced in June that it will invest $124 million in Nigerian property development group, Persianas to construct at least four shopping malls, a “high growth” sector in Nigeria.
Changing the allocation of special drawing rights
The World Economic and Social Survey 2012, published by the UN Department for Economic and Social Affairs (UNDESA), has called for a change in the SDR allocation formula.
Indian takes chief economist job at Bank
In early September the World Bank announced the appointment of Kaushik Basu of India as its next chief economist from the beginning of October.
Chinese investment banker takes post as head of IFC
Chinese national Jin-Yong Cai will become the International Finance Corporation’s (IFC, the World Bank’s private sector arm) executive vice president and chief executive officer, it was announced in August.
World Bank returns to Burma amid criticism
After leaving over suspended debt repayment in the late 1980s, the Bank officially returned to Burma, also known as Myanmar, in early August.
IMF lending politically influenced?
The hypothesis that IMF lending is subject to political influence, “cannot be discarded” according to Andrea Presbitero and Alberto Zazzaro in the Autumn 2012 edition of World Development.
No carbon pay for Indian farmers?
The Bank’s compliance body, the Inspection Panel (IP), has received a request for inspection from farmers who reforested land in India as part of a Bank carbon sequestration project
IMF’s debt restructuring
In August, the IMF published data on sovereign debt restructuring cases between 1950 and 2010, detailing pitfalls in the process including creditor holdouts and litigation, communication amongst stakeholders and the scope of debt relief in past restructurings.
External panel to review IMF’s Independent Evaluation Office
In August, the IMF executive board appointed an external panel to review the work of the Independent Evaluation Office (IEO), the body that assesses the work of the IMF.
US blocks IMF governance reform
An IMF governance reform deal agreed in November 2010 has been stalled by US Congress’ failure to grant it approval.
IFC failed to act on “forced evictions”?
In August, the Compliance Advisor/Ombudsman (CAO), the accountability mechanism of the International Finance Corporation (IFC, the World Bank’s private sector arm), launched an audit into its $30 million investment in palm oil and food company Corporaci
World Bank back in on Padma bridge project?
The World Bank has decided to reengage with Bangladesh’s Padma bridge project after it suspended its promised $1.2 billion loan last year over allegations of corruption in the consultant selection process
World Bank urged to review Rwandan support
Human Rights Watch (HRW) has asked the World Bank to review its support for Rwanda in the light of strong evidence of its “disregard of fundamental human rights”, including killings of civilians, sexual violence, forced recruitment of children and torture.
2012 World Bank-IMF Annual Meetings schedule
Tentative schedule of the World Bank-IMF annual meetings in Washington DC, from 10 to 14 October, 2012 in Tokyo, Japan.
Bretton Woods Project survey prize winners
Bretton Woods Project communications survey prize winners selected.