Bretton Woods
Update 83
World Bank and climate change
A new Bank report warns about the impacts of climate change, but concerns have been raised about its own track record. While the Bank has increased its renewable energy share, its continued funding of fossil fuels and focus on large scale dams remain controversial.
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 in Egypt: revolution or coming full circle?
The Egyptian government has finally concluded an initial loan agreement with the International Monetary Fund (IMF) following two years of continual negotiations.
“Cosmetic” changes to IMF governance
The IMF is about to embark on a new round of negotiations over governance reform, but acrimony persists and already-agreed changes remain unimplemented.
World Bank corporate scorecard
Every six months the World Bank issues a corporate scorecard, which is submitted each Autumn to the Bank’s annual meetings. The scorecard is supposed to “provide a snapshot of the Bank’s overall performance, including its business modernisation, in the context of development results.” It is compiled by Bank staff to “facilitat[e] strategic dialogue between management…
World Bank on jobs: “a race to the bottom”?
Two October World Bank reports reveal a contradictory message for developing countries’ labour markets.
Call for freeze on World Bank ‘land grabs’
As Oxfam called on the World Bank to freeze large scale land acquisitions, the Bank’s new agriculture strategy remained under wrap. Concerns have also been raised about ongoing initiatives on ‘climate-smart agriculture’ and the development of Doing Business in Agriculture.
IFIs’ new “house of cards” in Central and Eastern Europe
IFIs are renewing their focus on Central and Eastern European states. This comes amidst fears that growth in the region needs to be rekindled. The World Bank has promised more funding for countries at risk of instability. However, IMF loans being negotiated with Romania and Hungary have met with controversy.
Kim’s World Bank strategy: real change or “PR exercise”?
The World Bank’s new president Jim Yong Kim set out his vision for the institution at the Bank’s annual meetings in mid October, but his desire to build a ‘solutions’ bank and end absolute poverty comes with few details or big changes at the Bank. Next year’s replenishment of the International Development Association (IDA) will…
IMF controversy: is austerity backfiring?
The IMF’s shift in stance regarding easing Greece’s debt burden reflects a deepening controversy about whether austerity policies are counter-productive.
Safe in Bank hands? World Bank safeguards review launched
The World Bank finally launched the two-year review of its environmental and social safeguard policies in October.
IMF and the Troika: three’s a crowd?
The Troika has announced another Greek debt agreement, but disputes between the Fund and its Troika partners over debt reduction remain unresolved.
IMF new view on capital flows: “landmark” but still only a “baby-step forward”
The IMF’s new “institutional view” on capital flows, despite being more flexible than its previous stances, has nonetheless angered developing countries who blame rich country policy for volatility in financial movements.
Pakistan loan talks despite debt cancellation calls
Talks between the IMF and Pakistan under post-programme monitoring resumed in September. Despite confidence amongst Pakistan officials in their country’s capacity to repay its loans, the IMF fears the need for a second loan early next year
IFC’s Oyu Tolgoi mine prompts complaint
In October, Mongolian herdsmen took a complaint to the Compliance Advisor/Ombudsman, the International Finance Corporation’s (IFC) accountability mechanism, against the Oyu Tolgoi mine being considered for World Bank support.
CAO to facilitate dispute resolution over Chad-Cameroon pipeline
In November, the Compliance Advisor/ Ombudsman (CAO), the accountability mechanism for the Bank’s private sector arm, published its assessment of a 2011 complaint from a Chadian group of NGOs on behalf of local inhabitants and communities affected by a pipeline in Chad.
IFC education funds bypassing the poor
A new study by Karen Mundy and Francine Menashy of the University of Toronto reveals that the International Finance Corporation’s (IFC) education funding pays limited attention to poverty and distributional issues.
Please nominate 2012 best Bankspeak and resources
Continuing a much-heralded tradition at the Bretton Woods Project, the first issue of 2013 will feature ‘Bankspeak of the year’ and ‘resources of the year’.
Turkey to repay IMF debts by April
The Turkish prime minister, Recep Tayyip Erdogan, declared in September that “we will cut it [our $1.3 billion IMF debt] to zero by next April”, according to Anatolia News Agency.
Bank to review its country classifications
In response to China and India’s graduation from low-income country (LIC) to middle-income country status (MIC), the Bank has decided to review its country classification system.
IMF-Zimbabwe relations tentatively resume
In September the IMF executive board praised Zimbabwe’s efforts to repay its debts to the Fund and relaxed restrictions on technical assistance.
IMF names investment banker as Western Hemisphere department head
Former Mexican deputy finance minister Alejandro Werner is to head the IMF’s Western Hemisphere department overseeing Latin America.
World Bank’s health work challenged on gender
Gender Action’s new report Banking on health, published in October, examines IFIs’ commitment to addressing gender issues in health-related projects.
IMF staff warn of risks from derivatives markets
A new IMF working paper links heavy bank trading to market risks if “financial deepening” occurs as it emerges that over-the-counter (OTC) derivatives trades are set to avoid US and European market infrastructure regulations.
Bangladesh to raise VAT under IMF pressure
The Bangladeshi government is being pressured by the IMF’s Asia and Pacific department officials to implement its recommendations, including raising the VAT rate, despite opposition from local civil society organizations.
World Bank accused of racial discrimination
An online petition launched by an international group of current and former Bank staffers, justice for blacks, calls upon Human Rights Watch, the Bank’s governing board and the US government to investigate the Bank’s flagrant inability to uphold its policy of “zero-tolerance policy for discrimination”.