Bretton Woods
Update 84
World Bank on jobs: a “significant departure” or “business as usual”?
The opening sentences of the 2013 World Development Report Jobs, could not be clearer: “Jobs are the cornerstone of economic and social development”. Brendan Martin of UK NGO Public World examines the policy implications for developing economies, trade unions and the wider development community.
A forest of failures
A leaked copy of an evaluation of the Bank’s forest strategy criticises the Bank’s failure to address social and environmental goals. Further criticism has also been raised over the Bank’s Forest Carbon Partnership Facility (FCPF).
IEG finds declining impact at Bank, IFC
An annual Independent Evaluation Group (IEG) report on the Results and performance of the World Bank Group 2012 showed declining effectiveness at the Bank Group, with its worst ratings in the areas where its lending is increasing the fastest or it is prioritising work, such as infrastructure and public-private partnerships (PPPs).
IFC-funded mines: still courting controversy
Following a year of violence associated with IFC-funded mining projects, the IFC’s mining investments in Guatemala, Mongolia, Peru and Colombia are still provoking controversy.
The Troika setting a “default trap”?
Controversy erupted in January after the IMF implied lenders to Greece may need to provide yet more debt relief, while the social and economic sustainability of other Troika (the lending triumvirate comprising the Fund, European Central Bank and European Commission) programmes is still in question.
World Bank Group’s sub-national lending
The World Bank and the International Finance Corporation (IFC, the Bank’s private sector arm) are jointly encouraging sub-national lending to states or provinces, aimed at boosting direct engagement at the state or municipal level.
IMF accused of anti-China bias
The IMF’s Independent Evaluation Office (IEO) published a late December evaluation that was critical of IMF concerns and advice relating to international reserves, especially the accumulation by countries of large quantities of US dollar assets.
IFC jobs study “fragmentary”
The claim that the International Finance Corporation’s investments create jobs was put to the test by the IFC jobs study released in January.
IFC oblivious to impact of lending to financial sector
An audit of the IFC’s investments in financial intermediaries reveals a lack of assessment of environmental and social impacts.
IFC investments “rarely touch the poor”
Criticism of the International Finance Corporation’s lack of poverty focus has again caught the spotlight, as the IFC continues to fund projects that stretch the interpretation of development.
Bankspeak of the year 2012
Every year the Bretton Woods Project celebrates the best specimens of incomprehensible jargon and ridiculous rhetoric issued by World Bank and IMF staff and financial commentators in the cause of IFI business.
Recommended resources on the World Bank and IMF 2012
Recommended resources on the World Bank and IMF 2012
Getting its hands dirty
As the World Bank president became more vocal about climate change, concerns remain about the Bank’s involvement in fossil fuels, including projects in Mongolia and Central Asia, and questions have been raised about its accountability for hydro projects in India and Guatemala.
Kim launches first World Bank restructuring salvo
After winning over staff and shareholders in his first six months as World Bank president, Jim Yong Kim launched a publicly unexplained reorganisation of senior management at the Bank in late December, ahead of an expected strategy overhaul and deeper restructuring.
IMF research on “fiscal profligacy” criticised
A January IMF working paper has accused the US of “fiscal profligacy”.
Bank announces 2014 WDR topic: risk management
In December the World Bank published a concept note for its 2014 World Development Report, which will address risk management.
IMF highlights shadow banking risks
An IMF December staff discussion note from the IMF’s research department, authorised by chief economist Olivier Blanchard, reveals that shadow banking now accounts for 25 per cent of global financial assets.
Pakistani PM’s son-in-law new World Bank ED
The Pakistani prime minister Raja Pervaiz Ashraf controversially appointed his son-in-law Raja Azeemul Haq as World Bank executive director (ED) in December replacing current ED Javed Talat whose term had expired.
IMF to play “grand endorser” in Jamaica?
Jamaica is close to agreeing a new IMF programme despite a recent record of disputes.
IMF governance “credibility cliff”?
After missing the October deadline to approve the governance reforms agreed in 2010, IMF shareholders have also missed the January 2013 deadline to agree changes in the IMF quota formula.
Malawians feel the pinch of IMF reforms
Demonstrations have taken place throughout Malawi prompted by the rising cost of living and the increasingly unpopular leadership of president Joyce Banda who has been closely following a US$156 million three-year programme approved in July, 2012 by the IMF’s Extended Credit Facility (ECF).
Talks on Egypt’s IMF loan “still ongoing”
Negotiations on a $4.8 billion IMF loan to Egypt (see Update 83) remain stalled, although Finance Minsiter, Morsy Hegazy reiterated in January that talks are “still ongoing”.
IMF “onslaught” on Pakistan’s economy
Pakistan must radically change its economic strategy, and raise Rupees 360 billion ($3.67 billion), 1.5 per cent of its GDP, before the Fund will agree to a new programme.
ICSID billion dollar cases prompt criticism
The International Centre for Settlement of Investment Disputes (ICSID), an arm of
World Bank’s safeguards review extended
The first phase of the Bank’s safeguard review has been extended to mid-April with global consultations planned, including on seven emerging areas.
IMF interest waiver for LIC loans extended
In December the IMF executive board extended the temporary interest waiver on concessional loans to low-income countries (LICs) under the Poverty Reduction and Growth Trust (PRGT), until December 2014.
Fund censures Argentina over inflation figures
The executive board of the IMF met in early February to assess Argentina’s progress in addressing the quality of its statistical data on inflation and GDP.
Inspection Panel examines Afghan mining project
The World Bank’s Inspection Panel compliance body received two complaints in December relating to the Sustainable Development of Natural Resources Project in Afghanistan.