Bretton Woods
Update 9
ESAF review: new IMF strategy urged
More flexibility and a new approach was suggested in the external review of the Enhanced Structural Adjustment Facility (IMF loans to poorer countries) published in March.
Bank Poverty Assessments – “irrelevant”?
The Bank’s Poverty Assessments contain “relatively little of policy relevance” because of their narrow focus on income-based poverty lines, according to a report by the Institute of Social Studies, The Hague.
Stiglitz questions outdated “Washington consensus”
Giving the WIDER annual lecture in Helsinki the World Bank Chief Economist called for a…
CAS analysis improves, but still limited
The quality of Bank country assistance strategies (CASs) has improved in the last two years, concludes a recent Bank review.
Bulletin dissects Bank report on the State
The April 1998 Institute for Development Studies Bulletin critiques the Bank’s World Development Report, The State in a Changing World.
Bank builds muscle to deal with crises
The Bank will spend $50m over the next two years recruiting financial sector experts for a new Special Financial Operations unit.
Knowledge report discussions
The Bretton Woods Project is about to be sent the yellow cover draft of the Bank’s 1998 World Development Report.
IFC slammed by Anthropologists Association
In April Jane Hill, President of the American Anthropological Association, wrote a strong letter to Bank Group President James Wolfensohn and Carol Lee, IFC Vice President and General Counsel.
Policing the policemen
The IMF has been urged to be more transparent and accountable by a US Study Group convened by the Centre of Concern, and by the UK Chancellor.
NGOs debate IDA issues
The IDA Deputies – government officials who negotiate the refinancing of the World Bank’s International Development Association concessional lending arm – have met twice to discuss the policy framework for future IDA lending.
Preventing private sector debt crises
In addition to extending the IMF’s role, its governors have been examining measures to prevent future financial sector crises.
MIGA pressed to reform
Friends of the Earth US and other NGOs wrote to their government representatives in April to stress that the donor discussions about providing more money for MIGA should talk about reforms first and about shifting the portfolio away from mining and fossil fuel projects such as the controversial Lihir Island goldmine in Papua New Guinea.
IMF PR tour
The IMF is holding a meeting in late May in Ghana to explain its strategy to NGOs there.
Bank’s “new” adjustment programmes reviewed
The Bank is just completing a review of three years of “Higher Impact Adjustment Lending”…
WTO protests grow
The Second Ministerial Conference of the World Trade Organization (WTO) in Geneva was marked by protests in many countries.
Adjusting the SPA
Donor procedures and aid coordination have improved and resource flows to Sub-Saharan African countries increased under the Special Programme of Assistance for Africa (SPA), according to a recent report.
Loan costs set to rise
Borrowers from the International Bank for Reconstruction and Development (IBRD), the main World Bank lending arm, may have to pay higher charges for their loans in the future.
NGO approach debated
In March the Bank Board discussed the Bank’s approach to NGOs.
Are the 2015 targets realistic?
A new World Bank paper asks whether and how the international development targets (formerly known as “DAC targets”) for reducing poverty and improving social and environmental indicators might be achieved.
UK pushing controversial new IMF powers
The UK government is leading the effort to enable the IMF to pursue capital account liberalisation (CAL) in its member countries.
Faith meets finance
In February World Bank President James Wolfensohn met the leaders of nine religious faiths to discuss views on development.
Bank “Business Partnerships” scheme launched
The World Bank has committed $3 million to a “Business Partners for Development” initiative to undertake studies and pilot projects involving companies, NGOs and governments.
J2000 mobilise 70,000
An estimated 70,000 people demonstrated in Birmingham to call on G8 leaders to cancel poor countries’ unpayable debts.
Bank reform: what’s new?
In April the Bank’s Board discussed a progress report on the Strategic Compact: Wolfensohn’s reform package agreed one year ago.
International Finance Guide
A Citizen’s Guide to the Globalisation of Finance outlines current trends, and examines the recent financial crash in Southeast Asia and the potential for a similar crisis in India.
Private flows slowdown
Private capital flows fell sharply in the latter half of 1997 after having risen in the beginning of the year, as short-term capital flowed out of emerging markets in the wake of the Asian crisis.
South Africa dam claim
The World Bank’s Inspection Panel has received a complaint from residents of Alexandra township, Johannesburg, about “Phase 1B” of the Lesotho Highlands Water Project (LHWP), which involves diverting water from the mountains of Lesotho to South Africa’s industrial heartland.
Sibling rivalry: can the Fund and Bank cooperate?
UK Secretary of State for International Development Clare Short told the Financial Times in April: “We are in a very silly situation. The international institutions are meant to be complementary, but the IMF keeps charging around taking other peoples’ jobs in areas where it is not necessarily competent”.