Developing countries -- the main clients of the International Monetary Fund and the World Bank -- should have more say in the policy of those institutions, say African central bank governors and finance officials.
Developing countries have staked a claim for the top job at the International Monetary Fund for the first time following the resignation of managing director Horst Kohler who is to be the president of Germany.
Rodrigo Rato's position as Europe's frontrunner to replace Horst Koehler as head of the International Monetary Fund was strengthened on Tuesday at a meeting of European Union finance ministers in Brussels.
Argentina has reached an agreement with the International Monetary Fund to repay a $3.1 billion loan it owed to the fund, avoiding announcing a new default.
The World Bank may yet agree to stop funding fossil fuel projects and instead divert millions of dollars in loans to renewables, the author of an independent review whose recommendations were initially rejected told Reuters on Tuesday.
Britain's aid to some of the poorest countries in the world is conditional on governments privatising services, such as water and electricity, and giving multinational companies the option of buying them, says a report today by NGO War on Want.
The controversial Nam Theun II dam project in Laos is likely to get World Bank risk guarantee approval no later than early next year, paving the way for the long-delayed completion of Southeast Asia's biggest hydropower plant, an official at the project consortium said yesterday.
South Africa's Minister of Minerals and Energy, Phumzile Mlambo-Ngcuka, on Monday raised concerns that the World Bank was considering a limit on financing coal and oil projects in developing countries.
At the 80th anniversary of the World Bank and IMF, global civil society must maintain pressure on the Brazilian and South African G20 presidencies to ensure the forth Financing for Development Conference in 2025 results in urgently required international financial architecture reform.
Multilateral development banks can reduce their dependence on hard currency lending and make local currency financing a central element of their developmental mandate.
