The World Bank has formally reopened a corruption inquiry into a leading Canadian engineering company which could lead to the first blacklisting of a major international firm.
Brazilian President Luiz Inacio Lula da Silva and Argentine President Nestor Kirchner are scheduled to sign a political and economic agreement tomorrow that includes adopting a common position from which to negotiate their debts to the International Monetary Fund.
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.
