IF-EYE Newsletter
Issue #39
Thursday, March 19, 2009
A publication of the Bank Information Center (BIC)
Welcome to the March 19, 2009 issue of the IF-EYE – the Bank Information Center’s monthly synthesis of key developments concerning international financial institutions. This issue spotlights the launch of BIC's World Bank Transparency Review campaign as well as the upcoming World Bank/IMF Spring Meetings. Please send suggestions, contributions and subscription requests to: info@bicusa.org. Thanks for reading!
in this issue:
1. SPOTLIGHT: BIC launches World Bank Transparency Review Campaign
2. SPOTLIGHT: 2009 World Bank/IMF Spring Meetings
3. Civil society updates
4. IFI updates
5. Announcements and Resources
1. SPOTLIGHT: BIC launches World Bank Transparency Review campaign
3/1/2009 Bank Information Center
March 2009 marks the launch of BIC's World Bank Transparency Review campaign. This year, the World Bank will be reviewing their "Policy on Disclosure of Information", and BIC, together with its partners in the Global Transparency Initiative (GTI) and other groups, will seek to ensure that the Bank adopts a modern information policy based on a true presumption of disclosure and implements it rigorously.
Timely access to World Bank documents and decision-making has been a key concern of civil society groups. While the Bank has improved access to information in past years, particularly in response to external pressure, significant transparency gaps remain. The policy review provides a major opportunity for civil society groups to challenge continued secrecy of decision making at the Bank and to expand information access to Bank-financed projects and programs.
Read more (BIC website)
read the first TWo GTI updates:
GTI Update 1 - World Bank to Review Transparency Standards, by Bruce Jenkins, Bank Information Center, February 25, 2009 (PDF, 86KB)
GTI Update 2 - World Bank Begins Transparency Review, by Bruce Jenkins, Bank Information Center, March 13, 2009 (PDF, 71KB)
Contact BIC at gtiupdates@bicusa.org if you would like to receive further GTI updates or would like more information on civil society initiatives regarding the World Bank transparency policy review.
2. SPOTLIGHT: 2009 Wold Bank/IMF Spring Meetings
3/16/2009 World Bank & International Monetary Fund
The 2009 Spring Meetings of the World Bank and the International Monetary Fund (IMF) will be held over the weekend of April 25 and 26, 2009 at the World Bank and IMF Headquarters in Washington, D.C.
As in previous years, the Civil Society Policy Forum, a program of policy dialogues for Civil Society Organizations (CSOs) will be organized alongside the Spring Meetings. The Civil Society Policy Forum will be held from Thursday, April 23 to Sunday, April 26, 2009. Information about discussions being planned for the Forum and how to get involved is available on BIC's website and will be updated frequently as we near the date of the Meetings.
All CSO representatives interested in participating in the Spring Meetings must obtain formal accreditation. CSO representatives are encouraged to apply for accreditation as soon as possible to give themselves enough time to obtain a US visa and make travel arrangements. The online registration system to accept applications for civil society accreditation opened on March 16, 2009 and will close on April 10, 2009.
The on-line accreditation form can be accessed here.
The events information included in this update will be drawn from IFIWatchnet.org. Please post your events on that website to ensure that they’ll be included in these emails.
3. Civil society updates:
Save the Mekong Coalition launch
3/12/2009 Save the Mekong Coalition
A new coalition has formed in response to concerns about the negative social and environmental impacts a series of several proposed large hydropower dams would have on the Mekong River region. Open to civil society organizations in the region and abroad, Save the Mekong aims to "raise public awareness about the risks associated with damming the river, and persuade policymakers to adopt more sustainable and peaceful ways of meeting people's energy and water needs."
More information on the coalition and plans to build hydropower dams on the Mekong is available in English, Burmese, Chinese, Khmer, Lao, Thai and Vietnamese on the coalition’s web site.
Read more (BIC website)
Brazilian NGOs urge World Bank not to approve $1.3 billion environment loan
3/5/2009 Various Brazilian NGOs
Several organizations and social networks have asked the World Bank to postpone a decision on a $1.3 billion project in Brazil. The groups argue that prior loans have not adequately addressed environmental concerns and that the pending project-loan has the potential to continue this trend. Moreover, the groups see attractive alternatives.
Read more (International Rivers website)
Update on Forest Carbon Partnership Facility
2/27/2009 Bank Information Center
BIC served as the NGO observer at the meeting of the Committee of Participants for the Forest Carbon Partnership Facility (FCPF) that took place March 11-13 in Panama, Central America.
Read more (BIC website)
Kenyan indigenous groups file complaint with AfDB on Ethiopian dam
2/5/2009 Friends of Lake Turkana
Friends of Lake Turkana, a Kenyan organization representing indigenous groups in northwestern Kenya whose livelihoods are linked to Lake Turkana, filed a formal request with the African Development Bank’s (AfDB) Compliance Review & Mediation Unit (CRMU) - the AfDB's internal accountability mechanism - to investigate and intervene in the Bank’s plans to finance the Gilgel Gibe III hydroelectric project in Ethiopia.
Requesters argue that the Gibe III Dam is set to deplete Lake Turkana with dramatic impacts on downstream communities in Kenya, and in the absence of public consultation.
Read the Request for the CRMU Review (International Rivers website)
Read more (BIC website)
4. IFI updates:
World Bank launches consultations on disclosure policy
3/13/2009 World Bank
The World Bank has released its official Approach Paper which outlines proposed policy changes to its disclosure policy, and has launched an external consultation process on the paper. The process entails soliciting comments from a wide range of stakeholders both in web-based form, and in the form of public consultations which will be held in about 30 countries (5 countries per region).
read the approach paper:
IFC approves offshore oil projects in Ghana despite serious outstanding concerns
2/20/2009 International Finance Corporation
The IFC’s Board of Directors has approved $215 million in loans to Kosmos Energy and Tullow Oil for the exploitation of newfound oil and gas reserves in Ghana’s Jubilee field. The approval was made despite objections of civil society groups who requested that the Board delay consideration of the project until significant environmental and governance issues are addressed.
Read more (BIC website)
Development Bank Wrestles With Toxic Securities Losses
2/12/2009 Inter-American Development Bank
The Inter-American Development Bank, which has been making loans to Latin American and Caribbean countries for the past 50 years, has taken a $1.9 billion hit in its investment portfolio since the financial crisis began 18 months ago. The reported scale of the losses are 10 to 100 times higher than the losses of the other development banks.
Read more (ProPublica website)
5. Announcements and Resources:
New civil society website launched
3/13/2009 Rethinking Finance
An international group of civil society organisations has launched a new website called Rethinking Finance.
The group puts forward alternative ideas and analyses on the financial crisis, provides information about and comments on latest events, and gives an overview of civil society and other alternative activities. It consolidates the latest thinking from the best blogs, commentary, analysis, and includes links to the most important mainstream media coverage. You can email suggestions, ideas, comments, and other observations to info@rethinkingfinance.org.